Page | 1
SBE Comprehensive Vocabulary List
FA2023-SP2024 Questions and Answers
(Expert Solutions)
Q: high-potential venture (gazelle)
ANS 🗹🗹: A small firm that has great prospects for growth
Q: microbusinesses
ANS 🗹🗹: a small firm that provides minimal profits to its owner
Q: lifestyle businesses
ANS 🗹🗹: built around the personal and financial needs of an individual or a family
Q: microloans
ANS 🗹🗹: Small-business loans often used to buy equipment or operate a business
Q: small businesses
ANS 🗹🗹: businesses with: fewer than 100 employees, geographically localized,
limited number of financiers, growth potential,
Q: entrepreneurial opportunity
ANS 🗹🗹: economically attractive and timely opportunity that creates value for
interested buyers or end users
Q: entrepreneur
ANS 🗹🗹: a person who relentlessly pursues an opportunity in either a new or an
existing business to create value while assuming both the risk and the reward for
his or her efforts
Q: Self-reliance
, Page | 2
ANS 🗹🗹: Independence; the capacity to rely on one's own capabilities and to
manage one's own affairs.
Q: financier
ANS 🗹🗹: individual or group of individuals that contribute capital (money and
resources) to a business venture normally with the promise of a greater return on
their investment.
Q: Ethics
ANS 🗹🗹: the principles of right and wrong that guide an individual in making
decisions
Q: start-up
ANS 🗹🗹: a newly created company designed to grow fast
Q: Business Pitch
ANS 🗹🗹: Business Pitch is a quick description of your business that you use to
explain it to customers and investors.
Q: Entrepreneurial Innovation
ANS 🗹🗹: The process of translating an idea or invention into a good or service that
creates value or for which customers will pay.
Q: Design Thinking
ANS 🗹🗹: Methodology used by designers to solve complex problems, and find
desirable solutions for clients.
Q: Collaboration
ANS 🗹🗹: the action of working with someone to produce or create something
Q: Value Proposition
ANS 🗹🗹: the unique value that a product or service provides to its customers and
how it is better than and different from those of competitors
Q: Customer Discovery
SBE Comprehensive Vocabulary List
FA2023-SP2024 Questions and Answers
(Expert Solutions)
Q: high-potential venture (gazelle)
ANS 🗹🗹: A small firm that has great prospects for growth
Q: microbusinesses
ANS 🗹🗹: a small firm that provides minimal profits to its owner
Q: lifestyle businesses
ANS 🗹🗹: built around the personal and financial needs of an individual or a family
Q: microloans
ANS 🗹🗹: Small-business loans often used to buy equipment or operate a business
Q: small businesses
ANS 🗹🗹: businesses with: fewer than 100 employees, geographically localized,
limited number of financiers, growth potential,
Q: entrepreneurial opportunity
ANS 🗹🗹: economically attractive and timely opportunity that creates value for
interested buyers or end users
Q: entrepreneur
ANS 🗹🗹: a person who relentlessly pursues an opportunity in either a new or an
existing business to create value while assuming both the risk and the reward for
his or her efforts
Q: Self-reliance
, Page | 2
ANS 🗹🗹: Independence; the capacity to rely on one's own capabilities and to
manage one's own affairs.
Q: financier
ANS 🗹🗹: individual or group of individuals that contribute capital (money and
resources) to a business venture normally with the promise of a greater return on
their investment.
Q: Ethics
ANS 🗹🗹: the principles of right and wrong that guide an individual in making
decisions
Q: start-up
ANS 🗹🗹: a newly created company designed to grow fast
Q: Business Pitch
ANS 🗹🗹: Business Pitch is a quick description of your business that you use to
explain it to customers and investors.
Q: Entrepreneurial Innovation
ANS 🗹🗹: The process of translating an idea or invention into a good or service that
creates value or for which customers will pay.
Q: Design Thinking
ANS 🗹🗹: Methodology used by designers to solve complex problems, and find
desirable solutions for clients.
Q: Collaboration
ANS 🗹🗹: the action of working with someone to produce or create something
Q: Value Proposition
ANS 🗹🗹: the unique value that a product or service provides to its customers and
how it is better than and different from those of competitors
Q: Customer Discovery
