LCVP Link Modules key terms

The process of identifying opportunities, taking calculated risks, and organising resources to create something new or improve existing products, services, or ways of working.

A person who spots a gap in the market, takes on financial and personal risk, and sets up a business or project to meet that need.

When an employee inside an existing organisation uses entrepreneurial skills to develop new ideas, products, or processes, often with the employer's backing.

Turning a new idea into a practical product, service, or method that adds value, whether by improving something existing or creating something entirely new.

The possibility of loss or failure when making a decision or starting a venture; entrepreneurs assess and manage risk rather than avoiding it completely.

A structured investigation that tests whether a business idea can work in practice, covering market demand, costs, resources, and potential risks before committing money.

A written document setting out a venture's goals, target market, marketing strategy, operations, and financial forecasts, often used to secure funding.

Gathering and analysing information about customers, competitors, and trends to understand demand and make informed business decisions.

The specific group of customers a business aims to serve, defined by shared characteristics such as age, location, income, or interests.

The combination of product, price, place, and promotion that a business uses to meet the needs of its target market and achieve its goals.

A business owned and run by one person, who keeps all profits but has unlimited liability for the debts of the business.

A business owned by two or more people who share the profits, responsibilities, and risks, often governed by a partnership agreement.

A legal protection meaning owners of a company can lose only the money they invested, not their personal assets, if the business fails.

A business owned and democratically controlled by its members, who share the benefits and decision-making, often formed to meet a common need.

A business that trades to generate income but puts its profits primarily towards a social or environmental mission rather than maximising owner profit.

Any person or group affected by or interested in a business's activities, such as owners, employees, customers, suppliers, and the local community.

A business's commitment to act ethically and contribute positively to society and the environment, beyond its legal obligations.

The growing interconnection of economies and cultures worldwide, through trade, investment, communication, and the movement of people and ideas.

A large company that operates in more than one country, often with headquarters in one nation and production or sales in others.

When a company invests money in building or buying business operations in another country, rather than simply trading goods across borders.

A good or service bought from another country and brought into the home country for sale or use.

A good or service produced in the home country and sold to buyers in another country.

A government measure such as a tariff, quota, or regulation that restricts or discourages imports, often to protect domestic industries.

A capability such as creativity, initiative, risk assessment, or resource management that helps a person turn ideas into action.

A systematic process of identifying a difficulty, gathering information, generating possible solutions, choosing one, and reviewing the outcome.

Choosing between options after weighing up the advantages, disadvantages, and likely consequences of each, often within a limited time.

Researching a job or career area to learn about entry routes, required qualifications, typical duties, working conditions, and progression opportunities.

A personal outline of short- and long-term career goals, the steps needed to reach them, and the qualifications or experience required along the way.

A document describing the duties, responsibilities, qualifications, and personal qualities required for a particular job.

A document outlining the main tasks, reporting lines, and purpose of a particular job, usually provided by the employer.

A written summary of a person's education, qualifications, work experience, and interests, used when applying for jobs or courses.

A short letter sent with a CV that explains why the applicant wants the job and how their skills and experience match the employer's requirements.

A legally binding agreement between employer and employee setting out pay, hours, duties, notice periods, and other terms of employment.

The legal entitlements of employees, such as fair pay, safe working conditions, rest breaks, protection from discrimination, and the right to join a union.

An organisation of workers that represents members' interests, negotiates pay and conditions with employers, and supports members in disputes.

A short placement in a workplace that gives a person firsthand insight into a job or industry and helps develop practical and employability skills.

A transferable capability valued by employers, such as communication, teamwork, punctuality, or digital literacy, that helps a person gain and keep work.

Working co-operatively with others towards a shared goal, sharing tasks, listening to different views, and supporting group members.

The process of addressing disagreements constructively, by clarifying issues, listening to all sides, and finding a solution acceptable to those involved.

A discussion aimed at reaching an agreement, where each side presents its needs and makes compromises to find a mutually acceptable outcome.

Thinking carefully about an experience to identify what was learned, what went well, and what could be improved next time.

A list of specific steps, with deadlines and responsibilities, designed to turn a goal or decision into practical progress.