Vocab for Entrepreneurship
Terms
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- business identity
- a professional image that a business wishes to be associated with at all times
- product testing
- putting a product or service through certain trials to make sure it works correctly and customers like it
- entrepreneurial characteristics
- a combination of personal qualities, abilities, and strengths that help a person recognize opportunity, start a business, and manage it successfully
- capital
- the money and/ or resources that an entrepreneur uses to start a business
- business
- the selling of goods or services for the sake of earning a profit; the voluntary trade of goods and services
- pioneer
- a person who goes before, preparing the way for others
- business partners
- two or more people who are co- owners of a business and share responsibility for the business
- trade show
- special meetings where companies display their products
- expenses
- all costs or bills related to the business
- target customers
- a specific group of prospective customers that are your main focus of attention
- professional
- qualified, competent, and business- like
- interoffice memo
- a memo from one person in a company to another
- Interoffice memo
- m
- operating expenses
- the costs associated with the ongoing day- to- day activities of a business
- business partners
- two or more people who are co- owners of a business and share responsibility for the business
- intangible asset
- an asset that cannot be physically touched
- product testing
- putting a product or service through certain trials to make sure it works correctly and customers like it
- asset
- something of value that you own or possess
- logo
- a graphic representation designed to help people easily recognize or identify a business
- goal
- the specific task or target a person aims to achieve
- opportunity
- a time or occasion that is right to do something
- operating expenses
- the costs associated with the ongoing day- to- day activities of a business
- vendor
- a person who sells; a seller or supplier
- success
- a favorable or satisfactory outcome or desired result
- gross profit
- the money left over after cost of goods is subtracted from sales revenue
- cost- based pricing
- setting the price for a product or service based on the cost of producing it and/ or providing it
- needs
- things that are vital and necessary for life
- vision
- an expectation for the future; a dream
- cost of goods
- the direct expenses to produce, manufacture, or purchase the goods or services you sell
- tangible asset
- an asset having a physical existence
- aptitude
- ability to learn a particular kind of job
- professional
- qualified, competent, and business- like
- customer need
- when a customer lacks something he or she wants or feels is necessary
- free enterprise
- the freedom of private business to operate competitively, for profit, and without undue government interference
- slogan
- a short, memorable phrase or sentence that draws attention to a benefit of a business
- memorandum
- a short written form of business communication that has a set format
- manufacturer
- a business that makes a product from raw materials
- expenses
- all costs or bills related to the business
- trade show
- special meetings where companies display their products
- customer need
- when a customer lacks something he or she wants or feels is necessary
- niche marketing
- directing your sales message toward a very small, well- defined group of target customers
- motivation
- an inner "drive" that causes a person to take action
- self- assessment
- an evaluation of your strengths and weaknesses
- aptitude
- ability to learn a particular kind of job
- talent
- a natural inborn ability to do something
- goods
- physical products that you can see and touch
- slogan
- a short, memorable phrase or sentence that draws attention to a benefit of a business
- service
- work or labor that benefits someone else
- innovator
- a person who creates new products and/ or new concepts
- competitor
- a business rival that offers similar goods and services
- mentor
- a wise and trusted counselor or advisor
- board of advisors
- a group of trusted and knowledgeable individuals that give a business advice and guidance
- forecast
- to predict or calculate in advance
- mentor
- a wise and trusted counselor or advisor
- wholesaler
- a business that buys large quantities of a product from a manufacturer and sells smaller quantities to retailers
- economics of one sale
- how much it costs to produce one unit of a product, how much you sell it for, and how much profit you get to keep
- niche marketing
- directing your sales message toward a very small, well- defined group of target customers
- strength
- a combination of a person's natural talent, skill, and knowledge
- free enterprise
- the freedom of private business to operate competitively, for profit, and without undue government interference
- market- based pricing
- setting the price for a product or service based on the price your competitors are charging
- market- based pricing
- setting the price for a product or service based on the price your competitors are charging
- business
- the selling of goods or services for the sake of earning a profit; the voluntary trade of goods and services
- entrepeneurs
- people who own, and take the risk of a business venture
- feasible
- capable of being carried out; possible; workable
- vision
- an expectation for the future; a dream
- business identity
- a professional image that a business wishes to be associated with at all times
- goods
- physical products that you can see and touch
- values
- beliefs and ideals in life that you feel are important
- raw materials
- supplies or physical resources necessary to produce a tangible good
- revenue
- all money that comes into your business; income
- retailer
- a business that sells products directly to individual customers
- fixed costs
- costs that always have to be paid regardless of whether you make any sales or not
- strength
- a combination of a person's natural talent, skill, and knowledge
- profit
- the money you have gained from a sale after expenses are paid
- service provider
- a business that sells knowledge, labor, and time, rather than tangible goods
- retailer
- a business that sells products directly to individual customers
- talent
- a natural inborn ability to do something
- feasible
- capable of being carried out; possible; workable
- board of advisors
- a group of trusted and knowledgeable individuals that give a business advice and guidance
- wholesaler
- a business that buys large quantities of a product from a manufacturer and sells smaller quantities to retailers
- forecast
- to predict or calculate in advance
- motivation
- an inner "drive" that causes a person to take action
- overhead
- an informal term that refers to operating expenses
- image
- appearance, demeanor, or impression
- cost of goods
- the direct expenses to produce, manufacture, or purchase the goods or services you sell
- Memorandum
- s
- prototype
- an original model of a product that serves as an example of a finished product
- opportunity
- a time or occasion that is right to do something
- wants
- things that you can live without, but would like to have
- entrepreneurial characteristics
- a combination of personal qualities, abilities, and strengths that help a person recognize opportunity, start a business, and manage it successfully
- income
- money received in exchange for a good or service
- competitor
- a business rival that offers similar goods and services
- asset
- something of value that you own or possess
- raw materials
- supplies or physical resources necessary to produce a tangible good
- overhead
- an informal term that refers to operating expenses
- manufacturer
- a business that makes a product from raw materials
- income
- money received in exchange for a good or service
- vendor
- a person who sells; a seller or supplier
- intangible asset
- an asset that cannot be physically touched
- service
- work or labor that benefits someone else
- gross profit
- the money left over after cost of goods is subtracted from sales revenue
- capital
- the money and/ or resources that an entrepreneur uses to start a business
- employees
- people who work for someone else
- success
- a favorable or satisfactory outcome or desired result
- wants
- things that you can live without, but would like to have
- values
- beliefs and ideals in life that you feel are important
- goal
- the specific task or target a person aims to achieve
- revenue
- all money that comes into your business; income
- cost- based pricing
- setting the price for a product or service based on the cost of producing it and/ or providing it
- pioneer
- a person who goes before, preparing the way for others
- fixed costs
- costs that always have to be paid regardless of whether you make any sales or not
- entrepeneurship
- the process of running a buiness of own's own
- logo
- a graphic representation designed to help people easily recognize or identify a business
- tangible asset
- an asset having a physical existence
- service provider
- a business that sells knowledge, labor, and time, rather than tangible goods
- prototype
- an original model of a product that serves as an example of a finished product
- profit
- the money you have gained from a sale after expenses are paid
- image
- appearance, demeanor, or impression
- innovator
- a person who creates new products and/ or new concepts
- target customers
- a specific group of prospective customers that are your main focus of attention
- needs
- things that are vital and necessary for life
- economics of one sale
- how much it costs to produce one unit of a product, how much you sell it for, and how much profit you get to keep