Studied by 3 people
Entrepreneur
A person who organizes manages, and takes on the risks of a business, typically they create their own products.
small business owner
An individual who assumes the risks and receives the personal and financial awards for the business but does not necessarily create their own products.
angel investor
Someone who provides start-up money to a new business
network
To connect with individuals who might help accomplish personal, career, and professional goals
professional development
Steps that an individual takes to enhance or improve skills or traits that are needed to excel in his/her career/profession
self-aware
Conscious of one's own strengths, weaknesses, and emotions
small business
A business that employs 500 or fewer people
trend
The general direction in which people or events are moving
Cash Flow Statement
A financial summary estimating when, where, and how much money will flow into and out of business during a specific period of time
Marketing Plan
A set of procedures or strategies for attracting the target customer to a business.
Royalties
A percentage of actual sales that a licensee pays to a licensor; usually anywhere from 5 to 15 percent.
Venture
A business or business project, usually new.
Executive Summary
a brief overview of the entire marketing plan
Business Sustainability
The successful long-term management of an organization's financial, social, and environmental risks, opportunities, and obligations
Financial Plan
The part of a company's that shows how the business has performed (or is likely to perform) financially; how a business intends to use its money
Business Plan
A company's blueprint for success; shows how the business works now and how it is intended to work in the future; the written business model
Income Statement
A financial summary that shows how much money the business has made or has lost over a period of time; also called the profit-and-loss statement
Market Analysis
A systematic study of the market
Market Position
The rank of a particular business in a specific market
Mission statement
A brief summary of what a business owner wants a business to be doing
table of contents
The portion of a document in which the sections are listed with their page numbers for easy access
Target market
The particular group of customers a business seeks to attract
Product
The good, service, or idea a business offers its customers
Balance Sheet
A financial statement that captures the financial condition of the business at that particular moment
Appendix
A segment added to the end of a document; includes supporting information
Barrier to (market) entry
Anything that blocks the way or makes it more difficult to enter a particular market
equity
Assets minus liabilities; also known as stockholders' (or shareholders') equity, book value, and net worth
Human resources
People who work to produce goods and services
Management
The process of accomplishing the goals of an organization through the effective use of people and other resources.
venture capitalists
Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses.
Types of debt used for investing
bank loans, credit cards, personal loans, micro-loans
friends, family, and fools
people who believe in you and your ideas the most and are willing to loan money without much if any requirements
government grants
Finance provided by the government (or government-supported agencies) to support specific industries, regions or projects. Unlike a loan, most grants don't have to be paid back (provided that the grant criteria are met).
foundation grants
funds established usually by prominent families or corporations for philanthropy
Corporate Grants
many large companies provide grants for specific topics such as technology, science, math, and reading.
Crowdfunding
raising money for a project or venture by obtaining many small amounts of money from many people online or via social networking
Assests
Anything of value that a business or individual owns
board of directors
a group of persons elected by the stockholders to manage a corporation
business format franchise
A franchise arrangement in which the franchisee must operate under the trade name of the parent company that provides continuous assistance in setting up and operating the business
C Corporation
The most common type of corporation, which is a legal business entity that offers limited liability to all of its owners, who are called stockholders
commission
A percentage of the total sale amount paid to the individual or business that makes the sale
dividend
a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).
Franchise
a contractual agreement to use the name and sell the products or services of a company in a designated geographic area
General Partnership
partnership in which partners share equally in both responsibility and liability
Hybrid structure
A form of business ownership that combines elements of corporations and either sole proprietorships or partnerships
joint venture
An arrangement that involves two or more businesses entering into a relationship by combining complementary resources such as technology, skills, capital, or distribution channels, for the benefit of all parties; the relationship is usually short-term or for a single project/transaction
Licensing
A business structure that requires the authorization or permission from an owner to another entity to use trademarked, copyrighted (e.g., logo, name), or patented material for a specific activity, during a specific time period, for the profit of both parties
limited liability
Restricted chance of loss; a condition in which business owners risk only the amount of their investment
Limited Liability Company
a form of business ownership that offers both limited liability to its owners and flexible tax treatment
limited liability partnership
A form of business ownership that is generally used by business professionals for the purpose of protecting innocent partners from the malpractice of the other partners
multilevel marketing (MLM)
A business structure that pays commission on sales earned by people at two or more levels; the sales representatives usually work independent of the company; the representatives not only sell products but try to get others to sell them
Piggy back franchise
A form of ownership in which a retail franchise operates within the facilities of another store; often referred to as the host
Product trade-name franchise
A franchise arrangement based on an independent sales relationship between a franchisor and franchisee to stock and sell a specific line of goods; also known as dealership or exclusive distributorship
S corporation
A type of corporation that is limited to 100 or fewer shareholders, has limited shareholder liability, and requires little financial reporting; taxed as a partnership;
Sole Proprietorship
A business owned by one person
