Entrepreneurship Vocabulary Flashcards (Fill-in-the-Blank)

Fill-in-the-blank flashcards covering key entrepreneurship vocabulary.

A person who starts and runs a business, taking on financial risk to make a profit is a __.

Entrepreneur — A person who starts and runs a business, taking on financial risk to make a profit.

A newly established business, often in its early stages of operation, is called a __.

Startup — A newly established business, often in its early stages of operation.

The process of developing new ideas, products, or methods to improve existing ones is known as __.

Innovation — The process of developing new ideas, products, or methods to improve existing ones.

A written document that outlines a company’s goals, strategies, target market, and financial forecasts is a __.

Business Plan — A written document that outlines a company’s goals, strategies, target market, and financial forecasts.

Money or assets used to start or operate a business are referred to as __.

Capital — Money or assets used to start or operate a business.

The initial money raised to start a business, often from personal savings or investors, is called __.

Seed Funding — The initial money raised to start a business, often from personal savings or investors.

Ownership in a business, represented by shares of stock, is known as __.

Equity — Ownership in a business, represented by shares of stock.

The total amount of money a business earns from sales before expenses are deducted is __.

Revenue — The total amount of money a business earns from sales before expenses are deducted.

The amount of money a business has left after paying all expenses is __.

Profit — The amount of money a business has left after paying all expenses.

When expenses exceed revenue in a business, the business incurs a __.

Loss — When expenses exceed revenue in a business.

The specific group of consumers a business aims to serve is known as the __.

Target Market — The specific group of consumers a business aims to serve.

The process of gathering and analyzing information about customers and competitors is called __.

Market Research — The process of gathering and analyzing information about customers and competitors.

Creating a unique name, image, and reputation for a product or business is called __.

Branding — Creating a unique name, image, and reputation for a product or business.

A clear statement explaining why a customer should choose your product or service over competitors is a __.

Value Proposition — A clear statement explaining why a customer should choose your product or service over competitors.

A business’s ability to grow and increase profits without a proportional increase in costs is known as __.

Scalability — A business’s ability to grow and increase profits without a proportional increase in costs.

The movement of money into and out of a business is called __.

Cash Flow — The movement of money into and out of a business.

The point at which total revenue equals total costs, and the business is not making a profit or loss is the __.

Break-Even Point — The point at which total revenue equals total costs, and the business is not making a profit or loss.

Expenses that remain the same regardless of business activity (e.g., rent, insurance) are __.

Fixed Costs — Expenses that remain the same regardless of business activity (e.g., rent, insurance).

Expenses that change depending on production or sales volume (e.g., materials, shipping) are __.

Variable Costs — Expenses that change depending on production or sales volume (e.g., materials, shipping).

A measure of profitability calculated by comparing net profit to the initial investment is __.

Return on Investment (ROI) — A measure of profitability calculated by comparing net profit to the initial investment.

A presentation to potential investors or partners to persuade them to support a business is called a __.

Pitch — A presentation to potential investors or partners to persuade them to support a business.

Any individual or group affected by the operations of a business (e.g., employees, customers, investors) are called __.

Stakeholder — Any individual or group affected by the operations of a business (e.g., employees, customers, investors).

A business owned and run by two or more individuals who share profits and responsibilities is a __.

Partnership — A business owned and run by two or more individuals who share profits and responsibilities.

A business owned and operated by one person is a __.

Sole Proprietorship — A business owned and operated by one person.

A business model where an individual buys the rights to operate under an established company's brand is a __.

Franchise — A business model where an individual buys the rights to operate under an established company’s brand.

Principles and standards that guide behavior in the world of business are __.

Business Ethics — Principles and standards that guide behavior in the world of business.

A formal summary of a business’s purpose and goals is a __.

Mission Statement — A formal summary of a business’s purpose and goals.

A business planning tool that examines strengths, weaknesses, opportunities, and threats is a __.

SWOT Analysis — A business planning tool that examines strengths, weaknesses, opportunities, and threats.

A factor that allows a business to outperform its competitors is called a __.

Competitive Advantage — A factor that allows a business to outperform its competitors.

Buying and selling goods or services over the internet is known as __.

E-commerce — Buying and selling goods or services over the internet.