Entrepreneurship

MVP (Minimum Viable Product):

a version of a product with just enough features to be usable by early customers.

UVP (Unique Value Proposition):

a concise statement explaining how a product or service is different from its competitors and why customers should choose it.

Brick and Mortar

A business with a physical presence, as opposed to being online.

Fixed Cost

Costs that do not change, such as insurance premiums, property tax, and loan payments.

Variable Cost

Costs that change from month to month, such as commission, shipping & handling, and materials.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen.

Omnichannel

A marketing strategy that integrates channels to meet customer preferences across different platforms, such as online, in-store, and mobile.

SBA (Small Business Administration):

Helps Americans start, build, and grow businesses.

EIN (Employer Identification Number):

a nine-digit number that identifies a business for tax administration purposes.

Sales Tax ID

Used by the IRS to identify a company for tax purposes.

Brainstorming

The process of coming up with innovative and creative solutions or ideas.

Profit Motive

The desire for financial gain as an incentive in economic activity.

Pivoting

Changing a business model to increase revenue.

Copyright

A type of intellectual property giving the owner exclusive rights to copy, distribute, adapt, display, and perform a creative work.

Patent

A government authority or license that confers the right to exclude others from making, using, or selling an invention.