Ultimate Study Guide on Entrepreneurship, Marketing, Production, and Finance

A collection of flashcards covering key concepts from Entrepreneurship, Marketing, Production, and Finance.

Entrepreneurship

Starting and managing a business with some risk for profit.

Small Business

An independently owned business that is smaller in scale than larger corporations.

Sole Proprietorship

A business owned and operated by one individual, giving full control and full risk to the owner.

Partnership

A business structure where two or more individuals share ownership and management of the enterprise.

LLC (Limited Liability Company)

A business structure that offers legal protection and flexibility to its owners.

Corporation

A complex business structure recognized as a separate legal entity from its owners.

Hard Skills

Technical skills required to perform specific tasks, like budgeting and marketing.

Soft Skills

Interpersonal skills that relate to how you work, including creativity, persistence, and adaptability.

Intellectual Property

Legal rights to inventions, creative works, brand identity, and confidential business information.

Patent

A legal right that protects inventions and allows the inventor exclusive rights to the invention.

Copyright

Legal protection for original works of authorship like music, photos, and writing.

Trademark

A recognizable sign, symbol, or expression that identifies and distinguishes products or services.

Trade Secret

Confidential business information that provides a competitive edge, such as secret recipes.

Primary Research

Research that you collect directly through methods like surveys and interviews.

Secondary Research

Research that has already been conducted and published, such as articles and statistics.

Segmentation

The process of dividing a target market into distinct groups of consumers with shared needs.

Target Marketing

Focusing marketing efforts on a specific group of potential customers.

Positioning

The strategy of creating a unique impression of a product in the customer's mind.

4 P's

Marketing mix elements: Product, Price, Place, Promotion.

CRM

Customer Relationship Management; a strategy for managing a company's interactions with customers.

Direct Sales Channels

Sales channels such as websites, in-person sales, or social media.

Indirect Sales Channels

Sales channels that include retail stores, wholesalers, and online marketplaces.

Minimum Viable Product (MVP)

A basic version of a product used to test key features with real users.

Supply Chain Flow

The process that describes the steps a product takes from supplier to customer.

Just-in-Time (JIT) Production

A production strategy that focuses on making products only as needed.

Income Statement (P&L)

A financial statement that shows revenue, expenses, and profit or loss.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and equity.

Cash Flow Statement

A financial statement that tracks the flow of cash in and out of a business over time.

Revenue

The total income generated from sales before any expenses are deducted.

Gross Profit

Revenue minus the cost of goods sold (COGS).

Net Profit

The remaining income after all expenses have been deducted from revenue.

Break-even Point

The production level at which total revenues equal total expenses.

Fixed Costs

Costs that do not change with the level of production, such as rent and salaries.

Variable Costs

Costs that vary directly with the level of production, such as materials and shipping.

Bootstrapping

Financing a business using personal savings without external funding.

Angel Investors

Wealthy individuals who provide capital for startups in exchange for ownership equity.

Venture Capitalists (VCs)

Investors who provide capital to startups with high growth potential in exchange for equity.

Crowdfunding

Raising small amounts of money from a large number of people, typically via the Internet.

SBA Loans

Small Business Administration loans that provide financial support to small businesses.

Grants

Funds awarded to businesses for specific projects with no obligation to repay.