Entrepreneurship Key Terms

Ability

The qualities and skills necessary to accomplish something.

Apprenticeship

An arrangement in which you learn an art, trade, or job

under another, more experienced person.

Aptitude

Natural abilities to learn or do something.

Business Plan

A series of documents that serve as a blueprint for building a business.

Career Plan

Preparing for career and post-high school training begins first with a list of

structured actions and career goals to map out future work success.

Employee

Someone employed by another for wages or salary, and typically in a position below the executive level.

Entrepreneur

A person who organizes, operates, and assumes the risk for a business venture.

Entrepreneurship

The process of devising an idea, taking risks, and establishing a business.

Interest Inventory

A test or research activity designed to help an individual find a

suitable career path.

Intrapreneur

A corporate executive who develops new enterprises within a corporation.

Risk

The potential of an action to not go as planned.

SMART Goal

Specific, Measurable, Achievable, Results-focused, and Time-bound.

Asset

What a business owns.

Business

The aspects of making, selling, and providing

products in exchange for money.

Business Function

Four forms of operational activities that play necessary roles in running a business. They include finance, production, marketing, and management.

Business Model

A plan for making a profit—in order to operate.

Demand

Refers to the amount of goods that consumers want.

Economics

The science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources.

Good

A tangible item that is produced and sold to consumers,

Liability

What a business owes.

Market Research

Research into consumer preferences, to see if there is a demand for products and what prices people will pay.

Need

Something essential to survival.

Net Worth

Refers to the total value of a business determined by

assets minus liabilities.

Product

Is anything that can be bought or sold.

Profit

The financial gain calculated by the difference between amount earned and amount spent by a business.

Service

The performance of a particular task in exchange for money.

Supply

The amount of goods that are available to consumers.

Tax

Mandatory payments to the local, state, and national government for public services.

Want

Something we desire but could ultimately live without.