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

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

Career Plan

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

individuals who have an idea and create a business around it.

Entrepreneurship

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

Interest Inventory

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

suitable career path.

Intrapreneur

is 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 goials

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

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

The total value of a business determined by assets minus liabilities.

Product

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 available to consumers

Tax

Mandatory Payments to the government

Want

Something we want but isn’t essential to survival