Entrepreneurial Mind Reviewer

A comprehensive vocabulary review covering business idea generation, feasibility analysis, strategic planning, budgeting, and financial statements based on the Entrepreneurship Mindset reviewer.

Sound Business Idea

An economic opportunity within the entrepreneur’s reach.

Unanticipated Means

A method of finding business ideas without serious effort, such as a chance encounter.

Deliberate Search

A method of finding business ideas that involves specific search questions.

Market Feasibility

An assessment that checks for stable and sufficient demand for a business idea.

Financing Feasibility

A check that concerns the availability of funds for a business.

Income Statement

A financial statement that shows the revenues and expenses of a business.

Status Quo

A outcome in the business selection process where all listed ideas passed the criteria.

Manufacturing

A type of business that transforms raw materials into products.

Service Provision

A type of business that provides activities such as transportation and repairs.

Wholesalers

Entities that usually sell products to retail outlets.

Retailers

Entities that purchase goods mainly from wholesalers or suppliers.

Brainstorming

The process of thinking of many different ideas.

Strategic Planning

The process of determining objectives and allocating resources.

Mission Statement

A description of a firm’s fundamental nature and direction.

Strategic Objectives

Specific performance targets for a company.

SWOT Analysis

An analysis that assesses internal and external environments.

Strength (SWOT)

A competitive advantage within the internal environment of a business.

Opportunities (SWOT)

Positive factors found in the external environment of a business.

Forecasts

Estimates used to determine future sales or income.

Geographic Segmentation

The strategy of grouping customers based on their location.

Budget

An estimate of income and expenditures.

Production Budget

A budget applicable to manufacturing firms that estimates the quantity of goods to be manufactured.

Cash Budget

A forecast of future cash receipts and disbursements.

Merchandise Purchases Budget

The equivalent of a production budget used in retail firms.

Financial Analysis

The interpretation of the financial condition of a firm.

Balance Sheet

A financial statement showing assets, liabilities, and net worth.

Accounts Receivable

Income generated on credit that is owed to the business.

Inventory

Assets classified under current assets in a Balance Sheet.

Accounts Payable

Business expenses that are due for payment.

Owner’s Equity

The measure of how much the owner has invested in the business.

Break-even Point

The point at which revenue equals expenses.

Liquidity Ratios

Ratios used to measure a firm's ability to pay its debts.

Profitability Ratios

Ratios used to measure overall financial performance.

Prototype

A model of an invention used to test and refine a design.

Marketing Strategy

The identification of channels used to connect with customers.