GMetrix: Entrepreneurship and Small Business

COO

Chief Operating Officer

COO Duties

responsible for overseeing the day-to-day administrative and operational functions of a business.

Initative

A characteristic in which an individual acts to turn ideas into action.

Revenue

The number of sales and other income in a business for a given period.

Opportunity Recognition

The way one approaches new ideas and ventures in their life.

Critical Thinking

Using one's mind to solve a problem in the best way by considering various potential solutions to the problem.

Small Business

A corporation, partnership, or sole proprietorship that is privately owned by one individual or a small group of people. They commonly have fewer employees and revenue than larger-sized businesses.

Hourly Pay

A payment amount provided to employees for the number of hours they worked.

Pitch Deck

A presentation given to potential investors to provide a brief overview of the business plan to earn another meeting.

Risk

The possibility of a loss of time and money.

Stakeholder

An individual with an interest in a business.

Entrepreneur

An individual who aspires to start and run a successful business.

Risk Tolerance

The level of willingness to lose time and money when starting a business.

Ethical Practices

Standards of professional conduct professionals should uphold.

CEO

Chief Executive Officer

CEO Duties

oversees a business's operations and resources and makes the major decisions for the company.

Prototype

A preliminary product, commonly a product with minimum viability, from which to test and develop.

SWOT Analysis

A planning tool used to document a company's strengths, weaknesses, opportunities, and threats.

Resiliency

One's ability to adapt to change, loss, and disappointment.

Profit

The amount of financial gain from a business.

Contract

An agreement between an employee and a company outlining obligations and terms of employment.

Sales Pitch

A persuasive speech prepared to entice a potential customer to purchase a service or good.

MVP

A minimum viable product (MVP) is an inexpensive preliminary product to test the product idea.

Salary

A fixed payment amount provided to a full-time employee.

LLC

A limited liability company

LLC definition

a business with pass-through taxation where owners pay taxes on the company's profit and losses through their personal taxes.

Stockholder

An individual that owns at least one share in a corporation's stock.

Self-Reliance

Trusting one's self, goals, and progress.

Patent

A legal method used to protect an invention for a limited time.

Piece Work

A type of compensation provided for the amount of work produced.

Business Opportunity

A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible.

Sole Proprietorship

A type of business structure with a single owner. The business is not shielded from any amount of liability.

C Corporation

A business structure that allows the company to pass its income, losses, deductions, and credits through its shareholders to decrease their taxation.

Investor

A person or entity willing to provide monetary funds to a business with the hopes of earning a return on their money.

Problem-Solving

The process of coming up with solutions to solve a problem.

Sales Channel

How a business sells its products and services to the end customer.

Business Plan

A document that addresses the concept, customers, and capital for a business.

Collaboration

The action of working with one or more people toward a common goal.

Nonprofit

A type of business that has no owner and does not pay federal US taxes.

Fixed Costs

Costs a business has that remain the same no matter the volume of production.

Innovation

A new idea, product, or method.

Trademark

A practice used to protect brand names, logos, and business names.

Lean Canvas

A one-page document discussing key information commonly seen in a business plan.

Compensation

A monetary amount given to employees in return for their work.

Commission

A fee paid to an employee for completing a task.

CFO

Chief Financial Officer

CFO Duties

oversees a company's finances.

S Corp

A type of business structure with a special tax advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders.

Customer Acquisition Cost

The total cost of acquiring a new customer.

(cost of sales + cost of marketing)/new # of customers

Confidentiality Agreement

A signed agreement stating that an entity will not disclose information agreed upon by all parties in an arrangement.

Grit

The characteristic of being able to tackle goals with courage and perseverance.

Value Proposition

A promise of value that a company makes about their product or service that makes it attractive to customers.

Product/Market Fit

The stage where a business's sales are high and continue to grow because their product or service is something customers want and continue to purchase.

Customer Retention

Activities or strategies employed by a business to retain existing customers.

Contract

An agreement between an employee and a company outlining obligations and terms of employment.

Forward-Thinking Mentality

Thinking about and planning for the future.

Intellectual Property

A creative work or invention to which an individual has been given rights.

Marketing Plan

A written plan that outlines a company's marketing strategies.

Partners

Two or more individuals that share a business's financial responsibility.

Copyright

A form of protection individuals can implement to protect their intellectual property. Copyright is designated for print, music, film, and various other forms of creative licenses.

Distribution Channel

A method used to get a product from the manufacturer to the end-users.

Equity

Non-cash compensations offered to employees in place of or in addition to a lower salary.

Franchise

A business that takes its name and characteristics from an existing business chain.

Growth Mindset

Believing that one can accomplish anything with hard work.

Personal Agency

One's ability to act to work toward achieving a goal.