Studied by 0 people
Looks like no one added any tags here yet for you.
Entrepreneur
A person who sells or produces products to make a profit and manages their own business.
Business plan
A formal statement of what a business wants to accomplish and how it intends to do so.
Target market
A specific group of people interested in purchasing a business's products or services.
Market research
A planned effort to gather information that helps entrepreneurs make informed decisions about their products and marketing.
Start-up capital
The costs or money needed to set up and run a business until it reaches profitability.
Start-up resources
Material and human resources required to launch a business.
Profit threshold / Break-even point
The point where total costs equal total sales, resulting in no profit or loss.
Operating costs
Costs incurred to run the business and produce its products.
Product specification
Standards that must be maintained in making a product, ensuring quality.
Quality control
The process of inspecting products to ensure they meet required standards.
Sustainable production
Using goods and services to enhance quality of life without harming the environment.
Profitable business
A business that meets an unmet market need and generates profit.
Trade mark/name
A specific identification that distinguishes a product from its competitors.
Stock control
The process of ensuring sufficient raw material for uninterrupted production.
Production costs
Expenses incurred to supply goods and services to customers.
Fixed costs
Costs that remain constant regardless of production levels.
Variable costs
Costs that may change based on production volume.
Overheads
Additional costs necessary for a business to operate.
Efficient production
Utilizing resources to increase productivity with minimal wastage.
Selling price
The sum of production costs and profit margin.
Mark up
The amount added to the cost price to cover expenses and generate profit.
Profit
The reward received by a business owner for investing in the business.
Cash flow projection (forecast)
A document showing the anticipated movement of money over a future period.
Financial feasibility study
An analysis determining if a business can succeed considering total costs and expected revenues.
Sustainable profitability
A business that consistently covers expenses and generates profit over time.
SWOT analysis
A method for assessing a company's goals by analyzing its strengths, weaknesses, opportunities, and threats.
Gross salary
Income before any deductions are made.
Net salary
Income after all deductions have been applied.
Competitive edge
Offering a better product than local competitors.
Work plan/implementation plan
A document outlining tasks required to achieve goals, considering available time and resources.
Marketing mix
The five elements (product, place, people, promotion, price) defining a product's market success.
Marketing strategy
A process focused on using resources optimally to increase sales and gain a competitive advantage.
Note 
Flashcard (36)