Set 1
Someone who takes risks and starts their own business.
Entrepreneur
a quick description of your business that you use to explain it to customers and investors.
Business Pitch
A business owned by one person
Sole Proprietorship
A legal process to get out of debt when you can no longer make all your required payments
Bankruptcy
businesses that sell directly to final consumers
Retailers
money and other valuables belonging to an individual or business
Assets
The operating expenses that a business must pay regardless of how many sales are made.
Fixed Operating Business
Capital needed by an entrepreneur to set up a business
Start-up Capital
a business that sells a different product or service from yours, but fills the same customer need or want.
Indirect Competitor
income
Revenue
The transferable skills needed by an individual to make them 'employable'.
Employability skills
the point at which the costs of producing a product equal the revenue made from selling the product
Break-even point
A business owned by stockholders who share in its profits but are not personally responsible for its debts
Corporation
businesses that provide the same or very similar goods or services
Direct competitor
Intermediaries who help to move goods between producers and retailers by buying goods from producers and selling them to retailers
Wholesalers
A plan for making and spending money
budget
Amounts owed to creditors
Liabilities
The financial gain made in a transaction
Profit
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing
A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges
Target Market
Accepting the risk of starting and running a business.
Entrepreneuship
a formal written document that describes the nature of a business and how it will operate
Business Plan
A business in which two or more persons combine their assets and skills
Partnership
Any activity that fulfills a human want or need and returns money to those who provide it.
Service
A type of producer that changes the shapes or forms of materials so that they will be useful to customers
manufacturers