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What is a business plan
A road map/outline for your business
What is a budget?
A budget is a plan that shows how much money a business has, how much it will spend, and how much it wants to save.
What are the two types of things you can sell?
products/goods or services
What is the main difference between an elevator pitch and a sales pitch?
An elevator pitch is very short and a sales pitch is long with a lot of detail
What is it called when you tell people about your business to get them to invest?
a pitch
What is the difference between profit and loss?
Profit is when a business makes more money than it spends. Loss is when it spends more money than it makes. (profit = earning money, loss = losing money)
What are profits?
The money you earn after paying all expenses
What do you call a physical item that is sold to meet the consumer's needs?
a product/good
How long is an elevator pitch?
Less than 30 seconds
What do you call someone who gives you money to help start your business?
investor
What do you call it when two or more people or businesses work together to run a business and share the profits?
A Partnership
What is revenue
All of the money you earn before paying any expenses
What do you call it when you pay someone to do something for you?
A service
How long is a sales pitch?
2-10 minutes
What do you call the amount or list of products you have in stock?
inventory