Entrepreneurship Terms
What do we call a person who takes the risk to start a business?
Entrepreneur
What document outlines a business's goals and strategy?
Business Plan
What do we call the money used to start a business?
Startup Capital
What's the simplest type of business to start?
Sole Proprietorship
What are the 4 Ps of marketing?
Product, Price, Place, Promotion
What is a startup?
A new business, usually with a scalable model
What section of a business plan includes financial projections?
What's a budget?
A plan for how to spend and earn money
What business type offers liability protection and flexible taxes?
LLC (Limited Liability Company)
What's a target market?
The group of customers you aim to sell to
What is a "pivot" in a business model?
A major change in business strategy
What's a SWOT analysis used for?
To identify strengths, weaknesses, opportunities, and threats
What's the difference between gross and net profit?
Net = gross profit minus expenses
What's a legal agreement between two or more business owners called?
Partnership Agreement
What's a unique selling proposition?
What makes your product different and better
What's the difference between an entrepreneur and an intrapreneur?
Intrapreneur works within a company; entrepreneur starts their own
What does an executive summary include?
A short overview of the entire business plan
What does ROl stand for and mean?
Return on Investment - measures profit from an investment
What are bylaws?
Rules for how a corporation operates
What is customer acquisition cost?
The cost to get one new customer
What's a "disruptive innovation"?
An innovation that creates a new market and replaces existing products
What's a contingency plan?
A backup plan for unexpected events
What is a capitalization table?
A chart showing ownership stakes and shares in a company
What's the difference between C-Corp and S-Corp?
C-Corp is taxed separately
S-Corp passes income to owners
What is market segmentation?
Dividing a market into smaller groups of buyers