Business Basics
This term refers to an individual who organizes and operates a business, taking on greater than normal financial risks in order to do so.
Entrepreneur
This is a business owned and operated by a single individual.
Sole Proprietorship
This is the highest-ranking executive in a company, responsible for making major corporate decisions, managing overall operations, and resources.
Chief Executive Officer (CEO)
This type of market segmentation divides the market based on characteristics such as age, gender, income, education, and occupation.
Demographics
These are online platforms where users can create and share content, interact with others, and participate in social networking.
Social Media Platforms
This is the financial asset or the money used to start or maintain a business.
Capital
This is a type of business where the owner sells the rights to use their business model and brand to others in exchange for a fee.
Franchise
This is a human-centered approach to innovation that involves understanding the needs of the user, defining the problem, generating ideas, prototyping solutions, and testing them.
Design Thinking Process
This segmentation method categorizes consumers based on their values, attitudes, lifestyles, and personalities.
Psychographics
This social media platform is primarily used for professional networking, job searching, and recruiting.
This term refers to the potential of losing something of value, such as time or money, in pursuit of a business opportunity.
Risk
This business structure combines elements of partnerships and corporations, providing limited liability to its owners.
Limited Liability Corporation (LLC)
These are estimates of future financial outcomes for a company, typically based on historical data and assumptions about future conditions.
Financial Projections
This segmentation divides the market based on geographic regions, such as countries, states, cities, or neighborhoods.
Geographics
This term refers to the process of gaining new customers for a business or product.
Customer Acquisition
This is the benefit or gain received from taking a business risk or achieving success
Reward
This is a business owned by two or more individuals who share in the profits and liabilities of the business.
Partnership
This is a statement that explains how a product or service solves a problem or satisfies a need for customers, offering them value.
Value Proposition
This segmentation strategy categorizes consumers based on their behavior towards a product or service, such as usage patterns, loyalty, and benefits sought.
Behavioral
This sales channel involves buying and selling goods or services over the internet.
Ecommerce
This is a newly formed business, typically small, with the intention to rapidly grow and scale.
Start-up
This is a type of business entity that is a separate legal entity from its owners (shareholders), providing limited liability to its shareholders.
C Corporation
This refers to creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce, for which exclusive rights are recognized.
Intellectual Property
This strategic planning tool helps businesses assess their internal strengths and weaknesses, as well as external opportunities and threats.
SWOT Strategic Planning
This metric calculates the rate at which customers stop doing business with a company over a given period.
Churn Rate (CR)