Business Basics
A person who starts and runs their own business.
What is an entrepreneur?
The group of people most likely to buy your product.
What is your target market?
Money you make from selling products or services.
What is revenue?
A small test version of a product to learn from customers.
What is a prototype or MVP (minimum viable product)?
Represents ownership in a company, often given to investors in exchange for funding.
What is equity?
A short, memorable phrase that represents a brand.
What is a slogan?
A symbol or design that represents your business.
What is your logo?
What’s left after expenses are subtracted from revenue.
What is net profit?
A short, engaging speech about your idea.
What is a pitch or elevator pitch?
Money invested in exchange for equity or future returns.
What is capital or investment?
This type of business is owned by one person.
What is a sole proprietorship?
The part of marketing that focuses on how much to charge.
What is pricing?
Money a business owes.
What is debt or liability?
Working with others to grow your business.
What is collaboration or partnership?
Risk-taking, resilience, and innovation are part of this mindset.
What is entrepreneurial mindset?
A document that outlines goals, target market, and financial plans.
What is a business plan?
Getting the word out about your product.
What is promotion?
Money a business spends to operate.
What are expenses?
An advantage your business has that others don’t.
What is an edge or competitive edge?
The measure of how much money an investor earns or loses on an investment.
What is return on investment or ROI?
A term for exchanging goods or services for money.
What is commerce?
A brand’s reputation and personality.
What is brand identity?
A prediction of how much money will be made and spent.
What is a budget or financial projection?
When your business can grow without breaking.
What is scalability?
The assessment of a business's worth, crucial for investors and entrepreneurs.
What is valuation?