Finance
What is fixed costs?
costs a business has that remains the same no matter the volume of production
What is demographics?
Statistical data that refers to particular groups within a population
What is risk?
The possibility of something negative happening. In the context of a small business, the possibility of a loss of time and money
What is prototype?
A preliminary product, commonly a product with minimum viability, from which to test and develop
What is an employee?
An individual hired by a company and compensated for their work
What is operating costs?
The expenses incurred for running day-to-day tasks in a business
What is business plan?
A document that addresses the concept, customers, and capital for a business
What is Problem solving?
The process of coming up with solutions to solve a problem
What is innovation?
A new idea, product, or method
What is a customer?
An individual or business that purchases goods and services from a business
What is royalty fees?
Free paid for the use of brand name or image
What is Target market?
The group of customers a company chooses to market its products and services
What is critical thinking?
Using one's mind to solve a problem in the best way by considering various potential solutions to the problem
What is a lean canvas?
A one-page document discussing key information commonly seen in a business plan
What is a CEO?
The Chief Executive Officer (CEO) holds a leadership role within a business. The CEO oversees a business's operations and resources and makes the major decisions for the company
What is variable costs?
Fluctuating costs that a business has depending on production
What is marketing?
A form of communication between businesses and customers which relays a message promoting services and/or goods
What is growth mindset?
Believing that one can accomplish anything with hard work
What are distribution channels?
A method used to get a product from the manufacturer to the end-users
What is a CFO?
The Chief Financial Officer (CFO) holds a leadership role within a business. The CFO oversee a company's finances
What is acquisition costs?
Cost incurred by a business
What is marketing plans?
A written plan that outlines a company's marketing strategies
What is self-reliance?
Trusting one's self, goals, and progress
What is a pitch deck?
A presentation given to potential investors to provide a brief overview of the business plan to earn another meeting
What is a COO?
The Chief Operation Officer (COO) holds a leadership role within a business. The COO is responsible for overseeing the day-to-day administrative and operational functions of a business