Entrepreneurship Vocabulary
An independently owned business that usually has the owner as its manager Most Americans are employed in this type of business.
Small Business
A business in which two or more persons combine their assets and skills
Partnership
Money that is left after all the expenses of running a business have been deducted from the income
Profit
Work that is performed for someone
Service
A brief presentation that defines a person, process, product, service, organization, or event and its value
Pitch
A young business that develops a unique product or service and brings it to the market
Startup
Businesses that buy consumer goods or services and sell them to ultimate consumers
Retailers
Business income
Revenue
An individual who undertakes the creation, organization, and ownership of a business
Entrepreneur
60 second or less action oriented speech or description of an idea to create "hook"
Elevator Pitch
The money spent running a business
Expenses
A type of business that buys goods in large amounts and resells them to other businesses in smaller lots.
Wholesalers
Shares or ownership stakes in a business
Equity
A rivalry between 2 or more people or organizations.
Competition
The process of acquiring, satisfying and retaining customers.
Marketing
An original model to test how real consumers will interact with the product or service
Prototype
A person or company that makes goods for sale
Manufacturer
A particular group of consumers at which a product or service is aimed.
Target Market
A resource or person of value to a company
Asset
A business owned and managed by a single individual
Sole Proprietorship
The level of production at which the costs of production equal the revenues for a product.
Break-even Point
Businesses that do not sell a physical product.
Service Companies
A company or group of people authorized to act as a single entity and recognized as such in law.
Corporation
A document that describes and a strategy to launch that business
Business Plan
A condition under which a person or corporation is declared unable to pay debts
Bankruptcy