Finance
A source of funding that is usually a wealthy individual who also provides guidance and advice.
Angel Investor
The definition of intellectual property
A work or invention that is the result of creativity
The 4 Ps of a marketing mix
Price, product, place, promotion
A business that does something for a customer
Service business
The plan for how you will make your target market aware of your product and value proposition
Marketing plan
A source of funding that is generally a firm or business that is looking to be involved in decisions and make a lot of money quickly.
Venture capitalist
A type of compensation in which you are paid per unit produced
piece rate
A pricing strategy in which the seller sets a price just below the next whole dollar, such as $3.99
Psychological pricing
The term that refers to how a business will get its product to the customer
Channels of distribution
The plan that includes projected revenues and costs in the future and funding requirements
Financial plan
Formula for calculating return on investment
(net profit/cost of investment) x 100
A type of compensation in which you are paid per year
Salary
The target market group that refers to gender, age, income level, etc.
Demographics
E-commerce
The step in which a business must decide whether to continue doing the same things or change their business plan
Pivot
Costs that do not change with the amount of goods produced
Fixed costs
Intellectual property law that protects a brand name, logo, slogan.
Copyright
The pricing strategy in which sellers set a very high price when they enter the market to try and maximize revenue
Price skimming
When a producer uses other businesses to deliver and sell to customers
Indirect distribution
A term that refers to the way of thinking needed to do well in business. Includes risk-taking, recognizing opportunity, problem-solving, creativity, etc.
Entrepreneurial mindset
The formula for net worth
Assets minus liabilities
Intellectual property law that protects an invention
Patent
The 7 steps in the sales process
Prospecting, preparation, approach, presentation, handling objections, closing, follow up
A share of ownership in a corporation
stock
The steps in the design thinking process
Empathize
Define
Ideate
Prototype
Test