Vocabulary
What is Entrepreneur?
someone who starts and runs their own business
What is budget?
A plan you decided how much you want to spend every month
What is Employability Skills
A set if skills you need to learn to use in you business carrier
What is Partnership?
A business owned by two or more people
What is a Business Plan?
Is an overview of your business goals and includes details on how you think you are going to achive them
What is a profit?
an amount of money that you gain when you are paid more for something than it cost you to make
What is a liabilities?
amount a company owes
What is bankruptcy?
a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations.
What is Assets?
money and other value belonging to an individual or business
What are the 4 p's of marketing?
product, price, place, and promotion.
What is retailers?
business owner who sells things to the public.
What is cooperation?
Business entity that is usually owned by multiple stockholders
What is Business Pitch?
is a quick description of your business that you use to explain it to customers and investors
What is start up capital?
the money raised by a new company in order to meet its initial costs.
What is a direct competitor?
companies offering the same products or services as you.
What is whole saler?
a person or business that sells items to retail stores that will then sell them to individual customers for a higher price.
What is fixed operating expenses?
Operating expenses that a business must pay regardless of how many sales were made
What is a Break even point?
is when a business expenses and sales equal zero because the business has sold exactly enough units to cover it expenses
What is the sole professorship?
a person who has complete control over the revenue and operations of a business.
What is the target market?
group of people that have been identified as the most likely potential customers for a product because of their shared characteristics such as age, income, and lifestyle