Entrepreneurship Vocabulary
A type of business that sets their goal on long-term, stable growth in an existing market. Most Americans are employed in this type of business.
What is Small Business?
It is the relationship between two or more people to do trade or business.
Partnership
Money that is left after all the expenses of running a business have been deducted from the income
What is Profit?
The action of helping or doing work for someone.
Service
A brief speech that defines a person, process, product, service, organization, or event and its value
What is a pitch?
A type of young business that develops a unique product or service and bring it to the market
What is Startup?
This person is is a merchant, is an entity that sells goods such as clothing, groceries, or cars directly to consumers through various distribution channels with the goal of earning a profit.
Retailers
Income, especially of a company or organization and of a substantial nature.
What is Revenue?
An individual who undertakes the creation, organization, and ownership of a business
What is Entrepreneur?
30 second/100 words or less action oriented description to create "hook"
What is Elevator Pitch?
The cost required for something; the money spent on something.
What are Expenses?
This person is essentially a middleman between a manufacturer and a retail establishment. They obtain large quantities of products at a lower price
Wholesalers
Shares or ownership stakes in a business
What is Equity?
A rivalry between 2 people
Competition
The practice of individuals or organizations. It allows them to sell products or services to other companies or organizations that resell them, use them in their products or services or use them to support their works.
What is Marketing?
An original model to test out how real consumers will interact with the product or service
What is 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 useful or valuable thing, person, or quality.
Assets
The simplest form of business ownership, where one individual owns and operates the business
What is Sole Proprietorship?
It is the level of production at which the costs of production equal the revenues for a product.
Break Even Point
A person or thing that provides a service or commodity.
Server
A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Corporation
A document that describes and a strategy to launch that business
Business Plan
Two or more people share ownership, responsibility, and profits of a business. It's a legal agreement that's usually formed with a written contract.
Partnership