Starting a Business
The processes of taking risk and starting a new business
What is Entrepreneurship
The state of a person or business being in debt/bankrupt
What is Bankruptcy?
The smallest amount of a product a customer can purchase used to track inventory, pricing, ect.
Unit of Sale
The difference between a company's current assets and current liabilities, representing the funds available for day-to-day operations
What is Working capital
A company that offers the similar product or service as your company does
What is a Direct Competitor
a business owned by multiple people
What is a Partnership
To reach a point in your business where have broken even with your expenditures
What is a Break-Even Point?
A certain group of people/consumers that what your business sells is aimed
What is a Target Market
What are the four P's of marketing?
What are Product, Price, Place, and Promotion
Business costs that remain relatively constant and do not change with production or sales volume over a short period
What are Fixed Operating Expenses
someone who starts and runs a business
What is a Entrepreneur
The finances required by new business to pay for essential fixed and current assets before it can open for business.
Start-Up Capital
A person or company that sells goods to the public for use or consumption rather than resale. Ex. Walmart, Publix, Target, ect.
What are Retailers
A person or company that sells goods in large quantities for low prices
What is a Wholesalers
An intangible act, performance, or use that is provided to a customer for which they are willing to pay
What is a Service
A business entity that is usually owned by multiple stockholders and operates as a separate legal entity
Corporation
an estimate of income and expenses for a set period of time
What is a Budget
The person or company that makes your goods for you that you then sale for profit
What are Manufacturers?
property owned by a person or company
What are Assets
A company that sales a different product than yours but but satisfies the same underlying customer need and competes for the same customer dollars
What is a Indirect Competitor
a business owned by only one individual
What is a Sole Proprietorship
A financial gain or earnings derived from the sale of goods
What is a Profit
Total income made from a given source
What is a Revenue
3A financial promise that a person or company makes to another person representing future outflows of money or assets
Liabilities
Is an overview of your business goals and includes details on
What is a Business Plan