Vocabulary Words
Entrepreneurship
the process of starting, organizing, managing, and assuming the responsibility for a business
Skills related to choosing a career, acquiring and keeping a job, changing jobs, and advancing in a career
Employability Skills
budget
an estimate of income and expenditure for a set period of time.
Assets
money and other valuables belonging to an individual or business
A business owned by stockholders who share in its profits but are not personally responsible for its debts
Corporation
Liabilities
Amounts owed to creditors
the money necessary to start and open a business
Start-Up Capital
a business owned by two or more people
Partnership
Business Pitch
A quick description of your business that you use to explain it to customers and investors.
the legal proceeding by which a bankrupt person's assets are distributed among those to whom he or she owes debts
Bankruptcy
Marketing
the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
a business owned and managed by a single individual
Sole Proprietorship
A business in your market that sells a product or service similar to yours
Direct Competitor
Service
Any activity that fulfills a human want or need and returns money to those who provide it.
A financial gain, esp. the difference between the amount earned and the amount spent in buying, operating, or producing something
profit
Break-Even Point
the point at which the costs of producing a product equal the revenue made from selling the product
a business that sells a different product or service from yours, but fills the same customer need or want.
Indirect Competitor
Business Plan
A written description of the business idea and how it will be carried out, including all major business activities.
Fixed Operating Expenses
The operating expenses that a business must pay regardless of how many sales are made.
A person who organizes, manages, and takes on the risks of a business.
Entrepreneur