Vocab Pt. 1
An idea for a new business that can be tested
Business concept
All the expenses required to start your business.
Start-up costs
One who organizes, manages, and assumes the risks of a business or enterprise
Entrepreneur
A single, clear, compelling message describing a business; mission statement
Unique value proposition
The favorable position an organization seeks to be more profitable than its competitors.
Competitive advantage
A fluid, simple diagram that captures a business model.
Lean Canvas Model
The pathways to customers; accomplished through advertising
Channels
Money that comes into the business.
Revenue
Indicators for evaluating factors that are crucial to the success of a business.
Key metrics
The group a business is interested in making the focus of all the company’s efforts.
Target customers
The fixed and variable costs.
Cost structure
The favorable position an organization seeks to be more profitable than its competitors
Competitive advantage
A thing that you can touch or a service that you can offer which is sold to your customers.
Product