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Cost incurred by a business
What is Aquisition Costs
An individual hired by a company and compensated for their work
What is employee?
The process of coming up with solutions to solve a problem
Problem solving
A characteristic in which an individual acts to turn ideas into action
What is initiative?
A limited liability company is a business with pass-through taxation where owners pay taxes on the company's profit and losses through their personal taxes
What is LLC
The amount of money a business plans on spending during a given period
What is budget?
An individual who aspires to start and run a successful business
What is an entrepreneur?
Thinking about and planning for the future
Forward-Thinking Mentality
The way one approaches new ideas and ventures their life
What is opportunity recognition?
A legal method used to protect an invention for a limited time
What is patent?
A fee paid to an employee for completing a task
What is commission?
The person that developed or created a company or organization
What is a founder?
Believing that one can accomplish anything with hard work
What is a growth mindset
The level of willingness to lose time and money when starting a business
Fees paid for the use of a brand name or images
What is Royalty Fees
A monetary amount given to employees in return for their work
What is compensation?
A person or entity willing to provide monetary funds to a business with the hopes of earning a return for their money
What is an investor?
The characteristic of being able to tackle goals with courage and perseverance
What is Grit?
Trusting ones self goals or skill that is performed
What is self reliance
A calculation used to make projections about a company's future performance
What is Run Rate
The amount of money charged for goods or services
What is price?
The individual that owns the business
What is an owner
Ones ability to adapt to change, loss and dissapointment
What is Resiliency?
Ones ability to act to work toward achieving a goal
What is personal agency?
A type of business structure with a tax advantage that allows them to pass it's income loss. deductions, and credits through its shareholders
What is S corporation