Business Basics
A person who starts a new business and takes on risks.
Who is an entrepreneur?
The total money made from selling products or services.
What is revenue?
A business relationship where two or more people share profits and ownership.
What is a partnership?
A person who buys products or services from a business.
Who is a customer?
A discussion aimed at reaching an agreement, usually about money or business terms.
What is negotiation?
A written plan that explains a business's goals and how it will achieve them.
What is a business plan?
The amount of money left after all expenses are stubtracted.
What is a profit?
The estimated value of a business.
What is valuation?
Products a business keeps on had to sell.
What is inventory?
A short convincing presentation to persuade investors to fund a business.
What is a pitch?
The group of people who are most likely to buy a product or service.
What is a market?
A percentage of ownership in a business.
What is equity?
A way to sell products directly to customers, usually at a higher price.
What is retail?
Selling products in large quantities to other businesses.
What is wholesale?
A person who provides money to help a business grow, hoping for profits.
Who is an investor?
A first model or sample of a product used to test an idea.
What is a prototype?
Money used to start or grow a business.
What is capital?
A plan for how a business owner or investor will leave the business and earn profits.
What is an exit strategy?
A unique name or design that makes a business stand out.
What is a brand?
Giving someone permission to use your product, brand, or idea for a fee.
What is licensing?
A legal document that protects an invention from being copied.
What is a patent?
A payment made based on a percentage of sales, often paid to creators or investors.
What are royalties?
The ability of a business to grow and serve more customers.
What is scalability?
The difference between the cost of a product and its selling price.
What is a profit margin?
The process of moving products from the manufacturer to the customer.
What is distribution?