Terms 1
Cost incurred by a business.
Acquisition Costs
The number of sales and other income in a business for a given period.
Revenue
A tangible item.
Product
Data that may contain personal bias like company newsletters and academic journals.
Secondary Data
Two or more individuals that share a business's financial responsibility.
Partners
An individual with an interest in seeing the business succeed.
Stakeholder
The possibility of something negative happening. In the context of a small business, the possibility of a loss of time and money.
Risk
First-hand research like surveys, interviews, and statistical data.
Primary Data
A written plan that outlines a company's marketing strategies.
Marketing Plan
The way one approaches new ideas and ventures in their life.
Opportunity Recognition
A type of business that has no owner and does not pay federal US taxes.
Non-profit
The group of customers a company chooses to market its products and services.
Target Market
A form of communication between businesses and customers which relays a message promoting service and/or good.
Marketing
A calculation used to measure a business's monthly cash flow.
Burn Rate
Fees paid for the use of a brand name or image.
Royalty Fees
The familiarity one has with a brand.
Brand Recognition
Holds a leadership role within a business. They oversee the finances.
(CFO) Chief Financial Officer
Statistical data that refers to a particular groups within a population
Demographics
Use one's mind to solve a problem in the best way by considering various potential solutions to the problem.
Critical Thinking
A new idea, product, or method.
Innovation
An agreement between a company and employee outlining obligations and terms of employment.
Contract
Non-cash compensations offered to employees in place of cash or in addition to a lower salary.
Equity
A persuasive speech prepared to entice a potential customer to purchase a service or good.
Sales Pitch
The expenses incurred for running day-to-day tasks in a business.
Operating costs
Holds leadership within the business. Is responsible for overseeing the day-to-day administrative and operational functions of a business.
(COO) Chief Operating Officer
Standards of professional conduct professionals
Ethical Practices
The amount of money charged for a product or service.
Price
A payment amount provided to employees for the number of hours they worked.
Hourly Pay
A financial statement that details a business's revenue and expenses for a given period.
Income Statement
The method of sharing a start-up business online to pre-sell products.
Crowdfunding
Activities or strategies employed by a business to retain existing customers.
Customer Retention
Fluctuating costs that a business has depending on production.
Variable costs
The total cost of acquiring a new customer.
(CAC) Customer Acquisition Costs
Costs a business has that remain the same no matter the volume of production.
Fixed Costs
A one-page document discussing key information commonly seen in a business plan.
Lean Canvas
Is a calculation used to determine how much an investment is making.
ROI
A practice used by businesses to protect a practice, process, and formula from being shared with other competitors.
Trade Secret
A promise of value that a company makes about their product or service attractive to customers.
Value Proposition
A practice used to protect brand names, logos, and business names.
Trademark
A corporation, partnership, or sole proprietorship that is privately owned by one individual or small group of people. They commonly have fewer employees and revenue than larger-sized businesses.
Small Business
A form of protection individuals can implement to protect their intellectual property. It is designed for print, music, film, and various other forms of creative licenses.
Copyright
A creative work or invention to which an individual has been given rights.
Intellectual Property
A fee paid to an employee for completing a task.
Commission
One's ability to adapt to change, loss, and disappointment.
Resiliency
Triple Jeopardy
The stage where a business's sales are high and continue to grow because their product/service is something customers want and continue to purchase
Product/Market fit
Believing one can can accomplish anything with hard work.
Growth Mindset
A presentation given to potential investors to provide a brief overview of the business plan to earn another meeting.
Pitch Deck
A legal method used to protect and invention for a limited time.
Patent
A business structure that allows the company to pass its income losses, deductions, and credits through its shareholders to decrease their taxation.
C-Corporation
One's ability to act to work toward achieving a goal.
Personal Agency
A document that addresses the concept, customers, and capital for a business.
Business Plan
A document that compares assets to liabilities plus owner's equity.
Balance Sheet
A monetary amount given to employees in return for their work.
Compensation
An investor who provides funding to a business for a stake in the company. This investor can be family, friends, or others who are interested in investing.
Angel Investor
The action of working with one or more people toward a common goal.
Collaboration