Business and its Environmental
someone who takes the financial risk of starting and managing a new venture
What is an entrepreneur?
Holds a leadership role within a business, and is responsible for overseeing the day-to-day administrative and operational functions of a business.
What is a Chief Operating Officer (COO)?
the management task that links the business to the customer by identifying and meeting the needs of customer profitably
What is marketing?
the capital needed by an entrepreneur to set up a business
What is start-up capital?
A practice used by businesses to protect a practice, process, or formula from being shared with other competitors
What is Trade Secret?
work-related education to increase workforce skills and efficiency
What is training?
a business that provides the same or very similar goods or service
What is a (direct) competitor/ competition?
the ability of a firm to be able to pay its short term debts
What is liquidity?
An independent government agency specializing in providing small businesses with assistance to get their business up and running.
What is Small Business Administration?
a sense of self-fulfillment reached by feeling enriched and developed by what one has learned and achieved
What is self-actualization?
Data that may contain personal bias like company newsletters and academic journals
What is Secondary Data?
(gross profit/revenue) x 100=...
What is gross profit margin?
identifying successful business opportunities, sourcing capital, determining a location, competition, and building a customer base
What are challenges that entrepreneurs often face?
An investor who provides funding to a business for a stake in the business in return
What is an Angel Investor?
a quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender, and social class
What is a consumer profile?
fixed cost/contribution per unit=...
limited liability, legal personality, and continuity
What are the three (distinct and important) differences between companies?
A business owner that uses their own money to fund their business
What is Bootstrapping?
creating/adding value, mass marketing and niche marketing, market segmentation
What are (important) marketing concepts?
A calculation used to determine how much an investment is making
What is return on investment (ROI)?