Business Basics
This document outlines your company's goals and how you plan to achieve them.
What is a business plan?
The simplest and most common structure for a solo entrepreneur.
What is a sole proprietorship?
This unique number is required by the IRS for hiring employees.
What is an Employer Identification Number (EIN)?
A sum of money borrowed for starting a business.
What is a business loan?
This is a catchy phrase or sentence that represents your brand.
What is a slogan (or tagline)?
This term refers to identifying a gap in the market and offering a solution.
What is entrepreneurship?
A legal entity separate from its owners, offering liability protection.
What is a corporation?
You may need this license to sell food or drinks.
What is a food service license?
A business plan typically includes this financial forecast.
What is a projection (or financial projection)?
The process of researching competitors and market trends.
market trends.What is market analysis?
This is the first step in turning an idea into a legitimate company.
What is registering your business?
This type of partnership has one or more partners with unlimited liability.
What is a general partnership?
Registering your business name with the state is often called this.
What is a DBA (Doing Business As)?
This document tracks income and expenses.
What is an income statement (or profit and loss statement)?
The 4 P’s of marketing are product, price, place, and ___.
What is promotion?
These three elements are essential to any viable business idea: demand, product, and ___.
What is profit?
This hybrid structure offers flexibility and limits personal liability.
What is a limited liability company (LLC)?
This legal protection helps prevent others from copying your logo.
What is a trademark?
These are costs that stay the same regardless of business activity.
What are fixed costs?
This digital channel is often used for ads, promotions, and SEO.
What is a website (or digital marketing)?
his analysis compares strengths, weaknesses, opportunities, and threats.
What is a SWOT analysis?
A public corporation sells shares through this type of market.
What is the stock market?
A legal agreement that outlines the ownership and responsibilities between business partners.
What is a partnership agreement?
This type of investor provides capital in exchange for ownership equity.
What is a venture capitalist?
A customer profile or “ideal buyer” is also known as this.
What is a buyer persona?