Entrepreneurship
A person who starts and runs a business and takes risks.
Entrepreneur
The group of customers a business wants to sell to.
Target Market
Money a business earns from selling products
Revenue
The process of making goods or services.
Production
Strengths, Weaknesses, Opportunities, Threats analysis.
SWOT Analysis
A document that explains a business idea, goals, and financial plan.
Business Plan
Product, Price, Place, Promotion
Marketing Mix
Costs that do not change like rent and salaries.
Fixed Costs
Output per worker or per hour.
Productivity
People affected by a business (customers, employees, community).
Stakeholders
The unique benefit a business offers customers.
Unique selling point
Collecting surveys and interviews from customers.
Primary Research
The point where total revenue equals total costs.
Break-even Point
Checking products to maintain standards.
Quality Control
The purpose and main goal of a business.
Mission Statement
A new business in its early stage of development.
Startup
Creating a unique identity, logo, and image for a business.
Branding
A prediction of money coming in and going out of a business.
Cash Flow Forecast
A business that provides materials or products.
Supplier
Making a product unique from competitors.
Differentiation
Giving up your savings to start a small café instead of buying a car is an example of this concept.
Opportunity Cost
Dividing customers into groups like teenagers, adults, and seniors.
Market Segmentation
Borrowed money that must be repaid with interest.
Loan
Lower average costs when production increases.
Economies of Scale
A local bakery opens a new branch in another city and sells new products.
Growth Strategy (Diversification/Expansion)