Entrepreneurship
Job Application
Form that gathers information about potential employees.
Customer Service Mindset
The belief that the customer is the most important priority of the business.
Capital
Resources that include money, buildings, or equipment that are used to run a business
Price Competition
Businesses compete by offering lower prices than their rivals.
Supply
Amount of an item producers are willing to produce and sell at a given price.
Networking
A way for business people to meet others and build a list of contacts.
Nonverbal Cues
Form of communication without using words.
Budget
Plan to manage finances.
Non-Price Competition
Businesses focus on factors other than price—like quality, customer service, branding, or convenience.
Demand
Amount of an item that consumers are willing to buy at a given price.
Private Enterprise
A person's right to own private property, freedom of choice, profit and competition, and democratic institutions (also known as free enterprise or market economy)
Internship
A way that people can gain work experience in a given field – may of may not be paid.
Investments
When money is used to make more money.
Brand Promise
A statement that lets the customer know what they can expect from a company’s products/services.
Asset
All items that have a cash value and are owned by the business.
Franchise
A business model where an individual or company pays for the right to operate under the name, branding, and business system of an established company.
Operations
Include the day-to-day running of the business, which may include scheduling, logistics, facilities management, etc.
Deductions
An amount that is or may be deducted from something, especially from taxable income or tax to be paid.
Franchisor
The owner of the parent company that grants the rights to use their name and products.
Gross Domestic Product
A measure of the total output of goods and services that are produced by a country.
Sole Proprietorship
Business that is owned by single owner that provides the money and skill to run the business.
OSHA
The Occupational Safety & Health Administration is a government body that provides and enforces safety guidelines for the workplace.
Variable Expenses
Business expenses that change depending on the quantity of goods or services a business produces.
Economic Utilities
Refer to the concept of adding value to a product through form, place, time, possession, and information.
Administrative Law
Includes rules and procedures that are regulated by a government agency.