Entrepreneurship Vocabulary
A type of business that sets their goal on long-term, stable growth in an existing market. Most Americans are employed in this type of business.
Small Business
It is the relationship between two or more people to do trade or business.
Partnership
Money that is left after all the expenses of running a business have been deducted from the income
Profit
The action of helping or doing work for someone.
Service
He started selling books online in 1994, but his company, Amazon, went on to dominate global e-commerce.
Jeff Bezos
A type of young business that develops a unique product or service and bring it to the market
Startup
This person is is a merchant, is an entity that sells goods such as clothing, groceries, or cars directly to consumers through various distribution channels with the goal of earning a profit.
Retailers
Income, especially of a company or organization and of a substantial nature.
Revenue
An individual who undertakes the creation, organization, and ownership of a business
Entrepreneur
60 second or less action oriented speech or description of an idea to create "hook"
Elevator Pitch
She turned her talk show into a multimedia empire, becoming one of the most influential women in the world.
Oprah Winfrey
The cost required for something; the money spent on something.
Expenses
This person is essentially a middleman between a manufacturer and a retail establishment. They obtain large quantities of products at a lower price
Wholesalers
Shares or ownership stakes in a business
Equity
A rivalry between 2, or more, people or organizations.
Competition
The practice of individuals or organizations. It allows them to sell products or services to other companies or organizations that resell them, use them in their products or services or use them to support their works.
Marketing
Credited as the one who founded the first mass produced car.
Henry Ford
An original model to test out how real consumers will interact with the product or service
Prototype
A person or company that makes goods for sale
Manufacturer
A particular group of consumers at which a product or service is aimed.
Target Market
A useful or valuable thing, person, or quality.
Assets
The simplest form of business ownership, where one individual owns and operates the business
Sole Proprietorship
This entrepreneur dropped out of Harvard, built Microsoft, and became one of the world’s richest men.
Bill Gates
It is the level of production at which the costs of production equal the revenues for a product.
Break Even Point
Businesses that do not focus on selling a physical product.
Service Companies
A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Corporation
A document that describes and a strategy to launch that business
Business Plan
This business arrangement allows an entrepreneur to operate under an established company’s name, brand, and business system in exchange for fees or royalties.
Franchise
This South African–born entrepreneur founded SpaceX, leads Tesla, and has plans to colonize Mars.
Elon Musk