Business Basics
This is the written document that explains a company’s idea, goals, and strategy.
Business plan
Posting on Instagram, TikTok, or Facebook to promote a business is this type of marketing.
Social media marketing
Money a business earns from selling products or services.
Revenue/sales
Entrepreneurs often take this when starting a business.
Risk
If customers do not know your business exists, you likely need more of this.
Marketing/promotion
This explains why a business exists and what it hopes to do for customers (why, how, what).
Mission statement
This is a short, memorable phrase used to help people remember a business.
Tagline or slogan
Money a business spends to operate.
Expenses
The ability to come up with new ideas and solutions is this.
Creativity
If your costs rise but you keep charging the same amount, your business may see less of this.
Profit
This is the group of people most likely to buy your product.
Target market
The 4 Ps of marketing include product, price, place, and this.
Promotion
These expenses change based on the number of units you produce
Variable costs
If your product solves no clear problem, customers may not see its this.
Value
If two businesses sell similar products, they are this to each other.
Competitors
This is what makes a business different from competitors.
Competitive advantage/value proposition.
This happens when customers recognize and remember a business by its name, logo, or style.
Branding or brand recognition.
This is the point where a business makes no profit but also has no loss.
Break-even point
This skill helps entrepreneurs make smart choices between different options.
Decision making
If customers are confused about what your business actually does, your marketing may lack this.
Clarity
This section of the business plan explains who will run the business and what their roles are.
Management
A business lowers prices, improves quality, or changes ads to stand out against this.
Competition
Costs like rent that usually stay the same each month are called these.
Fixed costs
This quality helps entrepreneurs keep going when things get hard.
Resilience or perseverance
If customers buy once but never return, the business may have a problem with customer satisfaction, quality, or this.
Retention