Successful Entrepreneurship
the process of running your own business
What is entrepreneurship?
A business structure that offers limited personal liability on the part of the owner
What a limited liability corporation?
A formal summary of the aims and values of a company, organization, or individual
What is a mission statement?
A relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, to try to evaluate the overall financial condition of a corporation or other organization
What are financial ratios?
Expenses that change as the quantity of the good or service that a business produces changes
What is a variable expense?
a manager WITHIN a company who promotes innovative product development and marketing
What is an intrapreneur?
An unincorporated business with just one owner
What is a sole proprietorship?
The clearly stated principles about the organization's vision, mission, and principles
What are core values?
A small-business accounting process for determining at what point a company, or a new product or service, will be profitable
What is a break even analysis?
A financial statement of a company that shows the company's revenues and expenses during a particular period
What is an income statment?
people who work for someone else
Who are employees?
A statement describes what a company desires to achieve in the long-run
What is a vision statement?
A strategic management template used for developing new business models and documenting existing ones; includes Customer Segments, Value Proposition, Revenue Streams, Channels, Customer Relationships, Key Activities, Key Resources, Key Partners, and Cost Structure
What is the Business Model Canvas?
Costs that don't change from month to month
What is variable costs?
How much additional revenue is generated by making each additional unit product after the company has reached the breakeven point
What is the contribution margin?
the degree of uncertainty and/or potential financial loss inherent in an investment decision
What is risk?
The way in which you make your firm stand out from otherwise similar competitors in the marketplace
What is differentiation?
A presentation of a business idea to a group of people who can help turn your idea into a reality; Shark Tank
What is a business pitch?
A company's owner's claim after subtracting total liabilities from total assets
What is shareholder's equity?
A financial statement of the assets, liabilities, and capital of a business or other organization at a particular point in time
What is a balance sheet?
Prioritizing and completing important tasks with organization and discipline
What is time management?
A version of a product with just enough features to be usable by early customers who can then provide feedback for future product development
What is a minimum viable product?
A group of customers with shared demographics who have been identified as the most likely buyers of a company's product or service
What is the target market?
A term that investors use to describe how easily something can be sold
What is liquidity?
All costs associated with producing a good or service; the sum of total fixed costs plus total variable costs
What is total costs?