Vocabulary
What is Entrepreneurship?
Someone who takes a risk of staring a business
What is a Budget?
A spending plan based on income and expenses
What is Employability Skills?
A set of transferable skills and key personal attributes which are highly valued by employers
What is a Business Plan?
A documented strategy for a business that highlights its goals
What is Sole Proprietorship?
A business owned by one person
What is Partnership?
A business owned by one person
What is Start Up Capital?
The finances required by a new business to pay for essential fixed and current assets
What is profit?
An amount of money that you gain when you are paid more for something
What is Corporation?
Business entity that is usually owed by multiply people
What is Liabilities?
Amount a company owns
What is Service?
Offers assistance to customers for examples shoe repair
What is Assets?
Anything useful or something that holds value
What is Indirect Competier
A business that sells a different product or service from yours
What is Direct Competier
A business in your market that sells a product or service similar to you
What is a Business Pitch?
A selling technique, a sell presentation
What is a Break-Even-Point?
The total cost of your product
What is Marketing?
Is the art of presenting a business in a way that clearly communicates the value of the product or service
What are the 4 P's of marketing?
Product, Price, Place, and promotion
What is the Unit of sales?
The total sale of production in a given period
What is a Fixed operating Expenses?
The actual costs associated with operating a property that do not vary in the short term