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Thoughts or concepts that come from creative thinking
ideas
People who are hired to work for someone else
employee
Means through which goods and services are produced.
economic resources
A brief explanation of why the writer of a business plan is asking for a loan and what she or he plans to do with the money.
statement of purpose
Data that describes a group of people by age, marital status, gender, etc.
demographics
People who own, operate, and take the risk of a business venture
entrepreneurs
The study of moral choices and values; involves choosing between right and wrong
ethical behavior
The quantity of a good or service that consumers are willing to buy at a given price.
demand
A written document that describes all the steps necessary for opening and operating a successful business.
business plan
A system for collecting, recording, and analyzing information about customers, products, services, and customers.
market research
Process of running a business of one’s own
entrepreneurship
A creative problem-solving technique that involves generating a large number of fresh ideas
brainstorm
The quantity of a good or service a producer is willing to produce at different prices.
supply
A short restatement of the report portion of a business plan
executive summary
A description of the person or company that is likely to buy your product or service.
customer profile
Possibilities that arise from existing conditions
oppurtonities
Things that a person thinks he or she must have in order to be satisfied.
wants
Value of the next-best alternative
opportunity cost
A letter that introduces and explains an accompanying document or set of documents.
color letter
Individuals or companies that are interested in a product or services and are willing to pay for it.
target market
Evaluation of your strengths and weaknesses
self-assasment
Difference between the revenues earned by a business and the costs of operating the business.
profit
Things that a person must have in order to survive.
needs
A harvest strategy, or the way an entrepreneur intends to extract, or harvest, his or her money from a business after it is operating successfully.
exit strategy
A paid form of communication sent out by a business about a product or service.
advertising