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Biz Entrepreneurship
Stack for business entrepreneurship
| Term | Definition |
|---|---|
| Innovate | to introduce as or as if new; to make changes; to do something in a new way. |
| Create | to produce or bring about by a course of action or behavior; to produce through imaginative skill; to make or bring into existence something new. |
| Product | An actual product or service. |
| Trade Secrets | Data or information not generally known in the industry that gives a business an advantage over the competition |
| Bootstrapping | start a company with little capital (Barter, borrow, beg) |
| Basic Finance | Start-up costs are pre-opening, one-time expenditures incurred to start a new business. |
| Balance Sheet | Accounting statement that reports a company’s financial position as of a specific moment in time |
| Assets | a physical object or right that has a monetary value. |
| Current assets | assets expected to be used, sold, or realized in cash within one year. |
| Long-term assets | tangible assets that are of a permanent or relatively fixed nature. |
| Liabilities | Current debt owned by a business. |
| Income Statement | The income statement is a summary of the revenues and expenses of the business for a specific period of time. |
| Ratio Analysis | A comparison of two numbers. |
| Profitability Ratio Definition | Profitability ratios measure a firm’s financial returns on activities. |
| Business Plan | The business plan is a written document that provides details of a proposed venture. |
| Patents | It gives you an exclusive right within the US to make, use and sell your invention for a period of years |
| Trademark | Any word (or words), name, symbol or picture or device that a company uses to distinguish its goods from someone else’s. |
| Fair use | A set of legal exceptions to copyright. Fair Use allows certain ways of using copyrighted material for educational purposes. |
| SWOT | Strengths, Weaknesses, Opportunities, Threats. |
| Break Even Analysis | An analysis to determine the point at which revenue received equals the costs associated with receiving the revenue |
| Equity | Owner’s claim against assets after the liabilities have been deducted. |
| Gross Profit Margin | Gross Profit / Sales |
| Return on Sales | RS = Net Income Before Taxes / Sales |
| Income Statement | Revenues – Expenses = Net Income |
| Profitability Ratio | Profitability ratios measure a firm’s financial returns on activities. |
| Liquidity Ratio | Measure a firm’s ability to meet its current financial obligations. |
| Liquidation | The process by which a company (or part of a company) is brought to an end, and the assets and property of the company are redistributed. |
| Debt Ratio | DR = Total Liabilities / Total Assets |
| Promotion | The communication of the product/service to the potential customers. |
| Price | The dollars exchanged for the product/service. |
| Key stoning | Doubling the wholesale price. |
| Advertising | Any communication that is paid for. |
| Personal Selling | Face-to-Face selling technique. |
| Sales Promotion | campaign to stimulate market demand or improve product availability (Coupons) |
| Publicity | communication is not directly paid for (Ex. News articles, video, etc) |
| Direct Marketing | communicate straight to the customer (ex. Texts, e-mail, fliers, etc.) |
| Market Research | Understanding Customer’s Motivations & Decision Making Process. |
| Luxury Products | Price sensitive products (jewlery, etc.) |
Created by:
payton860
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