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How Feasible is My B

How Feasible is My Business?

TermDefinition
business concept clear and concise description of a business opportunity.
features distinctive aspects, qualities , or characteristics of a product or service.
benefits things that promote or enhance the value of a product or a service to the customer.
feasibility analysis process that tests a business concept; allows the entrepreneur to decide whether a new business concept has potential.
industry group of businesses with a common interest.
target customer people most likely to buy a business's products and services.
prototype working model used by entrepreneurs to determine what it takes to develop their products or services.
competitive grid tool for organizing important information about a business venture's competition.
business model description of how entrepreneurs plan to make money with their business concepts
value chain the distribution channel through which a product or service flows from the producer to the consumer.
business plan document that describes a new business and strategy to launch that business.
executive summary brief recounting of the key points contained in a business plan.
spin-off additional products or services that you might do later, when the business is more established.
vision statement declaration of the scope and purpose of a company.
mission statement declaration of the specific aspirations of a company, the major goals for which it will strive.
distribution channel the means by which a product or service is delivered to the customer.
direct channel the means of delivering a service or product directly to the customer, such as via a web site.
indirect channel the means of delivering a service or product indirectly to the customer, such as through a wholesaler or retail store.
small business administration the federal agency that provides services to small businesses and new entrepreneurs, including counseling, publications, and financial aid.
trade association an organization made up of individuals and businesses in a specific industry that works to promote that industry.
Created by: rudolph.beukes
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