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Biz innovator unit 3

Opportunity Recognition and Intellectual Property

QuestionAnswer
Management Those in charge of running a business
Business The commercial processes involved in promoting and selling and distributing a product or service
Profit The amount of money left over after expenses are taken out
Telecommuting Involves working at home, usually on a computer
Downsizing A planned reduction in the number of employees needed in a firm in order to reduce costs and make the business more efficient
Outsourcing Contracting out selected functions or activities of an organization to other organizations that can do the work more cost efficiently
R&D/Research and Development Business or government activity that is purposely designed to stimulate invention and innovation
Market The world of commercial activity where goods and services are bought and sold
Personnel Staff, employees, work force
Asset Anything of value that is owned
Liability An amount owned by a business
End user The person or group who will use the product produced by the project
Party A person involved in legal proceedings
Entrepreneur A person who organizes, manages, and takes on the risk of a business
Venture Capital Money that is invested in new or emerging companies that are perceived as having great profit potential
Credit Arrangement for differed payment for goods and services
Opportunity Cost Cost in terms foregone alternatives
Logistics The process of strategically managing the efficient flow and storage of raw materials, in-process inventory, and finished goods from point of origin to point of consumption
Interest The price paid for the use of borrowed money
Customer Service Department The department in a retail organization that handles customer inquiries and complaints
Terms The amount of money needed to purchase something, Any of a variety of conditions attached to a financial transaction
Loan An amount of money given to the borrower for a set period of time. After the set time has passed, the money must be paid back plus the lending fee, called interest. Payments are normally made over a series of months
Lien The right to take another's property if an obligation is not discharged
Board of Directors A group of people elected by the stockholders of a corporation to set the policies for the corporation
Accounting The occupation of maintaining and auditing records and preparing financial reports for a business
Human Resources Maintain policies, plans, and procedures for the effective management of employees
Capital Wealth in the form of money or property owned by a person or business and human resources of economic value
Budget A summary of intended expenditures along with proposals for how to meet them
Networking Using contacts with friends and family members as a means of finding job leads
Consumer A person who uses good or services
Supply Chain The connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function
Overhead The amount of money it takes to run a business
Revenue The entire amount of income before any deductions are made
Grant A sum of money or other payment given for a particular purpose
Created by: TMWagner