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Foods II 1.01

Careers and Entrepreneurship

TermDefinition
Business concept An idea for a new business that can be tested.
Channels The pathways to customers; accomplished through advertising.
Competitive advantage The favorable position an organization seeks to be more profitable than its competitors.
Cost structure The fixed and variable costs.
Entrepreneur One who organizes, manages, and assumes the risks of a business or enterprise.
Key metrics Indicators for evaluating factors that are crucial to the success of a business.
Lean Canvas Model A fluid, simple diagram that captures a business model.
Product A thing that you can touch or a service that you can offer which is sold to your customers.
Revenue Money that comes into the business.
Start-up costs All the expenses required to start your business.
Target customers The group a business is interested in making the focus of all the company’s efforts.
Unique value proposition A single, clear, compelling message describing a business; mission statement.
Step 1 of LCM What step is Problem
Step 2 of LCM What step is Customers
Step 3 of LCM What step is Unique Value
Step 4 of LCM What step is Solution
Step 5 of LCM What step is Advantage (unfair or competitive)
Step 6 of LCM What step is Revenue
Step 7 of LCM What step is Cost Structure
Step 8 of LCM What step is Key Metrics
Step 9 of LCM What step is Channels
Fixed Expenses Predictable expense amounts like rent, insurance, etc...
Variable Expenses Unpredictable expense amounts like fuel, ingredients, advertising, etc...
Profit Income - Expenses = ?
Created by: Mrs. M. Cornwell
Popular Family and Consumer sets

 

 



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