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Glossary

Entrepreneurship

TermDefinition
1. Business Plan a written document describing all the steps necessary in opening and operating a successful business
2. Corporation a business with the legal rights of a person that may be owned by many people
3. Cover letter a letter that explains or provides more information about a document or set of documents
4.Customer profile a description of the characteristics of the person or companies likely to purchase a product or service
5. Direct competition competition by a business that makes most of its money selling the same or similar products or services as another business
6. Employees people who work for someone one else
7. Entrepreneurs people who own, operate, and take the risk of a business venture
8. Entrepreneurship the process of running a business of one's own
9. Executive summary a short restatement of the business plan
10. Franchise a legal agreement giving an individual the right to market a company's products or services in a particular area
11. Job description a written statement listing job duties and responsibilities
12. Market research a system for collecting, recording, and analyzing information about customers, competitors, goods, and services
13.Operating expenses expenses incurred by a business every month
14. Partnership a business owned by two or more people
15.Press release a written statement meant to inform the media of an event or product
16. Salaries payments for labor or services done on an annual basis
17. Sole Proprietorship a business owned exclusively by one person
18. Start-up costs one-time-only expenses paid to establish a business
19. Statement of purpose brief description of why you are asking for a loan and plans for the money
20. Target market individuals or companies interested in a particular product or service
21. Wages payments for labor or services that are made on an hourly, daily, or per-unit basis
Created by: sweeks64
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