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1.04 Key Terms

External Resources

QuestionAnswer
Business Community Individuals employed in local/area organizations.
Business Ethics The basic principles that govern a business's actions.
Business Planning Defining your organization's goals, structure and future strategy.
Concept Development Involves coming up with a detailed description of an idea, explained from the perspective of your customer.
External Resources Suppliers of inputs that come from outside a business.
Government Agencies Special government organizations set up for a specific purpose such as the management of resources, financial oversight of industries, or national security issues.
Market Opportunities A situation in which a product or service is potentially wanted or needed by consumers is identified by a business as not being supplied by rival companies.
Mentor An experienced worker who can act as a guide to new employees
Network To connect with individuals who might help accomplish personal, career, and professional goals.
Prospective Customer Any person or business with the potential to purchase a good, service, or idea; qualified lead.
Resources Any item that is used to accomplish another activity, such as producing/providing goods and services.
Risks The possibility of loss (failure) or gain (success)
Social Media Forms of electronic communications through which users build communities, network, share information, etc.
Supplier Vendors; businesses from which other businesses buy goods or services.
Vendors A supplier of goods, usually a wholesaler or distributor.
Created by: Jay.l
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