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1.04 Key Terms

External Resources

QuestionAnswer
Business community individual employed in local/area organizations
Business Ethics The basic principles that govern a business's actions.
Business Planning Defining your organization's goal, 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 input that come from outside a business.
Government agencies special government organization 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 worked who can act as a guide to new employee's
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 or service or idea qualified lead
resources Any item that is used to accomplish another activity such as producing or providing goods or service
risks possibility of loss or gain
social media forms of communication through social media
supplier Vendors businesses from which other business buy goods or services
vendor a supplier or goods usually a wholesaler or distributor
Created by: jhair.m327
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