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Foodtruck art
Food Truck business art terms
| Question | Answer |
|---|---|
| entrepreneur | a person who organizes and manages a business, taking on risks to turn a creative idea into a profit |
| artpreneur | a combination of artist and entrepreneur; an artist who runs their own business selling their creative work |
| sole proprietorship | a business owned and run by one person |
| brand | the unique identity of your business, name, logo, style, and reputation |
| mission statement | a short sentence explaining why your business exists and what it aims to do |
| profit | the money left over after all expenses are paid |
| markup | adding an amount to the cost of your materials to determine the selling price |
| invoice | a document sent to a customer asking for payment |
| target market | the specific group of people most likely to buy your product or service |
| product vs. service | a product is a tangible item you can touch; a service is work done for others |
| revenue | the total amount of money a business makes before paying for expenses |
| expenses | the money spent to create the product, such as buying materials, tools, or electricity |
| loss | when expenses are greater than the revenue generated |
| cost of goods sold | the direct cost of materials and labor to make one unit of a product |
| break even point | the moment when total revenue exactly equals total expenses |
| inventory | the raw materials or finished products a business has on hand |
| prototype | a first, preliminary model of a product used for testing and evaluation |
| marketing | how a business tells potential customers about their product |
| pitch | a short, persuasive explanation of your business idea designed to convince people to support it |
| feedback | opinions and evaluations from customers to help improve the product |