Acquisition Costs - Cost incurred by a business, Angel Investor - An investor who provides funding to a business for a stake in the business in return, Asset - A tangible item a business owns, B2B - A business-to-business commercial transaction between businesses, B2C - A business-to-consumer transaction, Balance Sheet - A document that compares assets to liabilities plus owner's equity, Bootstrapping - A business owner that uses their own money to fund their business, Brand Recognition - The level of familiarity one has with a brand, Break-Even Point - The point where a business's revenue matches its expenses over a given period, Budget - The amount of money a business plans on spending during a given period, Burn Rate - A calculation used to measure a business's monthly cash flow, Business Opportunity - A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible, Business Plan - A document that addresses the concept, customers, and capital for a business, C Corporation - A business structure that allows the company to pass its income, losses, deductions, and credits through its shareholders to decrease their taxation, CEO - Holds a leadership role within a business. Oversees a business's operations and resources and makes the major decisions for the company, CFO - Holds a leadership role within a business. Oversees a company's finances, Collaboration - The action of working with one or more people toward a common goal, Commission - A fee paid to an employee for completing a task, Compensation - A monetary amount given to employees in return for their work, Confidentiality Agreement - A signed agreement stating that an entity will not disclose information agreed upon by all parties in an arrangement, Contract - An agreement between an employee and a company outlining obligations and terms of employment, COO - Holds a leadership role within a business. Responsible for overseeing the day-to-day administrative and operational functions of a business, Copyright - A form of protection individuals can implement to protect their intellectual property. Designated for print, music, film, and various other forms of creative licenses, Critical Thinking - Using one's mind to solve a problem in the best way by considering various potential solutions to the problem, Crowdfunding - The method of sharing a start-up business online to pre-sell products, Customer - An individual or business that purchases goods and services from a business, Customer Acquisition Cost - The total cost of acquiring a new customer, Customer Retention - Activities or strategies employed by a business to retain existing customers, Chamber of Commerce - A local agency with information on participating local businesses, Demographics - Statistical data that refers to particular groups within a population, Distribution Channel - A method used to get a product from the manufacturer to the end-users, Employee - An individual hired by a company and compensated for their work, Entrepreneur - An individual who aspires to start and run a successful business, Equity - Non-cash compensations offered to employees in place of or in addition to a lower salary, Ethical Practices - Standards of professional conduct professionals should uphold, Fixed Costs - Costs a business has that remain the same no matter the volume of production, Forward-Thinking Mentality - Thinking about and planning for the future, Founder - The person that developed or created a company or organization, Franchise - A business that takes its name and characteristics from an existing business chain, Grit - The characteristic of being able to tackle goals with courage and perseverance, Growth Mindset - Believing that one can accomplish anything with hard work, Hourly Pay - A payment amount provided to employees for the number of hours they worked, Income Statement - A financial statement that details a business's revenue and expenses for a given period, Initiative - A characteristic in which an individual acts to turn ideas into action, Innovation - A new idea, product, or method, Intellectual Property - A creative work or invention to which an individual has been given rights, Inventory - Goods a business owns with the purpose of selling, Investor - A person or entity willing to provide monetary funds to a business with the hopes of earning a return on their money, Lean Canvas - A one-page document discussing key information commonly seen in a business plan, Liability - The amount of money owed to an entity, LLC - A business with pass-through taxation where owners pay taxes on the company's profit and losses through their personal taxes, Marketing - A form of communication between businesses and customers which relays a message promoting services and/or goods, Marketing Plan - A written plan that outlines a company's marketing strategies, MVP - A minimum viable product is an inexpensive preliminary product to test the product idea., Nonprofit - A type of business that has no owner and does not pay federal US taxes, Operating Costs - The expenses incurred for running day-to-day tasks in a business, Opportunity Recognition - The way one approaches new ideas and ventures in their life, Owner - The individuals that own the business, Partners - Two or more individuals that share a business's financial responsibility, Patent - A legal method used to protect an invention for a limited time, Personal Agency - One's ability to act to work toward achieving a goal, Piece Work - A type of compensation provided for the amount of work produced, Pitch Deck - A presentation given to potential investors to provide a brief overview of the business plan to earn another meeting, Price - The amount of money charged for goods or services, Primary Data - First-hand research like surveys, interviews, and statistical data, Problem Solving - The process of coming up with solutions to solve a problem, Product - A tangible item, Product/Market Fit - The stage where a business's sales are high and continue to grow because their product or service is something customers want and continue to purchase, Profit - The amount of financial gain from a business, Prototype - A preliminary product, commonly a product with minimum viability, from which to test and develop, Resiliency - One's ability to adapt to change, loss, and disappointment, Revenue - The number of sales and other income in a business for a given period, Risk - The possibility of something negative happening. In the context of a small business, the possibility of a loss of time and money, Risk Tolerance - The level of willingness to lose time and money when starting a business, ROI - Return on investment is a calculation used to determine how much an investment is making, Royalty Fees - Fees paid for the use of a brand name or image, Run Rate - A calculation used to make projections about a company's future performance, S Corporation - A type of business structure with a special tax advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders, Salary - A fixed payment amount provided to a full-time employee, Sales Channel - How a business sells its products and services to the end customer, Sales Pitch - A persuasive speech prepared to entice a potential customer to purchase a service or good, Secondary Data - Data that may contain personal bias like company newsletters and academic journals, Self-Reliance - Trusting one's self, goals, and progress, Selling Price - The price a company charges for its product or service. The selling price is determined by adding the cost price and the profit margin the company wants to earn, Service - An intangible service or skill that is performed, Small Business - A corporation, partnership, or sole proprietorship that is privately owned by one individual or a small group of people. They commonly have fewer employees and revenue than larger-sized businesses, Small Business Administration - An independent government agency specializing in providing small businesses with assistance to get their business up and running, Sole Proprietorship - A type of business structure with a single owner. The business is not shielded from any amount of liability, Stakeholder - An individual with an interest in a business, Stockholder - An individual that owns at least one share in a corporation's stock, SWOT Analysis - A planning tool used to document a company's strengths, weaknesses, opportunities, and threats, Target Market - The group of customers a company chooses to market its products and services, Trade Secret - A practice used by businesses to protect a practice, process, or formula from being shared with other competitors, Trademark - A practice used to protect brand names, logos, and business names, Value Proposition - A promise of value that a company makes about their product or service that makes it attractive to customers, Variable Costs - Fluctuating costs that a business has depending on production.,

Entrepreneurship and Small Business Glossary

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