A person who undertakes the risk to start a new business is called an entrepreneur. An entrepreneur creates a company to fulfill their vision, known as an entrepreneurship, who combines money and labor to produce goods or services for profit.
Entrepreneurship Words with Definitions
Following is a long list of 100 words related to entrepreneurship that every aspiring entrepreneur should know to grow their business:
- Acquisition: Taking ownership of another business.
- Advertising: The activity of attracting public attention to a product or business through paid announcements in print, broadcast, or electronic media.
- Angel investors: Individuals who back emerging entrepreneurial ventures, usually as a bridge to get from the self-funded stage to the level of business that would both need and attract venture capital.
- Appraisal: A formal estimate of the value of something on the open market. It also describes how the estimation and conclusion of value was made.
- Asset: Things a business owns, e.g. Buildings, vehicles stock and money in the bank.
- Assumptions: A statement that is assumed to be true but that is not backed up with concrete evidence.
- Barter: Direct exchange of merchandise and/or services between businesses.
- Boot camp: Boot Camp is a training camp for learning various type of skills and is designed to get you ahead in your start-up journey
- Brand: Refers to the words and symbols such as a name, logo and slogan that represent a business’ identity.
- Breakeven: The amount of sales a business needs to make to cover all its costs
- Business idea: A successful company will begin with a compelling business idea.
- Business incubator: Provides workspace, coaching, and support services to entrepreneurs and early-stage businesses.
- Business model: Describes how a company will capture value from the business.
- Business valuation: An estimate of the worth of a business entity and its assets.
- Capital expenditure: Money spent on buying or improving items that will be owned by a business for a long time, for example, buildings or equipment.
- Cash flow: Refers to the money flowing in and out of a business
- Cash flow forecast: An estimate of the amount of money a business will spend and receive within a certain time period
- Consumer direct marketing: A form of network marketing in which the distributors are all consumers and must also buy the product for their personal use.
- Conversion: The number of customers that, after visiting a company’s site or receiving its newsletter, turned into paying customers
- Copyright: A form of protection for published and unpublished literary, scientific, and artistic works that have been fixed in a tangible or material form.
- Corporation: A body that is granted a charter recognizing it as a separate legal entity having its own rights, privileges, and liabilities distinct from those of its members.
- Crowdsourcing: Crowdsourcing engages a larger crowd for a common goal allowing the business to access a wide variety of skills and experience
- Customer pain point: Relates to a particular emotion a prospective customer will feel when they think of a specific need, problem, weakness or struggle.
- Customer’s shoes: Understanding the problem your business is addressing from the customers perspective.
- Dark research: Using existing written data to gain further understanding in a particular subject
- Discovery: Becoming aware of something that was not previously known
- Downline: In a multilevel marketing business, the collection of all people signed up underneath an individual on which the individual receives payment on their sales.
- Due diligence: The inquiry process of obtaining sufficient and accurate disclosure of all material documents and other information which may influence the outcome of the transaction.
- Early adapter: The very first customers who will use your product/service
- Enterprise: Enterprise has two meanings. Firstly, it is another term for a business. Secondly, the term describes an individual who takes the initiative and risk to set up a business.
- Enterprising: When an individual or business displays an interest in new or unusual ways of doing or achieving and is characterised by great imagination.
- Entrepreneur: A person who organizes, operates, and assumes the risk for a business venture.
- Expenditure: Money paid or cost.
- Fail fast fail cheap: Successful businesses will change depending on the market’s reaction.
- Fin tech: Businesses that use modern technology to advance banking and financial services
- Fixed assets: Things a business owns or controls for a long time, such as premises or equipment.
- Fixed costs: Costs that stay the same, regardless of how many sales a business makes, for example, rent.
- Founder: The name given to the individual who starts a company
- General partnership: An organizational structure in which each general partner shares in the administration, profits, and losses of the operation.
- Gold dust: To be of great value and difficult to find
- Gross profit: Total income from a business’ sales minus the direct costs of making the sales
- Hackathon: A hackathon is an event where individuals come together to creatively solve problems.
- Hire: The act of giving someone a job.
- Home based business: A business whose primary office is in the owner’s home. The business can be any size or any type as long as the office is located in a home.
- Hot desk: Rather than having your own desk in an office, you will rotate desk space when required.
- Idea: In terms of business, an idea can relate to a new concept of product or service that will typically be exchanged for money
- Idea generation: Idea generation, also known as ideation, is the process of generating, developing and communicating new business ideas.
- Independent contractor: One who practices an independent trade, business, or profession in which they offer their services to the public.
- Innovate: The process of introducing change and new ideas
- Intrapreneur: Someone who takes on entrepreneur-like ventures within a large corporate environment.
- Joint venture: A legal entity created by two or more businesses joining together to conduct a specific business enterprise with both parties sharing profits and losses.
- Key messages: The things you most want customers to remember about your business.
- KPI: Key performance indicators (kpis) are a set of different measures that a business decides to use to measure its success.
- Landing page: A simple webpage that is designed to lead the visitor to your website, normally linked to paid advertisement on google, social media, etc
- Launch: Introducing a new product or service to market
- Lean: Identifying how to create more value for customers with less resources.
- Limited liability company: A legal entity that is not taxable itself and distributes the profits to its owners, but shields personal assets from business debt like a corporation.
- Limited partnership: A business arrangement in which the day-to-day operations are controlled by one or more general partners and funded by limited or silent partners who are legally responsible for losses based on the amount of their investment.
- Line of control: Similar to a business loan, except that the borrower pays interest only on the amount actually used.
- Margin: The difference between the selling price of a product or service and its costs.
- Market positioning: How a business presents its products/services in relation to its competitors; higher quality, cheaper etc.
- Marketing: The process of researching, promoting, selling and distributing a product or service.
- Marketing: Any activity a business does to try and contact potential customers.
- Merger: A joining together of two previously separate corporations.
- Mission statement: A sentence that describes what your business aims to achieve in the long term.
- Multilevel marketing: Any business in which a person receives proceeds from their own sales and from the sales made by people they have signed up, and potentially people those people have signed up, and so on.
- Net profit: A business’ total income minus its total costs.
- Network marketing: A business in which a distributor network is needed to build the business. Such businesses usually are also MLM.
- Networking: Developing business contacts to form business relationships, increase your knowledge, expand your business base, or serve the community.
- Networking : Developing new contacts and maintaining a network of connections that could be beneficial for your business.
- Objectives: Things a business wants to achieve.
- Opening questions: Questions that do not have suggested answers and the respondent will answer in their own words.
- Operations: The day-to-day activities that take place within a business.
- Opportunity: A chance for advancement progress or profit
- Outsourcing: Purchasing standard operational services from another business. Outsourced services typically including accounting, payroll, IT, advertising, and more.
- Partnership: Two or more individuals who operate a continuing business for profit.
- Patent: A property right granted to an inventor to exclude others from making, using, offering for sale, or selling the invention for a limited time in exchange for public disclosure of the invention when the patent is granted.
- Planning: A detailed method, formulated beforehand, for managing a business.
- Pop up: A flexible way to test a business idea, usually opening as a temporary store, that will provide direct feedback from customers.
- PR: Two-way communication between a business and anyone who is interested In it
- Product / market fit: This term is used when a company is in a market where customers are buying its products/services at the right speed and the right price.
- Profit and loss account: Will show a business total income and expenditure for a given time period.
- Profitable: A business that is described as profitable is money making
- Public relations: The deliberate promotion of a specific image for a business.
- Referral: A customer gained through a recommendation from someone else.
- Resources: The money, people, time and equipment required to run a business
- Revenue: The money a business makes from the sales of the products or services of the business.
- Sales: The exchange of a product or service for money. Also refers to the profession of that activity or a department within a company that performs that activity.
- Scalability: The ability of a business to grow fast without increasing its production costs.
- Score: Service Corps of Retired Executives provides counseling advice for small businesses.
- Small business administration: The U.S. agency charged with “providing customer-oriented, full-service programs and accurate, timely information to the entrepreneurial community”.
- Sole proprietorship: A business owned and operated by one person.
- Stock: All the raw materials and finished goods owned by a business.
- Strategic alliance: An ongoing relationship between two businesses in which they combine efforts for a specific purpose.
- Team: A group of individuals that collaborate to achieve a common goal.
- Trademark: A form of legal protection for words, names, symbols, sounds, or colors that distinguish goods and services.
- Traffic: The number of visitors a website receives.
- Variable costs: Costs that vary in line with a business level of sales.
- Venture capital: A form of financing for a company in which the business gives up partial ownership and control of the business in exchange for capital over a limited time frame, usually 3-5 years.
- Vision: A business’ long-term goal.
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