Business Definitions Flashcards
Business Operation
The recurring processes or activities involved in the running of a business for the purpose of producing income and value
Business Plan
A written description of your business as you see today and as your foresee it in the next X amount years
Business Policies
The rules and regulations adopted by a business to ensure that all clients and associates are being treated fairly and consistently
Business regulations and laws
Any and all local, state and federal regulations and laws that you must comply with when your decide to open your business or rent a booth or suite
Capital
Money needed to invest in a business
Consumption supplies
Supplies used in the daily business operation
Corporation
An ownership structure controlled by one or more shareholders
Demographics
Information about a specific population, including dat on race, age, income, and educational attainment
Goals
A set of benchmarks that, once achieved, help you to realize your mission and your vision
Marketing
A strategy for how goods and services are bought, sold, and exchanged
Partnership
Business structure in which two or more people share ownership, although not necessarily equally
Personnel
Your staff or employees
Record Keeping
Maintaining accurate and complete records of all financial activities in your business
Retail supplies
Supplies sold to clients
Sole Proprietor
Individual owner and most often the manager of a business
Vision Statement
A long-term picture of what the business is to become and what it will look like when it gets there
Written agreements
Documents that govern the opening of a business, including leases, vendor contracts, employee contracts, and more; all of which details, usually for legal purposes, who does what and what is given in return
