Entrepreneurship Definitions Flashcards
Entrepreneur
person who organizes and operates a business
Business Plan
a document setting out a business’s future objectives and strategies for achieving them
Budget
an estimate of income and expenditure for a set period of time
Mission
a statement is used by a company to explain, in simple and concise terms, its purpose for being
Vision
this speaks to what the entrepreneur wants the business to look like in the future—perhaps five or ten years out.
Product
the item offered for sale (it can be a good or a service)
Service
these are the non-physical, intangible parts of our economy, as opposed to goods, which we can touch or handle
Customer
this is an individual or business that purchases another company’s goods or services.
Expense
the cost of operations that a company incurs to generate revenue
Income
money what an individual or business receives in exchange for providing labor, producing a good or service
Capital
the money it has available to pay for its day-to-day operations and to fund its future growth
Investment
this is an asset or item that is purchased with the hope that it will generate income or appreciate in value at some point in the future
Profit
this describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved
Marketing
this refers to activities a company undertakes to promote the buying or selling of a product or service
Prototype
this is an unfinished and physical test version of a product, a service or a process
