Vocabulary About Business Flashcards
What does it mean to balance the books?
To not spend more money than you are earning
What is the definition of being self-employed?
To work for yourself/to not work for an employer
What is cold calling?
To make a sales call to someone without asking them for permission first
Define cut throat competition.
When one company lowers its prices, forcing other companies to do the same, sometimes to a point where business becomes unprofitable
What does it mean to do market research?
To do research into what potential customers would or wouldn’t buy
What is involved in drawing up a business plan?
To write a plan for a new business
What does it mean to drum up business?
To try to get customers
What does it mean to earn a living?
To earn money
What does it mean to go bust?
When a business is forced to close because it is unsuccessful
Define cash flow.
The money coming in and going out of a business
What does it mean to go into business with someone?
To join another person to start or expand a business
What does it mean to go it alone?
To start your own business
What does it mean to have a web presence?
To have a website or social media profile that showcases your business
What does it mean to launch a product?
To start selling and promoting a new product
What does it mean to lay someone off?
When a company ends an employee’s contract of employment
Define lifestyle business.
A business that is set up to bring in a sufficient income and no more
What does it mean to make a profit?
To earn more money than it costs to run the business
What is a niche business?
A business that serves a small, particular market
What does it mean to raise a company profile?
To make more people aware of a business
What does it mean to run your own business?
To have a business of your own
What are sales figures?
A report of the income a company generates through sales of products or services
What does it mean to set up a business?
To start a business
Define stiff competition.
Strong competition from other companies in the same area of work
What does it mean to take on employees?
To employ people
What does it mean to take out a loan?
To borrow money
What does it mean to win a contract?
When a business gets legally-binding work with an individual or company
What is a merger?
The combination of two companies to form one
Define profit margin.
Difference between revenue and cost
What is a stakeholder?
A person with an interest in a company’s success
What is an entrepreneur?
A person who sets up their own business
What is a solopreneur?
An entrepreneur working alone
What does a youpreneur do?
An entrepreneur who uses their name as a brand
What is a business tycoon?
A rich and influential business person in their industry
What is a business magnate?
A rich and influential business person in their industry
What is a founder?
The person who created a company
What is a co-founder?
One of 2 or more people who created a company
Define executive.
A person with a leadership position in a company/business or firm
What does CEO stand for?
Chief Executive Officer
What does COO stand for?
Chief Operating Officer
What does MD stand for?
Managing Director
What does it mean to come up with an idea?
To create (an idea)
What does it mean to build a company from the ground up?
To create a company from the beginning and make it bigger
What does it mean to get experience under your belt?
To have a lot of experience
What does it mean to see the bigger picture?
To understand the big strategy (not focus on the details)
What does it mean to go back to the drawing board?
Try, fail and then begin again (company, project, product)
Fill in the blank: In my opinion, ______.
[your opinion here]
Fill in the blank: As far as I’m concerned, ______.
[your concern here]
Fill in the blank: The way I see it, ______.
[your perspective here]
List some common adjectives used to describe entrepreneurs.
- Passionate
- Persistent
- Creative
- Honest
- Positive
What does it mean to have a vision?
To have a view of the world I want to make real
What does it mean to lead from the front?
To set the example and lead
What does it mean to set up a startup?
To start or begin a new business/company
What does it mean to launch a business?
To establish or begin a business
What does it mean to start a business from scratch?
To start with nothing and from the beginning
What are some key steps to set up a business?
- Get a groundbreaking idea
- Find out customer and market needs
- Make a business plan
- Find investment
- Create your brand
- Find a location
- Hire employees
- Open shop
- Do marketing
What does B to B stand for?
Wholesale = selling to companies
What does B to C stand for?
Retail = selling directly to the customer
What is online selling?
Selling products or services through the internet
What is a one-off payment?
A single payment for a product or service
What is a monthly subscription model?
A business model where customers pay a recurring fee monthly
