Topics

Accounting Advertising Advisor Analysis Balance Sheet Barriers to Entry Beachhead Benefits Better Books Brainstorming Brainwriting Budget Business Flow Business Model Cash Flow Commercialization Communications Competition Competitive Advantage Consultant Corporate Entrepreneurship Creativity Critical Success Factor Culture Customer Decisions Deploy Design Develop Differentiation DXpedition Earn Education Effectiveness Elevator Pitch Entrepreneur Entrepreneurship Environment Evolution Executive Summary Exercise Expertise Failure Finance Financial Objectives Flowchart Focus Funding GizmoGadget Glossary Habits Healthy Venture Hiring Hypothesis Ideas Ideation Income Statement Industry Industry Research Innovation Innovator Intellectual Property Intrapreneurship Invention Inventory Investor Knowledge Launch Leadership Lean Startup Learning Legal Luck Machines Management Manpower Market Research Marketing Marketing Brochure Material Mentor Methods Mindset Mission Mistakes Money Motivation Myths Name Niche Market Operations Opportunity Passion Patents People Planning Positioning Presentations Price Problems Process Flow Product Development Profit Progress Promotion Prototype Research Resources Return on Investment Roadmap Sales SCAMPER SCORE Scorecard Skills Slides Solution Development Solutions SPLUCK Start-up Stimulation Strategy Success SWOTT Tagline Target Market Team Teamwork Terminology Thinking Tools Transformation Validation Value Venture Venture Capital Venture Creation Venture Plan Vision Work Worth Writing

Basic Business Glossary

  • Accounting: the action or process of keeping financial records relating to a particular period or purpose
  • Advertising: describe or draw attention to a product, service, or event in a public medium in order to promote sales or attendance
  • Assignments: a task given to someone as part of a job
  • Beachhead: a position usable as a base for further advance
  • Benefit: an advantage or profit gained from something
  • Better: a more excellent or effective type or quality
  • Brand: a type of product manufactured by a particular company under a particular name; an identifying name and/or mark
  • Budget: an estimate of income and expenditure for a set period of time
  • Build-Measure-Learn: the process of creating a new product, service, process, or method through continual incremental change and improvement
  • Business: an organization focused on the work that has to be done to profitably solve customer problems
  • Business Model: a design for the successful operation of a business, identifying revenue sources, customer base, products and services, operational processes, and details of financing
  • Business Model Canvas: a popular visual tool for developing new or documenting existing business models
  • Business Plan: a formal statement of a set of business goals, the reasons they are believed attainable, the plan for reaching those goals, and information about the organization or team attempting to reach those goals
  • Cash Flow: the total amount of money being transferred into and out of a business, especially as affecting liquidity
  • Change: become or make different
  • Copyright: the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same
  • Core Competency: a defining capability or advantage that distinguishes a venture from its competitors
  • Cost: an amount that has to be paid or spent to buy or obtain something
  • Critical Success Factor (CSF): an element that is necessary for a venture to achieve its mission
  • Desire: strong feeling of wanting to have something that is not absolutely needed
  • Earn: obtain money or other value in return for products or services
  • Elevator Pitch: a short verbal summary used to quickly and simply define a venture, product, service, organization, or event, and its value proposition
  • Enterprise: a project or venture, typically one that is difficult or requires effort, initiative, and resourcefulness.
  • Entrepreneur: a person who organizes and operates a venture
  • Entrepreneurial Mindset: the ability to recognize opportunities for innovation and enterprise
  • Entrepreneurship: the process of starting a business venture or other organization
  • Environment: the setting or conditions in which a particular activity is carried on
  • EPSCPBC: an acronym for "Earn a Profit Solving Customer Problems Better than the Competition" ... a critical success factor for every business venture
  • Executive Summary: a short document or section of a document that summarizes a longer report or proposal or a group of related reports in such a way that readers can rapidly become acquainted with a large body of material without having to read it all
  • Exit Plan: a means of leaving a current situation after a predetermined objective has been achieved
  • Exploration: traveling in or through an unfamiliar area in order to learn about it and uncover new opportunities
  • Forecast: a prediction or estimate of future events
  • Goal: a long-term aim or desired result
  • Ideation: the process of forming ideas or concepts
  • Income Statement: a financial document that gives operating results for a specific period; it typically includes sales revenue, cost of sales, gross income, operating expenses, and earnings
  • Innovation: something new and better or improvements in something by introducing new methods, ideas, products, services, processes, market positions, paradigms, or combinations thereof
  • Input: a contribution of work, information, money, or material
  • Intellectual Property: a work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, trademark, etc.
  • I-T-O: abbreviation for Inputs-Transformation-Outputs, the core function of a venture ... Transformation consists of processes and resources
  • Judgment: the ability to make considered decisions or come to sensible conclusions often with limited information
  • Lean: creating or developing something (a business venture, for example) with a limited set of resources
  • Low-hanging Fruit: a thing or person that can be won, obtained, or persuaded with little effort
  • Management: responsibility for applying resources to achieve particular objectives
  • Margin: an amount of something included so as to be sure of success or safety
  • Market: a demand for a particular commodity or service, and the customers that create that demand
  • Marketing: the action or business of identifying, promoting and selling products or services to selected markets
  • Method: a particular form of procedure for accomplishing or approaching something
  • Maximum Value Product: a product, service, process, or method that provides a high level of value to the customer
  • Minimum Viable Product: a product, service, process, or method with just enough features to gather validated learning about the product and its continued development
  • Mission Statement: a statement of the purpose of a venture or organization, and its reason for existing; the mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision-making
  • Need: something that is a necessity as opposed to a preferred want or desire
  • Operations: the harvesting of value from assets owned by a business; manufacturing, production, and delivery of goods and services
  • Organization: the structure of related or connected people, places, and things to achieve specified objectives
  • Output: the amount of something produced by a venture
  • Pain: suffering or discomfort that may be an opportunity for a venture to solve
  • Patent: a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention
  • Plan: a detailed proposal for doing or achieving something
  • Pleasure: satisfaction and enjoyment benefits delivered to customers
  • Price: the amount of money expected in payment for something
  • Problem: a matter or situation regarded as unwelcome or harmful and needing to be dealt with and overcome
  • Process: a series of actions or steps taken in order to achieve a particular end
  • Product: an article or substance that is manufactured or refined for sale and can typically be defined as having a certain fit, form, function, features, and performance
  • Profit: a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something
  • Pro Forma: a standard document, form or financial statement
  • Research & Development: work directed toward the creation, innovation, improvement, and introduction of products and processes
  • Resources: a stock or supply of money, materials, facilities, staff, time, and other assets that can be drawn on by an organization in order to function effectively
  • Reward: something received as a result of achievement
  • Risk: the possibility that something unpleasant or unwelcome will happen
  • Sales: the exchange of a product or service for money; the action of selling something; the organization within a venture responsible for the selling activities
  • Service: helping or doing work for someone
  • Social Responsibility: an obligation to act in ways that benefit society at large
  • Something: a product, service, process, position, or paradigm
  • Solution: products, services, or processes designed to meet particular need, wants, and desires
  • Strategic Position: the orientation of a venture in relation to the environment, in particular, the competition
  • Tasks: a piece of work to be done
  • Team: two or more people working together
  • Technology: the application of scientific knowledge for practical purposes
  • Time: the indefinite continued progress of existence and events in the past, present, and future regarded as a whole
  • Timing: the choice, judgment, or control of when something should be done
  • Trademark: a symbol, word, or words legally registered or established by use as representing a company or product
  • Trade Secret: a secret device or technique used by a company in manufacturing its products
  • Transformation: a qualitative change from one set of elements into another by a predetermined process utilizing a set of resources
  • Value: the importance, worth, or usefulness of something
  • Value Equation: Value equals Benefits divided by Price (V = B/P) where there are objective and subjective benefits, and a direct and indirect price
  • Value Proposition: a promise of value to be delivered and a belief from the customer that value will be experienced
  • Venture: a business enterprise involving risk but with a significant reward for success
  • Vision: the ability to think about or plan the future with imagination or wisdom
  • Want: a strong wish for something
  • Work: activity involving mental or physical effort done in order to achieve a purpose or result
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