Chapter 5 Terms - Small Business management
Variance
(1) The difference between an actual and budgeted revenue or cost (2) Permission from a government organization to act differently than the laws state.
Tweet
A 140-character-or-less message sent using the Twitter web service.
Reverse Price
A minimum acceptable selling price in an auction. If the bidding does not exceed the price, the sale will not go through.
Maker
A modern term for an inventor, in particular, an inventor who uses modern techniques like 3-D software and 3-D printers or do-it-yourself electronics to create new items.
Venue
A place where something takes place. For example, a theater is the venue for a play; a stadium is the venue for a football game.
Consumer
A private individual or household that is the end user of (the entity that "consumes") a product or service.
Conflict of Interest
A situation in which a person faces two or more competing standards or goals.
Pop-up Business
A temporary business that offers services or products in a variety of locations for a brief period at a time. What characterizes a pop-up business from any other is its temporary nature.
Episodic Business
A temporary, project-based, or sporadically operating business.
Cannibalizing
Taking business away from your employer.
Cost to start up
The amount of money it takes to start a new business.
Delegation
The assignment of work to others over whom you have power.
Time to start up
How long it takes to start a new business.
Registration
Information provided to the government concerning the existence of, name of, nature of, and contact information for your business.
Zoning Laws
Government specifications for acceptable use of land and buildings in particular areas.
Business-to-Business
Business-to-business transactions using e-commerce.
Intellectual Property (IP)
Property coming from some sort of original thought; for example, patents, trade secrets, trademarks, and copyrights.
Volatility
The frequency of business starts and stops.
E-commerce
The general term for conducting business on the Internet.
Permancence
The impression of long-term continuity a business gives others.
Covenant
The limitations imposed on an individual's property by the neighborhood group.
Door-to-Door Selling
The practice of taking products directly to the homes or places of business of potential customers and attempting to sell the products immediately.
Network Marketing
The practice of taking products directly to the homes or places of business of potential customers and attempting to sell the products immediately.
Hybrid Entrepreneurship
The process of initiating a business while simultaneously remaining employed for wages or salary.
Multichannel Marketing
The use of several different channels to reach your customers; for example, a website, direct mail, and traditional retailing.
Part-Time
Working for 35 or fewer hours a week.
Full-Time
Working more than 35 hours a week.
Moonlighting
Working on your own part time after your regular job.
Part-time Business
A business in which the owner either participates fewer than 35 hours per week or operates on a temporary or seasonal basis while maintaining employment elsewhere for wages or salary.
Home Party
A business model in which the entrepreneur arranges a customer to host a party, inviting friends, family, and neighbors. During the party, the entrepreneur demonstrates products and accepts orders for future delivery.
Incubator
A facility that offers subsidized space and business advice to companies in their earliest stages of operation.
Sponsored Link
A form of paid advertising that gets your company's website at the top of a search list.
Search Engine Optimization (SEO)
A general approach to website design intended to result in the site being displayed toward the beginning of a search engine's (e.g., Google, Yahoo!, etc.) listing for that term.
Reciprocal Link
A listed, live connection to a different website, which in turn displays a similar link to the first website.
Blog
A web page in which entries are posted in reverse chronological order (i.e., the most recent at the top of the page).
RSS Feed
An Internet messaging service that pushes (sends) whatever web material you specify to subscribers to that feed.
Informational Website
An Internet site designed to introduce and explain a business to others.
Reverse Auction
An auction in which the low bid gets the business or wins.
Aggrandizing
Attempting to make your business or yourself seem more accomplished or grander than reality.
Business-to-Consumer
Business-to-consumer transactions using e-commerce.
Outsourcing
Contracting with people or companies outside your business to do work for your business.
Poisoning the Well
Creating a negative impression among your employers' customers.
Licensing
Documented permission from the government to run your business.
