ESB v2 (Domain 1 - 3)

Patent

A legal method used to protect an invention for a limited time.

C Corporation

A legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity. Also subject to corporate income taxation. The taxing of profits from the business is at both corporate and personal levels, creating a double taxation situation.

Chamber of Commerce

A local agency with information on participating local businesses.

Distribution Channel

A method used to get a product from the manufacturer to the end-users.

Compensation

A monetary amount given to employees in return for their work.

Innovation

A new idea, product, or method.

Lean Canvas

A one-page document discussing key information commonly seen in a business plan.

Hourly Pay

A payment amount provided to employees for the number of hours they worked.

Investor

A person or entity willing to provide monetary funds to a business with the hopes of earning a return on their money.

Sales Pitch

A persuasive speech prepared to entice a potential customer to purchase a service or good.

SWOT Analysis

A planning tool used to document a company's strengths, weaknesses, oppurtunities, and threats.

Trade Secret

A practice used by businesses to protect a practice, process, or formula from being shared with other competitors.

Trademark

A practice used to protect brand names, logos, and business names.

Prototype

A preliminary product, commonly a product with minimum viability, from which to test and develop.

Pitch Deck

A presentation given to potential investors to provide a brief overview of the business plan to earn another meeting.

Value Proposition

A promise of value that a company makes about their product or service that makes it attractive to customers.

Confidentiality Agreement

A signed agreement stating that an entity will not disclose information agreed upon by all parties in an arrangement.

Business Opportunity

A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible

Product

A tangible item.

Sole Proprietorship

A type of business structure with a single owner. The business is not shielded from any amount of liability.

S Corporation

A type of business structure with a special tax advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders.

Non-Profit

A type of business that has no owner and does not pay federal US taxes.

Piece Work

A type of compensation provided for the amount of work produced.

Marketing Plan

A written plan that outlines a company's marketing strategies

Customer retention

Activities or strategies employed by a business to retain existing customers.

Contract

An agreement between an employee and a company outlining obligations and terms of employment.

Employee

An individual hired by a company and compensated for their work.

Customer

An individual or business that purchases goods and services from a business.

Stockholder

An individual that owns at least one share in a corporation's stock.

Entrepreneur

An individual who aspires to start and run a successful business. Willing to explore new opportunities and unknown risks.

Stakeholder

An individual with an interest in a business.

Minimum Viable Product

An inexpensive preliminary product to test the product idea.

Service

An intangible skill that is performed.

Growth Mindset

Believing that one can accomplish anything with hard work.

Acquisition Cost

Cost incurred by a business.

Secondary Data

Data that may contain personal bias like company newsletters and academic journals.

Royalty Fees

Fees paid for the use of a brand name or image.

Primary Data

First-hand research like surveys, interviews, and statistical data.

Inventory

Goods a business owns with the purpose of selling.

CFO

Holds a leadership role within a business. Also oversees a company's finances.

COO

Holds a leadership role within a business. Is responsible for overseeing the day-to-day administrative and operational functions of a business.

CEO

Holds a leadership role within a business. Oversees a business's operations and resources and makes the major decisions for the company.

Sales Channel

How a business sells its products and services to the end customer.

Equity

Non-cash compensations offered to employees in place of or in addition to a lower salary.

Personal Agency

One's ability to act to work toward achieving a goal.

Resiliency

One's ability to adapt to change, loss, and disappointment.

Ethical Practices

Standards of professional conduct professionals should uphold.

Demographics

Statistical data that refers to a particular groups within a population

Collaboration

The action of working with one or more people toward a common goal.

Grit

The characteristic of being able to tackle goals with courage and perseverance.

Target Market

The group of customers a company chooses to market its product and services.

Owner

The individuals that own the business.

Brand recognition

The level of familiarity one has with a brand

Risk Tolerance

The level of willingness to lose time and money when starting a business.

Founder

The person that developed or created a company or organization.

Risk

The possibility of something negative happening. In the context of a small business, the possibility of a loss of time and money.

Problem-Solving

The process of coming up with solutions to solve a problem.

Product/Market Fit

The stage where a business's sales are high and continue to grow because of their product or service is something customers want and continue to purchase

Opportunity Recognition

The way one approaches new ideas and ventures in their life.

Forward-Thinking Mentality

Thinking about and planning for the future.

Self-Reliance

Trusting one's self, goals, and progress.

Partners

Two or more individuals that share a business's financial responsibility.

Critical Thinking

Using one's mind to solve a problem in the best way by considering various potential solutions to the problem.

marketing

a form of communication between businesses and customers which relays a message promoting service and/or goods

Fixed cost

costs a business has that remain the same no matter the volume of production

Variable Costs

fluctuating costs that a business has depending on production

Customer Aquisition Cost

the total cost of acquiring a new customer

Copyright

A form of protection individuals can implement to protect their intellectual property. This is designated for print, music, film, and various other forms of creative licenses.

Franchise

A business that takes its name and characteristics from an existing business chain.

LLC

A business with pass-through taxation where owners pay taxes on the company's profit and losses through their personal taxes.

B2B

A business-to-business commercial transaction between businesses

B2C

A business-to-consumer transaction

Initiative

A characteristic in which an individual acts to turn ideas into action.

Small Business

A corpration, partnership,or sole prorietorship that is privately owned by one individual or a small group of people. They commonly have fewer employees and revenus than larger-sized businesses

Intellectual Property

A creative work or invention to which an individual has been given rights.

Business Plan

A document that addresses the concept, customers, and capital for a business

Commission

A fee paid to an employee for completing a task.

Salary

A fixed payment amount provided to a full-time employee.