Starting a Small Business Vocabulary

Learning Based Structure

allows functions to work together; they are not subordinate to each other

Mission

clear broad statement describing the purpose of the organization

Organization Structure

clear managerial structure for each function of the business

Market Analysis

describes the current condition of the industry and forecasts where the industry is moving in the next three to five years

Target Market

describes who a business is providing services for

Hierarchical Structure

organizational structure in which business functions are subordinate to the other

Survey

questionnaire asking various questions about people's interest in a product

Focus Groups

soliciting individuals to consume a product and provide proactive feedback

Objectives

specific, time-sensitive accomplishments used to measure the progress toward achieving goals and the mission statement

Business Plan

written map for beginning and growing a business; includes a mission, business goals and objectives