To Determine the different kinds of Terms

1. Different Terms in
Entrepreneurship
Grade 12 - ABM

2. Angel
An angel is a type of investor, usually a
wealthy individual, who will take a share
of your business in return for financial
support. They invest money as an
individual or in a group in early stage
businesses

3. Assets
Things a business owns,
 e.g. buildings, vehicles
stock and money in the
bank.

4. Liabilities
Are the legal debts a company
owes to third-party creditors.
 They can include accounts
payable, notes payable and
bank debt.

5. Brand
Refers to the words and
symbols such as a name,
logo and slogan that
represent a business' identity.

6. Breakeven
The amount of sales a
business needs to make to
cover all its costs.

7. Capital Expenditure
Money spent on buying or
improving items that will be
owned by a business for a
long time.
 example: buildings or
equipment.

8. Cashflow
Refers to the money
flowing in and out of a
business.

9. Cashflow Forecast
An estimate of the amount of
money a business will spend
and receive within a certain
time period.
usually one year/annually.

10. Conversion
The number of customers
that, after visiting a company's
site or receiving its newsletter,
turned into paying customers.

11. Customer's Shoes
Understanding the problem
your business is addressing
from the customers
perspective. The experience as
described by the customer.

12. Enterprise
Enterprise has two meanings.
Firstly, it is another term for a
business.
 Secondly,the term describes an
individual who takes the initiative
and risk to set up a business.

13. Enterprising
When an individual or
business displays an interest in
new or unusual ways of doing
or achieving and is
characterized by great
imagination.

14. Expenditure
Money paid or cost.

15. Fail Fast Fail Cheap
Successful businesses will
change depending on the
market's reaction.

16. Fail Fast Fail Cheap
Fail Fast, Fail Cheap refers to the
extensive testing to determine if a
product or service has any value.
The goal of testing is to quickly
change the idea if something is not
working.

17. Fixed Assets
Things a business owns or
controls for a long time,
such as premises or
equipment.

18. Fixed Costs
Costs that stay the same,
regardless of how many
sales a business makes, for
example, rent.

19. Gross Profit
Total income from a business’
sales minus the direct costs of
making the sales (this does
not include a business'
overhead or running costs).

20. Net Profit
A business' total income
minus its total costs.

21. Hire
The act of giving someone
a job. The term can also be
used to describe renting a
piece of equipment.

22. Marketing
Any activity a business
does to try and contact
potential customers.

23. Networking
Developing new contacts
and maintaining a network
of connections that could be
beneficial for your business.

24. Pivot
When a business makes
fundamental changes based
on feedback from their
customers.

25. Profit and Loss Account
Will show a business total
income and expenditure for
a given time period.

26. Referral
A customer gained
through a recommendation
from someone else.

27. Resources
The money, people, time
and equipment required to
run a business.

28. Revenue
The money a business
makes from the sales of the
products or services of the
business.

29. Scalability
The ability of a business to
grow fast without increasing
its production costs.

30. Stock
All the raw materials and
finished goods owned by a
business.

31. Invoice
A list of goods sent or
services provided, with a
statement of the sum due for
these.
A Bill, statement

32. Accounts Payable
Refer to the money a
company owes its suppliers for
goods and services that have
been provided and for which
the supplier has submitted an
invoice.

33. Accounts Receivable
Refer to the money a
company owes its suppliers for
goods and services that have
been provided and for which
the supplier has submitted an
invoice.