Glossary

New expanded version coming soon!


  • 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
  • Benefit: an advantage or profit gained from something
  • Better: a more excellent or effective type or quality
  • Budget: an estimate of income and expenditure for a set period of time
  • 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 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
  • 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 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" ... something every business venture must do to survive and thrive (EPSCPBC is pronounced ep-skub-ec ... it is a Jim-made word ... who says I can't make up a new word, huh?)
  • 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
  • Forecast: a prediction or estimate of future events
  • Goal: a long-term aim or desired result
  • Ideation: the formation of 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: make something new and better or make improvements in something by introducing new methods, ideas, products, services, processes, market positions, concepts, or paradigms
  • Input: a contribution of work information money or material
  • I-P-O: abbreviation for Inputs-Process-Outputs
  • IPO: abbreviation for Initial Public Offering
  • I-T-O: abbreviation for Inputs-Transformation-Outputs
  • Judgment: the ability to make considered decisions or come to sensible conclusions
  • Management: the process of dealing with or controlling things or people
  • Margin: an amount of something included so as to be sure of success or safety
  • Markup: the amount added to the cost price of goods to cover overhead and profit
  • 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
  • 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
  • Objective: something that must be accomplished in order for the venture to achieve its goal
  • 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
  • Plan: a detailed proposal for doing or achieving something
  • 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
  • Profit: a financial gain especially the difference between the amount earned and the amount spent in buying operating or producing something
  • Research & Development: work directed toward the creation innovation improvement and introduction of products and processes
  • Resources: a stock or supply of money materials staff 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
  • Social Responsibility: an obligation to act in ways that benefit society at large
  • Something: a product, service, process, position, concept, idea, 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
  • 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
  • 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)
  • 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