A Guide to Basic Business Terms for New and Aspiring Entrepreneurs
New to the business world? The jargon alone can be overwhelming.
Here is a cheat sheet for some of the basic business terms for new and aspiring entrepreneurs:
Market analysis involves studying the industry to identify potential markets and competitors.
Financial planning includes budgeting and setting short- and long-term financial targets.
Product development focuses on creating and marketing new products or services.
Sales forecasting is used to predict customer demand.
Customer acquisition and retention strategies
Customer acquisition consists of finding ways to attract customers, while customer retention strategies keep them coming back.
Strategic planning is the process of developing and implementing a strategic plan, which is a document that outlines an organization’s objectives, strategies, and tactics.
Branding is the use of marketing to create a unique name, term, design, symbol, or other feature that distinguishes a product or service from its competitors.
Marketing is the process of creating value for a company through the creation and distribution of products or services.