Entrepreneurship: Vocabulary practice

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Business Plan

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Document describing a new business and strategy to launch it

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Elevator Pitch

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30-second, action-oriented description to create interest

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Entrepreneur

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Individual who creates, organizes, and owns a business

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Entrepreneurship

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Process of starting and operating one's own business

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Equity

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Shares or ownership stakes in a business

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Fundraising

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Gathering voluntary contributions of money or resources

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Innovation

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New method, idea, or product bringing improvement or change

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Pitch

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Brief speech explaining value of a person, product, or service

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Profit

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Money remaining after all expenses are deducted from income

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Prototype

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Original model to test consumer interaction with a product