Business Concepts and Terminology

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Entrepreneur

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A person who starts and runs a business, taking on financial risks in order to do so.

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Pros of Being an Entrepreneur

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Being your own boss, having the potential for unlimited earnings, and the ability to turn your passion into a career.

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Cons of Being an Entrepreneur

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Financial instability, long hours and hard work, and the risk of failure.

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Franchise

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A business model in which a company allows an individual to use their name, products, and processes in exchange for a fee and ongoing royalties.

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B2B/B2C

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B2B stands for business-to-business and refers to transactions between businesses, while B2C stands for business-to-consumer and refers to transactions between businesses and individual consumers.

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Mission Statement

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A statement that defines a company's purpose, values, and goals.

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Nonprofit

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An organization that is not operated for the purpose of making a profit, but rather to achieve a specific social or charitable goal.

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Limited Liability Company (LLC)

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A type of business structure that provides the liability protection of a corporation with the tax benefits of a partnership.

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C Corporation

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A type of business structure that is a separate legal entity from its owners and provides liability protection to its shareholders.

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Sole Proprietorship

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A type of business structure in which the owner is personally responsible for all aspects of the business.