Chapter 6 Vocab - Principles of Business, Marketing, and Finance

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trait

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Distinguishing characteristic or quality that makes each person unique

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leadership

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Ability to influence others to reach a goal.

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job-specific skills

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Critical skills necessary to perform the required work-related tasks of a position.

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transferable skills

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Skills gained through life experience or working on a job that help an individual perform in the workplace or gain success in a career. Also known as foundation skills.

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planning

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Process of setting goals and deciding how to accomplish them.

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mentor

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Someone with experience who can provide advice, suggestions, and ideas.

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market research

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Gathering and analyzing information about a business.

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market

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All the people and organizations that might purchase a product.

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cash flow

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Movement of money into and out of a business.

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business plan

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Written statement of goals and objectives for a business with a strategy to achieve them.