Entrepreneurship Statewide Credential Vocabulary 1

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Differentiated Offering

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Different than anything else. Attracts customers and generates sales that is different from other businesses.

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Target Market

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The intended group of customers you want to serve.

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Pro Forma

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A one-page financial projection that lists your major revenue sources and expenses.

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Marketing/Selling Strategies

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Marketing is how you intend to communicate to large numbers of customers, motivating them to learn more about your business. Selling is how you move specific customers to buy from you.

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Launch Plan

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A detailed To Do List of steps you’ll need to take to go from concept and funding all the way to business launch.

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Accounting System

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Software program to track financial information like budgets, expenditures, invoicing and payroll.

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Revenue

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Income. The amount of money earned from the sale of products/services.

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Expense

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The cost required for an item or service. The outflow of money to another person or group to pay for an item or service.

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Cost of Goods

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The cost that it takes to produce a product or service. Includes materials and labor.

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Personnel Cost

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Money paid by an employer to an employee for work done during a period of time.