Foods II Objective 1.01 Key Terms

An idea for a new business that can be tested.

• lean canvas model

• business concept

• revenue

The pathways to customers; accomplished through advertising.

• channels

• business concepts

• start up costs

The favorable position an organization seeks to be more profitable than its competitors.

• target customers

• competitive advantage

• product

The fixed and variable costs.

• cost structure

• key metrics

• lean canvas model

One who organizes, manages, and assumes the risks of a business or enterprise.

• entrepreneur

• lean canvas model

• revenue

Indicators for evaluating factors that are crucial to the success of a business.

• key metrics

• product

• target customers

A fluid, simple diagram that captures a business model.

• lean canvas model

• cost structure

• unique value proposition

A thing that you can touch or a service that you can offer which is sold to your customers.

• product

• target customers

• channels

Money that comes into the business.

• revenue

• start-up costs

• cost structure

All the expenses required to start your business.

• start-up costs

• revenue

• lean canvas model