Entrepreneurship in Technology Week 1 Vocabulary
Entrepreneur
A person who starts and runs a business, taking on financial risks in the hope of profit.
Startup
A newly established business, typically in its early stages.
Profit
The money a business earns after expenses are paid.
Revenue
The total income generated from sales before any expenses are subtracted.
Cost
The amount of money spent to produce a product or service.
Target Market
A specific group of people a business aims to serve.
Branding
Creating a unique name, image, and message to promote a product or business.
Marketing
Activities a business does to promote and sell products or services.
Prototype
An early model of a product used to test and improve the final design.
Innovation
A new idea, method, or product that improves something.
Pitch
A brief presentation to explain and persuade others about a business idea.
Investment
Money or resources given to a business with the hope of earning a return.
Customer
A person who purchases a product or service.
Product
A good or service created for customers.
Budget
A plan for managing income and expenses.
Slogan
A short and catchy phrase used in advertising.
Cost of Goods Sold (COGS)
The direct costs to produce a product (materials, labor).
Break-even Point
The point where revenue equals total costs—no profit, no loss.
Scalability
A business's ability to grow and serve more customers without losing quality.
Wholesale
Selling goods in large quantities at lower prices, usually to retailers.
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