Entrepreneurial Language

By: Dehemia Hermitt

Goods

A good is a tangible object that you can feel or touch.

Entrepreneurial companies can either produce a good or service.

Examples of goods

Service

The performance of an action that is useful to others.

Service businesses market their expertise to potential customers.

Services are activities performed for others. Like goods they can be marketed to both industrial and consumer markets.

Below are examples of services.

Not-for-Profit Ventures that are created for social or

community service purposes, not to make profit.

Not-for-profit organizations goal is to raise the money they need to deliver a particular service .

Below are examples of not-for-profit organizations.

Virtual businessA business that is conducted electronically over the internet rather than a physical location.Virtual businesses has its advantages over other businesses. For instance virtual businesses can operate on an international level.

Example of Virtual businesses

They offer custom designed virtual assisting, administrative assistant services, and virtual assistant support.

Tips on starting a business

Five things to remember when starting your own business

Develop a business plan.

Create a great business name.

Consider your business structure.

Recruit your support team .

Get tax ID, Licenses and Registration

Offer what people want not just what you want to sell.

Get cash flowing ASAP. Always find new ways to keep cost low. When planning always overestimate

expenses and underestimate revenues. Focus on sales and marketing manically. Find ways to exponentially increase

profit. Test and measure everything Accept that learning more equals earning

more. Don’t discount add value. Get a coach.(business coach)

Tips on Running a BusinessEight tips on running a business at home

Structure your day.Stay connected.Organize your family time.Motivate your self.Take time out for good behaviour.Be a Jack-of-all-trades.NetworkConsider moving out of your own home.

Bibliography

morebusiness.com Entrepreneur.com (written by Brad sugars) Entrepreneur.com