Business itself seems like a foreign language when you are starting out. You will constantly hear or read terms or phrases that you may be unfamiliar with on your entrepreneurial journey. This glossary will help you understand these terms and phrases in the simplest way possible.
If you need further explanation or help to apply these concepts, don't hesitate to contact the experts. Just click below!
The terms below appear in the order they appear in the Founder's Roadmap Course. For the quick location of a term, use Ctrl+F and type in the term you are looking for.
A narrow role within an industry that is particularly well suited for a particular business. (I.e. FarmersOnly.com)
The end game of your business plan. Typically either being bought by another company or entity or becoming publicly traded. Keeping it in the family is also an option!
low barrier of entry
Barriers of entry are costs and obstacles (permits/licenses/legislature) that prevent businesses of a particular industry from starting successfully.
The amount of time you have projected to have before your savings run out and need more funding for your company.
Non-Disclosure Agreement (NDA)
A contract between two parties that limits outside communication about a particular topic or topics.
When an existing business slightly alters its main objectives and course.
To incorporate is to legally become a corporate entity. This is achieved by completing forms and paying fees to your state and your federal government.
statutory agent/registered agent
The person in your business whom the important mail gets sent to. Not as scary as it sounds.
Articles of Incorporation
Legal document drawn up and the beginning of a business to register it with the state as corporation.
EIN (Employer Identification Number)
The tax number for your business, similar to the social security code of your business.
A document that establishes the rules and procedures of a business.
lean business model
Based on the Eric Ries book The Lean Startup, this methodology involves creating a constant cycle of testing assumptions and altering your business with each experiment.
Short for "Doing Business As". Sometimes you apply for this if you want to operate under a different name.
A website url, hosted on a server. Sites like Wix and GoDaddy host these.
Search Engine Optimization (SEO)
Optimizing your websites search results and rankings. This is the process of making your business easier to find.
social media handles
Your usernames on social media sometimes signified with an @ symbol.
This is basically a power point slide presentation that is used to pitch to investors.
The money coming in and out of your business.
This is who keeps track of the money coming in and out of your business.
The granting of equity in exchange for labor.