Starting a business 1: Business Plans
A vocabulary exercise covering the language of entrepreneurship and starting a business. These terms appear in business plans, investor conversations, and the early-stage business communications of founders.
📚 Key vocabulary
bootstrapping — building a business using only personal savings and revenue, without external funding
seed funding — the initial capital raised by a startup to develop a product or prove a concept
Series A round — the first significant round of venture capital financing after initial seed funding
runway — the length of time a company can operate before running out of money at its current burn rate
burn rate — the rate at which a startup spends its cash reserves before becoming profitable
MVP (Minimum Viable Product) — the simplest version of a product with just enough features to satisfy early customers and gather feedback
pivot — a fundamental change in a startup's strategy or product direction in response to market feedback
scalability — the ability of a business model or technology to handle growing demand without proportional cost increases
exit strategy — a plan for how founders or investors intend to eventually monetize their investment in a company
angel investor — a high-net-worth individual who provides early-stage financing to startups in exchange for equity
bootstrapping — building a business using only personal savings and revenue, without external funding
seed funding — the initial capital raised by a startup to develop a product or prove a concept
Series A round — the first significant round of venture capital financing after initial seed funding
runway — the length of time a company can operate before running out of money at its current burn rate
burn rate — the rate at which a startup spends its cash reserves before becoming profitable
MVP (Minimum Viable Product) — the simplest version of a product with just enough features to satisfy early customers and gather feedback
pivot — a fundamental change in a startup's strategy or product direction in response to market feedback
scalability — the ability of a business model or technology to handle growing demand without proportional cost increases
exit strategy — a plan for how founders or investors intend to eventually monetize their investment in a company
angel investor — a high-net-worth individual who provides early-stage financing to startups in exchange for equity
READY TO PRACTICE? LET’S GO!
Choose the correct response to complete each sentence.
VOCABULARY REVIEW: Business plans
Need to review common terms relating to (and used in) business plans? We've got you covered!
Business plan
Definition:
A business plan is a written document that explains a business idea and shows how the business will operate, grow, and make money. It is often used to attract investors or guide the company's future decisions.
Example:
She wrote a business plan before starting her online store.
Executive summary
Definition:
An executive summary is a short overview of the entire business plan. It highlights the main goals, products, and financial expectations so readers can quickly understand the idea.
Example:
Investors usually read the executive summary first.
Business objectives
Definition:
Business objectives are the specific goals a company wants to achieve, such as increasing sales, entering new markets, or gaining customers.
Example:
One of the business objectives is to grow revenue by 20 percent.
Target market
Definition:
The target market is the group of customers a business plans to sell its products or services to, based on factors like age, income, and needs.
Example:
The target market for this product is young professionals.
Market analysis
Definition:
Market analysis is the process of studying customers, competitors, and industry trends to understand business opportunities and risks.
Example:
The market analysis showed strong demand for eco-friendly products.
Need to review common terms relating to (and used in) business plans? We've got you covered!
Business plan
Definition:
A business plan is a written document that explains a business idea and shows how the business will operate, grow, and make money. It is often used to attract investors or guide the company's future decisions.
Example:
She wrote a business plan before starting her online store.
Executive summary
Definition:
An executive summary is a short overview of the entire business plan. It highlights the main goals, products, and financial expectations so readers can quickly understand the idea.
Example:
Investors usually read the executive summary first.
Business objectives
Definition:
Business objectives are the specific goals a company wants to achieve, such as increasing sales, entering new markets, or gaining customers.
Example:
One of the business objectives is to grow revenue by 20 percent.
Target market
Definition:
The target market is the group of customers a business plans to sell its products or services to, based on factors like age, income, and needs.
Example:
The target market for this product is young professionals.
Market analysis
Definition:
Market analysis is the process of studying customers, competitors, and industry trends to understand business opportunities and risks.
Example:
The market analysis showed strong demand for eco-friendly products.
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