Vocabulary

self-starter - someone who is able to work successfully on their own without needing other people's help or a lot of instructions.

stay the course - to finish something inspite of difficulties .

job satisfaction - enjoyment of your job

delegate - to give part of your power or work to someone in a lower position than you

sole proprietorship - The ownership of an organisation by one person.

partnership - A legal form of business with two or more owners.

corporation - A state-chartered legal entity with authority to act and have liability separate from its owners.

entrepreneurial team - A group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market new products.

equity - Shares of stock in a company; ownership interest in a company.

balance sheet - Financial report that shows the status of a company's assets, liabilities and owners' equity.

income statement - Financial statement that shows operating results for a given time period; sometimes called a profit-and-loss statement

cash flow - Movement of money into and out of a company; actual income received and actual payments made out.

profit-and-loss statement - Summary of a company's revenues, costs and expenses during one accounting period. Together with a balance sheet, it makes up a company's financial statement. Sometimes called an income statement.

Small Business Administration (SBA) - Federal agency that aims to assist small businesses with advice, financing, and other business development aid. The SBA itself does not make loans, but guarantees repayment of loans made by a bank or finance company.

break-even point - the point at which income from sales equals fixed and variable expenses.

projected income statement - planned income statement

pertinent - relevant.

commitment - an agreement or pledge to do something in the future; an engagement to assume financial obligation at a future date.