Running a small business: Key terms

the rights from a manufacturer to distribute its products under its name

Items of value owned by a person, groups or a business

Where a shareholder generally loses only the money he or she invested in the business

amount remaining when the cost of goods sold is deducted from revenue

Population features e.g. age, gender and family size that may affect customer spending

the costs incurred in running a business

the term that describes the debts owed by a business to others

someone who starts, operates and takes a risk in a business in the hope of making a profit

Something an entrepreneur can see as a chance to make money

Ability of a business to have an 'edge' over its rivals

the word used to describe a company that is separate legal entity from its owners

something an entrepreneur can see as an avenue to success