| A | B |
|---|
| business concept | Clear and concise description of an opportunity |
| feature | A distinctive aspect, quality, or characteristic of a product or service |
| benefit | Something that promotes or enhances the value of the product or service to the customer |
| feasibility analysis | Process to determine whether a new business concept has potential. It includes questions related to the industry, customers, product and service requirements, the founding team, the competition, start-up resource needs, and the value chain. |
| industry | Group of businesses with a common interest |
| target customers | Customers most likely to buy a company's products and services |
| prototype | A working model of a new product |
| competitive grid | Tool for organizing important information about the competition |
| business model | Describes how you intend to make money with your business concept |
| value chain | Distribution channel through which your product or service flows from the producer to the customer |
| business plan | A document that describes a new business and a strategy to launch that business |
| executive summary | Brief recounting of the key points contained in a business plan |
| vision statement | Establishes the scope and purpose of a company and reflects its values |
| mission statement | Expresses the specific aspirations of a company, the major goals for which it will strive |
| distribution channel | Means by which you deliver the product or service to the customer |
| direct channel | Deliver the product or service directly to the customer |
| indirect channel | Deliver the product or service through a wholesaler who then finds retail stores and other types of outlets to carry your product |
| Small Business Administration | Federal agency that provides services to small businesses and new entrepreneurs |
| trade association | Offers technical and general assistance to entrepreneurs in a specific profession or industry |
