Skip to main content
Library homepage
 
Loading table of contents menu...
Business LibreTexts

14.4: Key Terms

  • Page ID
    50710
    • Michael Laverty and Chris Littel et al.
    • OpenStax
    \( \newcommand{\vecs}[1]{\overset { \scriptstyle \rightharpoonup} {\mathbf{#1}} } \) \( \newcommand{\vecd}[1]{\overset{-\!-\!\rightharpoonup}{\vphantom{a}\smash {#1}}} \)\(\newcommand{\id}{\mathrm{id}}\) \( \newcommand{\Span}{\mathrm{span}}\) \( \newcommand{\kernel}{\mathrm{null}\,}\) \( \newcommand{\range}{\mathrm{range}\,}\) \( \newcommand{\RealPart}{\mathrm{Re}}\) \( \newcommand{\ImaginaryPart}{\mathrm{Im}}\) \( \newcommand{\Argument}{\mathrm{Arg}}\) \( \newcommand{\norm}[1]{\| #1 \|}\) \( \newcommand{\inner}[2]{\langle #1, #2 \rangle}\) \( \newcommand{\Span}{\mathrm{span}}\) \(\newcommand{\id}{\mathrm{id}}\) \( \newcommand{\Span}{\mathrm{span}}\) \( \newcommand{\kernel}{\mathrm{null}\,}\) \( \newcommand{\range}{\mathrm{range}\,}\) \( \newcommand{\RealPart}{\mathrm{Re}}\) \( \newcommand{\ImaginaryPart}{\mathrm{Im}}\) \( \newcommand{\Argument}{\mathrm{Arg}}\) \( \newcommand{\norm}[1]{\| #1 \|}\) \( \newcommand{\inner}[2]{\langle #1, #2 \rangle}\) \( \newcommand{\Span}{\mathrm{span}}\)\(\newcommand{\AA}{\unicode[.8,0]{x212B}}\)

    advisory board
    group of advisors that helps an organization make strategic decisions about the business, and brings certain knowledge and experience that can bring a new perspective on issues without having the actual authority to vote or govern
    copyright
    grants the creator of a work the exclusive right to reproduce the work, typically for a specified period of time
    decision tree
    flowchart diagram used to explore the outcomes of different decisions
    economic factors
    inflation, interest, employment, and currency exchange, rates, (among many other factors) that impact the business owner’s pricing of goods or services, the demand for such services, and the cost of production
    funding sources
    monetary resources used by the entrepreneur in the operation of the initial startup and early business
    human resources
    people hired by the entrepreneur to perform various duties in the business, provide customer service, or produce the goods
    independent contractors
    (also, freelancer) people or businesses that provide work similar to an employee without being part of the payroll for the contracting business, and who pay their own taxes and pay for their own benefits
    intangible resources
    assets that cannot be seen, touched, or felt, such as intellectual property, patents, designs, and processes
    line of credit
    lending of funds in exchange for a promise to repay
    outsourcing
    hiring an outside company or third party to perform a specific task, job, or process, or to manufacture goods
    PEST
    framework that can be used to distinguish political, economic, sociocultural, and technological factors influencing access to needed resources
    political factors
    stem from changes in politics, such as the policies of a new presidential administration or congressional legislation, as well as of state and local offices
    pre-launch costs
    cost of all the resources needed to open the business to the public
    quota
    specific number of units allowed into a country; sometimes quotas are limited to one source, such as one country, and sometimes the limit is placed on aggregate quantity regardless of source(s)
    resource dependence theory (RDT) model
    creating networks with business partners through mergers, vertical integration, joint ventures, or engaging in joint political activities to slow dependency among member groups
    service mark
    word, phrase, symbol, or graphic that identifies the origin or source of a service
    sociocultural factors
    changes in how society is moving and the direction of that movement as it relates to a customer base and potential new markets
    tangible resources
    assets that have a physical form as they can be seen, touched, and felt
    tariffs
    taxes or duties that are added to imported goods from another nation
    technological factors
    technological equipment and tools the enterprise needs to be sure it operates efficiently
    trademark
    registration that provides the owner the ability to use a name, symbol, jingle, or character in conjunction with a specific product or service, and prevents others from using those same symbols to sell their products

    This page titled 14.4: Key Terms is shared under a CC BY 4.0 license and was authored, remixed, and/or curated by Michael Laverty and Chris Littel et al. (OpenStax) via source content that was edited to the style and standards of the LibreTexts platform; a detailed edit history is available upon request.