GLOSSARY

Penny again...man, there are a lot of words here!  Some of them I don't even know about...let's read them so we can get to know what these words mean!

Balance Sheet- The listing of all assets (what you own) and all liabilities (what you owe).

Barrier - Blocks the way or keeps one from going on.
 
Business Plan- Written statement of how a new business will start.  Usually describes a product of service, estimates cost, prices, profits and short and long term goals.

Career- The way one earns a living, profession or occupation.

Competitor- A person who competes or could get your business.

Customer Satisfaction- When the customer is happy and pleased.  Is important so customers will come back.

Employee- A person who works for another person in return for pay.

Executive summary- A business plan's executive summary gives the reader a chance to quickly understand your basic business concept.

Expenses- The cost of doing business.

Goal- An end that one tries to reach; an aim or purpose.

Income- Money received from customers of products or services.

Industry- Any branch of business or manufacturing.

Manager- A person who manages a business.  The boss.

Product- Something produced by nature or human beings.

Profit- The amount of money gained in business deals after expenses have been subtracted from the income.

Service- Work done or duties performed for others.

Target marketing- Finding out what people want.

Utilities- Electric, water, gas, phone.

Zoning- Local government regulation of where and how small businesses can be run.