The worldwide pandemic has had a huge impact on the job market around the world. With companies having to downsize and lay off employees, more and more people are beginning to look into the idea of working for themselves.
In this article, we discuss 15 common business terms to talk about entrepreneurs (people who start their own businesses).
Let’s take a look.
15 useful business terms for entrepreneurs
→ (verb) To make people aware of your product or service
We haven’t been getting many customers to our food truck. We might need to advertise online.
2. Angel investor
→ (noun) Someone who invests their own money in a startup company, usually in the early stages of the business
If we want to be able to open a store, we’ll need to look for an angel investor who will give us the money.
→ (adjective) Business-to-business: One company selling goods or services to other companies (rather than to a consumer)
Last year, I started a B2B software company. We provide accounting software to medical offices.
→ (adjective) Business-to-consumer: A company selling goods or services to individual consumers
I specialize in B2C—I sell handmade baby gifts and bath products on my website.
→ (noun) Money provided by an organization or the government for a specific purpose
How much funding will we need before we can hire employees and start producing our fashion line?
6. Home-based business
→ (noun) A business where the primary office is in the owner’s home
I like having a home-based business because it keeps my operation costs low.
→ (noun) Organizations (usually non-profit) that help a startup business succeed by providing things like a workspace, funding, and training.
My sister participated in a 12-week incubator program. They helped her develop her product and she got to pitch her idea to investors at the end.
8. Independent contractor
→ (noun) A person or company that provides goods or services to other companies for a certain price and a specific amount of time
It’s often cheaper for companies to hire independent contractors for short-term projects than to use full-time employees.
→ (verb) To put money into a business in order to make a profit
If he likes our business idea, he’s prepared to invest up to $250,000.
→ (verb) To start something, such as a business
It’s taken four years to develop, but I’m finally launching my food delivery business next month!
→ (noun) The activities involved in making people aware of your product or service, including market research and advertising
To get more customers, we’re going to have to spend more money on marketing.
→ (verb) To talk to other people to develop business relationships
When you’re launching a startup, it’s important to network with people who can offer you advice and business opportunities.
→ (verb) To present your business idea to someone to convince them to do something, such as invest in your company or sign a contract
Let’s invite the investors to a business lunch so we can pitch our new idea—I think they’ll love it.
14. Side hustle
→ (noun) Any kind of work done in addition to a person’s regular job
Right now, I’m selling artwork as a side hustle, but one day I hope it’ll grow into a successful, full-time business.
→ (noun) A new business founded by entrepreneurs to offer a unique product or service
Working for a small startup has some benefits; for example, you can learn a lot about many different job roles.