Foundational Concepts

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Across
  1. 3. A person who starts and runs their own business, taking risks and coming up with innovative ways to solve problems.
  2. 6. A system where employees receive a portion of the company's profits in addition to their regular compensation.
  3. 7. The payment or benefits that individuals receive for their work or contributions to a business.
  4. 12. Extra rewards or incentives given to employees for achieving specific goals or exceptional performance.
  5. 13. The system of production, distribution, and consumption of goods and services within a region or country.
  6. 14. A model or example of a proposed solution used for testing and improvement.
  7. 16. A business owned and operated by a single individual, who is responsible for all decisions and debts.
  8. 17. The legal responsibility for debts or obligations.
  9. 18. Additional payments given to employees based on the sales they generate.
  10. 20. The legal protection given to creative works, such as books, songs, or artwork, granting the creator the right to control its usage. J.K. Rowling has the copyright for the "Harry Potter" books.
  11. 23. Valuable and confidential information that gives a business a competitive advantage, such as a secret recipe or customer list. For instance, the secret formula of Coca-Cola is a trade secret.
  12. 26. A business owned by two or more individuals who share responsibilities, profits, and debts.
  13. 27. It combines features of a corporation and a partnership. Owners, called members, are protected from personal liability. LLCs choose how to be taxed and can have one or more owners.
  14. 30. The ability of a business opportunity to generate profits and be sustainable in the long term.
  15. 31. Studying the target market, customers, competition, and industry trends to understand the business's potential.
  16. 33. Software, music, images, or videos with authorized permissions for use. They enhance businesses by saving time and improving visual appeal. For example, licensed images can enhance the attractiveness of a website or ads.
  17. 34. A special symbol or design that represents a brand or product, helping people recognize and trust it. For example, the Nike logo is a trademark that represents their sports shoes and clothes.
  18. 37. Predictions about how the business will do financially, like how much money it will make and spend.
  19. 40. The different stages that a business goes through, including startup, growth, maturity, and decline.
  20. 41. The process of creating new and unique ideas, products, or services that offer improved solutions or benefits.
Down
  1. 1. A legal entity that exists separately from its owners, with a more complex structure involving shareholders and a board of directors.
  2. 2. The strategy the business uses to make money and be successful.
  3. 4. A legal document outlining the terms and conditions for using licensed materials, including usage rights, attribution requirements, and potential restrictions.
  4. 5. A problem-solving approach that focuses on understanding users' needs, generating ideas, creating prototypes, and testing solutions.
  5. 8. A special way of thinking that helps people succeed in the business world by being innovative and adaptable.
  6. 9. The special features or benefits that make the business stand out from competitors.
  7. 10. rights granted to inventors for new and useful inventions, preventing others from copying or selling them without permission. Alexander Graham Bell obtained a patent for the telephone.
  8. 11. Something that makes a business stand out and gives it an edge over its competitors.
  9. 15. Plans and strategies to attract customers and sell the product or service.
  10. 19. Patterns or changes in the market that can affect the business.
  11. 21. A short summary of the entire business plan that highlights the main points and goals.
  12. 22. Small businesses create jobs, new ideas and products and support the local community.
  13. 24. A fixed amount of money paid to an employee regularly, regardless of the number of hours worked.
  14. 25. A short presentation that explains a business idea to investors or partners. It focuses on the important parts and aims to get people interested.
  15. 28. The unauthorized use of copyrighted materials, which can lead to legal consequences, fines, or legal actions.
  16. 29. A simple tool that helps entrepreneurs describe and improve their business idea. It shows things like who the customers are, how the business makes money, and the costs involved.
  17. 32. The act of starting and running your own business, where you turn creative ideas into real products or services.
  18. 35. The desire or need for a product or service among consumers.
  19. 36. The potential for a business to grow and expand its operations.
  20. 38. A detailed document that explains a business idea, goals, and how it will make money. It's like a roadmap for the business.
  21. 39. Payments made to employees based on the number of hours worked.