Read Start Your Own Business Online
Authors: Inc The Staff of Entrepreneur Media
Start Your Own Business (117 page)
Family and Medical Leave Act (FMLA):
law requiring certain employers to give employees 12 weeks of unpaid leave for the birth or adoption of a baby or the serious illness of the employee or a close family member
law requiring certain employers to give employees 12 weeks of unpaid leave for the birth or adoption of a baby or the serious illness of the employee or a close family member
FBML:
Facebook Markup Language, a subset of HTML used to create or enhance a more personalized Facebook page and experience for the end user
Facebook Markup Language, a subset of HTML used to create or enhance a more personalized Facebook page and experience for the end user
Fee-for-service planner:
financial planner who charges a fee for making recommendations on what you should do to achieve your financial goals
financial planner who charges a fee for making recommendations on what you should do to achieve your financial goals
Financial budget:
a projection of future financial performance
a projection of future financial performance
First in, first out (FIFO):
method of inventory accounting that assumes items purchased first are sold first
method of inventory accounting that assumes items purchased first are sold first
Fixed assets:
assets that are not bought and sold in the normal course of business but that are purchased for long-term use in the production or sales process
assets that are not bought and sold in the normal course of business but that are purchased for long-term use in the production or sales process
Flipcam:
a handheld camera that’s easy to use and fits in your pocket; it’s affordable and starts up within seconds; to upload clips to a computer, simply flip out a USB connection and hook it up to your computer for video download
a handheld camera that’s easy to use and fits in your pocket; it’s affordable and starts up within seconds; to upload clips to a computer, simply flip out a USB connection and hook it up to your computer for video download
Focus group:
type of primary market research where a group of potential customers (typically five to 12 of them) come together in an informal environment, under the guidance of a moderator, to discuss a product or service
type of primary market research where a group of potential customers (typically five to 12 of them) come together in an informal environment, under the guidance of a moderator, to discuss a product or service
Franchise disclosure document:
a disclosure document franchisors are legally required to provide to prospective franchisees
a disclosure document franchisors are legally required to provide to prospective franchisees
Franchisee:
the person who buys a system of doing business from a franchisor
the person who buys a system of doing business from a franchisor
Franchisor:
a person or company that sells a system of doing business to franchisees and provides them with ongoing training and support
a person or company that sells a system of doing business to franchisees and provides them with ongoing training and support
Friction feeder:
feature on a letter-folding machine that pulls sheets through using a rubber wheel
feature on a letter-folding machine that pulls sheets through using a rubber wheel
Fulfillment:
shipping and handling of sales orders
shipping and handling of sales orders
General ledger:
the main records of the assets, liabilities, owner’s equity, income and expenses of an organization
the main records of the assets, liabilities, owner’s equity, income and expenses of an organization
General liability coverage:
insures the business against accidents and injuries that happen on its premises as well as exposure to risk related to its products
insures the business against accidents and injuries that happen on its premises as well as exposure to risk related to its products
Generational marketing:
marketing to consumers based on social, economic, demographic and psychological factors
marketing to consumers based on social, economic, demographic and psychological factors
Gross profit margin:
the percentage of gross profit realized on goods sold after subtracting cost of goods sold from sales
the percentage of gross profit realized on goods sold after subtracting cost of goods sold from sales
GSM (Global System for Mobile Communications):
this 2G (about 9.6Kbps) digital network is most pervasive in international markets, although these days, it’s pretty much outdated (having been replaced by 3G and 4G wireless cellular networks)
this 2G (about 9.6Kbps) digital network is most pervasive in international markets, although these days, it’s pretty much outdated (having been replaced by 3G and 4G wireless cellular networks)
Guarantee and surety agreement:
for businesses with insufficient operating history or assets on which to base a loan, banks will require the loan to be guaranteed with your personal assets, such as the equity in your home, in a guarantee and surety agreement
for businesses with insufficient operating history or assets on which to base a loan, banks will require the loan to be guaranteed with your personal assets, such as the equity in your home, in a guarantee and surety agreement
Hard drive:
one or more physical hard drives, each of which can be divided into several local hard drives, are the warehouses where you store multi-megabyte programs and gigabytes worth of data
one or more physical hard drives, each of which can be divided into several local hard drives, are the warehouses where you store multi-megabyte programs and gigabytes worth of data
Hold harmless and indemnify:
a clause in a contract that protects one party to a business purchase from being held responsible for results of the other party’s actions prior to the purchase
a clause in a contract that protects one party to a business purchase from being held responsible for results of the other party’s actions prior to the purchase
Holdover rent:
an extremely high rent intended as a penalty to a tenant who continues to use or remain in possession of a leased premises beyond the lease term
an extremely high rent intended as a penalty to a tenant who continues to use or remain in possession of a leased premises beyond the lease term
House list:
the mailing list a business develops in-house, comprised of names and addresses collected from current or potential customers
the mailing list a business develops in-house, comprised of names and addresses collected from current or potential customers
Icon:
a graphic image that allows users to click to the subject represented by that picture
a graphic image that allows users to click to the subject represented by that picture
iMac/Mac Pro:
Apple’s version of a desktop computer that runs the Mac OS operating system (and Windows as well)
Apple’s version of a desktop computer that runs the Mac OS operating system (and Windows as well)
Income:
money received for goods or services produced or as a return on investment
money received for goods or services produced or as a return on investment
Income statement:
a financial statement that charts revenues and expenses over a period of time
a financial statement that charts revenues and expenses over a period of time
Independent sales organization:
representatives from out-of-town banks that, for a commission, match businesses with banks that will grant them merchant status
representatives from out-of-town banks that, for a commission, match businesses with banks that will grant them merchant status
Intangible asset:
an asset of a business such as patents, franchise rights and goodwill that does not physically exist but that has value to the business
an asset of a business such as patents, franchise rights and goodwill that does not physically exist but that has value to the business
Intellectual property:
a nontangible property, such as a trade secret, patent or trade name, to which one has legal rights
a nontangible property, such as a trade secret, patent or trade name, to which one has legal rights
Internal control:
a system that is designed to minimize the risk of financial loss due to incompetence or dishonesty of an employee or an outside bookkeeper
a system that is designed to minimize the risk of financial loss due to incompetence or dishonesty of an employee or an outside bookkeeper
ISP:
an acronym for internet service provider;
see
online service
an acronym for internet service provider;
see
online service
Job description:
an outline of how a job fits into the company, listing broad goals and basic responsibilities
an outline of how a job fits into the company, listing broad goals and basic responsibilities
Job specification:
more detailed than a job description, this describes the job but also lists specific education, experience, skills, knowledge, or physical requirements for performing the job
more detailed than a job description, this describes the job but also lists specific education, experience, skills, knowledge, or physical requirements for performing the job
Jogger:
mechanism on a letter-opening machine that helps settle contents of envelopes so they don’t get cut
mechanism on a letter-opening machine that helps settle contents of envelopes so they don’t get cut
Key person insurance:
life insurance policy taken out on “key people” in the company, where the beneficiary is the company; proceeds are used to buy out the deceased’s shares or ownership interest in the company
life insurance policy taken out on “key people” in the company, where the beneficiary is the company; proceeds are used to buy out the deceased’s shares or ownership interest in the company
Laptop:
portable devices that weigh between 3 and 8 pounds and typically offer all the computing power and functionality of a desktop computer, only they’re portable and can run on battery
portable devices that weigh between 3 and 8 pounds and typically offer all the computing power and functionality of a desktop computer, only they’re portable and can run on battery
Last in, first out (LIFO):
method of inventory accounting that assumes most recently purchased items are sold first; allows business owner to value inventory at the less expensive cost of the older inventory
method of inventory accounting that assumes most recently purchased items are sold first; allows business owner to value inventory at the less expensive cost of the older inventory
Laundering:
the practice of depositing one merchant’s sales slips through another merchant’s account; it is illegal in many states and prohibited by both Visa and MasterCard
the practice of depositing one merchant’s sales slips through another merchant’s account; it is illegal in many states and prohibited by both Visa and MasterCard
LCD:
liquid crystal displays have totally replaced CRT monitors; 17-inch LCDs are giving way to 19- to 27-inch screens for desktops, and up to 17-inch screens for laptops
liquid crystal displays have totally replaced CRT monitors; 17-inch LCDs are giving way to 19- to 27-inch screens for desktops, and up to 17-inch screens for laptops
Leasehold improvements:
the construction, fixtures, attachments, and any and all physical changes and additions made to lease premises by the tenant (with or without the landlord’s permission), or on the tenant’s behalf by the landlord or a representative (e.g., subcontractor) of the tenant
the construction, fixtures, attachments, and any and all physical changes and additions made to lease premises by the tenant (with or without the landlord’s permission), or on the tenant’s behalf by the landlord or a representative (e.g., subcontractor) of the tenant
Leasing agent:
an individual who specializes in leasing commercial real estate, including office, retail and industrial space; a leasing agent must work for a principal broker and be licensed
an individual who specializes in leasing commercial real estate, including office, retail and industrial space; a leasing agent must work for a principal broker and be licensed
Letter of credit:
a letter from a major customer showing that the customer has contracted to buy from you; can be used in establishing relationships with suppliers
a letter from a major customer showing that the customer has contracted to buy from you; can be used in establishing relationships with suppliers
Letter of intent:
an agreement signed by both tenant and landlord prior to the lease, setting forth primary terms, conditions and considerations that are to form the basis of the lease
an agreement signed by both tenant and landlord prior to the lease, setting forth primary terms, conditions and considerations that are to form the basis of the lease
Liability:
an obligation to another party
an obligation to another party
Liability of landlord provision:
a lease clause severely limiting the landlord’s liability for use of the building and office space by tenants, guests, employees, visitors, etc.
a lease clause severely limiting the landlord’s liability for use of the building and office space by tenants, guests, employees, visitors, etc.
Life-stage marketing:
marketing to consumers based on what they are doing at a given period in life, such as having children, buying a home or retiring
marketing to consumers based on what they are doing at a given period in life, such as having children, buying a home or retiring
Limited liability company (LLC):
a hybrid business structure that combines tax advantages of a partnership with liability protection of a corporation
a hybrid business structure that combines tax advantages of a partnership with liability protection of a corporation
Link:
a programming command that allows users to jump from one web page to another in one mouse click
a programming command that allows users to jump from one web page to another in one mouse click
LinkedIn:
a social networking site that includes businesspeople from around the world, representing 150 industries and 200 countries, on which you can find, be introduced to, and collaborate with qualified people who can help you accomplish your business and professional goals
a social networking site that includes businesspeople from around the world, representing 150 industries and 200 countries, on which you can find, be introduced to, and collaborate with qualified people who can help you accomplish your business and professional goals
Liquidation preference:
stockholders with liquidation preference are first in line to recover their investment if the company goes under
stockholders with liquidation preference are first in line to recover their investment if the company goes under
List broker:
company that locates and arranges the rental of direct mail and e-mail lists of potential customers to other businesses
company that locates and arranges the rental of direct mail and e-mail lists of potential customers to other businesses
List-rental company:
company that rents mailing lists of consumer or business names and addresses
company that rents mailing lists of consumer or business names and addresses
Loan agreement:
written contract specifying terms of a loan
written contract specifying terms of a loan
Long-term debt:
the portion of external debt (usually from banks) that is due after one year
the portion of external debt (usually from banks) that is due after one year
MacBook/MacBook Pro:
Apple’s version of a laptop computer that runs the Mac operating system (and Windows as well)
Apple’s version of a laptop computer that runs the Mac operating system (and Windows as well)
Manual tag system:
system of inventory tracking in which tags are removed from products at the time of the sale and then crosschecked against physical inventory later to figure out what was sold
system of inventory tracking in which tags are removed from products at the time of the sale and then crosschecked against physical inventory later to figure out what was sold
Market rent:
the current rental rates paid by tenants for like use (office space) in buildings of comparable size with similar qualities of construction and building amenities and comparable surrounding neighborhood characteristics and environment; term is often used in renewal clauses as the rent that will be paid if lease renewal occurs
the current rental rates paid by tenants for like use (office space) in buildings of comparable size with similar qualities of construction and building amenities and comparable surrounding neighborhood characteristics and environment; term is often used in renewal clauses as the rent that will be paid if lease renewal occurs
Market research:
research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face
research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face
Market survey:
the study of the spending characteristics and purchasing power of the consumers who are within your business’s geographic area of operation
the study of the spending characteristics and purchasing power of the consumers who are within your business’s geographic area of operation
Markup:
the percentage above the cost of producing a product that is charged to the customer
the percentage above the cost of producing a product that is charged to the customer
Merchant account:
an account that allows a merchant to accept payment from customers via credit card; may be granted through banks or directly from a credit card company
an account that allows a merchant to accept payment from customers via credit card; may be granted through banks or directly from a credit card company
MFD:
multifunction devices are different combinations of printer, scanner, copier and fax sharing the same color or black-and-white page description engine; usually based on laser or inkjet technology
multifunction devices are different combinations of printer, scanner, copier and fax sharing the same color or black-and-white page description engine; usually based on laser or inkjet technology
Minority business enterprise (MBE):
a business that is certified owned by a minority entrepreneur; certification can be obtained from a variety of organizations and is generally required for participation in government set-aside programs
a business that is certified owned by a minority entrepreneur; certification can be obtained from a variety of organizations and is generally required for participation in government set-aside programs
Mission statement:
a short written statement of your business goals and philosophies
a short written statement of your business goals and philosophies
Needs period:
the sum of the count cycle, delivery cycle and order cycle
the sum of the count cycle, delivery cycle and order cycle
Netbook:
a scaled-down laptop computer that typically weighs less than three pounds and is used primarily for basic computing functions, such as word processing or surfing the net while on the go;. cost is typically under $300, while a traditional laptop runs $500 to $1,500 or more
a scaled-down laptop computer that typically weighs less than three pounds and is used primarily for basic computing functions, such as word processing or surfing the net while on the go;. cost is typically under $300, while a traditional laptop runs $500 to $1,500 or more
Network marketing:
a system of doing business in which participants recruit other sales representatives as part of their “downline” and receive a commission based on sales of their downline as well as on their own sales
a system of doing business in which participants recruit other sales representatives as part of their “downline” and receive a commission based on sales of their downline as well as on their own sales
Nonbinding arbitration:
form of ADR in which the arbitrator makes a recommendation that parties can accept or reject
form of ADR in which the arbitrator makes a recommendation that parties can accept or reject
Nonvoting stock:
stock that pays a fixed dividend and is given preference ahead of common stockholders in the event of liquidation
stock that pays a fixed dividend and is given preference ahead of common stockholders in the event of liquidation
Notes payable:
short-term notes of less than one year either under lines of credit or with a stated repayment date
short-term notes of less than one year either under lines of credit or with a stated repayment date
Occupational Safety and Health Administration (OSHA):
federal agency that regulates workplace safety
federal agency that regulates workplace safety
Online service:
a company that offers internet access, website hosting services, or an e-commerce turnkey solution, for example
a company that offers internet access, website hosting services, or an e-commerce turnkey solution, for example
Open-end lease:
type of equipment lease in which if the value of the equipment at the end of the lease is less than the value established in the lease contract, the lessee must pay the difference
type of equipment lease in which if the value of the equipment at the end of the lease is less than the value established in the lease contract, the lessee must pay the difference
Open-to-buy:
the amount budgeted for inventory purchases for a given period
the amount budgeted for inventory purchases for a given period
Operating expenses:
the day-to-day expenses incurred in running a business, such as sales and administration, as opposed to production
the day-to-day expenses incurred in running a business, such as sales and administration, as opposed to production
Operations and management plan:
section of a business plan that describes how the business will function on a day-to-day basis
section of a business plan that describes how the business will function on a day-to-day basis
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