Business Glossary

Business Glossary

As a student at Ahuntsic College, I currently study in a pre-university in business. This program provides the basic knowledge in business required in order to go at the university. Consequently, the following glossary gives you really important keywords to help you to understand the texts or books related to business.

Administrator

A person who manages or has a talent for managing. 

Business

An organization or economic system where goods and services are exchanged for one another or for money.

Capital

Wealth in the form of money or assets, taken as a sign of the financial strength of an individual, organization, or nation, and assumed to be available for development or investment.

Company

A business organization that makes, buys, or sells goods or provides services in exchange for money.

Competitor

          A rival organization that is engaged in commercial or economic competition with                     others.

Consumer

A purchaser of a good or service in retail.

Cost

An amount that has to be paid or given up in order to get something.

Credit

An agreement based largely on trust under which goods, services or money is exchanged against a promise to pay later. 

Currency

A system of money in general use in a particular country.

Distribution

The movement of goods and services from the source through a distribution channel, right up to the final customer, consumer, or user, and the movement 

of payment in the opposite direction, right up to the original producer or supplier.

Export

          To send goods or services across national borders for the purpose of selling and                   realizing foreign exchange.

Firm

A business organization, such as a corporation, limited-liability company or partnership.

Import

To bring in commodities from a foreign country for use or sale.

Leadership

The position or function of a leader, a person who guides or directs a group.

Logistics

The planning, implementation, and coordination of the details of abusiness or other operation.

Management

The act or manner of managing; handling, direction, or control.

Profits

The monetary surplus left to a producer or employer after deductingwages, rent, cost of raw materials, etc.

Tax

A compulsory financial contribution imposed by a government. 

Trade

Commercial transaction involving the sale and purchase of a good or service.

Warranty

A written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.

Article Summary

The choice I made to study in the field of business is first connected to my personal interests. In fact, I have always been concerned with business in every aspect of it. I was already studying at Ahuntsic College, in Montreal, when I decided to change program. I choose the pre-university program in business at this college because the teachers are interesting and recognized in their field of study. Also, studying in a major metropolis as Montreal is rewarding because there is a contact between the different cultures. In the same way, study in an urban center like Montreal facilitates the transition to the labor market because you can establish some contacts which helps you to find a job and start your own career. Finally, my personal interests and what this program has to offer has led me to choose this field of study and particularly this institute. For these reasons, I decide to summarize the text " A day in the life of an Entrepreneur " because this is really close to my field of study.

A Day in the Life of an Entrepreneur

An entrepreneur expose to danger all his funds, investments and expertise in business. He illustrates the American dream because he represents his own boss and source of income. Those who succeed possess some of the same qualities. They know and learn about their business and they are particularly engaged because the minimum of hours required for the success of their business is more or less seventy hours. Furthermore, businessmans are preoccupied and interrested by every division and aspects of their field of knowledge. They need to think about all the details even the smallest one. Also, an entrepreneur can be the master of his own destiny unlike an employee. The work of a businessman has no value and everything that is done is getting on for his own improvement.

Being their own boss increases not only the compression and the responsabilities but also provides amusement. For this reason, the individuals who set up businesses must consider every aspect of the business before buying it. A businessman also have to know how to operate a business and know when he has to change the administration methods when it is necessary. On the financial plan, the entrepreneurs need liquidity to face all subsequent problems. More than 60 pourcent of the new businesses closed after a while. In most cases, this is due to external causes and not because of the entrepreneur's actions or choices. In other words, the success of a company depends on independent variables. All things considered, build a successful business represents a lot of responsabilities, of time and commitment. In contrast, having his own company and making his own money is attractive for others. 

On the financial aspect, if you have the resources, the leadership and the capacity, you may desire create your own business. Knowledge in finance is a must or at least a partner with it. Also, you need to know everything about your business domain as the market, the available products and the other companies by making some research, In addition, the capital and credit are very important to start a business. An entrepreneur has to prepare a good business plan in order to convince the banks to give you an advance to put your plan into action. Moreover, many groups of business and associations offer you the budgeting assistance you may need. 

Being his own boss is more than a perfect model because the U.S population works on merit. Everybody can have a chance to success and the entrepreneurs prove that the American dream is not only fiction. The franchise concept developed in 1980 is less popular than before because the businessmen have preferred to specialize in one aspect of their business. When a company is held by many people, it may be more difficult to manage, but the workload is more clearly defined.

The quality of life of an entrepreneur, in the first two years of operations, is hard but how much rewarding. The experience aquired can lead you to success because you know more about every facet of running a business. If the company is successful, you might want to develop others within five years after opening. However, some entrepreneurs might ask whether it would be better to sell or not. Finally, for the individuals who decide to keep their company, they're after 10 years, established and profitable. They still work a lot but they extend their expertise and knowledge in their field of business. 

References:

1. Ipsum-Generator
2. Labodanglais.com
3. VirtualWritingTutor.com
4. Diffchecker.com
5. http://www.princetonreview.com/careers/60/entrepreneur