Business Glossary
Every important business term explained.
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities.
A 6 figure business refers to a company generating annual revenues between $100,000 and $999,999. This financial classification indicates significant profitability and operational success, often seen as a milestone for small to medium enterprises.
A business idea is a concept for commercial opportunities, rooted in a product or service aimed at fulfilling market needs or addressing specific demands.
A Unique Selling Proposition (USP) in business is a distinctive feature or benefit that sets a product or service apart from its competitors, aiming to make it more appealing to the target market.
Business assets are tangible or intangible entities with economic value owned or controlled by a business, expected to produce future benefits.
Attrition in business refers to the gradual reduction of workforce through retirement, resignation, or death, without actively replacing them, impacting company performance and morale.
Business design integrates strategic planning, design thinking, and customer experience to innovate and solve complex problems, creating sustainable competitive advantages and value for organizations.
Engagement in business is the emotional and psychological commitment an employee has towards their organization and its goals, leading to higher productivity, creativity, and retention.
Business expansion is the process through which a company grows by increasing its footprint, either through opening new locations, diversifying its product or service offerings, entering new markets, or acquiring other businesses. This growth strategy is aimed at increasing revenues, customer base, and market presence.
Hub business refers to a model that centralizes operations, services, or resources to facilitate interaction, exchange, and collaboration, enhancing efficiency and innovation. It typically involves creating networks or platforms where various stakeholders converge to share knowledge, resources, or transactions, fostering a community around common interests or goals.
Market research business involves systematically gathering, analyzing, and interpreting data about markets, consumers, and competitors to inform strategic decision-making and reduce uncertainty in business operations.
Business success is the achievement of desired financial and non-financial objectives through effective management, strategic planning, and efficient use of resources, leading to sustainable growth, profitability, and fulfillment of stakeholders' expectations.
Business values are fundamental beliefs or principles that guide a company's actions and decisions, impacting its culture, customer satisfaction, and overall success. They include ethics, integrity, and commitment to excellence.
Business ventures are initiatives that involve risk and innovation, aiming to develop and commercialize new products or services, entering emerging markets or exploiting new opportunities for growth.