Everything you need to know about the big ‘business’ words.
We’ve put together a glossary to identify and clarify what those big words are. Apart from helping you, our dear reader, we are also classifying these terminologies for our own use-cases – It’s always good to keep our skills sharpened, else we lose our edge.
Definition
GLOSSARY
/ˈɡlɒs(ə)ri/ – noun
list of definitions and explanations of key terms or specialized vocabulary used within the text to help the reader understand unfamiliar or technical terms.
Listed below are just a few of many (we will be adding more as we go along) of business terminology in chronological order. A step-by-step, if you will.
Index
- Idea Generation
- Business Plan
- Business Model
- Legal Structure
- Name Registration
- Licenses & Permits
- Business Location
- Funding
- Business Registration
- Business Insurance
- Business Development
- Inventory Management
- Hiring & Training
- Customer Service
- Accounting & Finance
- Legal Compliance
- Technology Integration
- Risk Management
- Continuous Improvement
- Networking & Partnership
- Social Responsibility
- Scaling & Growth
- Exit Strategy
- Evaluation & Adaptation
1. Idea Generation
Let’s kick things off with a burst of creativity! Idea generation is all about brainstorming and conjuring up those lightbulb moments that forms the foundation of your business. Whether you’re scribbling notes in a coffee shop or hashing out concepts with your trusty brainstorming buddy, this is where the ‘WHY’ magic happens.
This is where you figure out your business idea, why it works, how you are different from other businesses in the market. Maybe it’s something innovative and new? Or perhaps you’re better? Maybe you have better offerings?
This is where you start figuring it out.
Every idea stems from a need, or solution to a challenge. Or even just seizing an opportunity. This is the seed that will sprout into a giant oak tree, and is the source of your Business Story that will later be defined as your Brand Story.
a. Market Research
Time to rub some elbow grease and do your homework! Market research is literally doing the brainwork of data compiling and pursuing insights into your target audience, competitors, and industry trends. At the core of every business is its data validation of market research – is there a demand? Is the business idea viable?
Learn more: Marketing Glossary > Market Research
2. Business Plan
Your business plan is the master ‘where-you-want-to-go’ and ‘how-to-get-there’ roadmap – complete with milestones, detours, and potential pitfalls. This document outlines your business goals, strategies, and the step-by-step actions you’ll take to achieve them. From market analysis to financial projections, a well-crafted business plan lays out the who, what, when, where, and why of your entrepreneurial adventure.
Learn more:
a. The 4 Principles of Business
Starting out a business plan may be tricky, but it is actually all about mapping everything out on a piece of paper (or digital spreadsheet) to get a birds-eye-view of the bigger picture.
It starts with the Idea Generation. And then the Market Research to validate it. All good? Then it’s time to proceed with the 4 foundation aspects:
1. Price of Entry (POE) – What are the basics that everyone else has?
2. Unique Selling Point (UVP) – What makes your business so special?
3. Unique Valued Proposition (UVP) – How is it special from your customer’s point of view?
4. After-sales (Customer Retention/Takeaway) – Why you customers should stay with you?
Learn more:
3. Business Model
What it is: A plan for the successful operations of a business. To simplify it – a business model is the strategic plan of how a company makes money. It is the framework of operational revenue laying out the nitty-gritty details of your revenue streams and cost structures.
But here’s the kicker: your business model isn’t carved in stone. It’s more like a living, breathing organism that evolves over time in response to market shifts, customer feedback, and the occasional stroke of genius. So don’t be afraid to tweak, pivot, and reinvent!
4. Legal Structure
Let’s get down to brass tacks – every business needs a solid legal foundation. Choosing the right legal structure – whether it’s a sole proprietorship, partnership, LLC, or corporation – is crucial for protecting your assets, minimizing liability, and ensuring compliance with the law.
5. Name Registration
What’s in a name? It’s claiming your stake in the digital and physical business frontier. Registering your business name is planting your flag in the vast landscape of commerce, signaling to the world that you’re here to play.
While most business owners assume it is unimportant, however, getting it wrong and changing it is a huge hassle in terms of time, money, and how it affects business. It is crucial to take your time to do your research and think about it for the long run.
So choose wisely, my friend – a catchy name can make all the difference, while a poor one destroys.
6. Licenses & Permits
Ah, the red tape of entrepreneurship! Securing the necessary licenses and permits is a rite of passage for every business owner, ensuring that you’re operating on the right side of the law. From health permits to zoning clearances, it’s all about dotting those i’s and crossing those t’s.
7. Business Location
Location, location, location – it’s not just for real estate! Whether you’re setting up shop in a bustling city center or carving out a cozy corner of the internet, choosing the right business location can have a huge impact on your success. Consider factors like foot traffic, accessibility, and proximity to suppliers and customers.
Again, depending on the nature of your business, it is imperative to do a proper market research to identify the best location for your business.
8. Funding
Show me the money! Securing funding is a pivotal step in bringing your business dreams to life, whether you’re bootstrapping it, seeking investors, or applying for loans. From angel investors to crowdfunding campaigns, there are plenty of paths to financial success – just make sure you’ve got a solid plan in place to make those dollars count.
9. Business Registration
Getting your business officially recognized by the government. It’s like giving your business its own ID card. Whether you’re a small startup or a big corporation, getting registered is like putting your business on the map. It’s essential for taxes, legal protection, and gaining credibility with customers and partners.
Learn more: How To Register A Business In Singapore
10. Business Insurance
Depending on the nature of your business – if it is highly physical and has a significant amount of risk involved, it would be better to have a safety net for your business. Just like you have insurance for your car or home, business insurance protects your business from unexpected disasters or lawsuits. It’s like having a superhero cape for your company, ready to swoop in and save the day when things go sideways.
11. Business Development
The architect and contractor of growth for your company. It’s like having a skilled navigator charting the course to success. Business development is all about identifying opportunities, forging partnerships, and expanding your business into new markets. It’s like planting seeds and nurturing them into thriving gardens of opportunity. Whether it’s forming strategic alliances, exploring new revenue streams, or fostering relationships with key clients, business development is the engine that drives your company forward.
a) Branding
Branding is terms of business is your business’ image and style. It’s how you make your business stand out in a crowded room. Think of it as the first impression people have of your business—your logo, colors, and the vibe you give off. Strong branding is like having a magnetic, impactful personality that draws people in and keeps them coming back for more.
Learn more: What Is Branding? (And How It Impacts Businesses?)
b) Website Development
Your website is like your business’s online storefront – it is your digital real estate. It’s where people go to learn more about what you offer and decide if they want to do business with you. Think of it as your virtual handshake with potential customers. A well-designed website is like having a sleek, modern storefront that makes people want to come in and explore, and eventually converts.
c) Marketing Strategy
Marketing is how you get the word out about your business. It is a promotion and amplification of everything about your business – your brand and your product/service. It’s like shouting from the rooftops, “Hey, look at what we have to offer!” Your marketing strategy is like a roadmap that helps you reach your target audience and convince them that your product or service is exactly what they need.
Learn more: Marketing Glossary > Marketing Strategy
d) Sales Strategy
Sales is the art of closing the deal. It’s like being a smooth-talking negotiator who can persuade even the toughest customer to buy.
But is it art? No, it’s SCIENCE!
Your sales strategy is like having a game plan and tactics that guides your sales team to success. From prospecting to closing the deal. A good strategy is about planning carefully to improve the odds – with a pinch of good luck.
e) Product/Service development
This is where the magic happens—turning your idea into a reality. It’s like baking a cake from scratch, carefully adding all the ingredients to create something delicious. Product/service development is about planning, designing, building, executing and refining your offering to meet the needs of your customers.
f) Pricing Strategy
Pricing is a delicate balancing act—setting a price that’s attractive to customers while still making a profit. It’s like finding the sweet spot that keeps customers happy and your bottom line healthy. Your pricing strategy is like a chess game, with each move carefully calculated to outsmart the competition.
g) Supply Chain Management
Imagine your business as a well-oiled machine. Supply chain management is the conductor ensuring all the gears and cogs work seamlessly together. It’s like orchestrating a symphony of suppliers, manufacturers, and distributors to deliver your products or services to customers with precision and efficiency.
In another term – it is Operations
12. Inventory Management
Picture your business as a pantry stocked with goods. Inventory management is the process of keeping just the right amount of ingredients on hand, so you never run out of soup or have too many potatoes. It’s like playing a game of balancing act, where you juggle supply and demand to optimize cash flow and minimize waste.
But here’s a kicker: Time is also an asset.
13. Hiring & Training
Building a dream team for your business is like putting together a winning sports squad. Hiring and training is about finding the right players, coaching them to perform at their best, and creating a winning culture that drives success. It’s like nurturing a garden of talent, where each employee blooms and contributes to the growth of your business.
14. Customer Service
In the grand theater of business, customer service takes center stage. It’s like rolling out the red carpet and treating every customer like a VIP guest. From answering questions to solving problems, customer service is the front face, the very people that accentuates your brand image and core values. They advocate and entertain clients so that they keep coming back for more and singing your praises to the world.
15. Accounting & Finance
Money is the lifeblood of any business. Think of your business as a ship sailing the seas of commerce. Accounting and finance are the navigational tools that keeps your business engine running steadily. They are the fuel management guides to help you through the murky waters of budgets, taxes, and financial statements.
16. Legal Compliance
Running a business is like dancing through a legal minefield. Legal compliance is about dotting your i’s, crossing your t’s, and making sure you stay on the right side of the law. It’s like having a safety net to protect your business from costly lawsuits and regulatory headaches. Ensure this through your legal structure, and having business insurance – just in case.
17. Technology Integration
Think of your business as a sleek sports car, and technology integration is like adding turbo boosters to kick your performance into high gear. It’s about harnessing the power of cutting-edge tools and systems to streamline operations, enhance productivity, and stay ahead of the competition in the fast lane of innovation.
In other words: Improving efficiency.
18. Risk Management
Running a business is about taking risks. However, one can minimize losses by understanding and implementing calculated risks. Risk management is about identifying potential hazards, weighing their potential impact, and charting a course that minimizes exposure while maximizing opportunity. In short, it’s the about staying afloat in turbulent waters.
19. Continuous Improvement
In the marathon of business, continuous improvement is like training for a race. It’s about constantly pushing yourself to go faster, go further, and break through your own limits. It’s the relentless pursuit of excellence, fueled by feedback, experimentation, and innovation.
This is the underlying reason of business growth.
20. Networking & Partnership
Picture your business as a bustling marketplace, and networking and partnership are like forging alliances with neighboring merchants. It’s about building relationships, sharing resources, and collaborating to create win-win opportunities that benefit everyone involved. In the game of business, it’s not just about what you know, but rather who you know.
21. Social Responsibility
Your business is reliant on people. This means being good neighbor in your community. Social responsibility is like lending a helping hand to those in need. It’s about giving back, making a positive impact, and being a force for good in the world. From environmental stewardship to charitable giving, it’s about doing well by doing good.
Here’s the kicker: This helps build a good brand image, and in turn grows your business even further.
22. Scaling & Growth
Everyone wants to scale and growth. Its true meaning is to expand the business. Other meanings include – increasing your impact, and taking your business to new heights. It’s the thrilling journey from startup to success story, fueled by ambition, innovation, and a relentless drive to grow.
Here’s a kicker: ‘Growth Hacker’; Hacker is a contronym – a word with two opposite meanings:
– a person skilled in information technology who achieves goals by non-standard means.
– a person or thing that hacks or cuts roughly.
So a ‘Growth Hacker’ could also mean someone who cuts down or prevents, growth.
Scaling means leveling up, or upgrading. It means setting the stage to enable and support growth in your company. Having the ability to grow without being hampered requires planning, funding, and the right systems, staff, processes, technology, and partners
23. Exit Strategy
In the game of running a business, an exit strategy is like planning your endgame before the first move. It’s about knowing when to fold ’em, cash in your chips, and gracefully exit the stage when the time is right. Whether you’re looking to retire, pursue new opportunities, or simply move on to the next adventure, an exit strategy ensures you leave on your own terms.
24. Evaluation & Adaptation
Evaluation and adaptation are like fine-tuning your instrument to stay in harmony with the fast-paced changing times. It’s about taking stock of where you are, where you want to go, and making course corrections along the way. It’s the secret sauce of resilience, agility, and staying one step ahead of the curve in an ever-evolving landscape.
