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1.04 Key Terms

External Resources

TermDefinition
Business Community Individuals employed in local/area organizations
Business Ethics The basic principles that govern a business's actions
Business Planning Defining your organization's goals, structure and future strategy
Concept Development Involves coming up with a detailed description of an idea, explained from the perspective of your customer
External Resources Suppliers of inputs that come from outside a business
Government Agencies Special government organizations set up for a specific purpose such as the management of resources, financial oversight of industries, or national security issues
Market Opportunities A situation in which a product or service is potentially wanted or needed by consumers is identified by a business as not being supplied by rival companies
Mentor An experienced worker who can act as a guide to new employees
Network To connect with individuals who might help accomplish personal, career, and proffesional goals
Prospective Customer Any person or business with the potential to purchase a good, service, or idea; qualified lead
Resources Any item that is used to accomplish another activity, such as producing/providing goods and services
Risks The possibility of loss (failure) or gain (success)
Social Media Forms of electronic communications through which users build communities, network, share information, etc
Supplier Vendors; businesses from which other businesses buy goods or services
Vendor A supplier of goods, usually a wholesaler or distributor
Created by: yazmin.f411
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