New Business Vocabulary: Master the Vocabulary of Entrepreneurs and Startups with Practical Exercises
This article introduces new business terms commonly used by courses for entrepreneurs and business startups. Learn the meanings of these terms with practical exercises to improve your understanding of the world of business.
New Business Vocabulary
- Entrepreneurship
- Business model
- Business plan
- Market research
- Competitive advantage
- Minimum viable product (MVP)
- Business startup
- Customer analysis
New Business Definitions
- Entrepreneurship: The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
- Business model: A plan for how a business will make money and be successful.
- Business plan: A written document that describes a business, its objectives, strategies, and expected financial results.
- Market research: The process of gathering and analyzing information about a market, including customers and competitors, to help make business decisions.
- Competitive advantage: A unique advantage that allows a business to be more successful than its competitors.
- Minimum viable product (MVP): A product that has just enough features to satisfy early customers and provide feedback for future development.
- Business startup: A new business venture, usually with limited resources and high uncertainty.
- Customer analysis: The process of understanding and studying customer behavior, needs, and preferences to improve business decisions.
New Business Synonyms
- Entrepreneurship: business, commerce, trade, start-up, enterprise
- Business model: revenue model, profit model, operating model, economic model
- Business plan: blueprint, strategy, roadmap, outline, proposal
- Market research: market analysis, consumer research, market intelligence, market survey
- Competitive advantage: edge, benefit, advantage, superiority, strength
- Minimum viable product (MVP): basic product, initial release, prototype, trial product
- Business startup: new venture, start-up company, business launch, entrepreneurship
- Customer analysis: customer research, customer profiling, customer behavior analysis
New Business Terms Use in Sentences
- Entrepreneurship: She showed entrepreneurship by starting her own company.
- Business model: The company’s business model involves selling its products online.
- Business plan: The business plan outlines the company’s goals and how it will achieve them.
- Market research: The company conducted market research to better understand its target audience.
- Competitive advantage: The company’s superior customer service is its competitive advantage.
- Minimum viable product (MVP): The company released an MVP to test the market before investing more resources into the product.
- Business startup: The entrepreneur’s business startup was successful due to hard work and dedication.
- Customer analysis: The company’s customer analysis revealed that customers prefer fast shipping.
New Business Vocabulary Exercises
Fill in the blanks:
1.A __________ is a person who starts a new business venture.
2.A __________ is a framework that outlines how a business will create, deliver, and capture value for its customers.
3.To be successful, a business needs to have a __________ over its competitors.
4.Before starting a business, it’s important to do __________ to understand the market.
5.A __________ is a product or service with just enough features to satisfy early customers.
6.A __________ is a detailed document outlining a company’s goals and strategies.
7.__________ involves taking risks to start a new business.
8.__________ helps businesses understand their customers’ needs and preferences
Choose the correct terms:
1.A __________ outlines a company’s plan for generating revenue. (Business plan / Competitive advantage)
2.Market research helps companies understand their __________. (Competitive advantage / Customers)
3.A business plan includes a company’s __________ projections. (Market research / Financial)
4.Entrepreneurship involves taking risks to start a new __________. (Business startup / Minimum viable product)
5. A __________ is a product or service with just enough features to satisfy early customers. (Minimum viable product / Business model)
6. Customer analysis helps businesses understand their __________ needs and preferences. (Market research / Business model)
7. A(n) __________ is a person who organizes and manages a new business venture. (Entrepreneur / Customer)
8. A __________ outlines how a company creates, delivers, and captures value. (Business model / Business plan)
Match each term with its meaning
1. Entrepreneurship | a. A document outlining the goals for a business. |
2. Business model | b. The process of identifying, researching, and analyzing the market to determine customer needs and preferences. |
3. Business plan | c. Unique advantage that a company has over its competitors |
4. Market research | d. A product with just enough features to provide feedback for future development. |
5. Competitive advantage | e. The process of starting a new business or organization. |
6. Minimum viable product (MVP) | f. The process of creating a framework for how a business will operate and generate revenue. |
7. Business startup | g. A person who organizes, manages, and takes on the risks of a business venture. |
8. Customer analysis | h. A framework that outlines how a business creates, delivers, and captures value. |
Reading Comprehension Exercises
The English for study skills lessons will have a section to improve reading skills. Follow this link to read the reading texts and answer the simple reading comprehension questions.
