Supply and demand

Kurt Graver

In microeconomics, supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic …

Business partner

Kurt Graver

A business partner is a commercial entity with which another commercial entity has some form of alliance. This relationship may be a contractual, exclusive bond in which both entities commit not to ally with third parties. Alternatively, it may be a very loose arrangement designed largely to impress customers and competitors with the size of the network the business partners …

Sole Trader

Kurt Graver

A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business. The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses …

Visa (document)

Kurt Graver

A visa (from the Latin charta visa, lit. “paper that has been seen”) is a document showing that a person is authorized to enter or leave the territory for which it was issued, subject to permission of an immigration official at the time of actual entry. The authorization may be a document, but more commonly it is a stamp endorsed …

Business Plan

Kurt Graver

A business plan is a guide—a roadmap for your business that outlines goals and details how you plan to achieve those goals. Here’s what a business plan entails, and how to choose what type is right for your business.   Most business plans cover the company’s first three to five years.

Exit strategy

Kurt Graver

An exit strategy is a means of leaving one’s current situation, either after a predetermined objective has been achieved, or as a strategy to mitigate failure. An organisation or individual without an exit strategy may be in a quagmire. At worst, an exit strategy will save face; at best, an exit strategy will peg a withdrawal to the achievement of …

Plan

Kurt Graver

A plan is typically any diagram or list of steps with timing and resources, used to achieve an objective. See also strategy. It is commonly understood as a temporal set of intended actions through which one expects to achieve a goal. For spatial or planar topologic or topographic sets see map.  

Skill

Kurt Graver

A skill is the learned capacity or ability to carry out pre-determined results often with the minimum outlay of time, energy, or both. In other words the abilities that one possesses. Skills can often be divided into domain-general and domain-specific skills. For example, in the domain of work, some general skills would include time management, teamwork and leadership, self motivation …

Tool

Kurt Graver

A tool is any physical item that can be used to achieve a goal, especially if the item is not consumed in the process. Informally the word is also used to describe a procedure or process with a specific purpose. Tool use by humans dates back millions of years, and other animals are also known to employ simple tools. Tools …

Executive summary

Kurt Graver

An executive summary, sometimes known as a management summary, is a short document or section of a document, produced for business purposes, that summarizes a longer report or proposal or a group of related reports, in such a way that readers can rapidly become acquainted with a large body of material without having to read it all. It will usually …