Punjab PSEB Matric NSQF Management Entrepreneurship Professional Skills key terms

The process of getting work done through other people by planning, organising, staffing, directing and controlling resources so that stated goals are achieved efficiently and on time.

The activity of spotting an opportunity, taking on financial risk and assembling resources to start and run a venture that creates value for customers and income for the owner.

A person who starts, owns and bears the risk of a business, making decisions about products, prices and resources in the hope of earning profit and growth.

An employee inside an existing organisation who develops new products, services or processes using the firm's resources, acting like an owner without bearing full financial risk.

Accepting the possibility of loss or failure in a business decision, including the chance that invested money and effort may not be recovered.

The money left after all costs of running a business are subtracted from sales revenue; it rewards the owner for effort and risk and can be reinvested.

Earning a living by running one's own trade or enterprise rather than working for a wage or salary from an employer.

A very small business, usually run by the owner with few or no hired workers, limited capital and simple records, often serving a local market.

The ability to produce original and useful ideas by combining knowledge, observation and imagination in new ways.

Turning a creative idea into a practical product, service or process that is actually used and adds value for customers or the business.

A group idea-generation technique in which participants freely suggest many ideas without criticism, and evaluation is postponed until after the session.

The process of scanning markets, customers and problems to find a gap that a new or improved product or service could profitably fill.

A structured check of whether a proposed business idea is technically possible, financially viable and likely to attract enough customers before money is committed.

The external conditions surrounding a business, including economic, social, legal, technological and competitive factors that influence its decisions and success.

A planning tool that lists a venture's internal strengths and weaknesses alongside external opportunities and threats to guide strategy and decisions.

A written document describing a venture's idea, market, operations, management, costs and expected finances, used to guide the owner and persuade lenders or investors.

The opening section of a business plan that briefly presents the business idea, its market, the funds needed and the expected returns, so a reader grasps the proposal quickly.

An estimate of future sales, costs, profit and cash needs prepared from stated assumptions, used to test whether a planned venture can pay its way.

The five core managerial activities of planning, organising, staffing, directing and controlling, which together turn resources into achieved objectives.

Deciding in advance what is to be done, how, by whom and by when, and choosing among alternatives so that effort moves towards set objectives.

Grouping tasks, allocating them to positions and defining authority and reporting relationships so that work is coordinated and resources are used without duplication.

Identifying the people a business needs, then recruiting, selecting, training and appraising them so that each role is filled with a capable person.

Guiding, motivating, supervising and communicating with employees so that they perform their tasks willingly and in line with the plan.

Measuring actual performance against planned standards, finding the reasons for any gap and taking corrective action to keep the business on target.

Assigning a specific task together with the authority needed to complete it, while the person who delegates stays accountable for the overall result.

Influencing people to work towards shared goals by setting direction, building trust and choosing a style suited to the situation and the team.

The internal drive that makes a person put effort into a task; managers influence it through fair pay, recognition, responsibility and good working conditions.

Dividing a broad market into smaller groups of buyers with similar needs, incomes or habits so that products, prices and messages can be aimed precisely.

The four controllable elements of product, price, place and promotion that a business combines to reach its chosen customers and compete in the market.

The specific group of customers a business decides to serve with its offer, chosen after assessing their size, needs and buying power.

The sales level at which total revenue equals total cost, so the business makes neither profit nor loss; selling beyond it generates profit.

An expense that stays roughly the same regardless of how much is produced or sold in a period, such as rent, insurance or a salaried manager.

An expense that changes in direct proportion to output or sales, such as raw material, packaging or sales commission on each unit.

The money a business needs for day-to-day running, calculated as current assets minus current liabilities, covering stock, wages and short-term bills.

A record showing money actually received and paid out over a period, revealing when the business has cash shortfalls even if it is profitable on paper.

A recording method in which every transaction is entered twice, once as a debit and once as a credit, so that total debits always equal total credits.

A list of all ledger account balances at a given date, prepared to check that total debits equal total credits before final accounts are drawn up.

The accepted manners and conduct at work, including punctuality, respectful speech, appropriate dress and keeping confidential information private.

The exchange of clear, purposeful messages within and beyond a firm through speech, writing, meetings and digital channels to get work done.

Paying full attention to a speaker, noting the main points and confirming understanding by asking questions or summarising before replying.