Understanding Key Business Terms: Vocabulary for Entrepreneurs

Feb 07, 2026

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This comprehensive vocabulary list highlights essential business terms that every entrepreneur should know. It defines critical concepts such as "Prototype," the original model for innovative products; "Invention," anything devised creatively; and "Patent," a government-granted right to inventors. Other key terms include "Operating Cost," which refers to maintaining property expenses; "Fixed Cost," unchanging costs regardless of business volume; and "Taxes," mandatory levies imposed by governments for public support or services. This guide serves as a valuable resource for anyone looking to deepen their business acumen.

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Understanding Key Business Terms: Vocabulary for Entrepreneurs

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By: Anna March 3-9 Vocabulary
PROTOTYPE • The original or model on which something is based or formed.
INVENTION • Anything invented or devised.
PATENT • The exclusive right granted by a government to an inventor to manufacture, use, or sell an invention for a certain number of years.
OPERATING COST • The expense of maintaining property.
FIXED COST • A cost unvarying with a change in the volume of business.
TAXES • A sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc.