For a businessman or woman, every morning comes with new work and unknown risks. Every day is new learning and it becomes extremely important for them, to keep themselves updated about anything and everything – be it their market, their competitor’s new campaign, or just the happenings in the local surroundings. While you are keeping a check on all new happenings, it is also imperative for you to keep yourself updated with all business lingos.
If someone comes to you saying they have a ‘bazillion’ things to do, you must know what that means, right? Well, that simply means they have multiple things to do at once. So, before you dread about opening an Oxford dictionary, here we bring to you some new terminologies from the business world, that you can start using right away…
New Words Every Entrepreneur Must Add To Their Dictionary
Bm Canvas (Business Model Canvas)
Meaning: It is a template used for generating business models. It could be a technological tool or it could be another innovative way to have your pitch ready for investors.
Where you can use this term? All those places where you go to pitch your business, or to all those people when you have to tell them that you are going to a client meeting.
How to use: “Well, I have a meeting today and I have my BM Canvas ready for it.”
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Meaning: A business model where obtain services and goods from evolving internal users.
Where you can use this term? You can use this term when you adopt this business model and are going for an elevator pitch, you can tell them.
How to use: “We have not opened our business for investors at the moment, we have only crowdfunded it until now.”
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Meaning: Oh yes, we have heard about premium and free words separately – but freemium? Well, it is a pricing strategy, where certain products and services are offered for free. This is only for limited premium users and for a certain amount of time only.
Where to use? Whenever you are going to pitch your ideas to your stakeholders or when you are launching new products and services, you can use this term for that set of customers who will be privileged to have the freemium.
How to use: “The first 100 people to sign up will be our freemium customers.”
Low Hanging Fruit
Meaning: The immediate areas of concerns or focal points that you must concentrate on. Since they are causing immediate effects, they are called low hanging, as they need a quick call of action.
Where to use? You can use this term when you are having team meetings with your startup stakeholders, or when you are having a pitch meeting to your investors, where you need funds immediately to solve problems.
How to use it: “Launching the product at a low price for a few days, is going to help us get rid of the low hanging fruits.”
Meaning: It refers to Product and manufacturing fit. Now, in your business, it may not literally mean Manufacturing – but it refers to the ability of customers to buy as fast as you build the product or service.
Where to use it? It is majorly used when you are doing your sales pitch to the team, or to other stakeholders. It can also be used when you are trying to explain the statistics to your top management.
How to use: “I think we should start having at least 3 product releases every month, as I see a greater P/M Fit in the market at the moment.”
Meaning: It refers to the percentage of customers who can affect your business either by signing up for it or by canceling the subscription.
Where to use it? You shall use this term when you are having a look at your business model, statistics of buy and sell, and how the success of the product or service has been.
How to use it: “The churn of our new product has been quite a big hit. “
Meaning: It is the equity that you get in return of your effort.
Where to use it? This is a general business lingo and can be used during certain investor pitches when you are discussing finances and shares.
How to use it: I am sure the sweat equity is going to be much higher in the beginning, but once it is all set, we can sit back and enjoy the real equities.
Meaning: Create, Read, Update and Delete – Simple. It is an abbreviation used commonly to check upon the life cycle of an app.
Where to use it? When you are discussing app development with your team or explaining the app to your new investors.
How to use it: The CRUD percentage of our previous app has not been more than 10%.
Now that we have given you new terms, all you need to do is, wait for the light bulb moment to use it.