To improve your business acumen, you must first learn basic business terminologies.

However, understanding key business fundamentals does not necessitate a Degree  in business.

A continual learning process is a part of running a business.

As a business person, you should never stop learning regardless where you are in your profession, there will always be a new skill to learn, new issues to tackle, and new terminology to learn.

And this is true whether you’re a first-time entrepreneur or a seasoned business owner.

Here are some of the most important business terminologies to know:

Finance:

Audit

Assets

Expenses

Liabilities

Revenue

Balance sheet

Profit margin

Cash flow

Inflation

Return on investment (ROI)

Working Capital

Depreciation

Debt Financing

Equity Financing

Financial Statements

Budget 

Market valuation 

Collateral

Dividend

Gross Income

Withholding Tax

Stock Market

Value-Added Tax (VAT)

Line of Credit (LOC)

Liquidation

Venture Capital

Legal 

Trademark

Intellectual  Property 

Due Diligence

Know Your Client (KYC)

Limited Liability Company (LLC)

Joint Venture (JV)

Non-Disclosure Agreement (NDA)

Public Limited Company (PLC)

Memorandum of Understanding (MOU)

Articles of Incorporation

Business Operations 

Shareholder

Subsidiary

Board of directors 

Exit Strategy

Diversification 

Business Plan

Acquisition

Economies of Scale

Human Capital

Initial Public Offerings

Mergers and Acquisitions 

Quality Control

Requests for Proposal (RFP)

Corporate Social Responsibility (CSR)

Value Added

Value Chain

Supply Chain

Sustainability

Sales

Turnover

Unique Selling Proposition

Lead Generation

Client services 

Business Development

Cold Calling

Conversion Rate

Decision Maker

Salesperson

Marketing

Market Share

Value Proposition

Market Segmentation 

Branding

Inbound/outbound Marketing

Target market 

 

Technology 

Strength, Weakness, Opportunity, and Threat (SWOT) Analysis

Just In Time 

Research and Development (R&D)

Disruption 

User Interface / User Experience (UI/UX)

customer relationship management (CRM)

Enterprise Resource planning (ERP)

Key Performance  Indicator (KPI)

 

Read more on Crenov8:

7 Essential Roles in Every Successful Startup and why they’re Important

How to Build a Business Continuity Plan and Implement It

Organizational Culture and Development: 5 Tips for Improving Corporate Culture