Basic Business Terminology for New Entrepreneurs

A company is a registered firm with leaders and employees. It is also referred to as a business enterprise or simply a company. A company is usually broken down into individual business units that may appear independent but are interdependent on other sections. The existence of a company is governed by the Companies Act of the country in which the company is registered.


Commitment is a feature necessary in every worker and leader. A committed person sees through to the end of what they are involved in. A person who is committed gives their all to it. If the vision and direction of the organization are not clear, people might not demonstrate any commitment. People will not commit to something they are not convinced of.

Commitment is like loyalty.

If people buy into the organization’s vision and goals, they are likely to devote themselves to the success and overall improvement of the company and put aside their own comfort. Completion and achievement are inevitable when staff members are dedicated to their activities.



How we communicate internally and with outside stakeholders is what generally separates successful businesses from poor ones. If you and your employees can’t speak about the vision, you shouldn’t expect miracles. No wonder you seem to be on an island of stagnation if you cannot be in contact with your clients and providers in the market. Communication uses a channel that changes from print media.

Communication is digital as it’s less costly, faster, and reaches a larger audience. Businesses that have gone bankrupt can mention that they failed to hear their needs, and that is why they ran out of business. Communication is vital for success.


When you have another organization or person offering services similar to the ones you provide, they are considered your competition.

You compete to win the customer’s heart, for space, orders, attention, etc.

It’s beneficial to have competition. Your competition isn’t your enemy. It helps to maintain your services. In circumstances where businesses are a monopoly, there’s a tendency for the company to be there. That is the day the competitor comes onto the market because clients never forget, and the business will suffer.


Information from the business has levels of vulnerability. Certain information is only for a few recipients, and leaking information can lead to chaos. When minutes of meetings are leaked to people who are not privy to the discussions done, chaos starts to brew. One quality for secretaries and assistants is the ability to maintain confidentiality.

You are not good enough as a leader or helper if you don’t excel in this area.


A conglomerate is a business firm that comprises many companies or businesses. This happens when the leadership of the company decides on investment into additional business lines to a point where businesses are registered to handle the services or lines rather than a firm that offers a variety of products and services.

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