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Publisher's Summary

Essential Small Business Terms You Should Know

Running a business involves a constant learning curve. And that applies whether you’re a rookie entrepreneur just starting out with a great idea for a new business or a more established small business owner with a quickly growing business that needs to expand.

When it comes to running a business, knowing your numbers is one of the most important things you need to know. Without a good grasp of financial terms, you could be operating a glorified hobby and not a real business. Also, financing your business is probably a top concern of yours. Having the right funding is crucial for getting your business off the ground and in flight.

This practical glossary compiles a list of 135 most common terms you’re likely to encounter, in alphabetical order. Every small business term is explained in detail, with clear and concise article style description and practical examples.

Don’t Be Overwhelmed by Financial Terminology

Before you let yourself get intimidated by all the business finance terms and lingo, just remember that knowledge is power. Armed with a basic understanding of how small business financing works, you will be prepared to face the financial challenges that go along with being a small business owner.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2019 Thomas Herold (P)2019 Thomas Herold

What listeners say about Small Business Terms - Financial Education Is Your Best Investment, Financial IQ Series

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A Wealth of Knowledge

This course does what it promises. It gives you a high-level overview of the important finance and accounting knowledge you need in order to run your own business. It doesn't go very deep, but then again, this is not what it is meant to do. It teaches you enough to ask the right questions from your accountant or finance person.
I loved that there were real-life examples of the financial terms. In later lectures, a list of 135 most common terms, which was a great bonus. I would have loved for this to be done for all the financial terms in the earlier lectures as well.
All in all, a great introduction, leaving me hungry for more. The boring stigma has been removed from the world of finance for me.

24 people found this helpful

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Worth every dollar x 10

Finished going through Thom's course on financing your business. It was very informative. I got a lot of good ideas to use in my business start-ups. It met each of my expectations when signing up for the course. Easy to listen to and to follow along.

23 people found this helpful

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The sooner you educate yourself,

The Author, Mr. Thomas Herold, has outlined the ins and outs of starting and ‘successfully’ maintaining a small business regardless of the type of business you might be. The essence of the book itself is to bring an understanding to the customer that the business term is based not only on the product or service it is providing but instead on the key components that allow it to be run efficiently. It also covers from top to bottom every component of running the business, for example, the financing essentials, managing the employees, understanding the market especially the need that your product or service is fulfilling for the customer.
He detailed his thorough research and identified the importance of strategizing all of the considered factors to help the small business owners not only survive but excel in managing their businesses. I would recommend people to utilize this resource for their start-up businesses.

22 people found this helpful

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Without being boring

A lengthy good listen that left no stone unturned on the subject of operating a sustainable small business; addressing an array of necessities on human levels such as employer-employee relationships, analytical strategies such as market/regional research methods, and even the importance of knowledgeability in business law - something many business owners wrongfully rely on extortionist legal experts from.

22 people found this helpful

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Good legal advice

Global economy is mainly composed of small businesses as large corporations are not able to meet the growing needs of the market. There are 30 million small businesses operating in the United States which count for 56% of all U.S. sales. While the numbers of small and medium businesses grow, the majority of such business fail due to lack of management and leadership which are vital for business. operation. Small business play an important role in the US economy as it counts for over fifty percent of the gross domestic product (GDP) of the United States. Small business not only help the US economy, but create job opportunities and help improve the quality of life for millions in the United States

20 people found this helpful

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THINKING OF BUYING A BUSINESS

Very good introduction to Business Terms.
I have no previous knowledge of those terms, but the first module answered some of my general questions and even highlighted some issues that I had not even thought about.
I am anxiously awaiting the next module.

19 people found this helpful

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Two Thumbs Up

Overall a pretty good course. I definitely have a better understanding of what I need to do to get my LLC formed. The tax stuff is still a bit over my head, but it was nice to get a basic run down of it. The explanation was pretty helpful too- that's something I didn't really know anything about. Definitely worth checking out if you need some help with the legal and accounting stuff when starting your business.

18 people found this helpful

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Best Investment Ever

Personally, I found this book to be very informative and I would highly recommend getting this book if you are an entrepreneur. For a short time, I was running my own business as a Nanny. I wish I had known this book was written and available because it could have acted as a helpful resource to build a better business platform. The information and research that was collected for this book was from reliable sources. The author, Mr. Thomas Herold, did a great job providing the most important information to the listener. Hopefully this audio book helps furfure small business owners and small businesses from becoming another statistic!

17 people found this helpful

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Definitely a great purchase!

This is a great course so far. I have used Mr. Herold financial terms a little but I am already starting to feel more confident about getting real use out of the puzzle.
Yesterday, I needed to design an Invoice and skipped to section 11 to do that. It was easy to understand and I designed a unique form for my business. Yea!
Now I am back at the beginning and plan to go through each module. Very pleased with this course!

16 people found this helpful

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Packed full of practical advice.

So why do so many small businesses fail? The first part of the book holds the answers. Gathering data from various other studies Mr. Thomas Herold compiles a detailed explanation on the successes and failings of small businesses. Long showcases a thorough understanding in the obstacles one has to overcome. Factors such as, barriers in market entry to discrimination to finances, can cause major difficulties for small business entrepreneurs.

15 people found this helpful

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  • Bernhard
  • 01-23-21

Fake reviews

I bought this book because it got a lot of good reviews, but given that the performance is sub-par, it seems that they are largely fake.

  • Overall
    4 out of 5 stars
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  • Troy
  • 05-06-20

Loads of Ideas

The examples that were given were simplified in a way that a beginner, such as myself, can understand what is being explained. It also did a very nice job of giving definitions of all the different phrases that are commonly used with accounting. There are still some things that I need to look into that I did not fully understand, but overall this guide really helped to give me a leg up in starting my business. I am happy to get this audiobook.

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  • Debbie
  • 05-05-20

Then pick this book up now!!!

This book took my breath away. It is extremely accurate, as I compared it to my first hand knowledge. Superb and thank you for this insight.

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  • Jean
  • 05-05-20

A wonderful how-to book on financial success


Great lessons here about how to achieve at work and in life. Recommended for those in school, those starting a career and those looking to make an impact in any walk of life. I have referenced the lessons listed at the back several times already and made sure my son has read them as well. Common shares have various other benefits. They are typically less expensive than are preferred stock shares. They are more heavily traded and readily available as well. The spreads between the buying and selling prices on them tend to be tighter as a result. Common stocks generally provide capital appreciation as the price of the shares rises over time, assuming that the company continues to do well and meet or exceed expectations. Dividends are often paid to common share holders when these things prove to be the case

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  • Bertha
  • 05-04-20

Making complex details clear and digestible

Thanks for this audible, it is a nice overall guide. Note that it is not advanced, and only has basic stuff, but that is exactly what I wanted. Simple and uncomplicated informative audiobook.

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  • Elaine
  • 11-14-19

Change is simply a Choice!

I want to start off by saying this book was beautifully constructed. It was straight to the point, easy to understand. The author tells you the background of small businesses and how to to achieve a successful business. There are lot of facts with annotations on his research as well as references to back up the authors views and claims. I would definitely recommend this book for anyone who is starting a business. It helps with marketing and development skills to start a small business. Mr. Thomas included terms and facts focusing on the core values that it takes to successfully run a small business and the key focus points that most adolescent entrepreneur‘s lack. The book is a must have for any business owner. Or even students who are currently majoring in business. So glad I purchased it! Would honestly give it more stars if possible.

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  • Charles
  • 11-14-19

Are you ready for your world to change?

Coming in with no formal business background, I expected this book to be a slog. Instead, it was a detailed, listenable how-to-guide for purchasing a business. Thanks to this book I feel I have the know-how to enter the rarified world of entrepreneurs and move from “working” to “owning.” If you’re looking to get more out of your work and looking for a practical way to get there, you really should pick this book up and listen it asap. It’s not impossible and you CAN do it. It’s been about few days since I first listen the book and am on my way to finding and acquiring the business of my dreams. It’s not easy but this book gives you the confidence/direction to make it happen.

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  • Amelia
  • 11-14-19

Changes everything in business finance.

This book brought clarity to a topic I've been interested in for a long time, but haven't pursued because the process was so foreign. I look forward to using what I learned to fulfill a dream.

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  • Annmarie
  • 11-14-19

Easy to read & great analogies

Many small businesses do not survive past the first five years. This study could help identify the critical business terms that may make an impact on the success or failure of small businesses. The researcher explored the viewpoints and experiences of current and former small business owners regarding the leadership and management skills that affect the survival of small business projects. Participants in this study included individuals whose small businesses have failed, as well as individuals whose companies remained in business for more than 10 years. Once small businesses have entered the market, factors that may increase the risk of failure may be active organization actions, division of operating cash flow by current liabilities, cash flow coverage of interest, operating cash flow margin, operating cash flow return on total assets, and earning quality. In this study, the business failure considered for businesses that were closed due to bankruptcy or liquidation. A common reason behind business failures is insufficient experience. The business terms affect whether small businesses thrive.

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  • Jeanette
  • 11-14-19

he Oxygen Your Business Breathes

Very detailed and easy to understand. He also helps define all the important terms and sections that you need to know. Has really helped so far - now I'm looking for a tutorial for the ONLINE Herold series, so I can become better at that, because that's the version I have.