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Small Business Terms - Financial Education Is Your Best Investment, Financial IQ Series

The Smart Owner Guide for Startup & Success, Accounting, Finance, Taxes and LLC Management
Narrated by: William Bahl
Series: Financial IQ Series, Book 13
Length: 10 hrs and 27 mins
Categories: Business, Career Skills

Non-member price: $34.76

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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

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  • Darrell
  • 12-11-2019

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 of 24 people found this review helpful

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  • Nicholas
  • 12-11-2019

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 of 23 people found this review helpful

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  • jenny
  • 12-11-2019

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 of 22 people found this review helpful

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  • Connie Class
  • 12-11-2019

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.

21 of 21 people found this review helpful

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  • lucy
  • 12-11-2019

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 of 20 people found this review helpful

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  • Clinton Bourgoin
  • 12-11-2019

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 of 19 people found this review helpful

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  • Frances
  • 12-11-2019

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 of 18 people found this review helpful

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  • Arnold Macmillan
  • 12-11-2019

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 of 17 people found this review helpful

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  • Christopher Presley
  • 12-11-2019

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 of 16 people found this review helpful

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  • Debra Figueroa
  • 12-11-2019

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 of 15 people found this review helpful

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  • Beverly
  • 12-11-2019

A valuable asset to your Library

Thanks a lot for the course! I just started searching such courses on audible and other such platforms and purchased your course. Its one of a great investment of time and money I have ever made. It gave me a clear road map as an entrepreneur as what to expect at every stage of the journey. This also suggested how I model my business and whether Investment and IPO is really a thing or whether you are well off just my being a Pvt Ltd growing organically without funding.
The topic of most interest was :Raising Capital, followed by exit strategies and IPOs I always wanted a sneak peak into the process without actually going through the process and this course has the facts necessary for anybody to understand the process, be mentally prepared for the process and use it for the benefit of themselves and the company.

26 of 26 people found this review helpful

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  • Cherie
  • 12-11-2019

This amazing book gives us worth years of failure

This an interesting and insightful and book to listen to start a business or/and existing business. If you want to start or end your business listen this audio book and you will receive outstanding training information for a successful business and most of all a great leader leading a successful team. In May 2018, I started a business and after listening the book twice, it has enlightened me tremendously and taught me how to strive as a leader in order to build a successful business.
The book is very informative and straight to the point that will make you a better leader, persuasive negotiator, and effective motivator. As a leader we must be able to connect with people and not only rely on talent and hard work; you will become more confident in collaborating with peers.

23 of 23 people found this review helpful

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  • Martin
  • 12-11-2019

Critical resource

Understanding economics is crucial to success, and Herold's insight on financials business owners or managers cannot ignore. The distinctions of costs such as fixed, sunk, variable, and marginal costs are defined as well as basic principles of accounting. The role of entrepreneur is established, which details the importance of competitive advantage and to create more value to the customer than a traditional business could provide. An entrepreneur also needs to understand the new growing needs of the consumer it is reaching for as well as doing the most he/she can to increase the value of the owners’ equity in the business. Other elements of successful businesses include ethics, social responsibility and benefits of strategic philanthropy. It is more than a mere tax break but helps gain visibility to the consumer and affect the employee turnover as well. Employees are not forgotten, and the role of human resource management is an administrative area that is also touched on.
After defining the problem, methodology, and the results of the study, Mr. Herold is able give a road map on how to keep a small business. The use of empirical data from small business owners gives a unique insight that not all owners view management and leaderships skills equally which may cause of a lot of business failure. The reference guide is a must for anyone that is thinking of starting a business and strips away any false pretenses they might have.

22 of 22 people found this review helpful

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  • John
  • 12-11-2019

What a great book!

Upon completion of this audiobook, the instructor has given me the knowledge I need to use in business both efficiently and effectively.
Her superior knowledge covered virtually every aspect of what could, might, and will occur in a small business environment.
Bahl's calm, cool, and collected voice tone, as well as his ability to export his vast myriad of fiancial knowledge to the learners is not only impressive, but also professionally accomplished.

22 of 22 people found this review helpful

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  • Samuel Freeman
  • 12-11-2019

Another Herold compendium

Concepts I'm far more better in knowing now than before after listening this called Financial Education Is Your Best Investment that Affect Small Business Survival by Mr. Herold and narrated by Mr. William shares with the listeners knowledgeable information researching the certain affects that comes with owning a small business. These affects are highlighted by specific factors like leadership and management skills. Skills that if they are not worked on it will lead to the business failing. The 5ps, Purpose, Principles, Processes, People, and performance is the key essential guide in perfecting your craft in maintaining a small business. Dr. Long introduces this concept as a helpful guide in becoming aware of these key essential factors for ultimate success in owning a business. It was also pointed out by Dr. Long that production and competition is most of the time disregarded in the maintaining process of keeping a small business alive. The last half of the book serves as a resource guide on how small business owners can get past detrimental situations. This is the section that highlights leadership components that are key in keeping the small business alive. Business ethics was also mentored by Mr. Herold as this was one of my favorite parts of the book. This part of the book shows the process of knowing right or wrong and highlighting the fact of establishing a strong link between the workers. If a strong link is implemented by a great leader, trust will hold weight within the business. Importance of accounting too is key in running a small business. Tracking all financial transactions and keeping books up to date is also mentioned. All beneficial information used to project numbers at all times for the small business.

21 of 21 people found this review helpful

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  • Arlene Vela
  • 12-11-2019

Clear & Coherent guide to buying a small business

The purpose of this book is to address the possible reasons for the high failure rates of small business in various industries in our country. There are plenty of studies and research trying to explain this phenomena, but very little research on the specific management and leadership skills that affect the survival of small business.
In order to accomplish this goal thomas herold, implemented the 5Ps strategic direction and management model of investigation. He focused his attention on very specific factors that affect small businesses: Small business development, background of small businesses, gender disparities in small businesses, small business failure globally, effects of mall business failure, predictors of small business failure, small business success, leadership and management in small businesses, education, and leadership and management. All this concepts give us a clear idea of all the possible factors that contribute to the failure of a small business.
Mr. Thomas also uses brilliantly the different methods with the purpose to identify what areas of leadership and management had the most influence on small business failure. His findings indicate that essential management and leadership skills include communication, interpersonal skills, and provide support to employees. He also touches a very important point that in my experience is crucial globally. The necessity for clarity from the upper management, every single member of a small business need to know their responsibilities, duties, and what their manager expects from them on a daily basis. At the same time, they need to know that they will be held accountable if they fail to achieve their basic duties.

20 of 20 people found this review helpful

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  • Lori Bell
  • 12-11-2019

Practical, thoughtful & very useful guide. Buy it.

The researched on business terms expressed that leadership and management skill are very important for the success in the business. The book provides list of 135 most common terms which service the owner to identify efficiently the issues and provide educated answers with the best possible response to get good results. Therefore, by overcoming obstacles in the marketplace, adjust to the changing market, understanding the competition, meet efficiency demands, meet human capital, and content service and production needs will allow to surpass the traditional five-year period and possibly to become a successful business owner as well. It is a must-listen audiobook if you want to comprehend and accomplishment success as a Small Business Owner.

18 of 18 people found this review helpful

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  • Rosella Duran
  • 12-11-2019

Great insight through the process

The book Essential Small Business Terms Skills that Affect Small Business Survival was based on a research study called interpretative phenomenological analysis designed to identify the main reasons of the success or failure of small business. The research found that let yourself get intimidated by all the business finance terms are key for the success of a small business if this was missing or lacking the business did not do well and would not survive.
The study also explored different factors that affect the growth and development of the small business owners, some of these were their education levels, access to capital, management styles, and access to the market. The book stresses the importance of small business owners need to focus on their practice of good management and leadership skills to improve the communication, leadership skills, and goal setting will help ensure the success of their small business.
According to the Book Management the global economy is actually composed of small businesses.

17 of 17 people found this review helpful

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  • Betty Lope
  • 12-11-2019

Guide to owning a small business

I think the course is excellent. It doesn't just focus on one method of funding but it explained dozens of them from traditional loan methods to the modern methods like crowd-funding. Tom helped me a lot, and I'm grateful for that.

16 of 16 people found this review helpful

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  • Raymond
  • 12-11-2019

Essential for Small Business

Essential Small Business Terms that Affect Small Business Survival, the book is aptly named. Running a small business is no small task. When the numbers are stacked against you it can seem nearly impossible. Nearly 90% of small businesses are destined to fail within their first five years of operation. Dr. Long provides a guide to the inner world of small businesses and how to navigate them. The key points of the book are reflected in the title. Such information is essential in making or breaking it in the small business world.

15 of 15 people found this review helpful