Glossary – What Our Terms Mean

The purpose of this glossary is not necessarily to invent new terms but to define what the terms mean in the context of this resource.

There may be debate about the definitions, but at least we all understand what is meant. 

Cash Flow Statement

A Cash Flow Statement (CFS) or the statement of cash flows, is a financial statement that summarizes the amount of cash and cash equivalents entering and leaving a company. The CFS measures how well a company manages its cash position, meaning how well...


Distinguishing feature NOTE 1 A characteristic can be inherent or assigned.NOTE 2 A characteristic can be qualitative or quantitative.NOTE 3 There are various classes of characteristic, such as the following: — physical (e.g. mechanical, electrical, chemical or...

Competitive Strategy

A Competitive strategy is all about being different. It is the creation of a unique and valuable position in the minds of consumers, a Unique Value Proposition (UVP), involving a different set of activities than those of the competitions’, or, if those activities are...


Organisation (3.3.1) or person that receives a product (3.4.2). [ISO 9000:2005].

Customer Satisfaction

Customer’s perception of the degree to which the customer’s requirements (3.1.2) have been fulfilled. [ISO 9000:2005].

Entrepreneur and Entrepreneurship

There is an unfortunate number of definitions; some of the better ones are: An Entrepreneur is "[a] person who sets up a business or businesses, taking on financial risks in the hope of profit.", 2018. An Entrepreneur is "[s]omeone who solves...


“An event or occurrence which leaves an impression on someone.” Customers inevitably have experiences at every touch point. Since experiences are inevitable, we should plan them to be positive and not leave them to chance.

Heart, Mind, and Spirit

Heart - The emotions people feel about what happens to them, those they care for, and the world around them. Mind - A person’s capacity for self- and world-awareness, evaluation, reasoning, and rational thought. Spirit - Concern for the welfare and development of...


Hypothesis - singularHypotheses - plural A fancy name for a guess or assumption. Having a guess or assumption is not a crime. What is perhaps criminal is acting on a guess or assumption without evidence - doesn’t make a lot of sense really. A supposition or proposed...