The dissimilarity concerning the successful
and unsuccessful business person is determined by various factors. One key
factor is the ability to be rooted and to understand the basic terminologies in
business as the jargon will be a tool for actions taken appropriately in
business decisions, negotiations as knowledge is correlated with power.
Here are the 7 C’s of business term
you should equip yourself with;
Competence /kämpədəns/
It is a skill or ability of an individual
to do a job or function well on a task. Firms usually recruit by testing
candidates to identify and evaluate their capability in the area specified.
The term “competence” first appeared in an article authored by R.W white in
1959 as a concept of performance motivation.
e.g
The young director proved that she has the
competence to run the company’s affair.
Commitment /kəˈmitmənt/
This is a willingness/promise to give your
time and energy to something you believed in or to be loyal to a firm, someone
or emotionally.
A fund in business can also be committed
either to a project or to purchasing an asset by setting-aside the approved
amount in response to the purchase or the project implementation.
e.g
The new employee was so committed to his
job that he exceeded he’s target.
Capitalism /ˈkapədlˌizəm/
An economic system based on private
ownership; that is, things that are produced and transport such as land, labor,
capital and factories are owned by individual people and not the government. Capitalism include private property,
capital accumulation, wage labor and most importantly price system and
competitive markets.
Cash-in-hand
Funds that are immediately available to a
business. Money kept for payment of goods and services immediately using cash,
rather than by cheque or credit card.
It can also be an amount of cash a company
has available after all its costs have been paid.
e.g
The payment for the delivery made today was
settled from cash-in-hand.
Cost /kôst/
An amount incurred or to be paid in order
to get/buy something. Cost in business is in monetary value expended to achieve
an object.An opportunity forgone in production and delivery of goods and
services.
e.g
The cost of doing business in this area is
high.
Capital /ˈkapədl/
Money invested in business to generate
income. It is usually a form of wealth represented in asset or money. Capital
is more durable and it is used to generate wealth through investment.
Consistence /kənˈsistəns/
This is an act of being steady or remain
unchanged in a pattern of dealing. A consistent business person behave or make
things happen in a similar, especially positive way. It create trust and at
large customer loyalty.
Be a business person with vast knowledge in
business related terms, this makes you stand-out among others. The above 7 C’s
of business terms and more to come up in this Blog will make you the best
business person you have ever imagined.
Read related articles here.
Read related articles here.
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