Reference

Glossary

Every key term from the lessons, in one place.

66 terms

A more perfect union

The ongoing effort to live up to America’s ideals.

Associations

Voluntary groups citizens form to act together.

Bookkeeping

Recording money in and money out.

Bootstrapping

Funding growth from your own sales.

Brand

The promise and feeling your name carries.

Business

Helping someone in a way they happily pay for.

Business model

How your business makes money.

Call to action

A clear next step you ask the viewer to take.

Cash flow

The timing of money in vs. out.

Cash forecast

A month-by-month estimate of money in and out.

Channel

A way you reach customers.

Civil society

The voluntary groups between citizen and state.

Close

Clearly asking for the decision.

Cottage food laws

State rules for selling home-baked goods.

Credit

Borrowed money repaid with discipline.

Creed

Founding beliefs: equality, rights, self-government.

Deduction

A real business cost that lowers taxable income.

Elevator pitch

A 30-second description of what you do.

Emergency fund

Savings set aside for the unexpected.

Entrepreneur

One who organizes effort and accepts risk to serve others.

Enumerated powers

The specific listed powers granted to the federal government.

Estimated taxes

Tax paid in installments through the year.

Executive summary

A short overview of the whole plan.

Federalism

Dividing power between nation and states.

First dollar

The first time someone pays you — you did it!

Follow-through

Doing what you committed to, when you said.

Founder’s Circle

America’s Future’s free mentorship cohort.

Habits of the heart

The moral habits that sustain freedom.

Idea

Something you can do that someone needs.

Inflation

When prices rise and money buys less.

Integrity

Doing right consistently, even unseen.

Judicial review

Courts can void unconstitutional acts.

Legal plunder

Using the law to take from some for others.

Little platoons

Burke's term for the small groups we belong to.

LLC

A structure that can separate personal and business liability.

Margin

What's left after covering your costs.

Microloan

A small loan made to very small businesses.

Milestone

A specific, dated goal.

Objection

A concern to understand, not to fight.

One-page plan

The whole business summarized on a single sheet.

Package

Selling several sessions together.

Profit

What remains after costs — value created.

Property rights

The right to keep and use what you earn.

Recurring revenue

Income that repeats, like weekly service.

Referral

A happy customer who sends you another.

Reputation

What people say of you when you’re not in the room.

Retention

Keeping customers over time.

Revenue

Money taken in from sales.

ROI

Did the ad earn back more than it cost?

Rule of law

Equal rules that bind everyone.

Runway

How long your cash will last.

Scope

Exactly what a job includes and excludes.

Semiquincentennial

A 250th anniversary.

SMART goal

Specific, Measurable, Achievable, Relevant, Time-bound.

Sole proprietor

The simplest one-person business.

Spontaneous order

Useful order that arises without central control.

Store of value

Something that holds its worth over time.

Supply & demand

Available vs. wanted; where they meet sets price.

Target customer

The specific person you serve.

The ask

The clear next step you request.

Trust

When people know they can count on you.

Unalienable rights

Rights that cannot rightly be taken away.

Validate

Test demand by talking to real buyers before building.

Value proposition

The clear reason a customer should choose you.

Value-based pricing

Pricing on the result, not only the hours.

Voluntary exchange

A trade both sides agree to because both benefit.

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