An Immigrant’s Guide to Starting a Business in Saskatchewan Glossary
- Proficient means to be skilled or knowledgeable about something.
- A credit history shows how a person paid back the money they owe. It shows how responsible a person is with their money.
- A credit score is based on a person’s credit history. Lenders use credit scores to determine if a person will pay back their loans on time
- A purchased business is less risky if it is purchased at a fair price, managed well, and has shown a profit.
- Initial investment is the amount of money needed to start up a business. The initial investment amount for a franchise depends on what the franchise is. A Tim Horton’s has different start-up costs than a McDonald’s.
- To wear many hats is a saying that means you have many roles and responsibilities.
- Cross-cultural management helps us to communicate with, understand, and work with people who belong to other cultures.
- Small talk is social communication. Asking a person how they are, how their day has been, or talking about the weather are examples of small talk.
- Personal Liability means a person is legally responsible for something. A person may have to pay money to cover any damages to property or injuries to another person.
- Consideration means an agreed upon value.
- Bylaws are the set of rules and regulations that a municipality follows.
- An elevator pitch is a short, concise explanation of who, where, what and why you and your business is, or will be. It is not technical, or detailed. IT’S NOT A SALES PITCH. It is an introduction to make your audience want to know more, or just know who you are.
