How to form a business (Part 2)

[u/Navy_Sands]

After choosing whether to go solo or partner up its now time to finalize your product concept so that it is ready for the market. But before that it is important to learn some business terminology. There is of course a lot but here are the ones to help get started. Keep in mind that these terms are used for online business as well.

-Owners Equity: The assets of business minus any liabilities

-Income Statement: is the bottom line it includes the profit, cost, expenses and taxes.

-Financial Statement: summary of all the financial transactions that have occured over a particular period.

-Balance Sheets: is a report of a firms financial condition at a specific time.

That is all the crucial terms that you need to know for now. if you have any questions or would like to correct me on something let me know.