BVC Key Terms to Know
Hi delegates! To continue welcoming you to BVC and BMUN LXX as a whole we wanted to offer some clarification to various key terms you may find throughout the background guide. Please note that this is just a subset of the terms we determined to be most important. We recommend that you read the topic synopsis for more defined key terms and research terms outside of this as well. A business model is one of the most fundamental concepts in entrepreneurship. It helps you describe your target market, plans for feasibility, and how you plan on making revenue. …Basically, it helps you to show other people who your product or service is meant to help, how you will make money (some sort of subscription model – think Netflix or Amazon Prime, selling a product for more than it costs to produce, etc.), and how you will stand out from potential competitors. Speaking of standing out from potential competitors, there is something called having a competitive advantage . This i...