9 Terms Understand Before Starting Business in 2024 

By: Tradeudhaar.com

Market Analysis 

Understanding the industry landscape, target audience, competitors, and trends to make informed business decisions. 

Business Model Canvas 

A strategic management tool for visualising and developing business models, encompassing key elements like value proposition, revenue streams, and cost structure. 

Digital Marketing 

Utilising online platforms and tools to promote products or services, including social media marketing, SEO, and content marketing. 

Blockchain Technology 

A decentralised ledger technology offering secure and transparent transactions, applicable in various sectors like finance, supply chain, and healthcare.

E-commerce 

Conducting business transactions online, including buying, selling, and marketing products or services over the internet.

Sustainability 

Incorporating environmental and social considerations into business practices, such as reducing carbon footprint and promoting ethical sourcing. 

Data Analytics 

Leveraging data to gain insights into customer behaviour, market trends, and operational efficiency, enabling data-driven decision-making. 

Agile Methodology 

A project management approach emphasising flexibility, collaboration, and iterative development to adapt to changing market needs.

Remote Work 

Operating a business with a distributed workforce, utilising technology to facilitate collaboration and productivity outside of traditional office settings.

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