Reference

Glossary

Plain-language definitions for the terms used throughout the course.

Currency (in this course): Anything of value you exchange through your work: money, time, energy, relationships, integrity, purpose and wellbeing.
Enough number: The annual personal income your household needs to live well, including savings and giving — a floor, not a ceiling.
Revenue: Total money your business brings in from sales before any costs.
Gross profit: Revenue minus the direct costs of delivering your product or service.
Operating expenses: Ongoing costs to run the business: rent, software, insurance, administrative payroll and similar.
Take-home (owner's pay): What you personally receive from the business, via salary or owner's draw, after the business meets its obligations.
Owner's draw: Money an owner takes out of certain business structures for personal use. Rules vary by structure; ask a professional.
Tax set-aside: A percentage of income moved into a separate account to cover future tax payments.
Operating reserve: Cash held to cover expenses during slow periods — often a goal of 2–3 months of operating costs.
Opportunity cost: The value of the next-best thing you give up when you choose how to spend time or money.
Delegation: Handing responsibility for an outcome — not just a task — to someone else, with clear expectations.
Non-negotiable: A boundary you have decided in advance not to trade, regardless of the opportunity.
People-first audit: A structured self-review of pay, workload, respect and relationships in your business.
Tradeoff: Accepting less of one thing to gain more of another. Elevated decisions name tradeoffs explicitly.
Success statement: A short description of what a good business life looks like to you, including but not limited to money.