Difficult words: glossary for young entrepreneurs
- Gerdine Annaars
- 9 February 2023
- Edited 5 December 2024
- 6 min
- Starting
You are young and want to start a business. You have already heard and read a lot about it. But some words are new: what do they actually mean? This glossary will help you know exactly what we mean by words such as eenmanszaak and liability.
Starting your own business when you are young also means learning about words you had never heard before. That is how it was for young entrepreneur Max van de Kelft: “I did find information especially for young entrepreneurs, but I also saw difficult words. To properly understand the information about starting a company, a list with all the difficult words and their explanations would help.”
Video
Turnover tax, bookkeeping, sole proprietorship. How do you find order in this chaos? Intrepid reporter Sebas checks it out for you with the young entrepreneurs of food truck Cugine and sneaker artist Mr Moz. For English subtitles, click the settings wheel, click ondertiteling and select English.
Video: Kids and entrepreneurship: a glossary
Glossary
|
Dutch |
English |
Meaning |
|
Aandeel |
Share |
Paper that says you own a piece of a company. |
|
Aangifte doen |
File a tax return |
Officially reporting something to the Tax Administration. For example, your profit. |
|
Aansprakelijkheid (hoofdelijk) |
(Joint and several) liability |
When you have caused damage or have fallen into debt (with your company), you are personally responsible. |
|
Aansprakelijkheidsverzekering |
Liability insurance |
Insurance that pays for damage you caused while working. |
|
Algemene voorwaarden |
General terms and conditions |
Agreements between your business and your clients about payment and delivery of your products. |
|
Besloten vennootschap (bv) |
Private limited company |
A company where people with one or more shares are the owners. |
| Bevoegheid | Authorisation | When you officially have the right to do something for your business |
|
Boekhouding |
Financial administration, bookkeeping |
Record of all financial data of your company. |
|
Branche |
Industry, sector |
A group of companies doing the same thing (shared core business). For example, the hospitality industry. |
|
Btw (omzetbelasting) |
VAT (value added tax) |
The Tax and Customs Administration takes a percentage of the money that your customers pay you for a product or service. This is called Value Added Tax (VAT). |
|
Buffer |
Financial buffer |
Saved money you can use when you face setbacks. |
|
Call to action |
Call to action |
Inviting someone to do something, for example, to buy something online. |
|
Concurrenten |
Competition |
Companies that do or sell the same thing as you. |
|
Crowdfunding |
Crowdfunding |
A large group of people (the crowd) gives or loans you money for your plans. |
|
Declarabele uren |
Billable hours |
The hours you work, which you can charge your client for. Not hours you spend on bookkeeping or your website, for example. |
|
Detailhandel |
Retail |
A shop, in a building or online. |
|
Dropshipping |
Dropshipping |
Buying abroad and selling in the Netherlands via an online platform. You do not need an office or warehouse. |
|
Eenmanszaak |
Sole proprietorship |
Company with one owner. It is possible to hire staff. |
|
Factuur |
Invoice |
A document from the seller to the buyer, stating what they must pay for a product or service. |
|
Failliet |
Bankrupt |
When a company has more debt than income and so must stop. |
|
Financiering |
Financing |
Money for your company, for example, a loan from a bank. |
|
Freelancer |
Freelancer |
An entrepreneur who does individual assignments. For example, as a website builder. |
|
Groothandel |
Wholesaler |
Sells products to other companies and shops. Does not sell to individuals. |
|
Handelsnaam |
Trade name |
The name of your company, as registered at KVK. |
|
Handelingsonbekwaam |
Not legally competent |
As a minor, you are not allowed to make big decisions, like entering into a contract. This is only possible together with your parents or guardian. |
|
Handelsregister |
Business Register |
A list of all companies in the Netherlands, for everyone to see at KVK. |
|
Handlichting |
Limited legal capacity |
A statement from the judge that validates the signature of 16 and 17-year-olds. |
|
Inkomstenbelasting |
Income tax |
The tax you have to pay over your profit (with an eenmanszaak or vof). |
|
Investeren |
To invest |
To put money into your company. |
|
Kasboek |
Cash book |
This is where you write down cash payments from customers and cash purchases for your company. |
|
Kostprijs |
Cost price |
Everything you have to pay before selling your product or service. Such as purchasing, transport, website costs, and insurance (without VAT). |
|
Leverancier |
Supplier |
A company that sells goods to your company. |
|
Logo |
Logo |
A recognisable image that belongs to your brand. |
|
Marge |
Margin |
The difference between the selling price and the cost price. |
|
Marketing |
Marketing |
Things you do to try and tempt people to buy your product or service. |
|
Marktonderzoek |
Market research |
Researching if there is a need for your product or service. |
|
Merk |
Brand |
The name of your product (range), or service. |
|
Minderjarig |
Minor / under age |
Not yet an adult, younger than 18 years. |
|
Omzet |
Turnover |
All the money you get from selling your product or service. |
|
Ondernemersvereniging |
Entrepreneurs’ association |
A group of companies, for example in a shopping street, that work together. |
|
Ondernemingsplan (bedrijfsplan) |
Business plan |
A detailed plan of your business idea. Often a template is used. |
|
Online platform |
Online platform |
A website where supply and demand come together. |
|
Ouderlijk gezag |
Custody |
Your parents or guardians are responsible for you. |
|
Persoonsgegevens |
Personal details |
Details that prove who you are. For example, your name, date of birth, and citizen service number (BSN). |
|
Pitch |
Pitch |
A short presentation about yourself or your company. |
|
Pop-upstore |
Pop-up store |
A temporary shop. A way to find out what customers think of your product. |
|
Rechtshandelingen |
Legal actions |
What you must do according to the law. |
|
Rechtsvorm |
Legal structure |
The legal form of your company. This is how the company is organised according to the law. |
| Schijnzelfstandigheid | False self-employment | You are doing an assignment as a zzp'er or freelancer but actually you are in paid employment. So you are an employee and not an entrepreneur. |
|
Sociaal ondernemen (duurzaam ondernemen) |
Social entrepreneurship (sustainable entrepreneurship) |
Doing the right thing for people, animals, and the environment with your company. |
|
Startup |
Startup |
A new, innovative company. Often active in tech or IT. |
|
Vennootschap onder firma (vof) |
General partnership |
Several entrepreneurs working together under one company name. |
|
Verdienmodel |
Revenue model |
You record how you plan to make money. For example, the customer pays a website builder when the website is ready and a small monthly fee for changes after that. |
|
Vergunning |
Permit |
Permission, for example from the municipality, for what you want to do. For example: selling spring rolls from a stall at the train station. |
| Volmacht | Power of Attorney | A certificate stating that you give someone permission to do something for your business. For example, one of your parents. |
|
Voorraad |
Stock |
Products you keep until you sell them. |
|
Winst |
Profit |
The money that is left after you have deducted all the costs from your turnover. |
|
Zakelijke bankrekening |
Business bank account |
A bank account for your company. Everything you buy or sell goes through this account. |
|
Zzp’er |
Self-employed professional without staff |
An entrepreneur without personnel. Also known as a freelancer. Does individual jobs for different customers. |
