It was 13-year-old entrepreneur Max van de Kelft who pointed out to us that entrepreneurship goes hand in hand with difficult words. Especially if you start your own business at a young age, you often run into terms that you have never heard before. “I found 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.” So, here is a glossary for young entrepreneurs.
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.
Video: Young entrepreneurs and difficult words
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Did you know?
The number of young people with their own business is growing rapidly. On 1 January 2017, 669 entrepreneurs aged 12 to 17 were registered with the KVK. On 1 January 2022, there were 2,939 already.
Number of annual starters under the age of 18. (Source: KVK Business Register)
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 covers damage you caused while working. |
Besloten vennootschap (bv) | Private limited company | A company where people with one or more shares are the owners. |
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. |
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 have personnel. |
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. |
Leverings- en betalingsvoorwaarden (algemene voorwaarden) | Delivery and payment terms (General terms and conditions) | The agreement between your company and your customer about payment and delivery of your product. |
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. |
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. |
Sociaal ondernemen (duurzaam ondernemen) | Social entrepreneurship (sustainable entrepreneurship) | Doing the right thing for people, animals, and the environment with your company. |
Start-up | Start-up | A new, innovative company that quickly wants to grow in size and importance. |
Vennootschap onder firma (vof) | General partnership | Several entrepreneurs working together under one company name. |
Verdienmodel | Revenu 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 in a stall at the train station. |
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 | Sole proprietor | An entrepreneur without personnel. Also known as a freelancer. Does individual jobs for different customers |
 | Max van der KelftOwner KelftMediaAt the age of 13, Max van de Kelft started his own media agency. He makes videos for YouTubers and companies. He taught himself coding and editing. “I watched instructional videos for hours to understand how it works.” Before he registered his company with KVK, he researched what it takes to start a company. “I read a lot of difficult words, without explanation. There has to be a better way, right?" He gave us an idea: “A list of difficult words with their explanation would help” |
- 13
- Eindhoven
- Media and design
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