Income

From Wikipedia, the free, on-line encyclopedia:

Income refers to consumption opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings received... in a given period of time." For firms, income generally refers to net-profit: what remains of revenue after expenses have been subtracted. In the field of public economics, it may refer to the accumulation of both monetary and non-monetary consumption ability, the former being used as a proxy for total income.

Go to Wikipedia and read the entire article.

Investopedia lists the following kinds of income:

Net Income
Portfolio Income
Taxable Income
Passive Income
Ordinary Income
Personal Income
Nonpassive Income And Losses
Unearned Income
Investment Income
Net Investment Income
Sundry Income
Provisional Income
Operating Income
Net Operating Income - NOI
Marginal Tax Rate
Passive Activity
Operating Income Before Depreciation And Amortization - OIBDA
Non-Operating Income
Modified Adjusted Gross Income - MAGI

Revenue is revenue, but income is a bagel. Along time ago, my previous brother-in-law went to a store to buy a bagel. He was in Michigan, and and bagels had just begun to be known. The person who waited on my b-i-l asked him for the kind of bagel he wanted, cinnamon and raisin, onion, sesame seed, plain, everything, blueberry, cranberry, etc. My b-i-l was flummoxed. It's like that with "Income". You hear it bruited about, basically meaning money made. But go to Investopedia.com and read about what income really means and about the various forms of income.

Sales leads to money in the door. Revenue, and all the other kinds of income. Bottom line: without customers, no sales. Without sales, no revenue, or income of any kind.

So our job begins with sales, the creator of wealth. But that's a complex thing, and we're going to be on it for a while.

What do you think about this? I'd like to know. Post a comment.

Entrepreneurship 2.0 is my entrepreneurship course. The ideas in it supply the life's blood of my professional activities: teaching, writing, and real estate. For entrepreneurial real estate go to www.yourstopforrealestate.com/blog and for entrepreneurial writing to www.kearneymusicschoolmurders.blogspot/com.