Know Your Acronyms - IRA, ROI, and RFP

You must learn the business acronyms if you plan to be successful in business.

IRA stands for Individual Retirement Account. If you're an entrepreneur, you will need to plan your own retirement.

ROI stands for Return On Investment. Whenever you invest money or services into your company, you want to have a clear understanding of what your success rate will be.

RFP stands for Request For Proposal. If someone gives you an RFP, it means that they are requesting a proposal from you. They are interested in doing business with you, but want you to propose some ideas and a budget.

The last thing you want to happen is for someone to use a common business acronym, and you have no idea what it means.