FROM THE TOP: Speaking the Same Language
One of our biggest concerns as consultants is "vocabulary." We must share a common vocabulary. This isn't about a right or wrong definition -- it's about establishing a shared vocabulary with your associates, partners, and players in your industry. You can learn and adopt their vocabulary, or you can teach them yours.

Consider this: You have just arrived in a foreign country. While the words sound familiar, some words clearly mean different things from what you expected. To linguists, it's the "vernacular" -- the local language. Markets, like countries, have a vernacular. You need to learn the "terms of art," as the patent attorneys call it. These terms of art differ by industry. For example, a broker in one industry is a very different animal in another.

At the most basic level, we need to know the industry, so we can know the territory. That's why we begin by establishing a common vocabulary. With a common vocabulary, we can learn, cooperate, and work together.

For more on vocabularies, see our business glossary and check out the funding glossary on pages 7-9 of our new Raising Money II report.