Chapter 5 Definitions Flashcards

1
Q

Small business

A

One that is independently owned an operated for profit and is not dominant in its field.

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2
Q

Business plan

A

A carefully constructed guide for the person starting a business

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3
Q

Small Business Administration (SBA)

A

A governmental agency that assists, counsels, and protects the interests of small businesses in the United States.

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4
Q

Service Corps of Retired Executives (SCORE)

A

A group of businesspeople who volunteer their services to small businesses through the SBA.

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5
Q

Small-business institutes (SBIs)

A

Groups of senior and graduate students in business administration who provide management counseling to small businesses.

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6
Q

Small-business development centers (SBDCs)

A

University-based groups that provide individual counseling and practical training to owners of small businesses.

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7
Q

Venture Capital

A

Money that is invested in small (and sometimes struggling) firms that have the potential to become very successful.

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8
Q

Small-business investment companies (SBICs)

A

Privately owned firms that provide venture capital to small enterprises that meet their investment standards.

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9
Q

Franchise

A

A license to operate an individually owned business as though it were part of a chain of outlets or stores.

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10
Q

Franchising

A

The actual granting of a franchise.

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11
Q

Franchisor

A

An individual or organization granting a franchise.

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12
Q

Franchisee

A

A person or organization purchasing a franchise.

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