Chapter 5 Definitions Flashcards
Small business
One that is independently owned an operated for profit and is not dominant in its field.
Business plan
A carefully constructed guide for the person starting a business
Small Business Administration (SBA)
A governmental agency that assists, counsels, and protects the interests of small businesses in the United States.
Service Corps of Retired Executives (SCORE)
A group of businesspeople who volunteer their services to small businesses through the SBA.
Small-business institutes (SBIs)
Groups of senior and graduate students in business administration who provide management counseling to small businesses.
Small-business development centers (SBDCs)
University-based groups that provide individual counseling and practical training to owners of small businesses.
Venture Capital
Money that is invested in small (and sometimes struggling) firms that have the potential to become very successful.
Small-business investment companies (SBICs)
Privately owned firms that provide venture capital to small enterprises that meet their investment standards.
Franchise
A license to operate an individually owned business as though it were part of a chain of outlets or stores.
Franchising
The actual granting of a franchise.
Franchisor
An individual or organization granting a franchise.
Franchisee
A person or organization purchasing a franchise.
