Chapter 6: Entrepreneurship and Starting a Small Business Flashcards
Entrepreneurship
Accepting the risk of starting and running a business
Entrepreneurial team
A group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product
Micropreneurs
Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want, and offers them a balanced lifestyle
Intrapreneurs
Creative people who work as entrepreneurs within corporations
Enterprise zone
Specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government supports
Incubators
Centers that offer new businesses low-cost offices with basic business services
Small business
A business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size, set by the Small Business Administration, in terms of employees or annual receipts
Business plan
A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owners.
Venture capitalists
Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses
SBA: Small Business Administration
A U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans
SBIC: Small Business Investment Company Program
A program through which private investment companies licensed by the Small Business Administration lend money to small businesses
Market
People with unsatisfied wants and needs who have both the resources and willingness to buy
SCORE: Service Corps of Retired Executives
An SBA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost, except for expenses.
