Chapter 6: The Job-Creating Power of Entrepreneurs in the United States Flashcards
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 owner(s).
enterprise zones
Specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support.
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.
entrepreneurship
Accepting the risk of starting and running a business.
incubators
Centers that offer new businesses low-cost offices with basic business services.
intrapreneurs
Creative people who work as entrepreneurs within corporations.
market
People with unsatisfied wants and needs who have both the resources and the willingness to buy.
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 to do, and offers them a balanced lifestyle.
Service Corps of Retired Executives (SCORE)
An SBA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost (except for expenses).
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.
Small Business Administration (SBA)
A U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans.
Small Business Investment Company (SBIC) Program
A program through which private investment companies licensed by the Small Business Administration lend money to small businesses.
venture capitalists
Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses.
