chapter five Flashcards
small business`
one that is independently owned and 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 interested of small business in the United States
SCORE Association
a group of businesspeople who volunteer their services to small businesses through the SBA
Small-business institutes (SBI’s)
groups of senior and graduate students in business administration who provide management counseling to small businesses
small-business development centers (SBDC’s)
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 (SBIC’s)
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
