Lecture 4 Flashcards
Small Business
Owner-managed business with fewer than 100 employees
New Venture
Recently formed organization, opened within the last 12 months, that sells goods or services
Entrepreneurship
Process of identifying and capitalizing on a marketplace opportunity
Entrepreneur
Person who recognizes and seizes opportunities
Intrapreneur
Create something new within an existing large organization
Sole Proprietorship
business with a single owner who is solely responsible for all liabilities
Partnership
Two or more people agree to combine their financial, managerial, and technical abilities to run a business
Corporation
separate legal entity under the law
Co-operative
A legally incorporated corporation that is owned by an association of persons seeking to satisfy common needs such as access to products or services, sale of their products or services, or employment
What is a franchise
A business established or operated under an authorization to sell or distribute a company’s goods or services in a particular area
General Partnership
a business established by two or more owners
Limited Partnership
a business owned by two or more parties, with at least one serving as the general partner who oversees the business
Partnership
Two or more people share ownership of a single business
Private Corporation
company held under private ownership with shares that are not traded publicly on exchanges
Public Corporation
company held under public ownership with shares that are traded publicly on exchanges
