Understanding Business Chapter 6 Flashcards
Entrepreneurship
Accepting the risk of starting and running a business.
Entrepreneurial Team
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 to do. and offers them a balanced lifestyle.
Intrepreneurs
Creative people who work as entrepreneurs within corporations.
Enterprise Zones
Specific geographic areas to which governments try to attract private business investment by offering lower taxes and other support.
Small Business
Business that is independently owned and operated. is not dominant in its field of operation. and meets certain standards of size in terms of employees or annual receipts.
Business Plan
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).
Venture Capitalists
Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses.
Small Business Adminstration (SBA)
US government agency that advises and assists small businesses by providing management training and financial advice and loans.
Market
People with unsatisfied wants and needs who have both the resources and the willingness to buy.
Affiliate Marketing
An Internet-based marketing strategy in which a business rewards individuals or other business (affiliates) for each visitor or customer the affiliate sends to its Web site.
Incubators
Centers that offer new businesses low-cost offices with basic business services
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 Investment Company (SBIC) Program
A program through which private investment companies licensed by the Small Business Administration lend money to small businesses.
