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Chapter 5 Intro to Business

Entrepreneurship
Process of creating & managing a business to achieve desired objectives (websites, ETC.)
Small Business
Any independently owned & operated business that is not dominant in its competitive area (Employs less than 500)
Small Business Administration (SBA)
Independent agency of federal government that offers managerial & financial assistance to small business
Retailing & Wholesaling
Retailers acquire goods from products or wholesalers & sell them to consumers
Services
Service sector business that do not actually produce tangible goods (80% of US jobs)
Manufacturing
Can provide unique opportunities for small business
Starting a business
Concept or general idea, create a business plan, strategy to guide planning & development business plan, precise statement of rationale for a business & a step by step explanation of how it will achieve goals
Venture capitalists
Persons or organizations that agree to provide some funds for a new business in exchange for an ownership interest or stock
Collateral
Financial interest in property or fixtures of the business
Franchise
License to sell anothers products or to use anothers name in business, or both
Franchiser
Company that sells a franchise
Franchisee
Purchase of a franchise
Many financial institutions decide whether to loan a small business money based on what?
Business plan
To start any business you must first have a what?
An idea
Disadvantage of a small-business ownership?
High failure rate
Persons or organizations that agree to provide some funds for a new business in exchange for ownership interest or stock are called
Venture capitalists

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