Chapter 6. Entrepreneurs

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

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

business plan

a detailed written statement that describes 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)

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

Small Business Investments Company (SBIC) Program

a program through which private investment companies licensed by the Small Business Administration lend money to small businesses

entrepreneurship

accepting the risk of starting and running a business

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)

incubators

centers that offer new businesses low-cost offices with basic business services

intrapreneurs

creative people who work as entrepreneurs within corporations

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

venture capitalists

individuals or companies that invest in new businesses in exchange for partial ownership of those businesses

market

people with unsatisfied wants and needs who have both the resources and the willingness to buy

enterprise zones

specific geographic areas to which governments try to attract private business investments by offering lower taxes and other government support