Forming a Business

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Technical Skills

Ability to perform tasks in a specific discipline or department

Entrepreneurship

Accepting the risk of starting and running a business.

Franchise

Agreement where a business idea seller grants rights to use the name and sell products.

Licensing

Allowing a foreign company to produce a product for a fee

Planning

Anticipating trends and determining strategies to achieve goals

SWOT Analysis

Assessment of internal strengths/weaknesses and external opportunities/threats

Limited Liability Company (LLC)

Business entity with flexible operations and limited liability for owners.

Cooperatives

Business owned and controlled by users for mutual gain.

Sole Proprietorship

Business owned and managed by one person with unlimited liability.

Incubators

Centers offering new businesses low-cost offices and basic services.

Decision Making

Choosing among alternatives to make managerial decisions

Market

Consists of consumers with unsatisfied needs and resources willing to buy.

Intrapreneurs

Creative individuals working as entrepreneurs within corporations.

External Customers

Dealers and end users who buy products for personal use

Organizing

Designing the structure and systems for goal achievement

Business Plan

Detailed written statement describing the business nature, market, and advantages.

Strategic Planning

Determining major goals and strategies for goal achievement

Micropreneurs

Entrepreneurs managing small businesses for a balanced lifestyle.

Vision

Explanation of why the organization exists and its direction

Knowledge Management

Finding and sharing the right information within the organization

Home-Based Franchises

Franchises operated from home with low overhead expenses.

Staffing

Function involving hiring, recruiting, motivating, and retaining employees

Empowerment

Giving employees responsibility, freedom, training, and resources

Directing

Giving explicit instructions, explaining routines, and clarifying policies

Top Management

Highest level of management responsible for strategic plans

Organizational Resources

Includes workers, financial resources, information, and equipment

Small Business

Independently owned, meeting size standards, with personal customer service.

Angel Investor

Individual providing financial backing for startups in exchange for ownership equity.

Venture Capitalists

Individuals or companies investing in new businesses for partial ownership.

Partnership

Legal business form with two or more owners sharing operations and debts.

Corporation

Legal entity with separate liability from owners, common in the US.

Goals

Long-term accomplishments an organization wishes to attain

Autocratic Leadership

Making managerial decisions without consulting others

Free Trade

Movement of goods and services among nations without barriers

Acquisition

One company purchasing the property and obligations of another.

Mission Statement

Outline of an organization's fundamental purposes

Joint Venture

Partnership of companies from different countries for a major project

General Partnership

Partnership where all owners share in business operations and liability.

Management

Practice of getting things done through organizational resources

Crowdfunding

Raising funds for a project or venture by obtaining small amounts from many people.

Merger

Result of two firms forming one company, akin to a marriage.

Objectives

Specific, short-term statements detailing goal achievement

Balance of Trade

Total value of a nation's exports compared to imports

Process

Used to accomplish organizational goals


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