Vocab Business Ch. 6
Business Plan
A written description of the business idea and how it will be carried out, including major business activities.
Small Business
An independent business with fewer than 500 employees.
Innovation
An invention or creation that is brand new.
Long-term Financing
Money needed for the important resources of a business (such as land, buildings, and equipment) that will last for many years.
Venture Capital
Money provided by larger investors to finance new products and new businesses that have a good chance to be very profitable.
Entrepreneur
Someone who takes a risk in starting a business to earn a profit.
Start-up Financing
The amount of money needed to open the business.
Short-term Financing
The money needed to pay for the current operating activities of a business.
Entrepreneurship
The process of starting, organizing, managing, and assuming the responsibility for a business.
Improvement
A designed change that increases the usefulness of a product, service, or process.
Small Business Administration (SBA)
A government agency that helps small business owners develop business plans and obtain financing and other support for their companies.