Chapter 5

Business Plan

A carefully constructed guide for the person starting a business.

Small Business Administration (SBA)

A governmental agency that assists, counsels, and protects the interests of small businesses in the United States.

SCORE

A group of retired businesspeople who volunteer their services to small businesses through the SBA.

Small Business Institute

A group of senior and graduate students in business administration who provide management counseling to small businesses.

Franchise

A license to operate an individually owned business as though it were part of a chain of outlets or stores.

Franchisee

A person or organization purchasing a franchise.

Small Business Development Center

A university-based group that provides individual counseling and practical training to owners of small businesses.

Franchisor

An individual or organization granting a franchise.

Entrepreneurial Spirit

Desire to create a new business.

Small Business

One that is independently owned and operated for profit is not dominant in its field.

Small Business Institution Centers

Privately owned firms that provide venture capital to small enterprises that meet their investment standards.

Franchising

The actual granting of a franchise.