MGMT 475 Chapter 1 Key Terms

What is traditional small business?

a firm intended to provide a living income to the owner, and operating in a manner and on a schedule consistent with other firms in the industry and market

What is high performing small business?

a firm intended to provide the owner with a high income through sales or profits superior to those of the traditional small business

What is high growth venture?

a firm started with the intent of eventually going public, following the pattern of growth and operations of a big business

What is main street business?

a popular term for small businesses reflecting the idea that these are the kinds of firms you would expect to find on the main street of a typical American city, and are the opposite of big businesses or wall street businesses

What is lifestyle or part time firm?

a small business primarily intended to provide partial or subsistence financial support for the existing lifestyle of the owner, most often through operations that fit the owner's schedule and way of working

What is crowdfunding?

funding a business online through the collective involvement of others who provide donations, loans, and investments

What is flexibility rewards?

the ability of business owners to structure life in the way that suits their needs best

What are income rewards?

the money made by owning one's own business

What is bootstrapping?

using low cost or free techniques to minimize your cost of doing business

What are growth rewards?

what people get from facing and beating challenges