CHAPTER 3 ENTREPRENEURSHIP VOCUABULARY

Statement of Purpose

a brief explanation of why you are asking for a loan and what you plan to do with the money

Pro Forma Financial Statement

a financial statement based on projected revenues and expenses

Cover Letter

a letter that introduces and explains an accompanying document or set of documents

Executive Summary

a short restatement of the report (Business Plan)

Business Plan

a written document that describes all the steps necessary for opening and operating a successful business

Small Business Administration (SBA)

an independent agency of the federal government that was created to help Americans start, build, and grow businesses

Trade Associations

organizations made up of professions in a specific industry

Small Business Development Centers (SBDC)

provides counselors and management assistance to both current and prospective small business owners

Service Corps of Retired Executives (SCORE)

an organization made up of more than 10,500 retired executives who volunteer their time to provide entrepreneurs with real-world advice and know-how