Unit 1 - Introduction to Entrepreneurship

Partnership

A business that is co-owned and operated by 2 or more people. Generally between 2 and 6.

Sole Proprietorship

A business that is owned and operated by one person.

SMART Goal

A goal that is: Specific, Measurable, Attainable, Relevant, Timely

Limited Liability Company (LLC)

A hybrid form of business ownership that offers the limited liability of the corporation but the tax advantages of a partnership.

Corporation

A large business that is owned by shareholders and operated by a board of directors.

Market Needs

A necessity the market cannot live without

Innovation

A new idea, method or device that provides a better solution to satisfy consumer needs.

Start-Up Venture

A newly emerged business that is striving to develop a viable business model around a new product or service.

Entrepreneurial Mindset

A state of mind in which one conducts him/her self to entrepreneurial activities. These individuals are drawn to opportunities and innovation.

Entrepreneur

An individual who founds and runs a business assuming all of the risks and rewards of the venture.

Goals

An observable and measurable end result that can be achieved in a specific timeframe.

Services

Intangible products provided by a business

Profit

Money remaining after all costs of running a business are subtracted from total revenue.

Market Wants

Not a basic life requirement and is not needed for survival.

Marketing Plan

Section a s business plan that contains a detailed description of major advertising and promotional activities.

Operations Plan

Section of a business plan that contains a description of major company operations, an explanation of the management team, and human resource plans.

Market Analysis

Section of a business plan that describes the target market of the business and lists any major competitors that exist.

Financial Plans

Section of a business plan that includes a detailed explanation of all start-up costs, where your business will obtain its beginning capital, and a business budget.

General Description

Section of the business plan that generally follows the executive summary. This section includes mission and vision statements as well as company goals.

Executive Summary

Section of the business plan that summarizes the whole report, so that a reader can become acquainted with the plan without reading the whole document.

Goods

Tangible products provided by a business.

Entrepreneurship

The ability and motivation to begin a business venture that involves risk in order to make a profit.

Motivation

The desire or willingness for someone to do something.