Ch. 6 Understanding Business: Entrepreneurship and Starting a Small Business
Market
People with unsatisfied wants and needs who have both the resources and the willingness to buy.
Small Business Administration
A U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans.
Service Corps of Retired Executives (SCORE)
An SBA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost (except for expenses).
Small Business
A business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size (set by the Small Business Administration) in terms of employees for annual receipts.
Business Plan
A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s).
Entrepreneurial Team
A group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product.
Small Business Investment Company Program (SBIC)
A program through which private investment companies licensed by the Small Business Administration lend money to small businesses.
Entrepreneurship
Accepting the risk of starting and running a business.
Affiliate Marketing
An Internet-based marketing strategy in which as business rewards individuals or other businesses (affiliates) for each visitor or customer the affiliate sends to its website.
Incubators
Centers that offer new businesses low-cost offices with basic business services.
Intrapreneurs
Creative people who work as entrepreneurs within corporations.
Micropreneurs
Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.
Venture Capitalists
Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses.
Enterprise Zones
Specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support.