Entrepreneurship I Lesson 3 Vocabulary

pro forma financial statement

a financial statement based on projected revenues and expenses

cover letter

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

executive summary

a short restatement of the report portion of a business plan

business plan

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

harvest strategy

an exit strategy, or the way an entrepreneur intends to extract, or harvest, his or her money from a business after it is operating successfully

trade associations

organizations made up of professionals in a specific industry

statement of purpose

brief explanation of why the writer of a business plan is asking for a loan and an explanation of what he or she plans to do with the money

Small Business Development Centers (SBDC)

centers that provide management assistance to current and prospective small business owners

Service Corps of Retire Executives (SCORE)

group made up of retired executives who volunteer their time to provide entrepreneurs with real-world advice and know-how

Small Business Administration (SBA)

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