Definition of terms Flashcards
What is a franchise?
A franchise is when a company (franchisor) gives the right to the use of their name, and way of doing business, and also provides support to someone (franchisee) in return for an agreed-upon fee
What is a family business?
A family business is a business that is ruined, owned, and managed by members of the same family
What is risk?
Risk is the potential for financial loss or a negative outcome for a business. It involves activities that can influence the success or failure of a business
What is a business idea?
A business idea is a concept or proposal of a new product, service, or business approach, that has the potential to solve a problem in the market pertaining to consumers
What is venture capital?
Venture capital is capital given to a company at an early stage by investors(venture capitalists) in return for a stake in the company
What is a business venture?
It is the undertaking of a new business opportunity that could result in the establishment of a new company or the expansion of an existing one
What is business failure?
It is when a company/business fails to meet its objective, because of factors like completion, lack of demand, or poor management, this usually results in the liquidation of the business or company
What is Intrapreneurship?
It is being innovative and entrepreneurial within an already existing business.
Innovators vs Imitators?
Innovators come up with new ideas for products and services while imitators observe already existing products and services and add changes to them or improve them
What is an enterprise?
It is a business organization involved in commercial activities.
