Understanding Business Chapter 6 Flashcards Preview

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Flashcards in Understanding Business Chapter 6 Deck (14):
1

Entrepreneurship

Accepting the risk of starting and running a business.

2

Entrepreneurial Team

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.

3

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.

4

Intrepreneurs

Creative people who work as entrepreneurs within corporations.

5

Enterprise Zones

Specific geographic areas to which governments try to attract private business investment by offering lower taxes and other support.

6

Small Business

Business that is independently owned and operated. is not dominant in its field of operation. and meets certain standards of size in terms of employees or annual receipts.

7

Business Plan

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).

8

Venture Capitalists

Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses.

9

Small Business Adminstration (SBA)

US government agency that advises and assists small businesses by providing management training and financial advice and loans.

10

Market

People with unsatisfied wants and needs who have both the resources and the willingness to buy.

11

Affiliate Marketing

An Internet-based marketing strategy in which a business rewards individuals or other business (affiliates) for each visitor or customer the affiliate sends to its Web site.

12

Incubators

Centers that offer new businesses low-cost offices with basic business services

13

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)

14

Small Business Investment Company (SBIC) Program

A program through which private investment companies licensed by the Small Business Administration lend money to small businesses.