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24 Cards in this Set

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small business
firm that is independently owned and operated, is not dominant in its field,
Business plan
written document that provides an orderly statement of a company's goals, the methods by which it intends to achieve these goals, and the standards by which it will measure achievements
SBA (Small Business Administration)
federal agency that aids small businesses by providing management training and consulting, financial assistance, and support in securing government contracts
Incubator
organization that provides temporary low-cost, shared facilities to small start-up ventures
Sole proprietorship
form of business ownership in which the company is owned and operated by one person
Partnership
form of business ownership in which the company is operated by two or more people who are co-owners by voluntary legal agreement
Stockholder
person or organization who owns shares of stock in a corporation
Merger
combination of two or more firms to form one company
Acquisition
procedure in which one firm purchases the property and assumes the obligations of another
Franchise
contractual agreement that specifies the methods by which a dealer can produce and market a supplier's good or service
Franchisee
the individual or business firm purchasing the franchise
Franchisor
the small business owner who contracts to sell the good or service of the supplier
Preferred stock
owners of preferred stock have limited voting rights, they are entitled to receive dividends before common-stock holders. If the corporation is dissolved, they have the first claims on assets, once debtors are repaid
Common stock
owners of common stock have voting rights but only residual claims on the firm's assets, which means they are last to receive any income distributions
Not-for-profit corporation
firms pursuing objectives other than returning profits to owners
Entrepreneur
person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business
Classic entrepreneur
person who identifies a business opportunity and allocated available resources to tap that market
Serial entrepreneur (multipreneur)
person who starts one business, runts it, and then starts and runs additional businesses in succession
Lifestyle entrepreneur
person who starts a business to reduce work hours and create a more relaxed lifestyle
Intrapreneur
entrepreneurially oriented person who develops innovations within the context of a large organizations
Seed capital
initial funding needed to launch a new venture
Debt financing
borrowed funds that entrepreneurs must repay
Venture capitalist
business firms or groups of individuals that invest in new and growing firms in exchange for an ownership share
Angel investor
wealthy individuals who invest directly in a new venture in exchange for an equity stake