What is a Corporation?

A business that is legally separate from its owners (shareholders).

A business owned by two or more people.

A business owned by one person.

Characteristics of a Partnership

Shared responsibilities. Partners share profits and liabilities. Types: General and Limited Partnerships.

Three advantages of Sole Proprietorship

Full control over decision-making. All profits go to the owner. Simple and inexpensive to start.

Three disadvantages of Sole Proprietorship

Unlimited personal liability (the owner is personally responsible for debts). Limited ability to raise capital. The business may end with the owner's death.

Three advantages of a corporation

Limited liability for shareholders (owners). Easier to raise capital through the sale of stocks. Perpetuity—business continues even if ownership changes.

Advantages of a Partnership

Shared responsibility and expertise. More capital available. Flexibility in management.

Purpose of a Business Vision Statement

It communicates the purpose, direction, and aspirations for the future.

Definition of a Business Vision Statement

A brief statement that describes the long-term goal of your business.

Three components of a Vision Statement

Future-focused, Inspiring, motivational, Reflect core values of business

Explains what the business does and includes information like the mission statement, product/service, and financial information.

Research your competitors, industry trends, and target market.

How you'll attract and keep customers, and how your sales process works.

The Appendix of a business plan. What should go here?

Supporting documents like resumes, contracts, and legal documents.

A franchise is an arrangement where the owner of the brand and business model gives you the right to use said brand and business model (with all attending trademarks, products, systems, etc.).

The individual or entity that holds the license to operate a business under the franchisor’s brand.

The initial fee paid by the franchisee to the franchisor for the rights to operate the franchise.

Ongoing fees paid by the franchisee to the franchisor, usually calculated as a percentage of the franchisee’s gross sales.

The owners or shareholders of a business are only responsible for the business’s debts and obligations up to the amount they have invested in the business. Their personal assets are protected.

Entrepreneurship Concepts Flashcards

Student preview

30 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Entrepreneurship

Back

The process of starting, developing, managing and assuming the responsibility for a business

2.

FLASHCARD QUESTION

Front

Business Plan

Back

A written description of a business idea and how it will be carried out.

3.

FLASHCARD QUESTION

Front

Small Business

Back

An independent business with fewer than 500 employees

4.

FLASHCARD QUESTION

Front

Persistence in Entrepreneurship

Back

Staying determined despite obstacles and setbacks.

5.

FLASHCARD QUESTION

Front

Risk Tolerance

Back

A characteristic of entrepreneurship. Willingness to take calculated risks for the potential of reward.

6.

FLASHCARD QUESTION

Front

Comfort with Failure

Back

A characteristic of entrepreneurship. Not being afraid to fail, and using it as a learning experience.

7.

FLASHCARD QUESTION

Front

Long-Term Focus

Back

A characteristic of entrepreneurship. Thinking beyond the immediate moment, focusing on sustainable success.

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