Business and Entrepreneurship Chapter 1 Vocabulary

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Entrepreneur

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Individuals who found and run their own small business assuming all the risks and rewards

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Capital

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Funds to start a business

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Risk

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A situation involving exposure to danger

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Reward

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A thing given in recognition of one's service, effort, or achievement

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Start-up

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The action or process of setting something in motion

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Franchise

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An authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, e.g., providing a broadcasting service or acting as an agent for a company's products

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Dealership

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A dealership is a franchise where a business (the dealer) sells one brand of product to retail consumers

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Distributorship

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Product franchises. Businesses (the distributors) buy and resell a variety of non-competing products or services

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Non-Profit

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A non-profit corporation is a company whose purpose is not to make money but to provide a benefit to society

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Cooperative (Co-op)

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Typically called a co-op, is a business owned by the people who buy its products or use its services