MAN 1107 Ch 6 Entre Vocab

1) An entrepreneur

• is someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it.
• affluent investors who provide capital to start-ups in exchange for an ownership position in the company.
• —they sell products to businesses that buy them for resale or for company use.
• Text for option 4 (optional)
• Text for option 5 (optional)

2) The three characteristics of entrepreneurial activity are

• innovating, running a business, and risk taking.
• independently owned and operated, exerts little influence in its industry, and has fewer than five hundred employees.
• —they buy goods from other firms and sell them to consumers, in stores, by phone, through direct mailings, or over the Internet.
• Earth
• Venus

3) A small business is

• independently owned and operated, exerts little influence in its industry, and has fewer than five hundred employees.
• innovating, running a business, and risk taking.
• The most common—and the riskiest—option

a. Small businesses in the United States generate about

• 50 percent of our GDP, create jobs, spark innovation, and provide opportunities for women and minorities.
• is a government agency that provides many kinds of support for small businesses, including information and funding assistance.
• —the money that you’ll need to get your business off the ground.

4) An industry

• is a group of companies that compete with one another to sell similar products. There are two broad types of industries, or sectors: the goods-producing sector and the service-producing sector.
• is someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it.
• the company that sells the franchise

5) Once you decide to start a business, you’ll need to create a business plan—them.

• a document that identifies the goals of your proposed business and explains how it will achieve
• is a group of companies that compete with one another to sell similar products. There are two broad types of industries, or sectors: the goods-producing sector and the service-producing sector.
• the buyer—

6) The SBA (Small Business Administration)

• is a government agency that provides many kinds of support for small businesses, including information and funding assistance.
• 50 percent of our GDP, create jobs, spark innovation, and provide opportunities for women and minorities.
• —something that you can market because it satisfies a need.

franchiser

• the company that sells the franchise
• a document that identifies the goals of your proposed business and explains how it will achieve
• Small Business Development Center

franchisee

• the buyer—
• also invest in start-up companies, although usually at a somewhat later stage and in larger dollar amounts than would be typical of angel investors.
• Service Corps of Retired Executives

starting from scratch.

• The most common—and the riskiest—option
• coming up with a business idea is identifying something that customers want—or, perhaps more importantly, filling an unmet need
• includes all businesses that provide services but don’t make tangible goods.