A person who starts and operates a business, taking on financial risks in the hope of profit.

• SWOT analysis

• Channel of distribution

• Entrepreneur

• Trend analysis

An individual who owns and manages a small-sized business.

• Production

• Inventory

• Opportunity recognition

• Small business owner

A person responsible for planning and overseeing operations and employees within a business.

• Market research

• Quantitative forecasting

• Manager

• Competition-based pricing

The chance of loss or failure in business.

• Risk

• Zoning

• Cooperative

• Promotion

The creation of new ideas, products, or methods to improve business success.

• Responsibility

• Partnership

• Innovation

• Differentiation

Identifying potential markets or unmet needs for new products or services.

• Price

• Product

• Sales forecasting

• Opportunity recognition

A new business endeavor or enterprise.

• Fixed costs

• Bid

• Venture

• Market research

A newly established business often focused on a unique product or service.

• Startup

• Inputs

• Technical feasibility

• Limited liability

Moral principles that guide behavior in business.

• Intermediary

• Confidentiality

• Production

• Ethics

A formal document outlining a company’s ethical principles and standards.

• Market feasibility

• Code of ethics

• Competitive edge

• Markdown