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SOMS1000 CH4

Business

QuestionAnswer
Small business A company that is independently owned & operated, is not dominant in it`s field & meets certain criteria for the number of employees & annual sales revenue.
outsource Subcontracting work to outside companies (often in other countries).
business plan A written document that provides an orderly statement of a company's goals and how to achieve those goals.
Start-up companies New venture that start from scratch.
franchise A business arrangement in which a small business obtains the rights to sell the goods or services of the supplier. (franchisor)
franchisee A small business owner who contracts for the right to sell goods or services of the supplier (franchisor) in exchange for some payment.
franchisor A supplier that grants a franchise to an individual or group (franchisee) in exchange for payments.
incubators Facilities that house small business during their early growth phase.
secured loans Loans backed up with something of value that the lender can claim in case of default, such as piece of property.
unsecured loans Loans requiring no collateral but a good credit rating.
stock Shares of ownership in a corporation.
initial public offering(IPO) A corporation's first offering of stock to the public.
Venture capitalists Investment specialists who provide money to finance new business or turnarounds in exchange for a portion of the ownership, with the objective of making a considerable profit on the investment; also called VCs
1) Intrapreneurs are people who create innovation of any kind from within an organization (not to be confused with entrepreneurs, risk takers in the private enterprise system)
2) Business Plan is a written document that provide an orderly statement of a company's goals and how to achieve those goals.
3) Franchisee A small business owner who contracts for the right to sell goods or services of the supplier (franchisor) in exchange for some payment
4) Secured loans are backed by something of value, known as COLLATERAL, which may be seized by the lender in the event that the borrower fail to repay the loan.
5) Initial Public Offering(IPO) occurs when a corporation offers its shares of ownership, or stock, to the public for the first time.
6) Venture capitalists are investment specialists who raise pools of capital from large private and institutional sources (such as pension funds) to fund companies that have high rapid-growth potential and a need for large amounts of capital.
7) Angle Investors put their own money into start-ups with the goal of eventually selling their interest for a large profit.
8) Outsource To make up for layoffs of permanent staff, some companies OUTSOURCE or subcontract special projects and secondary business function to experts outside the organization.
9) BDC Business Development Bank of Canada The___ offers a wide range of services aimed at helping businesses grow (term loans, venture capital, consulting, etc.)
10)Incubators ___ are centres that provide `newborn` businesses with just about everything a company needs to get started.(office space, legal advice, marketing support etc.)
Two distinct types of small businesses are; lifestyle businesses and high-growth ventures
Some of the important economic rolls of small businesses are; they provide jobs, introduce new products, supply the needs of large corporations, provide specialized goods & services.
Created by: Susan Curtis Susan Curtis on 2014-03-03



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