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Key Terms
Term | Definition |
---|---|
Entrepreneur | People who own, operate and take the risk of a business venture. |
Entrepreneurship | The process of running a business of ones own. |
Employees | People who work for someone else. |
Retailing Business | This business sells products directly to the people who use or consume them. |
Service Business | This type of business sells services, rather than products. |
Corporation | A business with the legal rights of a person that may be owned by many people. |
Franchise | A legal agreement giving an individual the right to market a company's products or services in a particular area. |
Parthnership | A business owned by two or more people. |
Sole Proprietorship | A business owned exclusively by one person. |
Business Plan | A written document describing all the steps necessary in opening and operating a successful business. |
Advertising | A paid form of communication sent out by a business about a product or service. |
Direct Competition | Competition by a business that makes most of its money selling the same or similar products or services as another business. |
Indirect Competition | Competition by a business that makes only a small amount of its money selling the same or similar products or services as another business |
Market Research | A system for collecting, recording, and analyzing information about customers, competitors, goods and services. |
Press Release | A written statement meant to inform the media of an event or product. |
Target Market | Individuals or companies interested in a particular product or service who are willing and able to pay for it. |
Salary | Payments for labor or services done on an annual. |
Wage | Payments for labor or services that are made on an hourly, daily, or per-unit basis. |
Job Description | A written statement listing job duties and responsibilities. |