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HLWW LL Ch. 2 Vocab
Vocabulary for Chapter 2 -- Laker Locker
| Term | Definition |
|---|---|
| Personal Satisfaction | Doing what you want with your life. |
| Independence | Freedom from the control of others. |
| Profit | The amount of sales income left over after all expenses have been paid. |
| Job Security | The assurance of continuing employment and income. |
| Status | A person's social rank or position. |
| Invested Capital | The entrepreneur's money used in starting the enterprise. |
| Solo Self-Employed Individuals | Entrepreneurs who work alone or with only a few employees. |
| Team Builders | Entrepreneurs who expand small, usually one-person businesses into larger companies. |
| Independent Innovators | Individuals who create companies to manufacture and sell products they have invented. |
| Pattern Multipliers | Entrepreneurs who build several units of an effective business. |
| Economy-of-Large-Scale Exploiters | Entrepreneurs who can sell a large volume of goods at reduced prices. |
| Capital Aggregators | Entrepreneurs who take the lead in pulling together the large amounts of capital needed to start enterprises in the financial industry. |
| Acquirers | People who become entrepreneurs by buying an existing business. |
| Buy-Sell Artists | Turn a profit by buying a business and then selling it at a higher price. |
| Moderate Risk | Means the chances of winning are neither too small nor too great. |
| Self-Confidence | Believing you can achieve what you set out to do. |
| Goal | An objective, something you plan to achieve. |
| Responsible | You answer or account for what happens. |
| Innovative | Being able to introduce new ideas or methods; trying to improve existing products and services or create new products or services. |
| Technical Knowledge | What you know about a product or service. |
| Business Knowledge | Knowing how to operate the enterprise. |
| Existing Business | A business that is already set up. |
| Proven Record | A business that has earned a profit for the current owner. |
| Established Clientele | A group of regular customers who are in the habit of buying goods and services from the enterprise. |
| Ill Will | A feeling of hostility toward the business. |
| Image | How customers feel about doing business with an enterprise. |
| Physical Facilities | Refers to buildings and parking lots or driveways. |
| Franchise | A legal agreement or contract between a company and an entrepreneur. |
| Franchisor | The manufacturer, wholesaler, or service company in a franchise agreement. |
| Franchisee | The entrepreneur who is permitted to sell the goods in a certain area as part of a franchise agreement. |
| Limited Control | This occurs when a franchisee cannot make some decisions without prior approval of the franchisor. |
| Initial Fee | The down payments which the franchisee pays when the franchise is purchased. |
| Royalty | The money a franchisee pays continually for the life of the franchise. |
| Side-Line Business | A business started after regular work hours or on weekends during other employment. |
| Home-Based Business | An enterprise operated in or from the home that produces goods or services. |
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