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Chapter 5
| Question | Answer |
|---|---|
| Small business | One that is independently owned and operated for profit and is not dominant in its field |
| Business plan | A carefully constructed guide for the person starting a business |
| Small Business Administration (SBA) | A governmental agency that assists, counsels, and protects the interests of small business in the U.S. |
| Service Corps of Retired Executives (SCORE) | A group of businesspeople who volunteer their services to small businesses through the SBA. |
| Small-business institutes (SBIs) | Groups of senior and graduate students in business administration who provide management counseling to small businesses |
| Small-business development centers (SBDCs) | University-based groups that provide individual counseling and practical training to owners of small businesses. |
| Venture capital | Money that is invested in small (and sometimes struggling) firms that have the potential to become very successful. |
| Small-business investment companies (SBICs) | Privately owned firms that provide ventures capital to small enterprises that meet their investment standards. |
| Franchise | A license to operate an individually owned business as though it were part of a chain of outlets or stores |
| Franchising | The actual granting of a franchise |
| Franchisor | An individual or organization granting a franchise |
| Franchisee | A person or organization purchasing a franchise |
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