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Chapter 5

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
Created by: 100004996631600



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