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chpt 5 vocabe
| Term | Definition |
|---|---|
| small business | the largest that a business concern, including all of its affiliates, may be and yet qualify as a small business concern for SBA and most other federal programs, The SBA has established two widely used size standards – 500 employees for most manufacturing |
| virtual business | employs electronic means to transact business as opposed to a traditional brick and mortar business that relies on face-to-face transactions with physical documents and physical currency or credit. |
| business plan | A written document that describes in detail how a new business is going to achieve its goals. A business plan will lay out a written plan from a marketing, financial and operational viewpoint. |
| executive summary | is a short document or section of a document, produced for business purposes, that summarizes a longer report or proposal or a group of related reports in such a way that readers can rapidly become acquainted with a large body of material without having t |
| vision statement | the optimal desired future state - the mental picture - of what an organization wants to achieve over time; Provides guidance and inspiration as to what an organization is focused on achieving in five, ten, or more years |
| mission statement | a formal summary of the aims and values of a company, organization, or individual. |
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