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Entrepreneurship Voc

BU20 Entrepreneurship

TermDefinition
Business plan A proposal that describes a new business
Demographics Data that describes a group of people in terms of their age, marital status, family size, ethnic background, gender, education, and income
Entrepreneur An individual who undertakes the risk associated with creating, organizing, and owning a business.
Entrepreneurship The process of starting and operating one’s own business.
Free Enterprise System A system where businesses are owned by private individuals and groups, not by the government. Also called a Market Economy.
Opportunity An idea that has commercial value.
Risk The chance of damage or loss.
Venture A business undertaking involving risk.
Sole Proprietorship A business owned and operated by one person.
Partnership A form of business ownership where two or more individuals share assets, liabilities, and profits.
Corporation A business that is chartered by the state and legally operates apart from its owners. Corporations are owned by stockholder but run by a CEO.
Franchise The right to sell a company’s goods or services in a particular geographic area.
Retail Business A type of business that sells products directly to consumers.
Non-profit An organization that is set up to help those in need but not to make a profit from the business.
Service business Work done for others for a profit.
Created by: brcampbell