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EBME Obj. 3.05

EBME Obj. 3.05 - Small Business and 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; 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
Financial Management Understands the financial concepts and tools used in making business decisions
Human Resource Management Understands the concepts and strategies needed to acquire, motivate, develop, and terminate staff
Information Management Understands the concepts, systems, and tools needed to access, process, maintain, and evaluate, information for business decision-making
Marketing Management Understands the concepts, systems, and tools needed to access, process, maintain, and evaluate, information for business decision-making
Operations Management Understands the process and systems implemented to facilitate daily business operations
Risk Management Understands the concepts, strategies, and systems that businesses implement and enforce to minimize loss
Strategic Management Understands the processes, strategies and systems needed to guide the overall business organization
Created by: mmabe
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