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EBME Obj. 3.05
EBME Obj. 3.05 - Small Business and Entrepreneurship
| Term | Definition |
|---|---|
| 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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