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Entrepreneurship 1

Entrepreneurship Chapter 1 Terms

TermDefinition
acquisition a business purchase
product something tangible that exists in nature or is made by people
service intangible work that provides time, skills, or expertise in exchange for money
entrepreneur a person who recognizes an opportunity and organizes and manages a business, assuming the risk for the sake of potential return
free-enterprise system economic system in which businesses are privately owned and operate relatively free of government interference
capitalism the free-market system, characterized by individuals and companies competing for economic gains, ownership of private property and wealth, and price determination through free-market forces
voluntary exchange a transaction between two parties who agree to trade money for a product or service
capital money or property owned or used in business
salary fixed amount of money paid to an employee at regular intervals
wage fixed payment per hour for work performed
dividend each stockholder's portion of the profit-per-share paid out by a corporation
commission a percentage of a sale paid to a salesperson
cost/benefit analysis a decision-making process in which the costs of taking an action are compared to the benefits
opportunity cost the value of what must be given up in order to obtain something else
mentor a trusted advisor with whom a person forms a developmental partnership through which information, insight, skills, and knowledge are shared to promote personal and/or professional growth
social entrepreneurship a for-profit enterprise with the dual goals of achieving profit-ability and attaining social returns
social business a company created to achieve a social objective while generating a modest profit to expand its reach, improve the product or service, and subsidize the social mission
venture philanthropy a subset or segment of social entrepreneurship wherein financial and human capital is invested in not-for-profits by individuals and for-profit enterprises, with the intention of generating social rather than financial returns on their investments
green entrepreneurship business activities that avoid harm to the environment or help to protect it in some way
strategy a plan for how an organization or individual plans to proceed with business operations and outperform that of its competitors
franchise a business that markets a product or service developed by a franchisor, typically in the manner specified by that franchisor
due diligence the exercise of reasonable care in the evaluation of a business opportunity
gazelle a company that achieves an annual growth rate of 20 percent or greater, typically measures by the increase of sales revenue
microenterprise a firm with five or fewer employees, initial capitalization requirements of under $50,000, and the regular operational involvement of the owner
lifestyle business a microenterprise that permits its owners to follow a desired pattern of living, such as supporting college costs or taking vacations
profit amount of earnings remaining after all costs are deducted from the income of a business
trade-off the act of giving up one thing for another
Created by: atompot