Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Entrepreneurship 1
Entrepreneurship Chapter 1 Terms
| Term | Definition |
|---|---|
| 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
Popular Business sets