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Ch.6.
Question | Answer |
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What is an entrepreneur? | Someone who takes a risk in starting a business to earn a profit. |
What is an entrepreneurship? | The process of starting, organizing, managing, and assuming the responsibility for a business. |
What is a venture capital? | Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable. |
What is an innovation? | An invention or creation that is brand new. |
What is an improvement? | A designed change that increases the usefulness of a product, service, or process. |
What is a small business? | An independent business with fewer than 500 employees. |
What is the Small Business Administration? | A government agency that helps small business owners develop business plans and obtain financing and other support for their companies. |
What is a business plan? | A written description of the business idea and how it will be carried out, including all major business activities. |
What is start up financing? | The amount of money needed to open the business. |
What is short term financing? | the money needed to pay for the current operating activities of a business. |