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Chapter 6
Term | Definition |
---|---|
Entrepreneur | Someone who takes a risk in starting a business to earn profit. |
Entrepreneurship | The process of starting, organizing, managing, and assuming the responsibility for a business. |
Venture Capital | Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable. |
Innovation | Invention or creation that is brand new. |
Improvement | A design change that increases the usefulness of a product, service, or process. |
Small Business | An independent business with fewer than 500 employees. |
SBA(Small Business Administration) | A government agency that helps small business develop plans and obtain financing and other support for their companies. |
Business Plan | A written description of the business idea and how it will be carried out, including all major business activities. |
Start-up Financing | The amount of money needed to open the business. |
Short-term Financing | The money needed to pay for current operating activities of a business. |
Long-term Financing | Money needed for main resources of business that will last for many years. |
Inventory | Products or raw materials on hand. |