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IBT entrepreneurship
key terms
| Term | Definition |
|---|---|
| entrepreneurship | the process of developing, organizing, and running a new business to generate profit while taking on financial risk |
| entrepreneur | a person who organizes and operates a business or businesses |
| business plan | a document setting out a business's future objectives and strategies for achieving them |
| executive summary | a section of a business plan that provides a brief overview that highlights its essential elements |
| risk | uncertainty about something that may threaten the business |
| limited liability company (LLC) | type of business structure where owners are called “members” and are partners in a business entity with all the protection of a corporation |
| sole proprietorship | someone who owns an unincorporated business by himself or herself |
| c corporation | any corporation that is taxed separately from its owners |
| s corporation | a closely held corporation that makes a valid election to be taxed |
| partnership | a legal agreement between two or more entities that determines shared ownership and operation of a business |
| franchise | a joint venture between a franchisor and a franchisee |
| stock | any item stored by a business for use in production or sales |
| share | shared ownership in a company/corporation |
| stockholder | a person who holds at least one share in a company |
| dividend | the portion of earnings that a company distributes among shareholders each year |
| liability | you are responsible for something, owed money or services |
| limited liability | a legal status in which a person's financial liability is limited to a fixed sum |
| unlimited liability | when one or more business owners or partners are liable for their company's debts and tax compliance |
| stakeholders | individual or group that has an interest in any decision or activity of an organization |
| aptitude | the ability to read, adapt quickly and apply knowledge to a business situation |
| skill | the ability to carry out a business task effectively with determined performance and results within a given amount of resources |
Created by:
kiyab
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