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CH 6 Intro Biz JW

Vocabulary

QuestionAnswer
Someone who takes a risk in starting a business to earn a profit. Entrepreneur
Process of starting, organizing, managing, and assuming the responsibility for a business. Entrepreneurship
Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable. Venture Capital
Invention or creation that is brand new. Innovation
Designed change that increases the usefulness of a product, service, or process. Improvement
An independent business with fewer than 500 employees. (according to the SBA) The owner is usually the manager, operates in one or few locations, typically serves a small market, and is not dominant in its field. Small Business
Government agency that helps small business owners develop business plans and obtain financing and other support for their companies. Small Business Administration (SBA)
Written description of the business idea and how it will be carried out. Business Plan
Amount of money needed to open the business. Start-up Financing
Money needed to pay for the current operating activities of a business. Short-term Financing
Money needed for the main resources of a business. (Land, buildings, and equipment) Long-term Financing
Created by: joannw15
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