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SB unit2 vocab

Small Business Vocabulary

QuestionAnswer
Business ethics Applying principles of right and wrong to situations in the workplace.
Business plan A proposal that describes a new business.
Code of ethics A systematic set of rules and procedures used to guide the behavior of an individual, a business, or a culture.
Entrepreneur An individual who undertakes the risk associated with creating, organizing, and owning a business.
Entrepreneurship The process of starting and operating one’s own business.
Ethical behavior Knowing the difference between right and wrong and consciously choosing to do what is right.
Ethics Guidelines for human behavior; the study of moral choices and values; choosing between right and wrong.
Executive summary A brief description of the key points of the business plan.
Manager An employee who coordinates people, processes, and other resources of a business in order for the business to achieve success and make a profit.
Mission statement A written description of the purpose of a company and the management’s philosophy.
Opportunity An idea that has commercial value.
Small business Sometimes referred to as “mom and pop” businesses. Small businesses are generally started to create jobs for the owners.
Venture A business undertaking involving risk.
Created by: Dashay
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