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ENTR 383 Vocab Ch 2
| Question | Answer |
|---|---|
| Entrepreneurship | The process of identifying opportunities for which marketable needs exist and assuming the risk of creating an organization to satisfy them. |
| Small Business Management | The ongoing process of owning and operating an established business. |
| Entrepreneurship Process | the stage of a business’s life that involves innovation, a triggering event and implementation of the business. |
| Triggering Event | a specific event or occurrence that sparks the entrepreneur to proceed from thinking to doing. |
| Implementation | the part of the entrepreneurial process that occurs when the organization is formed. |
| Small Business Management Process | the stage of a business’s life that involves growth, maturity, and harvest. |
| Growth | Achievement of a critical mass in the business, a point at which an adequate living is provided for the owner and family, with enough growth remaining to keep the business going |
| Maturity | the stage of the organization when the business is considered well established |
| Harvest | the stage when the owner removes him or herself from the business. Harvesting a business can be thought of as picking the fruit after years of labor |
| Environmental Factors | forces that occur outside of the business that affect the business and its owner. |
| Need to achieve | the personal quality, linked to entrepreneurship, of being motivated to excel and choose situation sin which success is likely. |
| Locus of Control | a person’s belief concerning the degree to which internal or external forces control his or her future. |
| Sole Proprietorship | A business owned and operated by one person. |
| Unlimited Liability | the potential for an owner to lose more than has been invested in a business. |
| Partnership | An association of two or more persons to carry on as co-owners of a business for profit. |
| General Partnership | a business structure in which the business owners share the management and risk of the business. |
| Limited Partnership | business structure in which one or more of the owners may be granted limited liability as long as one partner is designated as a general partner with unlimited liability. |
| Articles of Partnership | The contract between partners of a business that defines obligations and responsibilities of the business owners. |
| Joint Venture | A partnership that is created to complete a specified purpose and is limited in duration. |
| Corporation | A business structure that creates an entity separate from its owners and managers. |
| Closely Held Corporation | a corporation owned by a limited group of people. Its stock is not traded publicly |
| Public Corporations | a corporation that sells shares of stock to the public and is listed on a stock exchange |
| C Corporation | A separate legal entity that reports its income and expenses on a corporate income tax return and is taxed on its profits at corporate income tax rates. |
| S Corporation | a special type of corporation in which the owners are taxed as partners. |
| Limited-liability Company (LLC) | A relatively new type of corporation that taxes the owners as partners yet provides a more flexible structure than an S corporation. Nonprofit corporation: A tax-exempt corporation that exists for a purpose other than making a profit. |
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acluke
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