Term
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Definition
| firm that is independently owned and operated, is not dominant in its field, and meets industry-specific size standards for income or numbers of employees. |
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Term
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Definition
| Written document that provides an orderly statement of a company's goals the methods by which it intends to achieve those goals, and the standards by which it will measure achievements. |
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Term
Small Business Administration
(SBA)
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Definition
| Federal agency that aids small businesses by providing management training and consulting, financial assistance, and support in securing. |
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Term
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Definition
| Organization that provides temporary low-cost, shared facilities to small start-up ventures. |
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Term
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Definition
| Contractual agreement that specifies the methods by which a dealer can produce and market a supplier's good or service. |
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Term
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Definition
| Form of business ownership in which the company is owned and operated by one person. |
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Term
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Definition
| Form of business ownership in which the company is operated by two or more people who are co-owners by voluntary legal agreement. |
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Term
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Definition
| Business that stands as a legal entity with assets and liabilities separated from those of its owner(s). |
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Term
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Definition
| Person or organization who owns shares of stock in a corporation. |
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Term
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Definition
| Elected governing body of a corporation. |
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Term
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Definition
| Combination of two or more firms to form one company. |
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Term
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Definition
| Procedure in which one firm purchases the property and assumes the obligations of another. |
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Term
| What characteristics does the SBA use to determine whether a business is a small Business? |
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Definition
| Number of employees, Annual sales, and Independently Own and not dominant in its field. |
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Term
| Identify three industries in which small businesses are common. |
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Definition
| Construction, wholesale, retail, and service industries. |
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Term
| To What extent do small business help create new jobs? |
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Definition
| On average, three of four new jobs are created by small business. |
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Term
| In what ways do small businesses contribute to the economy? |
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Definition
| Small businesses create new jobs, new industries, and innovation goods and services. |
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Term
| What percentage of small business will still be in business two, four, six , and ten years after starting? |
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Definition
| one-third, 50 percent, 62 percent, and 82 percent of small business will have failed within two, four, six, and ten years, respectively. |
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Term
| How do management shortcomings, inadequate financing, and government regulation make small businesses more likely to fail? |
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Definition
| Lack of business expertise and experience needed, Inadequate financing, Government regulation. |
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Term
| What components should be part of a good business plan? |
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Definition
| Executive Summary, and introduction, separate financial, and marketing sections, and the resumes of the principals. |
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Term
| What are the various ways and methods by which the SBA helps small business with financing and getting government contracts? |
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Definition
| The SBA guarantees business loans: helps small businesses compete for government set-aside programs; and provides business information, advice, and training. |
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Term
| Distinguish between a franchisor and a franchisee. |
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Definition
| Franchisor permits franchisees to use their business name and to sell their business's goods and services. Franchisors also provide franchisees a variety of marketing, management, and other services in return for various fees and a percentage of the franchisees sales |
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Term
| What are the benefits and problems of franchising? |
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Definition
| Prior performance record, a recognizable company name , a business model that has proven successful in other location, a tested management program, and business training for the franchisees. Fee payments can be expensive, linked to reputation and management. |
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Term
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Definition
| Firms operated from the residence of the business owner. |
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Term
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Definition
| Small Business Administration-guaranteed loans of up to $35,000 made to start-up and other very small firms. |
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Term
Small Business Investment Company
(SBIC) |
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Definition
| Business licensed by the small business administration to provide loans to small businesses. |
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Term
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Definition
| Component of a government contract specifying that certain government contracts (Or portions of those contracts) are restricted to small businesses and/or to women or minority-owned companies. |
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Term
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Definition
| Small-business owner who contracts to sell the good or service of a supplier (the franchisor) in exchange for a payment (usually a flat fee plus a percentage of sales). |
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Term
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Definition
| Business owner who permits the franchisee to sell its products and use its name, as well as providing a variety of marketing, management, and other services in return for the payment of various fees and a percentage of sales |
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Term
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Definition
| Modified form of the traditional corporate structure often used by firms with fewer than 100 shareholders; such businesses can elect to pay federal income taxes as partnerships while retaining the liability limitations typical of corporations. |
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Term
Limited-Liability Company
(LLC) |
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Definition
| legal form of organization allowing business owners to secure the corporate advantage of limited liability while avoiding the double taxation characteristic of corporations. |
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Term
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Definition
| Process of reducing the number of employees within a firm by elimination jobs. |
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Term
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Definition
| firm that operates in states where it is not incorporated. |
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Term
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Definition
| firm incorporated in one nation and operating in another nation. |
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Term
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Definition
| legal document that formally establishes a corporation. |
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Term
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Definition
| Stock whose holders have priority over common stockholders in the payment of dividends but usually have no voting rights. |
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Term
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Definition
| Shares of ownerships in a corporation. |
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Term
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Definition
| Business in which workers purchases shares of stock in the firm that employs them. |
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Term
| Not-for-Profit Corporation |
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Definition
| Business-like organization such as a charitable group, social welfare group, or religious congregation that pursues objectives other than returning profits to its owners. |
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Term
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Definition
| Combination of two or more firms operation at different levels in the production and marking process. |
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Term
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Definition
| Combination of two or more firms in the same industry that wish to diversify, increase their customer bases, cut cost, or offer expanded product lines. |
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Term
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Definition
| Combination of two or more unrelated firms, usually with the goal of diversification, spurring sales growth, or spending a cash surplus that might otherwise make the firm a tempting target for a takeover attempt. |
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Term
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Definition
| Partnership between companies formed for a specific undertaking. |
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Term
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Definition
| Organization owned and operated by a unit or agency of government. |
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Term
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Definition
| Organization whose owners join forces to collectively operate all or part of the functions in their business. |
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Term
| Forms of Business OwnerShip |
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Definition
| Sole Proprietorships, Corporations, Partnerships |
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Term
Sole Proprietorship Advantage and DisAdvantage
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Definition
1.Owner retains all profits
2. Easy to form and dissolve
3. Owners has flexibility
1. Unlimited financial Liability
2. financing Limitations
3. Management Deficiencies
4. Lack continuity |
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Term
| Partnership Advantage and Disadvantages |
|
Definition
1. Easy to form
2. Can benefit from Complementary Management Skills
3. Expanded Financial Capacity
1. Unlimited Financial Liability
2.Interpersonal Conflicts
3. Lack of continuity
4. Difficult to dissolve |
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Term
| Corporation Advantages and Disadvantages |
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Definition
1.Limited Financial Liability
2. Specialized management Skills
3. Expanded Financial capacity
4. Economies of Large-scale operations
1. Difficult and costly to form and dissolve
2. Tax disadvantages
3. Legal restrictions |
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Term
| Levels of Management in a Corporation |
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Definition
Stockholders-Board of Directors-Top Management-Middle Management-
Supervisory Management. |
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Term
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Definition
| Person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business |
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Term
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Definition
| Person who identifies a business opportunity and allocates available resources to tap that market. |
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Term
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Definition
| Person who starts one business, runs it , and then starts and runs additional businesses in succession. |
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Term
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Definition
| Person who recognizes societal problems and uses business principles to develop innovative solutions. |
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Term
| Why People Become Entrepreneurs |
|
Definition
1. Desire to be one's own boss
2. Desire to Succeed Financially
3. Desire for Job Security
4. Desire for an Improve Quality of Life |
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Term
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Definition
| Person who starts a business to reduce work hours and create a more relaxed lifestyle. |
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Term
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Definition
| Initial funding needed to launch a new venture. |
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Term
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Definition
| Borrowed funds that entrepreneurs must repay |
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Term
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Definition
| Funds invested in new ventures in exchange for part ownership. |
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Term
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Definition
| Business firms or groups of individuals that invest in new and growing firms in exchange for an ownership share. |
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Term
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Definition
| Wealthy Individuals who invest directly in a new venture in exchange for an equity stake. |
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Term
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Definition
| Process of promoting innovation within the structure of an existing organization. |
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Term
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Definition
| Specific geographic areas designated for economic revitalization. |
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Term
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Definition
| Project initiated by a company employee who conceives the idea, convinces top management of its potential, and then recruits human and other resources from within the firm to turn it into a commercial project. |
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Term
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Definition
| Company-initiated and financed program to develop new products. |
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Term
| electronic Business (e-Business) |
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Definition
| Conducting business via the internet. |
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Term
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Definition
| Website designed to increase a firm's visibility, promote its offerings, and provide information to interested parties. |
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Term
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Definition
| Web site whose main purpose is to increase purchases by visitors. |
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Term
| Business-to-business (B2B) E-Business |
|
Definition
| Electronic business transactions between organizations using the Internet. |
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Term
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Definition
| Secure network used for e-business and accessible through an organization's website; available to external customers, suppliers, and other authorized users. |
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Term
| Business-to-consumer (B2C) e-business |
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Definition
| Selling directly to consumers over the Internet. |
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Term
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Definition
| Company Web site that sells products to customer. |
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Term
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Definition
| High-tech scam that uses authentic looking e-mail or pop-up ads to get unsuspecting victims to reveal personal information. |
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Term
|
Definition
| Online journal written by a bloggers |
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Term
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Definition
| Paying search engines, such as Google, a fee to make sure that the company's listing appears toward the top of the search results. |
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Term
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Definition
| Number of visitors who click on a web banner ad. |
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Term
|
Definition
| percentage of visitors to a website who actually make a purchase. |
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Term
Electronic Data Interchange
(EDI) |
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Definition
| Computer-to-computer exchanges of invoices, purchases orders, price quotations, and other information between buyers and sellers. |
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Term
|
Definition
| Secure Website at which a company and its suppliers share all types of data related to e-business, from product design through order delivery. |
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Term
|
Definition
| online marketplace that caters to an industry's specific needs. |
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Term
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Definition
| use of the internet by business and government agencies to solicit bids and purchase goods and services from suppliers. |
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Term
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Definition
| File that holds items that the online shopper has chosen to buy. |
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Term
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Definition
| Short for robot- a program that allows online shoppers to compare prices for a specific product at several e-tailers. |
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Term
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Definition
| process of encoding data for security purposes, using software that encodes and scrambles messages. |
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Term
Secure Sockets layer
(SSL) |
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Definition
| Technology that secures a web site by encrypting information and providing authentication. |
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Term
|
Definition
| Secure computer data file set up by an online shopper at an e-business site that contains credit card and personal identification information. |
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Term
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Definition
| electronic barrier between a company's internal network and the internet that limits access into and out of the network. |
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Term
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Definition
| variation on phishing that involves a voice system in which the intended victim receives a voice message directing him or her to reveal personal financial information. |
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Term
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Definition
| conflict between two or more members of a supply chain, such as a manufacturer, wholesaler, or retailer. |
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Term
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Definition
| popular name for junk e-mail. |
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Term
| Electronic Bulletin Board |
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Definition
| internet chat room that allows users to post and read messages on a specific topic. |
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Term
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Definition
| noncommercial online forum. |
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Term
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Definition
| web page that can be edited by users. |
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Term
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Definition
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Term
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Definition
| Ad placed by an organization on another organization's website; interested parties click on the ad for more information. |
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Term
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Definition
| Internet ad that pops-up in a new window; interested parties can click on the ad for more information. |
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Term
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Definition
| a shore advertising video clip that begins automatically whenever a user visits a particular Website. |
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Term
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Definition
| Use of the Web to aid shoppers at brick-and-mortar retailers. |
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Term
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Definition
| glossy-looking online ad often targeted at a specific user. |
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