Details Title: Ch 6 - Entrepreneurship Description: Entrepreneurship and Small Business Total Flash Cards: 22 Created: 06/03/2007 11:00:41		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Management Flashcards
Cards in this set: Term entrepreneurship Definition is dynamic, risk-taking, creative, growth-oriented behavior Term entrepreneur Definition one who is willing to pursue opportunities in situations others view as problems or threats Term small business Definition a business with fewer than 500 employees, independently owned and operated, and does not dominate its industry Term franchise Definition when one business owner sells to another the right to operate the same business in another location Term family business Definition a business owned and controlled by members of a family Term succession problem Definition the issue of who will run the business when the current head leaves Term succession plan Definition describes how the leadership transition and related financial matters will be handed Term first-mover advantage Definition comes from being first to exploit a niche or enter a market Term business plan Definition describes the direction for a new business and the financing needed to operate it Term sole proprietorship Definition is an individual pursuing business for a profit Term partnership Definition when two or more people agree to contribute resources to start and operate a business together Term corporation Definition is a legal entity that exists separately from its owners Term Limited liability corporation (LLC) Definition is a hybrid business form combining advantages of the sole proprietorship, partnership, and corporation Term Debt Financing Definition involves borrowing money that must be repaid over time with interest Term Equity Financing Definition involves exchanging ownership shares for outside investment monies Term Venture capitalists Definition make large investments in new ventures in return for an equity stake in the business Term Initial Public offering (IPO) Definition is an initial selling of shares of stock to the public at large Term angel investor Definition is a wealthy individual willing to invest in return for equity in a new venture Term Intrapreneurship Definition is entrepreneurial behavior displayed by people or subunits within large organizations Term Skunkworks Definition are teams allowed to work creatively together, free of constraints from the larger organization Term business incubators Definition offer space, shared services, and advice to help small business get started Term Small Business Development Centers Definition Offer guidance and support to small business owners in how to set up and run a business operation