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Introduction to Business (Chapter 6)
Basic Key Terms and Definitions
14
Business
Undergraduate 1
02/17/2010

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Term
entrepreneurship
Definition
accepting the risk of starting and running a business
Term
entrepreneurial team
Definition
a group of experienced people from different areas of business who join to form a managerial team with the skills to develop, make, and market a new product
Term
micropreneurs
Definition
entrepreneurs that do not want to build mammoth corporations, bur rather are interested in maintaining a balanced lifestyle while doing the kind of work they want to do
Term
affiliate marketing
Definition
an internet-based marketing strategy in which a business rewards individuals or other businesses (affiliates) for each visitor or customer the affiliate sends to its Web site
Term
intrapreneurs
Definition
creative people who work as entrepreneurs within corporations
Term
enterprise zones
Definition
specific geographic areas to which governments attract private business investment by offering lower taxes and other government support
Term
incubators
Definition
programs that offer new businesses in the critical stage of early development low-cost offices with basic services such as accounting, legal advice, and secretarial help
Term
small businesses
Definition
a business that is independently owned and operated, is not dominant in its field of operating, and meets certain standards of size in terms of employees or annual receipts
Term
business plan
Definition
a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and qualifications of the owner(s)
Term
venture capitalists
Definition
individuals or companies that invest in new businesses in exchange for partial ownership of those businesses
Term
Small Business Administration (SBA)
Definition
a U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans
Term
Small Business Investment Company (SBIC) program
Definition
a program through which private investment companies licensed by the Small Business Administration lend money to small businesses
Term
market
Definition
consumers with unsatisfied wants and needs who have both resources and willingness to buy
Term
Service Corps of Retired Executives (SCORE)
Definition
an Small Business Administration office with volunteers from industry, trade associations, and education who counsel small businesses at no cost (except for expenses)
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