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Details Title: MGMT 3000 Description: Chapter 5 Total Flash Cards: 9 Created: 10/07/2007 11:54:51	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term entrepreneurship Definition the process of planning, organizing, operating, and assuming the risk of a business venture Term entrepreneur Definition someone who engages in entrepreneurship Term small business Definition a business that is privately owned by one individual or a small group of individuals and has sales and assets that are not large enough to influence its environment Term established market Definition a market in which several large firms compete according to relatively well defined criteria Term niche Definition a segment of a market not currently being exploited Term first mover advantage Definition any advantage that comes to a firm because it exploits an opportunity before any other firm does Term business plan Definition a document that summarizes the business strategy and structure Term venture capital company Definition a group of small investors seeking to make profits on companies that have the potential for rapid growth Term franchising agreement Definition a contract between an entrepreneur (the franchisee) and a parent company (the franchiser); the entrepreneur pays the parent company for the use of its trademarks, products, formulas, and business plans.