Entrepreneurship Chapter 7 Review

A collection of vocabulary flashcards related to entrepreneurship, covering definitions and key concepts for review.

Entrepreneur

A person with vision, drive, and creativity, willing to take risks to start and manage a business for profit.

Small Business

A business defined as having fewer than 500 employees in the U.S.

Classic Entrepreneurs

Risk-takers who start their own companies based on innovative ideas.

Multipreneurs

Entrepreneurs who start a series of companies.

Intrapreneurs

Employees who develop new products within a large corporation, benefiting from the company’s resources.

Sole Proprietorship

A business owned by one individual, who has full control and personal liability.

Partnership

A business owned by two or more individuals who share profits and liabilities.

Corporation

A separate legal entity that provides limited liability to its owners.

Limited Liability Company (LLC)

A hybrid business structure that offers limited liability with flexible tax options.

Angel Investors

Individual investors who provide funding to startups in exchange for equity.

Venture Capital

Funds provided by investment firms that specialize in financing small, high-growth companies.

Business Plan

A document outlining the strategy and financial forecast of a business.

NAICS

North American Industry Classification System used to define and categorize businesses.

Small Business Administration (SBA)

A U.S. government agency that supports small businesses through advice and funding.

Economic Impact of Small Business

Small businesses contribute significantly to employment and payroll in the U.S.

Characteristics of Successful Entrepreneurs

Ambitious, independent, self-confident, risk-takers, visionary, creative, energetic, passionate, and committed.

Common Causes of Business Closure

Economic factors, inadequate capital, lack of experience, personal reasons, and rapid growth.

Employee Management

The responsibility of small business owners to hire, train, and manage their employees.