FB, Chpt 5 Small Business, Entrepreneurship, & Franchises

small business

one that is independently owned and operated for profit and is not dominant in its field

business plan

a carefully constructed guide for the person starting a business

Small Business Administration (SBA)

a governmental agency that assists, counsels, and protects the interests of small busines

SCORE Association

a group of businesspeople who volunteer their services to small businesses through the SBA

small-business institutes (SBIs)

groups of senior and graduate students in business administration who provide management counseling to small businesses

small-business development centers (SBDCs)

university-based groups that provide individual counseling and practical training to owners of small businesses

venture capital

money that is invested in small (and sometimes struggling) firms that have the potential to become very successful

small-business investment companies (SBICs)

privately owned firms that provide venture capital to small enterprises that meet their investment standards

Franchise

a license to operate an individually owned business as though it were part of a chain of outlets or stores

franchising

the actual granting of a franchise

Franchisor

an individual or organization granting a franchise

Franchisee

a person or organization purchasing a franchise