Business Structures and Terminology

These flashcards cover key concepts related to business structures, terminology, and definitions relevant to entrepreneurship and corporate practices.

Entrepreneur

An individual who starts and runs their own business, taking on financial risks in hopes of earning a profit.

Intrapreneur

An employee within a company who uses entrepreneurial skills to innovate and drive new projects or ideas, with the support of the organization.

Freelancer

An independent contractor who provides services to multiple clients on a per-project or per-task basis, without long-term commitment to any single employer or business.

Human Capital

The skills, knowledge, and experience possessed by an individual.

Proprietorship

The state or right of owning a business or holding property.

Liability

The state of being legally responsible for something.

Globalization

The process by which people and economies around the world are becoming increasingly interconnected.

Certification

Official recognition that a person is qualified in his or her field.

Labor Force

The portion of the population that has paid work or is seeking work.

Offshoring

Relocating work and jobs to another country.

Outsourcing

A business practice in which work that was once done within a company is sent to outside contractors.

Chief Executive Officer (CEO)

The highest-ranking person in charge of managing a corporation.

Corporation

A business owned by shareholders who have limited liability for the firm’s debt.