Entrepreneurship, Small Business, and New Venture Creation - Flashcards

Vocabulary flashcards covering key concepts related to entrepreneurship, small businesses, and new venture creation.

Small Business

An owner-managed business with fewer than 100 employees.

New Venture

A recently formed organization that sells goods or services and has been opened within the last 12 months.

Entrepreneurship

The process of identifying and capitalizing on a marketplace opportunity.

Intrapreneur

A person who creates something new within an existing large organization.

Bootstrapping

Doing more with less, often using external resources.

Business Plan

A document that outlines the business's goals, strategies, and the means by which the goals are to be achieved.

Hard Work, Drive, and Dedication

Key reasons for success in small businesses.

Managerial Incompetence

One of the primary reasons for failure in small businesses.

Sole Proprietorship

A business owned and run by a single individual, characterized by simplicity and low start-up costs.

Partnership

A business structure where two or more individuals manage and operate a business together.

Corporation

A legal entity that is separate and distinct from its owners, providing limited liability.

Cooperative

An organization owned and controlled by a group of individuals for their mutual benefit.

Common Stockholders

Investors who own shares in a company and have voting rights proportional to the number of shares they hold.

Franchise

A method of doing business that allows the franchisee to operate a business under the franchiser's brand and system.

Succession

The process of determining how control of a family-owned business will transition to the next generation.

Family-Owned Business Challenges

Management control, succession planning, and potential conflicts among family members.

Public Corporation

A corporation whose shares are widely held and available for sale to the general public.

Private Corporation

A corporation owned by a limited number of shareholders and not publicly traded.