Ch.6 Entrepreneurship and starting a small business

business plan

written statement that describes the nature of the business , target market , advantages , and the resources and qualifications of the owners

Enterprise zones

specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support

entrepreneurship

accepting the risk of starting and running a business

entrepreneurial team

A group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop a new product

incubators

centers that offer new business low-cost offices with basic business services

intrapreneurs

creative people who work as entrepreneurs with corporations

micropreneurs

entrepreneurs willing to accept the risk of starting and managing a small business- offers a balanced lifestyle

service corps of retired executives

An SBA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost

small business

a business that is independently owned and operated and is not dominant in its field of operation

Small Business Administration (SBA)

A U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans

Small Business investment company program (SBIC)

A program through which private investment companies licensed by the SBA lend money to small businesses

Venture capitalist

individuals or companies that invest in new businesses in exchange for partial ownership of those businesses