Small Business and Entrepreneurship Key Terms

A proposal that describes a new business

• Business Plan

• Demographics

• Opportunity

• Venture

Data that describes a group of people in terms of their age, marital status, family size, ethnic background, gender, education, and income

• Business Plan

• Demographics

• Opportunity

• Venture

An idea that has commercial value

• Business Plan

• Demographics

• Opportunity

• Venture

A business undertaking involving risk

• Business Plan

• Demographics

• Opportunity

• Venture

An individual who undertakes the risk associated with creating, organizing, and owning a business.

• Entrepreneur

• Entrepreneurship

• Free Enterprise System

• Risk

The process of starting and operating one's own business.

• Entrepreneur

• Entrepreneurship

• Free Enterprise System

• Risk

A system where businesses are owned by private individuals and groups, not by the government. Also called a Market Economy.

• Entrepreneur

• Entrepreneurship

• Free Enterprise System

• Risk

The chance of damage or loss

• Entrepreneur

• Entrepreneurship

• Free Enterprise System

• Risk

A business owned and operated by one person

• Sole proprietorship

• Partnership

• Corporation

• Franchise

A form of business ownership where two or more individuals share assets, liabilities, and profits

• Sole proprietorship

• Partnership

• Corporation

• Franchise