Chapter 5 Entrepreneurship and Small Business

Entrepreneurship

Accepting the risk of starting a business, or a business started by a risk taker.

Entrepreneur

A person who recognizes a business opportunity and assumes the risks of staring a business.

Virtual Business or Dot Company

A company that does business only on the Internet.

Risk Taker

Someone willing to take chances in business, considered a key characteristic of an entrepreneur.

Small Business

An independently owned business that employs fewer than 500 people.

Profit

The amount of money left over after a business has paid for the cost of producing it's goods and services.