Small Business Administration
A government agency that helps small business owners develop business plans and obtain financing and other support for their companies.
venture capital
Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable.
short-term financing
The money needed to pay for the current operating activities of a business.
start-up financing
The amount of money needed to open the business.
innovation
An invention or creation that is brand new.
entrepreneur
Someone who takes a risk in starting a business to earn a profit.
business plan
A written description of the business idea and how it will be carried out, including all major business activities.
long-term financing
Money needed for the important resources of a business (such as land, buildings, and equipment) that will last for many years.
small business
An independent business with fewer than 500 employees.
improvement
A designed change that increases the usefulness of a product, service, or process.
entrepreneurship
The process of starting, organizing, managing, and assuming the responsibility for a business.
persistent
A personal characteristic of an entrepreneur where he/she goes on resolutely or stubbornly in spite of opposition.
inquisitive
A personal characteristic of an entrepreneur where he/she constantly asks questions and searches for answers.
inventory
Products or raw materials that are on hand.
venture capitalist
Large investors who provide money to finance new products and new businesses that have a good chance to be very profitable.
Service Corps of Retired Executives
A group of retired local businesspeople who volunteer their services to counsel and mentor new business owners.
customer analysis
The part of a business plan that discusses sales forecasts and the location and number of potential patrons.
description of competition
The part of the business plan that discusses the industry characteristics and the condition of the economy.
marketing plan
The part of the business plan that discusses the products, prices, promotion, and place of the goods and services that will be sold.
financial plan
The part of the business plan that discusses the potential profits and finances of the new business.