advisory board
a team of people with subject-area expertise or vital contacts who help a business owner review plans and decisions
angel investors
private individuals who invest money in start-ups, usually earlier in a business's life and in smaller amounts than VCs are willing to invest or banks are willing to lend
business incubators
facilities that house small businesses and provide support-services during the company's early growth phases
business plan
a document that summarizes a proposed business venture, goals, and plans for achieving those goals
entrepreneurial spirit
the positive, forward-thinking desire to create profitable, sustainable business enterprises
franchisee
a business owner who pays for the rights to sell the products and use the business system of a franchisor
franchise
a business arrangement in which one company (the franchisee) obtains the rights to sell the products and use various elements of a business system of another company (the franchisor)
franchisor
a company that licenses elements of a business system to other companies (franchisees)
initial public offering (IPO)
a corporation's first offering of shares to the public
microlenders
organizations, ofter not-for-profit, that lend smaller amounts of money to business owners who might not qualify for conventional bank loans
seed money
the first infusion of capital used to get a business started
small business
a company that is independently owned and operated, is not dominant in its field, and employs fewer than 500 people (although this number varies by industry)
venture capitalists (VCs)
investors who provide money to finance new businesses or turnarounds in exchange for a portion of ownership, with the objective of reselling the business at a profit