Business Plan
A precise statement of the rationale for a business and a step- by- step explanation of how it will achieve its goals.
Entrepreneurship
The process of creating and managing a business to achieve desired objectives.
Franchise
A license to sell another's products or to use another's name in business, or both
Franchisee
The purchaser of a franchise
Franchiser
The company that sells a franchise
Intrapreneurs
Individuals in large firms who take responsibility for the development of innovations within the organizations
Small Business
Any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 people
Small Business Administration (SBA)
An independent agency of the federal government that offers managerial and financial assistance to small businesses.
Social Entrepreneurs
Individuals who use entrepreneurs to address social problems
Undercapitalization
The lack of funds to operate a business normally
Venture Capitalists
Persons or organizations that agree to provide some funds for a new business in exchange for an ownership interest or stock.