Chapter 5: Entrepreneurship and Small Business

Entrepeneurship

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

Virtual Business or Dot Com Company

A company that does business only on the Internet

Entrepeneur

A person who recognizes a business oppurtunity and assumes the risks of starting a business

Risk Taker

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

Profit

The amount of money left over after a business has paid for the cost of producing its gods and services

Small Business

An independently owned business that employs fewer than 500 people