Entrepreneurship
Someone who recognizes a business opportunity and assumes the risks of starting a business
Entrepreneur
A business owned by one person.
Sole Proprietorship
The main reason most people become an entrepreneur.
To be your own boss
The owner of a business is responsible for the company's debts.
Unlimited liability
Jill works as a computer consultant on her own. She obtains and services customers and handles all billing and collections. What form of ownership is Jill's business?
A sole proprietorship
A small business is an entity with fewer than ______ employees.
500
A hybrid, corporate structure where the owners are not personally liable for the company's debts or liabilities.
A LLC
A business that operates on the internet.
A virtual or dot-com company
A business that operates to accomplish a specific mission other than to earn income.
A nonprofit
The purpose of forming partnerships is often to combine capital, experience, and
abilities
A new business undertaking that involves risk.
A venture
A business owned by two or more people who share risks and rewards.
A partnership
An independently owned business that usually has the owner as its manager.
A small business
Establishes the scope and purpose of a company and reflects its beliefs and values.
The vision statement
A form of business ownership that generates a majority of U.S. sales.
A corporation
A quality of an entrepreneur; they want to make their own decisions
Independent
A company registered by a state and operates apart from the owners.
A corporation
Getting funds to start the business and being fully responsible for the business
The challenges of entrepreneurship
Holding a firm's owners responsible for no more than the capital they have invested in it.
limited liability
George invested $10,000 in his friend's restaurant. He doesn't participate in the day-to-day business activities. This is an example of a(n) _________ partnership.
a limited partnership
Being the boss, doing what you enjoy, having the opportunity to be creative, and building enterprise
The rewards of entrepreneurship
An organization owned and operated by its members.
A cooperative
Once entrepreneurs achieve their goals, they start looking for new challenges. (characteristic)
Restless
Profits of the business are filed on the owner's individual tax form.
pass through taxation
The form of ownership affects the business owner’s control, liability, and
taxation