Entrepreneurship Basics
A person who takes risks to create a new business.
Who is an entrepreneur?
These businesses create most new jobs in the U.S.
What are small businesses?
Selling goods to another country.
What is exporting?
A tax on imported goods?
What is a tariff?
The simplest way to enter a foreign market.
What is exporting?
This document outlines goals, strategies and financial projections for a new venture.
What is a business plan?
A partnership where owners have limited liability.
What is an LLP?
A country's exports minus its imports.
What is the balance of trade?
A limit on how much of a product can be imprted.
What is a quota?
Allowing a foreign firm to use your brand for a fee.
What is licensing?
The willingness to accept uncertainty is known as this.
What is risk tolerance?
This business form faces double taxation.
What is corporation?
Producing goods at a lower opportunity cost.
What is comparative advantage?
A complete ban on trade with a country.
What is an embargo?
Two companies sharing ownership of a new international business.
What is a joint venture?
A business owned by one person with unlimited liability.
What is sole proprietorship?
A business you buy the rights to operate under a brand name.
What is a franchise?
A company that operates in multiple countries.
What is a multinational corporation?
Government payments that help domestic producers compete.
What are subsidies?
Owning and operating facilities in another country.
What is foreign direct investment?
A business created to solve social problems.
What is Social entrepreneurship?
An investor who provides early funding in exchange for ownership.
What is a venture capitalist?
Money flowing in and out of a country.
What is the balance of payments?
Rules and standards that restrict imports without taxes.
What are non-tariff barriers?
A strategy that standardizes products worldwide.
What is a global strategy?