I know this
An invention or creation that is brand new
What is Innovation?
A person who takes a risk by starting a business to try and earn a profit is a(n)
What is an Entrepreneur?
A separate legal entity formed by documents filed with the state
What is a Corporation?
The money needed for the main resources of a business that will last for many years
What is Long-Term Financing?
Taking responsibility for the results achieved
What is accountability?
A business owned and run by a single person
What is a Proprietorship?
An independent business with between 2-20 employees is known as this:
What is a Small Business?
This is the obligation to complete specific work
What is Responsibility?
Money provided by large investors to finance new products or new businesses
What is Venture Capital?
The right to make decisions about how responsibilities should be accomplished
What is Authority?
Someone who has no contract for long term employment
What is a Contingent Worker?
This is the amount of money needed to open a business
What is Start-Up Financing?
Businesses involved in selling the goods and services of producers to consumers and other businesses
What is an Intermediary?
Someone who can create the products or services used by individuals and other businesses
What is a Producer?
A group of people who join to do some activity that benefits the public
What is a CoOp? (also accept Non-profit organization)
A design change that increases the usefulness of a product, service, or process
What is an Improvement?
1/3 shows Profits, 1/3 stays open but no profit, 1/3 closes
What is the Rule of THIRDS?
This describes the way work is to be done
What are Procedures?
What is a Partnership?
This is a short, specific written statement of the reason a business exists and what it wants to achieve
What is a Mission Statement
A written description of a business idea and how it will be carried out
What is a Business Plan?
The statement of results the business expects to achieve
What is a GOAL (also accept Business Plan)?
A written legal document that defines ownership, operating procedures and conditions for the business
What are the Articles of Incorporation?
A business organized by two or more businesses to operate for limited time and for a specific project
What is a Joint Venture?
Name two of the six reasons that businesses started by entrepreneurs close (fail)
Lack of capital money / Low Sales / Higher than expected expenses / competition / owner unprepared for biz growth / biz requires more time than owner is willing to commit