Chapter 2: Small Business Management, Entrepreneurship and Ownership – Flashcards
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corporation
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A business structure that creates an entity separate from its owners and managers
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entrepreneurship
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The process of identifying opportunities for which marketable needs exist and assuming the risk of creating an organization to satisfy them
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entrepreneurship process
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The stage of a business's life that involves innovation, a triggering event, and implementation of the business.
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implementation
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The part of the entrepreneurial process that occurs when the organization is formed
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limited-liability company (LLC)
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A relatively new type of corporation that taxes the owners as partners yet provides a more flexible structure than an S corporation
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locus of control
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A person's belief concerning the degree to which internal or external forces control his or her future
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need to achieve
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The personal quality, linked to entrepreneur-ship, of being motivated to excel and choose situations in which success is likely
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nonprofit corporation
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A tax-exempt corporation that exists for a purpose other than making a profit
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partnership
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An association of two or more persons to carry on as co-owners of a business for profit.
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public corporations
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A corporation that sells shares of stock to the public and is listed on a stock exchange
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small business management process
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The stage of a business's life that involves growth, maturity, and harvest.
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sole proprietorship
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A business owned and operated by one person
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triggering event
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A specific event or occurrence that sparks the entrepreneur to proceed from thinking to doing
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unlimited liability
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The potential for an owner to lose more than has been invested in a business
