Chapter 5: Small Business, Entrepreneurship, and Franchises

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business plan
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a carefully constructed guide for the person starting a business
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franchise
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a license to operate an individually owned business as though it were part of a chain of outlets or stores
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franchisee
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a person or organization purchasing a franchise
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franchising
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the actual granting of a franchise
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franchisor
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an individual or organization granting a franchise
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Service Corps of Retired Executives (SCORE)
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a group of businesspeople who volunteer their services to small businesses through the SBA
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small business
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one that is independently owned and operated for profit and is not dominant in its field
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Small Business Administration (SBA)
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a governmental agency that assists, counsels, and protects the interests of small businesses in the United States
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small-business development centers (SBDCs)
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university-based groups that provide individual counseling and practical training to owners of small businesses
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small-business institutes (SBIs)
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groups of senior and graduate students in business administration who provide management counseling to small businesses
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small-business investment companies (SBICs)
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privately owned firms that provide venture capital to small enterprises that meet their investment standards
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venture capital
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money that is invested in small (and sometimes struggling) firms that have the potential to become very successful

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