Chapter 5: Small Business, Entrepreneurship, and Franchises

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

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