Chapter 5: Small Business, Entrepreneurship, and Franchises

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