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2012-04-04 15:09:21

key terms from chapter six - Nickels, W.G., 2010. Understanding Business. McGraw-Hill Companies, Inc: New York. ed9, p. 144-174.
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  1. Define: entrepreneurship
    accepting the risk of starting and running a business (p. 146)
  2. Define: entrepreneurial
    a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product (p. 150)
  3. Define: micropreneurs
    entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle (p. 150)
  4. Define: affiliate marketing
    an Internet-based marketing strategy in which a business rewards individual or other businesses (affiliates) for each visitor or customer the affiliate sends to its Web site (p. 155)
  5. Define: intrapreneurs
    creative people who work as entrepreneurs within corporations (p. 155)
  6. Define: enterprise zones
    specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support (p. 156)
  7. Define: incubators
    center that offer new businesses low-cost offices with basic business services (p. 156)
  8. Define: small business
    a business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size (set by the Small Business Administration) in terms of employees or annual receipts (p. 157)
  9. Define: business plan
    a detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner (p. 162)
  10. Define: venture capitalists
    individuals companies that invest in new businesses in exchange for partial ownership of those husinesses (p. 165)
  11. Define: Small Business Administration (SBA)
    a U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans (p. 165)
  12. Define: Small Business Investment Company (SBIC) Program
    a program through which private investment companies licensed by the Small Business Administration lend money to small businesses (p. 165)
  13. Define: market
    people with unsatisfied wants and needs who have both the resources and the willingness to buy (p. 166)
  14. Define: Service Corps of Retired Executives (SCORE)
    an SBA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost (except for expenses) (p. 168)