mgt ch10 mdtrm 2
Terms
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- business plan
- a document that summarizes the business strategy and structure
- entrepreneurship
- the process of plannng, organizing, operating and assuming the risk of a business venture.
- entrepreneur
- someone who engages in entrepreneurship
- small business
- a business that is privately owned by one individual or a small group of individuals and has sales and assets that are not large enough to influence its environment
- established market
- a market in which several large frims compete according to relatively well defined criteria
- niche
- a segment of a market not currently being exploited
- first mover advantage
- any advantage that comes to a firm because it exploits an opportunity before any other firm does
- venture capital company
- a group of small investors seeking to make profits on companies with rapid growth potential
- franchising agreement
- a contract between an entrepreneur (the franchisee) and a parent company (the franchiseer) the entrepreneur pays the parent company for the use of its trademarks, products, formulas, and business plan.