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mgt ch10 mdtrm 2


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business plan
a document that summarizes the business strategy and structure
the process of plannng, organizing, operating and assuming the risk of a business venture.
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
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.

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