Terms
Definitions
entrepreneur
an individual who undertakes the creation, organization, and ownership of a business
venture
a business undertaking involving risk
entrepreneurship
the process of getting into and operating one's own business
entrepreneurisl
means of or having to do with an entrepreneur or entrepreneurs
economics
the study of the decisions or choices that into making, distributing, and consuming products
free enterprise system
the right to make economic choices is most important
profit
money that is left after all the expenses of running a business have been deducted from the income
services
intangible products
factors of production
the resources that businesses use to produce the goods and services that people want
scarcity
when wants are greater than resources
demand
the amount or quantity of goods or services that consumers are willing and able to buy
elastic
if a small change in the price of an item causes a significant change in the quantity demanded
inelastic
if a change in price has little or no effect on the quantity demanded
diminishing marginal utility
the principle establishing that price alone does not determine demand
equilibrium
the point at which consumers buy all of a product that is supplied
environment
elements affecting a business that are not controlled by the entrepreneur
enterprise zones
specially designated areas of a community that provide tax benefits to new businesses locating there and grants for new product development
opportunity
an idea that has commercial value
start-up resources
resources an entrepreneur needs to have when starting a business, including capital, skilled labor, management expertise, legal and financial advice, a facility, equipment, and most imprtantly, customers
new venture organization
the shell that surrounds all the products, processes, and services that are part of the new business
business failure
a business that files bankruptcy and loses money for creditors, the people who lent them money, and their investors
discontinuance
a business that is operatng under a new name or a business that has been purposely discontinues to start a new one
competition
striving for the same customer or market
investment
the amount of money one puts into a business as capital
capital
the buildings, equipment, tools, and other goods needed to produce a product, or the money used to purchase these items
enterprise
a company that is organized for commercial purposes
role model
a person whose attitudes and achievements they tried to emulate
foundational skills
math, communication, and decision-making skills that entrepreneurs use regularly in setting up and running a business
internet
a large computer network linking smaller computer networks worldwide
profile
a set of characteristics or qualities that iden-tify a type or a category of person
More Terms that might help you out
http://entrepreneurs.about.com/cs/generalresources/a/glossaryindex.htm

Acquisition - Taking ownership of another business. Frequently used in conjunction with the word merger, as in mergers and acquisitions or M&As.

Advertising - The activity of attracting public attention to a product or business, as by paid announcements in the print, broadcast, or electronic media. Not to be confused with marketing or public relations. See AMIC.com for an extensive glossary of advertising terms or About Advertising for more information.

Angel Investors - Individuals who back emerging entrepreneurial ventures, usually as a bridge to get from the self-funded stage to the level of business that would both need and attract venture capital. Funding level ranges anywhere from $50,000 to $2 million. SeeAngel Investor News.

Appraisal - A formal estimate of the value of something on the open market. It also describes how the estimation and conclusion of value was made.

Barter - Direct exchange of merchandise and/or services between businesses. See the International Reciprocal Trade Association.

Business Incubator - Provides workspace, coaching, and support services to entrepreneurs and early-stage businesses. See the National Business Incubation Association.

Business Valuation -An estimate of the worth of a business entity and its assets.

Consumer Direct Marketing - A form of Network Marketing in which the distributors are all also consumers, i.e., they must also buy the product for their personal use.

Copyright - Copyright is a form of protection for published and unpublished literary, scientific and artistic works that have been fixed in a tangible or material form. SeeWhatIsCopyright.org.

Corporation- A body that is granted a charter recognizing it as a separate legal entity having its own rights, privileges, and liabilities distinct from those of its members. The primary advantage of a corporation is that shield its investors from personal liability for any losses the corporation may experience. See more info at Nolo.com.

Downline - In a Multi-Level Marketing business, the collection of all people signed up underneath an individual on which the individual receives payment on their sales.

Due Diligence - The inquiry process of obtaining sufficient and accurate disclosure of all material documents and other information which may influence the outcome of the transaction.

Entrepreneur- A person who organizes, operates, and assumes the risk for a business venture.

General Partnership - An organizational structure in which each general partner shares in the administration, profits and losses of the operation. See more info at Nolo.com.

Home Based Business - A home based business is a business whose primary office is in the owner's home. The business can be any size or any type as long as the office itself is located in a home.

Independent Contractor - One who practices an independent trade, business, or profession in which they offer their services to the public. The person contracting for their services must have the right to control or direct only the result of the work and not the means and methods of accomplishing the result. See IRS Publication 1796.

Intrapreneur - A intrapreneur is one who takes on entrepreneur-like ventures within a large corporate environment.

Joint Venture - A legal entity created by two or more businesses joining together to conduct a specific business enterprise with both parties sharing profits and losses. It differs from a strategic alliance in that there is a specific legal entity created.

Limited Liability Company (LLC) - A legal entity that is not taxable itself and distributes the profits to its owners, but shields personal assets from business debt like a corporation. See more info at Nolo.com.

Limited Partnership - A business arrangement in which the day-to-day operations are controlled by one or more general partners and funded by limited or silent partners who are legally responsible for losses based on the amount of their investment. See more info at Nolo.com.

Line of Credit - Similar to a business loan, except that the borrower only pays interest on the amount actually used. Much like a credit card, the business makes periodic payments against the outstanding balance.