Entrepreneurship+30+Vocabulary

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 * **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 ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">services ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">intangible products ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">factors of production ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">the resources that businesses use to produce the goods and services that people want ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">scarcity ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">when wants are greater than resources ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">demand ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">the amount or quantity of goods or services that consumers are willing and able to buy ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">elastic ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">if a small change in the price of an item causes a significant change in the quantity demanded ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">inelastic ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">if a change in price has little or no effect on the quantity demanded ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">diminishing marginal utility ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">the principle establishing that price alone does not determine demand ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">equilibrium ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">the point at which consumers buy all of a product that is supplied ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">environment ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">elements affecting a business that are not controlled by the entrepreneur ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">enterprise zones ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">specially designated areas of a community that provide tax benefits to new businesses locating there and grants for new product development ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">opportunity ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">an idea that has commercial value ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">start-up resources ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">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 ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">new venture organization ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">the shell that surrounds all the products, processes, and services that are part of the new business ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">business failure ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">a business that files bankruptcy and loses money for creditors, the people who lent them money, and their investors ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">discontinuance ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">a business that is operatng under a new name or a business that has been purposely discontinues to start a new one ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">competition ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">striving for the same cu <span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">stomer or market ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">investment ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">the amount of money one puts into a business as capital ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">capital ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">the buildings, equipment, tools, and other goods needed to produce a product, or the money used to purchase these items ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">enterprise ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">a company that is organized for commercial purposes ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">role model ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">a person whose attitudes and achievements they tried to emulate ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">foundational skills ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">math, communication, and decision-making skills that entrepreneurs use regularly in setting up and running a business ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">internet ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">a large computer network linking smaller computer networks worldwide ||
 * **<span style="font-family: Arial,sans-serif; font-size: 12pt;">profile ** || <span style="font-family: Arial,sans-serif; font-size: 12pt;">a set of characteristics or qualities that iden-tify a type or a category of person ||
 * <span style="color: #4b0202; font-family: 'Comic Sans MS',cursive; font-size: 140%;">More Terms that might help you out **


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Acquisition - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">Taking ownership of another business. Frequently used in conjunction with the word merger, as in mergers and acquisitions or M&As.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Advertising - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">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.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Angel Investors - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">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.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Appraisal - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">A formal estimate of the value of something on the open market. It also describes how the estimation and conclusion of value was made.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Barter - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">Direct exchange of merchandise and/or services between businesses. See the International Reciprocal Trade Association.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Business Incubator - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">Provides workspace, coaching, and support services to entrepreneurs and early-stage businesses. See the National Business Incubation Association.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Business Valuation - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">An estimate of the worth of a business entity and its assets.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Consumer Direct Marketing - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">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.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Copyright - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">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.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Corporation- **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">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.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Downline - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">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.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Due Diligence - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">The inquiry process of obtaining sufficient and accurate disclosure of all material documents and other information which may influence the outcome of the transaction.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Entrepreneur- **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">A person who organizes, operates, and assumes the risk for a business venture.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">General Partnership - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">An organizational structure in which each general partner shares in the administration, profits and losses of the operation. See more info at Nolo.com.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Home Based Business - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">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.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Independent Contractor - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">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.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Intrapreneur - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">A intrapreneur is one who takes on entrepreneur-like ventures within a large corporate environment.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Joint Venture - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">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.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Limited Liability Company (LLC) - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">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.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Limited Partnership - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">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.


 * <span style="font-family: Arial,sans-serif; font-size: 12pt;">Line of Credit - **<span style="font-family: Arial,sans-serif; font-size: 12pt; line-height: 1.5;">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.