BU20 3.03 Starting a Business Vocabulary

The business plan has many components and is very detailed

Sometimes referred to as “mom and pop” businesses.

Individual who undertakes the risk associated with creating, organizing, and owning a business.

An idea that has commercial value

Stage in which the entrepreneur generates ideas and recognizes opportunities.

A business plan is a proposal that describes a new business.

The process of starting and operating one’s own business

The exclusive rights granted by a government to manufacture, use, or sell an invention

A written description of the purpose of a company and the management’s philosophy.

The legal right granted to an author to exclusive publication, production, sale, distribution.

Capital and resources needed to start a business

A new or different product

Potential Investors could be

A proposal that describes a new business

The stage where resources and strategies to protect intellectual property are identified.

Applying principles of right and wrong to situations in the workplace.

Stage in which the entrepreneur decides on venture’s future growth, development, or demise.

The purpose of a business plan is to

Data that describes people in terms of their age, marital status, ethnic background, gender,etc

The stage in which the entrepreneur operates the ventures and utilizes resources.

A contract is a legal agreement between 2 or more parties

Any name, symbol, figure, letter, word, or mark adopted and used by a manufacturer

A written description of the purpose of a company and the management’s philosophy.

Wealth in the form of money or property, such as supplies or machines needed for the business

The stage in which financial, human, and capital resources are identified.