BU20 3.03 Starting a Business Vocabulary

Stage in which the entrepreneur generates ideas and recognizes opportunities.

A contract is a legal agreement between 2 or more parties

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

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

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

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

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.

A proposal that describes a new business

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

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

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

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

The process of starting and operating one’s own business

Capital and resources needed to start a business

Sometimes referred to as “mom and pop” businesses.

Potential Investors could be

An idea that has commercial value

The purpose of a business plan is to

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

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

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

The business plan has many components and is very detailed

A new or different product

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