BME 3.01 Entrepreneurs and Entrepreneurship Vocabulary

Small businesses are generally started to create jobs for the owners. "Mom and Pop"

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

An idea that has commercial value

A new or different product

A systematic set of rules and procedures used to guide the behavior of a business, or a culture

identifies and acquires financial, human, and capital resources needed for the venture startup

plans the venture, identifies needed & resources, business plan, identifies strategies 

describes a group of people, age, Ethnicity, marital status, gender, education, and income

The process of starting and operating one’s own business

A business undertaking involving risk

The entrepreneur operates the ventures and utilizes resources to achieve its goals/objectives

Applying principles of right and wrong to situations in the workplace

When the  entrepreneur generates ideas, recognizes opportunities, and determines feasibility.

An individual who undertakes the risk associated with creating, organizing, & owning a business

The stage in which the entrepreneur decides on a venture’s future growth, development or demise