| A | B |
|---|
| Angel Investors | Individuals who have capital that they are willing to risk. Angels are often successful entrepreneurs who invest in emerging entrepreneurial ventures, often as a bridge from the self-funded stage to the point in which a business can attract venture capital. |
| Business Plan | A written document detailing a proposed venture, covering current status, expected needs, and projected results for the enterprise. It contains a thorough analysis of the product or service being offered, the market and competition, the marketing strategy, the operating plan, and the management as well as profit, balance sheet, and cash flow projections. |
| Chamber of Commerce | A local association to promote and protect the interests of the business community in a particular place. |
| Command Economy | The government determines what, how, and for whom products and services are produced. |
| Competition | The rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market-share growth. |
| Creativity | The ability to make new things or think of new ideas |
| Demand | An individual’s need or desire for a product or service at a given price. |
| Entrepreneur | People who own, operate, and take the risk of a business venture. |
| Entrepreneurial Risk | The possibility of loss, whether the entrepreneur’s loss is from money, customer, or losing their business. |
| Entrepreneurship | The process of running a business of one’s own. |
| Equilibrium Price and Quantity | The point at which the supply and demand curves meet. |
| Flexibility | Able to change to cope with variable circumstances. |
| Innovation | A new method, idea, product, etc. |
| Inquiry | An act of asking for information. |
| Market Economy | Individuals decide what, how, and for whom goods and services are produced. |
| Mentor | An experienced and trusted adviser. |
| Monopoly | When a company controls all of a market. |
| Optimism | A tendency to expect the best possible outcome or dwell on the most hopeful aspects of a situation. |
| Productivity | The level of output that an industry or company gets from each worker or each unit of input into its products and services. |
| Scarcity | Occurs when people’s needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are limited. |
| Service Corps of Retired Executives | A non-profit organization dedicated to entrepreneurs' education and the success of small business. It is sponsored by the SBA to provide consulting to small businesses. |
| Small Business | Any business that is operated by one or a few individuals. (Employs <100 people.; Represent 99.7% of all employers.) |
| Small Business Administration | Created in 1953, it is an independent agency of the U.S. federal government that aids, counsels, assists, and protects the interests of small business. |
| Solicited Inquiry | When a business or agency advertises its products or services. |
| Start-up | A company that is in the first stage of its operations. |
| Supply | How much of a good or service a producer is willing to produce at different prices. |
| Trade Association | An association of people or companies in a particular business or trade, organized to promote their common interests. |
| Unsolicited Inquiry | If the recipient has done nothing to prompt your inquiry. |
| Venture | Is a business undertaking involving risk. |
| Venture Investors | An institution specializing in the provision of large amounts of long-term capital to enterprises with a limited track record but with the expectation of substantial growth. The venture capitalist also may provide varying degrees of managerial and technical expertise. |
