| A | B |
|---|
| Small business | An independently owned business company that usually has the owner as its manager. It serves a limited geographic area and employs fewer than 500 people. |
| Virtual business or dot-com company | A business that operates and advertises on the internet. |
| Venture | A new business undertaking that involves risk. |
| Entrepreneur | A person who recognizes a business opportunity and organizes, manages, and assumes the risks of starting and operating a business. |
| entrepreneurship | The process of recognizing an opportunity, testing it in the market, and gathering the necessary resources to go into business |
| SBA (Small Business Administration) | A US Government Agency that protects the interests of small businesses. |
| Four rewards of entrepreneurship | Being your own boss, Doing what you enjoy, Having the opportunity to be creative, building an enterprise |
| Four challenges of entrepreneurship | being fully responsible for the business, They work long hours, Feeling alone and insecure, Uncertain income levels |
| percent of US firms that are small businesses | 99% |
| Percent of US workforce that small businesses employ | Over 52% |
| Percent of small businesses that fail in the first five years | 80% (4 out of 5) |
| Most common cause of failures for small businesses | inaccurate financial planning and management, and a poor response to change |
