| A | B |
|---|
| Business plan | A proposal that describes a new business |
| Demographics | Data that describes a group of people in terms of their age, marital status, family size, ethnic background, gender, education, and income |
| Entrepreneur | An individual who undertakes the risk associated with creating, organizing, and owning a business. |
| Entrepreneurship | The process of starting and operating one’s own business. |
| Free Enterprise System | A system where businesses are owned by private individuals and groups, not by the government. Also called a Market Economy. |
| Opportunity | An idea that has commercial value. |
| Risk | The chance of damage or loss. |
| Venture | A business undertaking involving risk. |
| Sole Proprietorship | A business owned and operated by one person. |
| Partnership | A form of business ownership where two or more individuals share assets, liabilities, and profits. |
| Corporation | A business that is chartered by the state and legally operates apart from its owners. Corporations are owned by stockholder but run by a CEO. |
| Franchise | The right to sell a company’s goods or services in a particular geographic area. |
| Retail Business | A type of business that sells products directly to consumers. |
| Non-profit | An organization that is set up to help those in need but not to make a profit from the business. |
| Service business | Work done for others for a profit. |
