The
process of creating wealth by bringing together resources in new
ways to start a venture that benefits customers and rewards
founders for their innovation.
An
individual who assumes the risk of starting a new business,
creating a new commercial product or service, and consequently
seeking profitable rewards within a free enterprise system.
A
term applied to corporate entrepreneurship (literally "intracorporate
entrepreneurship"), suggesting innovation and new&-venture
creation from within established organizational boundaries.
A
team, division, or subsidiary created specifically to initiate
new business ideas and bring them to fruition through commercial
endeavors.
A
carefully prepared document that describes services and
products, identifies customers, markets, and competition,
evaluates capabilities, and provides supporting data for
financing a new venture.
A
person who conducts business as an independent and
unincorporated owner. Legally, a form of business that has no
other investors beyond the independent owner.
Two
or more individuals with joint responsibility and investment in
a business.
A
legal entity created by statute, subject to commercial laws; a
form of ownership in which investors have limited liability
through stock ownership.
Conceptually,
an enterprise that does not dominate its industry, has few
employees, and generates limited income. The SBA has defined a
small business for qualifying loans as one with fewer than 1,000
employees and less than $10 million in annual sales.
Legally
defined as a company controlled by family members who hold a
majority&-owner interest through stock or other
investments. Conceptually, an enterprise owned and operated by
family members.
A
form of small business that provides services to customers
through the skilled activities of its owners or employees.
A
form of business ownership created by contract whereby a company
sells the rights to a business concept, providing products in
exchange for a royalty or share of profits.
