Lesson #1

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  1. Entrepreneurial Venture
    Is one in which the principle objectives of the entrepreneurial are profit and growth
  2. Small Business
    Sometimes called micro business, is any business that is independently owned and operated
  3. Small Business owner
    Establishes a business for the principle of furthering personal goals, which may include making a profit.
  4. Entrepreneur
    Starts and manages a business for many reasons, achievment, profit, and growth.
  5. Reinvention
    Is the fundamental redesign of a business often in resulting in reducing in size and markets.
  6. Reengineering
    Is the redesign of operations starting from scratch.
  7. Downsizing/Rightsizing
    Is reducing the number of employees to increase efficiency.
  8. Objective
    Are the goals toward which the activities of the business are directed
  9. Profit
    Is the revenue received by a business in excess of the expenses paid.
  10. Profit Motives
    Is expecting to make a profit as the reward for taking the risk of starting and running the business.
  11. Social Objectives
    Are goals regarding assisting groups in the community and protecting the environment.
  12. High-knowledge Industries
    Are those in which 40% or more human resources are professionals, technicians or other knowledge workers.
  13. Discontinuance
    Is a voluntary decision to terminate a business
  14. Faliure
    Results from inability to succeed in running a business
  15. Formal Failures
    Are failures ending in court with loss to creditors.
  16. Personal (informal) failures
    In which the owner who cannot succeed voluntarily terminates the business
Card Set
Lesson #1
Starting your small business
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