Entrepreneurship Vocabulary

1. An independent small business owner who operates a third-party retail outlet called a franchise and has purchased the right to use an existing brand’s trademark, associated brands and other proprietary knowledge
5. Individuals who purchase items for use including goods and services
6. A public corporation that can sell stock to an unlimited number of owners
9. A private corporation with special benefits that are designed to help small businesses
12. A choice people make between one item or another
13. A government agency that provides support to entrepreneurs and small businesses
15. A place where goods are bought and sold
16. A written document that reveals specific details and planning related to how a new business start-up is going to achieve its goals
18. A parent company that sells the right to open stores and sell products or services using its brand, expertise and intellectual property

2. A form of business operation that declares the business as a separate, legal entity guided by a group of officers known as the board of directors
3. Someone who takes a risk to start their own business
4. Control over an enterprise that provides the power to dictate its functions and operations
7. A business whereby the owner licenses its operations—along with its products, branding, and knowledge—in exchange for a franchise fee
8. A business owned and operated by one individual
10. A formal arrangement by two or more parties to manage and operate a business and share its profits and risk of loss
11. The process of starting a new business or growing your business
14. An intangible marketing or business concept that helps people identify a company, product, or individual
16. A part of a brand that cannot be spoken; most commonly a symbol, picture, design, distinctive lettering, color, or a combination of these
17. A business structure that protects its owners from being personally pursued for repayment of the company’s debts or liabilities
19. A corporation that operates to accomplish a special mission other than to make a profit (Ex. The American Red Cross)