Entrepreneurship Vocabulary

3. a hybrid form of business that has characteristics of both a corporation and a partnership
4. a classification of more than one type of business. The business may be classified according to its major business interest
5. to be curious or ask questions
10. A Business owned by a small group of people, usually two or three
11. the process of setting up or beginning a business
13. people that purchase a product or service from a business
14. buy products with the intention of using them as material in making a new product
15. when the strengths, weaknesses, opportunities, and threats to a business are evaluated
17. implementing or creating new ideas for products and service

1. buy products at wholesale price and sell the same products at retail price
2. businesses that sell the same or similar products or service to the same customers, they often compete for sales and market share
6. provides intangible products with no physical form
7. formed to carry out a charitable, educational, religious, literary, or scientific purpose; does not pay federal or state income taxes from activities in which it engages to carry out its objectives
8. A business owned by a number of people, operated under written permission from the state, with separate legal personality from its owners
9. allows partners to enjoy limited personal liability, while general partners have unlimited liability
12. business opportunity that allows the franchisee to start a business by legally using someone else's expertise, ideas, and processes
16. information gathered by a business and used in making decisions