business plan A document that summarizes the business strategy and structure

entrepreneur Someone who engages in entrepreneurship

entrepreneurship The process of planning, organizing, operating, and assuming the risk of a business venture

established market A market in which several large firms compete according to relatively well-defined criteria

first-mover advantage Any advantage that comes to a firm because it exploits an opportunity before any other firm does

franchise An arrangement that permits the franchisee (the buyer) to sell the product of the franchiser (seller or parent company).

niche A segment of a market not currently being exploited

small business A business that is privately owned by one individual or a small group of individuals; it has sales and assets that are not large enough to influence its environment

venture capital company A company that actively seeks to invest in new businesses