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

entrepreneur Someone who engages in entrepreneurship

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

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

niche A segment of a market not currently being exploited

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

business plan A document that summarizes the business strategy and structure

venture capital company A group of small investors seeking to make profits on companies with rapid growth potential

franchising agreement A contract between an entrepreneur (the franchisee) and a parent company (the franchiser); the entrepreneur pays the parent company for the use of the trademarks, products, formulas, and business plans