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the process of initiating a business venture, organizing the necessary resources, and assuming the associated risks and rewards


someone who recognizes a viable idea for a business product or service and carries it out

internal locus of control

the belief by individuals that their future is within their control and that external forces have little influence

external locus of control

the belief by individuals that their future is not within their control but rather is influenced by external forces

need to achieve

a human quality linked to entrepreneurship in which people are motivated to excel and pick situations in which success is likely

tolerance for ambiguity

the psychological characteristic that allows a person to be untroubled by disorder and uncertainty

social entrepreneur

an entrepreneurial leader who is committed to both good business and changing the world for the better

business plan

a document specifying the business details prepared by an entrepreneur prior to opening a new business

sole proprietorship

an unincorporated business owned by an individual for profit


an unincorporated business owned by two or more people


an artificial entity created by the state and existing apart from its owners

debt financing

borrowing money that has to be repaid at a later date in order to start a business

angel financing

financing provided by a wealthy individual who believes in the idea for a start-up and provides personal funds and advice to help the business get started

equity financing

financing that consists of funds that are invested in exchange for ownership in the company

venture capital firm

a group of companies or individuals that invests money in new or expanding businesses for ownership and potential benefits


an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner

business incubator

an innovation that provides shared office space, management support services, and management advice to entrepreneurs

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