Transcription 11/19/2025, 12:20:48 AM

Notes

• Definitions of Small Business and Related Terms Small Business = An independently owned and operated profit-making entity that is not dominant in its field. Business Plan = A carefully developed guide for individuals starting a business. Small Business Administration (SBA) = A U.S. government agency that supports, advises, and protects small businesses. Service Corps of Retired Executives (SCORE) = A volunteer group of retired business professionals offering free services to small businesses through the SBA. Venture Capital = Investment funds provided to small or struggling firms with high growth potential. Small Business Institute (SBI) = A group of senior and graduate business students offering management counseling to small businesses. Small Business Development Center (SBDC) = A university-based organization providing personalized counseling and practical training for small business owners. • Franchising Terms Franchise = A license allowing an individual to operate a business as part of a larger chain. Franchising = The process of granting a franchise. Franchisor = The individual or organization that grants the franchise. Franchisee = The person or organization pu...