MGMT 1281 Chapter 4: The Entrepreneuiral Process
15 Jun 2018
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The Entrepreneurial Process
Sales Forecast: An estimate of how much of a product or service will be purchased by
prospective customers over a specific period.
Franchise: An arrangement that gives franchisees (buyers) the right to sell the product of the
franchiser (the seller).
Business Plan: Document in which the entrepreneur summarizes her or his business strategy
for the proposed new venture and how that strategy will be implemented.
Bootstrapping: Doing more with less.
Collateral: Assets that a borrower uses to secure a loan or other credit, and that are subject to
seizure by the lender if the loan isn’t repaid according to the specific repayment terms.
Incubators: Facilities that support small business during their early growth phase by providing
basic services, office space, legal advice, and more.
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Document Summary
Sales forecast: an estimate of how much of a product or service will be purchased by prospective customers over a speci c period. Franchise: an arrangement that gives franchisees (buyers) the right to sell the product of the franchiser (the seller). Business plan: document in which the entrepreneur summarizes her or his business strategy for the proposed new venture and how that strategy will be implemented. Collateral: assets that a borrower uses to secure a loan or other credit, and that are subject to seizure by the lender if the loan isn"t repaid according to the speci c repayment terms.
