Articles of Incorporation—(also known as the Certificate of Incorporation) the legal documentation required by the incorporating state that identifies the business name, purpose, location, incorporators, stock provisions, and so on. Once the incorporation is approved by the state, the articles and the state's approval become the Corporate Charter.
Balanced scorecards – a set of measurements unique to a company that includes both financial and operational measures and gives managers a quick yet comprehensive picture of the company’s total performance against its strategic plan.
Business Plan—an essential roadmap for business success
Business Valuation—is a set of procedures used to estimate the economic value of an owner's interest in a business
C Corporation – creations of the state, which accept regulations and restrictions of the state in which it is incorporated and any other state in which it chooses to conduct business. C Corporation—a standard corporation under the law with limited liability for its stockholders. The corporation is taxed as a legal entity and the stockholders are taxed for the income earned in the form of stock dividends they receive.
Clearly defined VISION – provides direction, determines decisions, motivates people, and allows a company to persevere in the face of adversity.
Closely held corporations – shares are held by a relatively small number of people, are not traded through a stock exchange, but are passed down through generations (usually family).
Co-preneurs—entrepreneurial couples who are both actively involved in the ownership and operation of a small business.
Competitive Advantage – the aggregation of factors that differentiates a small business from its competitors and gives it a unique and superior position in the market.
Competitive profile matrix – allows entrepreneurs to evaluate their firms against the major competitor on the key success factors for their market segments.
Core competencies – a unique set of skills, knowledge, and abilities that a company develops in key areas, such as superior quality, customer service, innovation, engineering, team-building, flexibility, speed, responsiveness, and others that allow it to perform vital processes to world-class standards and to vault past competitors.
Corporate Charter – articles of incorporation after they are approved and paid fees
Corporation—a legal entity formed under law with separate, independent liability from its owners. An artificial entity that is owned by stockholders or shareholders whose liability is limited to the extent of their investment in the business.
Cost-leadership strategy – strives to be the lowest cost producer relative to its competitors in the industry.
Creativity – ability to develop new ideas and to discover new ways of looking at problems and opportunities.
Differentiation strategy – seeks to build customer loyalty by positions its goods or services in a unique or different fashion.
Domestic Corporation – does business in the state it is incorporated
Dormant partner – neither active nor generally known to be associated with business.
Due Diligence—the exercise of reasonable care in the evaluation of a business opportunity
Employee Stock Option Plan (ESOP)—the practice of companies giving employees shares ofstock in their compaany as part of their salary
Entrepreneur—an individual who faces risk and takes on the challenge of creating a new business with profit and growth as business objectives. Has the ability to transform an idea into the reality of a small business.
Entrepreneural Profile – Desire and willingness to take risk; Preference for moderate risk; Confidence in ability to succeed; Self-reliance; Perseverance; Desire for immediate feedback; High level of Energy; Competitiveness; Future orientation; Skill at organizing; Value achievement over money; High degree of commitment;