Key Terms/Concepts

Co-preneurs—entrepreneurial couples who are both actively involved in the ownership and operation of a small business.

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.

Entrepreneurial Spirit—the confidence and courage to take on the risks and challenges of starting and operating one or more small businesses.

Small Business—independently owned and operated and not dominant in its field. Further distinguished by size standards such as number of employees and annual receipts.

Small Business Administration (SBA)—established by Congress via the Small Business Act of 1953 to provide financial, educational, and advisory services to the small business.