A person who organizes, operate and takes the risk for a new business adventure
Entrepreneur
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A document containing the business objectives and important details about operations, finance and owners of the new business
business plan
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When a business expands its existing operations
Internal growth
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When a business takes over or merges with another business. It is often called integration as one firm is integrated into another one
External growth
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When the owners of two businesses agree to join their firms together to make one business
Merger
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When one business buys out the owners of another business which then becomes part of the predator business
Takeover
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When one firm merges with or takes over another one in the same industry at the same stage of production
Horizontal Integration
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When one firm merges with or takes over another one in the same industry but at a different stage of production. Vertical integration can be forward or backward
Vertical integration
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When one firm merges with or takes over a firm in a completely different industry. This is also known as diversification
Conglomerate
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Other cards in this set
Card 2
Front
A document containing the business objectives and important details about operations, finance and owners of the new business
Back
business plan
Card 3
Front
When a business expands its existing operations
Back
Card 4
Front
When a business takes over or merges with another business. It is often called integration as one firm is integrated into another one
Back
Card 5
Front
When the owners of two businesses agree to join their firms together to make one business
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