Definitions: Entrepreneur: An innovator of business enterprise who recognizes opportunities to introduce a new product, a new process or an improved organization, and who raises the necessary money, assembles the factors for production and organizes an operation to exploit the opportunity. Location: The business of drawing public attention to goods and services Financial plan: A comprehensive strategy designed to help individuals achieve specific financial goals and prepare for unexpected life challenges or events Factors for success: Franchise: a business established or operated under an authorization to sell or distribute a company's goods or services in a particular area a statutory right or privilege granted to a person or group by a government (especially the rights of citizenship and the right to vote) Partnership: A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business undertaking in which all have invested. Partnerships are often favored over corporations for taxation purposes, as the partnership structure does not generally incur a tax on profits before it is distributed to the partners (i.e. there is no dividend tax levied). However, depending on the partnership structure and the jurisdiction in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation. Company: Sole trader:the owner is the business, and therefore unlike with a Limited Company, there is no limited liability. The owner is liable personally for all debts of the business. Most of your clients will be sole traders Titanic REVISION: KEY FACTS Left south Hampto ...