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Definition of Chapter 3 - Coggle Diagram
Definition of Chapter 3
Entrepreneur
a person who organizes, operates and takes a risk for a new business venture
business plan
a document containing the business objectives and important details about operations, finance and owners of the new business.
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External growth
when a business takes over or merges with another business. It is often called integration as one firm is integrated into another one.
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takeover
one business buys out the owners of another business which then becomes part of the 'predator' business (the firm which has taken it over).
Horizontal integration
when one firm mergers with or takes over another one in the same industry at the same stage of production.
Vertical integration
when one firm mergers with or takes over another one in the same industry but at a different stage of production.
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Conglomerate integration
when one firm mergers with or takes over a firm in a completely different industry. This is also known as diversification.