| Entrepreneur | A person who organises, operates and takes the risk for a new business venture |
| business plan | is a document containing the business objectives and important details about the operation, finance and owners of the new businesses |
| capital employed | is the total value of capital used in the business |
| internal growth | occurs when a business expands its existing operations |
| external growth | occurs when a business takeover or mergers with another business |
| integration | when one firm is integrated into another one |
| merger | occurs when the owners of 2 businesses agree to join their firm together to make one business |
| takeover acquisition | occurs when 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 | occurs when one firm takes over or merges with another one in the same industry at the same stage of production |
| vertical integration | occurs when one firm takes over or merges with another one in the same industry but different stage of production this can be forward or backward |
| conglomerate integration | occurs when one firm merges with or takes over a firm in a completely different industry this is also known as diversification |
