Unit 3 Entrepreneurship

Four ways to become an entrepreneur:

-Develop a new business -Purchase an existing non-franchise business -Purchase a franchise business -Take over a family business

What is a Google Presentation

A way of making slide shows on Google Drive

Define and write the advantages and disadvantages of non-profit

Focused on being a service not a business. Advantage: No taxes, recieve funding through grants Disadvantage: Cost, share control, lots of paperwork

What is limited liability?

If corporation looses money, stock holders only loose what they invest.

What is the best way to add a image to a slide

Insert Image

What are royalties?

Money you pay to the franchisor for using their name, proven method, advertising, etc.

Define and write the advantages and disadvantages of sole propietorship

Most common form of ownership owned by one person Advantages: Less taxes, more control, keep all money Disadvantages: Loose everything, pay for everything, legal form

What is indirect competition?

Those who offer different products but still might make money/customers from you

What is direct competition?

Those who offer the same products.

What is an entrepreneurship?

Entrepreneurship is the process of starting and managing your own business.

What are some formatting tips to create visually appealing presentations.

-Font should be same (title, background, etc.) -Pictures, graphics, videos -Slides should vary in format

What are the advantages and disadvantages to being an entrepreneur?

Advantages: Personal freedom, taking risks, be your own boss, money, do what you enjoy Disadvantages: Loosing your money, finding money, long hours, disciplined, you have to do everything.

Define and write the advantages and disadvantages of franchise

Agreement to sell a company's product or service. Advantages: does all business planning: management training, advertising, merchandising, proven method. Disadvantages: lack of freedom, royalty fees (money you pay to the franchisor - for using their name, proven method, advertising, etc)

What tool can you use to share additional information with people that have access to view your presentation

Citations

How do you lengthen a presentation?

Details, pictures, statistics, bigger font, bullet points.

What is an entrepreneur? What are the common characteristics of entrepreneurs?

Entrepreneur are people who organize, manage, and take risks of owning or operating a business. Characteristics include self-discipline, risk-taking, self confidence, responsible.

What is unlimited liability?

Owner is responsible for all debts and legal judgement. Possibility of loosing everything. For corporations only.

Define and write the advantages and disadvantages of corporation

Stock holders/owners. Legally apart from owners. Advantage: Limited liability, easy to raise money Disadvantage: Double taxes, follow accounting rules.

Define and write the advantages and disadvantages of partnership

Two or more ownership Advantage: Easy to start, regulation, complementary skills, less taxes, more control Disadvantage: Share money, fights, disagreements, loose everything