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