Glencoe Accounting and Mrs. Nichols. Exploring the world of business. Key Terms. Free enterprise Profit Loss Entrepreneur Capital Types of business Service Merchandising Manufacturing. Types of Businesses Sole proprietorship Partnership LLC Corporation S. Corp. Business.
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Big business logos!
Can you think of some local businesses?
Money earned over and above the amount spent to keep the business operating
Businesses that spend more money than they earn
A person who takes their ideas and starts a business by producing products or providing a serviceEntrepreneur
Consider owning your own business …
Some skills you may need are
Hard to raise money, owner has all the risks. Limited expertise and hard to attract talented employees.
Risk of partner conflict, shared profits, shared risks
More costs to start, more complex to organize, more regulations, higher taxes
Rate yourself 5 to 1
5 being most like you, and
1 being least like you.