glencoe accounting and mrs nichols n.
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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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key terms
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
Business

Big business logos!

Can you think of some local businesses?

free enterprise
Free Enterprise
  • We are free to produce goods and services.
  • We can use our money as we see fit
    • Spend it
    • Save it
    • Donate it
  • Competition is key!
free enterprise1
Free Enterprise

PROFIT

Money earned over and above the amount spent to keep the business operating

LOSS

Businesses that spend more money than they earn

entrepreneur

A person who takes their ideas and starts a business by producing products or providing a service

Entrepreneur

Pros

Cons

  • Be your own boss
  • You create opportunities to earn money
  • Decide your own schedule and the hours you work
  • Choose the people you work with and for
  • You benefit from your hard work.
  • Will work long hours
  • Lose security of steady wages and medical benefits
  • Market your own products and services
  • Be motivated and energetic majority of the time
  • Risk losing money
are you an entrepreneur
Are you an Entrepreneur?

Consider owning your own business …

Some skills you may need are

  • Speaking
  • Writing
  • Marketing
  • Creative
  • Mechanical
  • Risk taker
  • Accounting knowledge
  • Self motivated
  • Self starter
  • Have a vision
  • Great energy
  • Imagination
  • Computer skills
types of business operations
Types of Business Operations
  • Capital – money that investors, banks or business owners supply.
  • Service Business – provides a needed service for a fee.
  • Merchandising Business – buys finished products and resells them.
  • ManufacturingBusiness – buys raw materials, uses labor and machinery to transform them into finish products.
forms of businesses
Forms of Businesses

Sole proprietorship

  • Easy to set up
  • All profits go to owner
  • Owner has total control
  • Few regulations to follow

Hard to raise money, owner has all the risks. Limited expertise and hard to attract talented employees.

forms of businesses1
Forms of Businesses

Partnership

  • Easy start up
  • Pooled skills and talents
  • More money available

Risk of partner conflict, shared profits, shared risks

forms of businesses2
Forms of Businesses

Corporation

  • Easier to raise money
  • Easy to expand
  • Easy to transfer ownership
  • Losses limited to investment

More costs to start, more complex to organize, more regulations, higher taxes

are you an entrepreneur1
Are you an Entrepreneur
  • Persistent
  • Creative
  • Responsible
  • Inquisitive
  • Goal-oriented
  • Independent
  • Demanding
  • Self-confidence
  • Risk-taking
  • Restless

Rate yourself 5 to 1

5 being most like you, and

1 being least like you.