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Bell Ringer. Entrepreneurship - the process of starting and managing your own business. ---Write a list of what you would consider to be the advantages and disadvantages of entrepreneurship. Chapter 37. What is Entrepreneurship?. Objectives. Identify the meaning of entrepreneurship

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bell ringer

Bell Ringer

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

---Write a list of what you would consider to be the advantages and disadvantages of entrepreneurship.

chapter 37

Chapter 37

What is Entrepreneurship?

objectives
Objectives
  • Identify the meaning of entrepreneurship
  • Discuss how to identify the risks involved in entrepreneurship
  • Identify advantages and disadvantages of entrepreneurship
  • Discuss how to identify the personal characteristics and skills necessary for entrepreneurs.
objectives cont
Objectives Cont…
  • Identify how to discuss business ownership opportunities.
  • Identify forms of business ownership
  • Identify the legal steps to take in establishing a business.
what is entrepreneurship
What is Entrepreneurship?
  • Entrepreneurship- the process of starting and managing your own business
  • Entrepreneurs- people who organize, manage, and take the risk of owning and operating a business.
the risk of entrepreneurship
The Risk of Entrepreneurship
  • Commitment of time, money, and effort
  • You must be a risk-taker
  • Often must quit a job
  • Long Hours
  • Invest savings and borrow $
  • NO GUARANTEES!!!
advantages of entrepreneurship
Advantages of Entrepreneurship
  • Personal freedom
  • Personal satisfaction
  • Increased income
  • Increased self-esteem
  • Set your own work schedule and control your own fate
disadvantages of entrepreneurship
Disadvantages of Entrepreneurship
  • Potential loss of income
  • Long and irregular hours
  • Necessity for strong self-discipline
personal characteristics for successful entrepreneurship
Personal Characteristics forSuccessful Entrepreneurship
  • Strong organizational skills
  • Tremendous drive
  • Good Leadership Ability
  • Possess special skills and knowledge necessary to operate the business
  • Good physical and mental condition.
do you have what it takes1
Do You Have What it Takes?
  • Answering “yes” to most or all of the questions should be an indication that you may have the right characteristics for success. You should also consider the experiences of family, friends, and other businesspeople who are in the same or a similar business. Find out about their experiences. Do research on the type of business you want to start. All this information taken together should give you a good indication of whether you are ready and able to join the millions of small business owners in the U.S.
the importance of entrepreneurship in our economy
The Importance of Entrepreneurship in Our Economy
  • Small businesses:
    • Make up the majority of U.S. businesses.
    • Provide jobs for about 55% of the labor force.
    • 80% of new jobs created annually come from businesses less than 5 yrs. old.
    • Produce 50% of the GDP
business ownership opportunities
Business Ownership Opportunities
  • 150,000 businesses are started each year.
  • 4 ways to enter a business:
    • Develop a new business
    • Purchase a franchise
    • Purchase an existing non-franchise business
    • Take over the family business
business ownership opportunities cont
Business Ownership Opportunities Cont…
  • Franchise- an agreement to operate a business in the name of a recognized company
forms of business organization
Forms of Business Organization
  • Sole Proprietorship
  • Partnership
  • Corporation
forms of business ownership sole proprietorship
Forms of Business Ownership:Sole Proprietorship
  • Sole Proprietorship- a business owned and operated by one person
  • Most common form of business ownership
  • 70% of all U.S. businesses
sole proprietorship
Advantages

Easy to start

All decisions made on your own

Taxed less than other forms of businesses

More freedom from gov’t regulation

Disadvantages

Responsible for all debts or legal judgments

Unlimited Liability- In the event that the debts of your business exceed its assets, your creditors can claim all of your own personal assets, such as your car, home, and savings.

Sole Proprietorship
forms of business ownership the partnership
Forms of Business Ownership: The Partnership
  • Partnership- a legal agreement between two or more people to be jointly responsible for the success or failure of a business.
  • Least common form of U.S. business
  • 10% of U.S. businesses
types of partnerships
Types of Partnerships
  • General partnership- each partner shares in the profits and losses. Each partner has unlimited liability for the company’s debts. Each partner’s share of the profits is taxed as personal income.
  • Limited Partnership- each limited partner is liable for any debts only up to the amount of his or her investment in the company
partnership
Advantages:

Combines the skills of the owners

Offer more money

Easier operation and expansion

Each partner gets a voice in mgmt

Taxed and regulated less heavily than a corporation.

Disadvantages:

Owners may not always agree on business decisions

All partners assume share of the business debt.

Responsible for the shares of other partners if they cannot pay

Business dissolves if 1 partner dies.

Partnership
forms of business ownership the corporation
Forms of Business Ownership: The Corporation
  • Corporation- a business that is chartered by a state and legally operates apart from the owner or owners.
  • Most complicated form of business
corporations
Corporations
  • Stockholders- the people who actually own the corporation with limited liability.
  • Corporations can be incorporated, or established in the state where they will do business or in another state.
corporations cont
Corporations cont…
  • Foreign corporation- incorporated under the laws of a different state from the one in which it does business
    • Must seek approval from and register with each state in which they intend to do business
  • Subchapter S corporation- small business that is taxed like a partnership or proprietorship
corporations cont1
Advantages:

Each owner has limited liability

Easier to raise $ for expansion than other forms

Easy to enter or leave the business by selling or buying shares of stock

Each operation area can be managed by an expert in that area.

Disadvantages:

Complexity of forming it

Increased gov’t regulation

Higher taxes on the profits of the corporation and on each stockholder

Intricate accounting and record keeping

Corporations cont…
legal steps in establishing your business
Sole Proprietorship or Partnership:

You must file for a DBA (Doing Business As)

DBA- a registration process by which your county gov’t officially recognizes that your business exists.

Corporation

You must file Articles of Incorporation, which identify the name and address of your business, its purpose, the names of the initial directors, and the amount of stock that will be issued to each director.

Legal Steps in Establishing Your Business