Types of Ventures
A business owned and operated by one person
What is a sole trader
This feature describes how easy or difficult it is to start a particular type of venture
What is cost or ease of formation
A key benefit of partnerships is sharing this responsibility
What is workload / managing risks
Every business must complete this step before operating legally
What is registration
Written rules that guide ethical behavior in a business
What is a code of ethics
The “P” that relates to financial stability and business growth
What is profit
A venture formed by two or more people sharing profits and responsibilities
What is a partnership
This feature determines whether owners can lose personal assets
What is limited liability
The main benefit of a sole trader is keeping all of this
What is profit
The law that governs the taxation of goods and services
What is General consumption tax (GCT) / Value added tax (VAT) law
Treating customers and stakeholders with fairness reflects this core value
What is integrity
The “P” that focuses on environmental conservation
What is Planet
This partnership type includes both general and limited partners
What is a limited partnership
Sole traders have this level of liability
What is unlimited liability
The inability to separate personal and business finances creates this risk
What is financial risk
OSHA regulates this aspect of the workplace
What is health and safety
Giving back to the community and protecting the environment is part of this concept
What is Corporate social responsibility (CSR)
The “P” that deals with employee welfare and community wellbeing
What is people
Two or more parties temporarily join to complete a project
What is a joint venture
Corporations have the strongest ability to do this because of stock issuance
What is raise capital
Start-ups often face this risk when entering uncertain markets
What Is market risks
Intellectual property protects creations such as logos, inventions and artistic works; this is known as
What are Intellectual Property Rights (IPR)
This type of entrepreneur focuses on solving social issues
What is a social entrepreneur
Businesses that practice TBL aim to be this
What is sustainable
A business model where one pays for the right to use a company’s brand and systems
What is a franchise
Partnerships often dissolve when a partner leave because they lack this feature
What is continuity
In franchises, franchisees must pay these two major financial obligations
What are royalties and franchise fees
Standards that ensure food businesses maintain safety from farm to table
What is Hazard analysis and critical control policies (HACCP)
Polite and professional behavior in business contexts
What is business etiquette
Waste reduction and green processes support which P?
What is Planet
A venture taxed once, with flexible membership and limited liability
What is a Limited Liability Company (LLC)
This feature determines how ownership can be sold or transferred
What is transferability of ownership
Loss of control and disagreements are risks common in this type of venture
What is a partnership
Laws preventing financial crimes and illicit transactions
What are Anti-money laundering (AML) and counter fit transactions (CFT)
The system that directs and controls companies’ operations
What is corporate governance
Paying fair wages and providing safe working conditions support which P?
What is People
A company where shares are held privately and not publicly traded
What is a Private Limited Company (PLC)
Venture type with the lowest cost of formation
What is a sole proprietorship
Corporations face this disadvantage due to detailed compliance rules
What is high regulatory fees / burden
This global organization publishes quality and production standards used across industries
What is International Organization for Standardization (ISO)
Philanthropy falls under this umbrella of entrepreneurship
What is social entrepreneurship
Choosing energy-efficient technology supports both these two Ps
What are planet and profit
A venture with perpetual succession, owned by shareholders, taxed separately from owners
What is a C Corporation
S corporations avoid double taxation by using this structure
What is pass through taxation
Poor product quality can damage customer trust, causing this type of risk
What is reputational risk
A valid contract must include these tree elements
What are offer, acceptance and consideration
These organizations operate for social good rather than financial gain
What are non-governmental organizations
Creating long-term shared value for society represents this principle
What is sustainable development
Non-profit groups that focus on community development or advocacy
What are Non-governmental organizations (NGOs)
A venture with flexible profit distribution and minimal formalities
What is a Limited liability company (LLC)
Name three factors considered when starting a venture
What are: financial, career, operational, credit, reputational, market cost
This principle requires businesses to protect the environment and manage resources responsibly
What is environmental stewardship
Ethical lapses can lead to this major business risk
What is loss of public trust/ reputational damage
The triple bottom line seeks to balance social equity, environmental protection and ...
What is economic performance / profit
Government-created ventures that deliver goods/services for the public
What are state-owned enterprises / statutory organizations
The three features that give corporation their strong continuity
What are separate legal entity, perpetual succession and transferable shares
Name three factors considered when selecting a venture type
What are: cost, liability, taxation, funding, ownership control, regulation?
These rules promote transparency, accountability and fairness in the financial reporting of ventures
What are International Financial Reporting standards (IFRS)
Ethical businesses consider the needs of all these groups when making decisions
What are stakeholders
A business that reinvests profits into community development supports which two Ps
What are people and profit