Who are they?
She worked as a stockbroker before starting a catering business out of her basement and has been known to hang out with Snoop Dogg.
Martha Stewart
An individual who assumes the risks associated with creating organizing and owning a business
An entrepreneur
A written document that describes how you will operate your business
A business plan
What is the main goal of a "social" entrepreneur?
Who is someone that works to help the "greater good" rather than make a profit for himself/herself.
Alyson decided to open up a company fixing people's computers. She does this as a hobby but decided that she was good enough to make some money doing it. She put out posters and an ad in the phone book.
Sole proprietorship
Her cosmetics company is famous for awarding pink Cadillacs to its consultants & directors.
Mary Kay
What is the purpose of an Expense Chart?
What is to have an ITEMIZED list of expenses. This is where you can examine all product to cut costs if needed.
The biggest reason(s) small businesses have to close down
Poor cash flow and failure to plan
Name 3 common business expenses
What is rent, electric bill, water bill, cable bill, salaries, taxes, supplies, etc.
Paula and Stefany decide to take their hobby of doing friends and family's make up and try to make it a career. They decided that they would be professional make up artists. They got their first job through their hair salon for a wedding and are relying on word of mouth for advertising.
Partnership
Former garbage truck driver H. Wayne Huizenga was the driving force behind this entertainment & video group
BLOCKBUSTER. Rip!
What is defined as the money provided by large investors to finance new products and new businesses that have a good chance to be profitable
Venture capital
An evaluation/study of an idea to determine if your business idea will work
A feasibility study
What is it called when you have "free" advertisement?
What is Publicity.
Michael decided that he was sick of working at Subway for minimum wage and decided that he was going to open his own Subway to be his own boss. He found the money and applied to own his own Subway.
What is a franchise
He once said, "If you can dream it, you can do it."
Walt Disney
In an accounting system what symbol represents a negative number?
What is parenthesis around the number.
SBA stands for what?
Small Business Administration
What makes a franchise different than other types of companies? (think like an entrepreneur)
A franchise comes with a set customer base. They come with a reputation, which typically helps generate business automatically. Can have the same negative effects if people hate your franchise.
Jessica decided to go to IUS (the BEST SCHOOL!) and while she was there she majored in Business Administration. After 10 years of working at Macy's she became a CEO and owned many stocks of her company. She was a well known share holder and received a vote for each share that she owned.
What is a corporation
After taking a correspondence course in ice-cream making they opened their first shop in Vermont in 1978
Ben & Jerry
Small businesses make up 72% of US employers – True or False?
FALSE
Small Businesses Make up 99.7 of U.S. Employers!
Establishes the scope and purpose of a company and reflects its values and beliefs
The vision statement
Who is quoted as saying, "Genius is 1% inspiration and 99% perspiration."
Thomas Edison
Jason and Xavier opened a bakery. Their bakery became very well known and stayed open as a partnership for many years. They decided that they wanted better benefits and better tax breaks. They began to call themselves members and started to document "minutes" at their company meetings.
What is a Limited Liability Corporation