Concepts of Entrepreneurship
Types of Business
Legal Structures of a Business
Roles and Responsibilities within a Business
1.1-1.4 Recap
100

an organizer, manager, and assumer of risk for a business or enterprise or a start-up entrepreneur willing to take risks to succeed.

What is an Entrepreneur? 

100
  • Potential failure of business
  • Financing can be challenging
  • No existing supplier contracts
  • No proven systems or sales
  • No readymade market
  • No known product market fit
  • No reliable data for business success

What are disadvantages of starting a business? 

100

an unincorporated business with one owner

What is sole proprietorship? 

100

The most significant role in a business.

What is CEO? 

100

Be your own boss

What is a reward? 

200
  • Use of personal capital
  • Sole responsibility for the financial success of the business
  • No steady paycheck
  • Lack of cash flow
  • Low sales or lack of public interest in product
  • Personnel issues
  • Stress can cause health issues
  • No personal time – long work hours
  • Stress on relationships
  • Resource issues

What are risk factors? 

200
  • Control your own destiny
  • Find your work-life balance by setting your own hours
  • Giving back to your community
  • Potential to build wealth through business ownership
  • Leaving a family legacy and employing  family members 
  • Pursuing your passion and creating something from nothing
  • Investing in yourself

What are some advantages of starting a business? 

200

the simplest form of business with more than two owners.

What is a partnership? 

200

responsible for the company's entire operations.

What is COO

200

Co-op advertising, name recognition, tech support. 

What are benefits to a franchise business? 

300
  • Make a living doing what you love
  • A potential to make unlimited income
  • Being your own boss
  • Ability to have a positive impact on others
  • Constant growth and change
  • Decide where you work
  • Flexible work schedule
  • Decision maker
  • Rewarding career
  • Leadership experience

What are benefits of being an entrepreneur? 

300
  • Having an employee as custodian while you are "the boss".
  • Existing company assets and cash flow.
  • Already having a product, customers, and a business reputation.

What are advantages of purchasing an existing business? 

300

a business that is legally separate from its owners, the shareholders.

What is a corporation? 

300

oversees all business and financial operations.

What is CFO?

300

As the owner and founder of the business that is assuming the primary risk/reward your role would be.

What is CEO? 

400

Knowledgeable of products and markets, 

passionate and ambitions, 

self-reliant and confident, 

What are characteristics of a successful entrepreneur? 

400
  • The franchise fee is up front and can be thousands of dollars.

what is a disadvantage of owning a franchise? 

400

the bridge between partnership and corporation.

What is a LLC? 

400

often the first point of contact for customers and consumers when they interact with a company.

What are frontline employees? 

400

You have a family member that wants to invest in your cell phone repair business. This friend is interested in owning a small percentage of the business without assuming any debt.

What is limited partnership? 

500

have considered opportunities to start their own venture.

What is 55% of the population? 

500

agreement between one business and another to sell that business' products or to use that company's brand name and trademark to sell its own products.

What is licensing? 

500

designed to get around the double taxation

What is a S Corporation? 

500

responsible for overseeing the financial health and operational performance of their particular business unit (department).

What are senior managers?

500

You are considering buying into a franchise-based cell-phone repair business instead of starting the business from scratch. The Cell-phone franchise also provides a way to increase sales via the reselling of accessories like cell phone cases and screen protectors.

What is distributorship? 

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