What is a Business?O a legal entity that is set-up or designed to make goods, provide a service, or sell goods.
Different Types of BusinessO Proprietorship – a business with one owner who pays personal income tax on any profits and is personally responsible for any liabilities.
Different Types of BusinessO Partnership – two or more owners share profits and losses, but don’t incur taxes on profits before being distributed to their partners.
Different Types of BusinessO Corporation – a legal entity distinct from its owner. Limits the owners from any personal liability. Through stock, ownership of corporations is transferable.O Corporations are taxed on their profits.
What are Resources?O Resources can be anything from water to labor to machinery. There are three different types of resources: natural, human, and capital.
Types of ResourcesO Natural Resources – water, coal, cows, chickens, natural gas. Anything that comes from nature or the earth is a natural resource.
Types of ResourcesO Human Resources – labor, skill, or talent of the people. Workers for your business are human resources.
Types of ResourcesO Capital Resources – machinery, houses, the government and schooling systems. Anything created is a capital resource.
State ResourcesO joyolocity.edu.glogster.com/resources/
Famous EntrepreneursO Sam Walton O Founder of Walmart O Founded in 1962 O First Walmart was in Rogers, Arkansa s.
Famous EntrepreneursO Bill Gates O Started Microsoft with childhood friend, Paul Allen, in 1975. O Was created while Gates was attending Harvard.
Famous EntrepreneursO Debra Fields O Co-Founder of Mrs. Fields Cookies O Founded in 1977. O First store was in Palo Alto, California.
Famous EntrepreneursO Joyce “JC” Hall O Founded Hallmark Card Company in1910. O Was 18 when he founded Hallmark.
Business ProjectO You will be inventing your own business.O Think of a trade you would want your business to participate in.O Where would you have to place your business?
Business ProjectO In groups of two or three, you’ll collaborate on a business idea.O Is your business a partnership or corporation? Why?O What resources are available in the state you located your business?O What resources do you need for your specific business?
Business ProjectO How does your business compare to that as to one of the famous entrepreneurs we discussed?O What are some costs to include into starting your business?
The Bottom LineO You’ll be making a four page Wikispaces of PBworks.O An Introduction Page: Name, trade, and type of business you’ve created.O Location/Resource Page: Where your business is located, the resources of that state, and the resources your business needs to function.
The Bottom LineO Costs Page: Building, shipping, workers, what are some costs you’ll need to pay for your business?O Comparison Page: How does your business compare to that of one of the famous entrepreneurs? Trade? Location? Type of Business?
Make it InterestingO Put graphics! Make it bright, interesting, but easy to read.O Make sure your graphics are relevant to your business!O Have at least three!O Good luck!
Quiz Time!O Time for a Multiple Choice Quiz!O Lets makes sure you’ve grasped everything before sending your off into groups!