Business Basics is all about business. A business, also known as an enterprise or a firm, is an organisation involved in the trade of goods, services, or both to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money. Businesses may also be not-for-profit or state-owned. www.executivementors.com.au

1. Who Are You and What Are You
About?
• You may be planning every step and thinking
everything through carefully, or you may jump
in and start first.
• If you are one of the “organizing as you go”
set, you have to get strategic very quickly.
• Getting organized and strategic quickly
means that you are able to keep your focus on
your business growth.
What is Our Business?

2. Who Are You and What Are You
About?
• You need to be able to describe your products
and services very clearly in order to sell them.
• If you do not sell your products, you will not
be in business very long!
What is Our Business?

3. Who Are You and What Are You
About?
• Describe your product(s) as simply as you can.
• Who will provide support for the product(s)?
• Where will you get the money to get your
business started or to help with growth?
What is Our Business?

4. Who Are You and What Are You
About?
Three Key Questions
•What will you sell?
•Who sells and supports it?
•Where does the money comes from?
What is Our Business?

5. Who Are You and What Are You
About?
Sole Proprietorship
An individual establishes and runs a business
where they make all business decisions, and are
responsible for providing a product or service(s).
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6. Who Are You and What Are You
About?
Partnership (General)
Two or more people decide to work together and
share the profits as well as the risks associated with
running their company.
Partnership (Limited)
Two or more people decide to work together.
Certain partners accept more risk than others.
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7. Who Are You and What Are You
About?
Corporation
The owner of a business decides to create an
entity that is separate from their own self. That
business has the status of an entity. It can enter
into contracts, pays tax, and files taxes separate
from the people who own the business.
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8. Who Are You and What Are You
About?
Joint Venture
Two or more people contribute goods, services,
or monetary resources to a shared business
enterprise. This is usually founded with a
contract that all parties will sign.
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9. Who Are You and What Are You
About?
Franchise
An individual or a business may wish to establish
and operate within parameters set by another
company where the products, services,
procedures, and more are all prescribed by the
company.
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10. Who Are You and What Are You
About?
Subsidiary
A company in one country can establish a presence
in another country, provided they are following all
the laws and rules in the new country.
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11. Who Are You and What Are You
About?
• Will you be an owner or an entrepreneur?
• How about a consultant?
• Or a freelancer?
• What’s the difference?
The Owner’s Role

12. Who Are You and What Are You
About?
• You will hear a range of opinions.
• Don’t discount their own experiences in
self-employment (if they have some).
• Once you have established yourself,
going back to traditional employment is
not usually an attractive option.
The Owner’s Role

13. Who Are You and What Are You
About?
• You must be able to admit when you make a
mistake, and then learn from it.
• It’s important that you can listen to the advice of
others, and then sort the good from the not so good.
• You must be able to create a plan and take action.
• You need to have the technical skills required or to
attract people who have those skills.
• You must be able to tolerate risk.
The Owner’s Role

14. Session Two: Who Are You and
What Are You About?
• A business owner is the boss within a
clearly defined business.
• An entrepreneur is usually seen as taking
on greater risks than your typical owner.
• Working as a freelancer is another
option.
The Owner’s Role

15. Who Are You and What Are You
About?
• Michael Gerber says if you’re an
entrepreneur, you cannot grow and succeed
in business by doing all the work yourself.
• He differentiates between working in the
business and on the business.
• You need to decide whether you want to do
the work or lead your team.
The Owner’s Role

16. Who Are You and What Are You
About?
• In the early days, you may attract employees
who are excited about the future and
challenges.
• Once things are running smoothly, those
same people may be ready to move on.
• What will you do to keep yourself engaged in
your business once the “newness” wears off?
Keeping Things Moving