Entrepreneur

Front 1

entrepreneurship

Back 1

taking the risk to own your own business

Front 2

how many business are in the u.s?

Back 2

29 million

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how many employees do you need to at least to be considered a large company ?

Back 3

500

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what percent makes up small businesses in the u.s

Back 4

99.9%

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if you start a business, after 2 years what's the chance you will still be in business?

Back 5

60% chance

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if you start a business after 4 years what's the chance you will still be in business?

Back 6

44% chance

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what are the 6 types of business

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service, retail, manufactoring, agriculture, whole sale, and mining

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Agriculture

Back 8

anything herded, grown, livestock, fish farms, corps, diary farms, bees and Honeys

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whole sale

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buying things in bulk, like Costco restaurants buy from these stores

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retail

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selling things in stores to the public in small quantities, not for resale

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manufactoring

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producing things in higher scale using machines

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service

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something that people do for you (burger king)

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mining

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taking things out of the ground, gold and silver

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owning your business pros

Back 14

you make good profit, you are your own boss, and you set your own schedule

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owning your own business cons

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lots of risk, risk of failure and debt, the time you need to commit can be unbearable, taxes you have to pay, managing people, you have to decide hard things and you aren't informed on everything.

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characteristics of entrepreneurs

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risk taker, be decisive, be driven, be patient, be persistent, leader, motivated, self confident

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what are the 4 ways of starting a business

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start your own, purchase an existing business, franchise ownership, enter a family business

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purchasing an existing business pro

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you have prior records to look at (profits, expenses, and revenue), equipment is already there, former owner can train you, you can set a financial agreement over time, you have existing constumers

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purchasing an existing business cons

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the business maybe in sale for bad reasons, you maybe inheriting the problems of the business (bad location, trouble with suppliers or community), mature business needs more capital (money to buy the constumers and profits)

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star your own business pro

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you don't have to check with anyone you make your own decisions, you keep your own profits

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start your own business con

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you are assuming all the Financial risk, you are assuming all the responsibility if the business

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franchise ownership

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a agreement that gives someone else the right to sell someone else's company Ina areas

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franchisee

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the person who is buying the company

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franchiser

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the person who owns the company

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advantages of franchise owner ship

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disadvantage is franchise owner ship

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Front 27

what business is the u.s economy dominated by

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family businesses

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what percent of business are owned by families ?

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90%

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pro of family business

Back 29

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disadvantage of family businesses

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sole proprietorship

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one owner

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advantages of sole proprietorship

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disadvantages of sole proprietorship

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partnership

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multiple owners

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advantages of partnership

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disadvantages of partnership

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things on a partnership agreement

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corporations

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have the legal rights of a person, considered a semi person because it can be sued and taxed

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things about a corporation

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advantages of a corporation

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disadvantage of corporation

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c corporation

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s corporation

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llc

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limited liability company

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advantage of llc

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disadvantages of llc

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Front 47

flsa

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fair labor standard act, establishes child labor laws, minimum wage, standard hours a week (anything over is overtime)

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civil rights act

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prohibits discrimination against sex, race and religion

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eoc

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equal opportunity corporations enorces civil rights laws .

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Osha

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occupation safety and health act

must contain the work place safe for workers

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workers compensation

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if you are hurt on the job the employer must provide money for your injury

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electronic communication privacy act

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protects company email messages, government needs a warrant to access your email a dress

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account fraud

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sarbanes Oxley act , accounting is regulated in bigger corporations which in prevents companies from lying about financial statements

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Robinson patman act

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you can't charge different prices to different people unless it's a big discount or shopping issues are involved

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Wheeler learner act

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they have to warn costumers of negative side affects or negative features of any drug

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federal trade commission

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electronic communication privacy act

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prohibited tapes phone calls of business it gave them more privacy

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Federal food drug and cosmetic Act

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Oversees the safety of food drugs and cosmetics

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Truth and lending Act

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A lender has to provide information about the loans like how much you might have to pay

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Sunshine Act

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All meetings of government agencies have to be open to the public

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Legal binding contract needs and things

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Agreement consideration capacity legality

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Agreement

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One party agrees to do something the other party except it

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Consideration

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Each party must contribute something to the agreement

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Capacity

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You need to be legally able to enter into a contract or agreement and sober or mentally stable

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Legality

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Contracts can't have anything in it that is illegal

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Types of contract

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Executed executory implied contract

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Executed

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It's fully performed something has been delivered provided or service has been done

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Executory

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It's not complete yet

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Implied contract

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Non verbal contract everyone is understanding of the conduct

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What are the three ways to solve contract disagreements (alternative trials)

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Arbitration mediation conciliation

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Arbitration

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A third party makes a decision and it must be honored

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Mediation

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Tries to help arise a solution for both parties but it is not binding

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Conciliation

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They meet with both parties separately and try to solve the situation

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Breach of contract consequences

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Specific performance, payment of damages or discharge of obligation

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Specific performance

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Party at fault must do something to fix

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Payment of damages

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Company at fault must pay the money

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discharge of obligation

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The contract doesn't have to be continued anymore

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When does a contract need to be written

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If you are buying or selling Goods over $500 or buying or selling property or contract requires more than one year to complete or promising to pay the obligation of debt of another

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Strict liability

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Refers to liability without fault like when a product causes harm the manufacturer did not intend it often product is recalled when observed to be harmful

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What are Needs & Wants

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Needs is what you must have like food wants are things that add comfort and enjoyment to your life economic ones are material things non-economic wants are things that make you happy like social situations or friends

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What are the three factors of production and explain each

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Natural resources gas mining anything from the Earth humor or labor employees and also your business owner Capital your money building and computers or any tools and equipment

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What are the functions of business there are four

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Production marketing management and finance

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Describe each of the functions of business

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Production that provides service or product for profit marketing you have to identify your target audience management solve problems managers work for employees evaluate activities and finance to determine money needs how to get the money manage the day-to-day money

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What are the 4 P's of marketing

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Product pricing place and promotion

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What affects price

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Supply and demand

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Supply

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Supply as the company's point of view Supply is how much a product a company is willing to produce at different prices as the prices go up the more the company wants to produce because more people want to buy the product

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Demand

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Point of view of the consumer as the price goes down the more people want to buy it but that's the price goes up the last people want to buy it

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What is equilibrium

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When Supply meets demand companies try to find the equilibrium because of the price is too low they make a little profit if the price is too high they're left with inventory and make a little profit

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Describe each Maslow's hierarchy of needs

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Physical needs food and shelter security physical and financial safety social needs friends a sense of belonging esteem need for being acknowledged and accepted and respected self-actualization you realize your potential and reach potential

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Needs & Wants are

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Unlimited

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All resources are

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The Limited

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Scarcity is what what does scarcity mean value if it goes High

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When you are forced to choose High scarcity equals high value and price

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What you don't get is the

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Opportunity cost

Front 94

Name all the parts of a business cycle and describe them

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Peak employment is great production is good recession is when you go down jobs are starting to be lost production is going down depression is super low the cycle unemployment is a huge jobs are lost production is very low recovery is a little bit up in the sky production increases and jobs starts to increase

Front 95

What affects price

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Supply and demand

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What is demand elasticity

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How much the price of a product affect its demand

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What is elastic demand vs. Inelastic demand

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Elastic demand is when I change your price it creates a large change in demand inelastic demand is when a change in price creates little change in demand

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What is a fixed cost vs variable cost

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Fixed costs you have to pay no matter how much you are making these fixed expenses are like rent insurance and loan payments variable costs go up and down depending on how much you are producing like flour sugar coffee depends on how much you need

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Marginal benefit cost

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Benefits - measures the advantages of producing more Goods / services . Costs measure the disadvantage of producing more goods and services

Front 100

What are the different Market structures and describe them

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Perfect competition you have many businesses making the same product consumers have many choices like flour and gas. Monopolistic competition you have many businesses making somewhat different products like phones and cars prices are determined competitively. Oligopoly there are a small number of businesses they dominate the market they have great influence on pricing. Very difficult for business to enter this Market. Monopoly there is one one provider and controls pricing

Front 101

Why are business plans important and what are the parts

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Makes you think about aspects of your business it helps to get financing helps you communicate your ideas. Introduction marketing financial management operations conclusions

Front 102

Introduction / marketing

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End of introduction is description of how you got your idea for the business to identify a need or a want ownership structure your skills and experience your background and advantages to your company marketing is how is unique who is your market and location

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Financial management / operation / conclusion

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Financial management is risks what kind of competition is there an area what happens to your Market if demand shifts and changes how can you adjust include how much you need and how you can use it operations managing the business on a daily basis how many people do you need to start with if you need equipment and how are you going to get it and delivery procedures

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What are three ways to protect your company and how long do they eat last

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Patents 20 years copyright 70 years trademark no ending