Entrepeneurship

Able to undertake challenges presented by their ideas.

Use good business practices to achieve sucess.

Use hard work and vision to fill a unique need presented by potential costumers.

Self-confident when in control.

Realistic.

Have a sene of urgency.

Attracted to challenges.

Persistent in reaching goals.

Do not like to have authority over them.

Able to simplify complex situations.

Profit

Profit is defined as what is left from a business income after the expenses of doing business have been subtracted.

The cost and the value of a stock indicate how well a company is doing.

Common stock: enable share holders to become owners "in common" with other share holders.

Preferred stocks: Pays dicividends to shae holders, but it does not represent ownership.

Aspects

Require legal agreement.

Require an initial investment.

Require a percentage of sales to be paid to the franchising company.

Advantages

Nationwide marketing campaign.

Management expertise available.

Product with instant name recongition.

Systems are ready and operable.

Proper equipment and materials.

Sole proprietorship

The owner is the only person responsable for the activities of the business.

Partnership

Two or more people own a business and share liabilities, assets, and profits.

Corporation

A business that is chartered and legally operates apart from its owner.

Start in an area where you have interest.

Imagine all of the possibilities.

Take job opportunities to gain experience.

Borrowing money.

Marketing a product.

Cost and expenses.

Determining spending amounts.

Purchasing a business.

Shows total sales.

Shows all expenses.

Shows profit.

It is calculated monthly.

Personal savings.

Friends and relatives.

Private investors.

Partners.

Venture capitalists.

Routine

Deals with every day issues.

Non routine

Deals with complex issues