Business Management • 10/1/2008 • Bell Activity – On a piece of paper, identify at least 5 characteristics you think a successful entrepreneur must possess to be successful • Each group compare list and come to a consensus on top 3 characteristics. – Hand back quiz from Monday.
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10/1/2008 Bell Activity –On a piece of paper, identify at least 5 characteristics you think a successful entrepreneur must possess to be successful Each.
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Business Management
• 10/1/2008• Bell Activity
– On a piece of paper, identify at least 5 characteristics you think a successful entrepreneur must possess to be successful
• Each group compare list and come to a consensus on top 3 characteristics.
Formula for success: Under promise and over deliver.
Introduction to Chapter 5
Objectives• Describe the characteristics of
successful entrepreneurs• Compare and contrast the
similarities and differences between proprietorships and partnerships.
– SLE – 2.1
Characteristics of Entrepreneurs
• Self-starters• Energetic• Independent• Take charge people • Creative thinkers• Personable• Experienced• Well informed
Forms of Business
• In your group, select a business that you might want to start some day, such as a retail store.– Provide a name for your business– Write one sentence that describes your
business– List any questions (at least 2) that you will
need to address if you were to actually open this business.
Propritorships
ADVANTAGES• Owner is boss• Owner receives all profits• Owner personally knows
employees and customers• Owner can act quickly in
decision making• Owner is free from red tape• Owner usually pays less
income tax than a corporation
• Owner may lack necessary skills and abilities
• Owner may lack funds• Owner bears all losses• Illness or death may
close the business
DISADVANTAGES
PARTNERSHIP
ADVANTAGES• Skills and abilities pooled• Sources of capital increased• Credit position improved• Contribution of goodwill• Increased concern in
business management• Less tax burden that
corporations• Reduction in competition• Retirement from
management• Operating economies
DISADVANTAGES
• Unlimited financial liability• Disagreement among
partners• Each partner bound by
contracts of others• Uncertain life• Limited sources of capital• Unsatisfactory division of
profits• Difficulty in withdrawing
from partnership
Partnership vs. Proprietorship
• Identify similarities and differences don’t just copy the definition, but discuss how they are similar and different.– Without using your book– Discuss