Types of Business & Business Ownerships/ Choosing Your teen based business

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What Should I be Doing?

Come in SILENTLY!!Take out your BUSINESS BINDER, A PEN, & PENCIL.SILENTLY!! Put your homework in the homework folder for your class section. (You have 3 minutes)Sit down!Take out your laptop and sign-on.Go to my website www.mrsjlogan.weebly.comComplete your Kick-Off assignmentBusiness Math (You have 5 minutes)

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Choosing Your Teen-based Business & Types of Businesses and Business Ownerships

Project One

Mrs. Logan

August 15, 2011

Power Center Academy M.S.


Todays Agenda

Review Business Binder Set-upTypes of Businesses and Business Ownerships?Choosing Your Teen-based Business

Homework

Label types of businesses and business ownershipsChoosing Your Teen-based Business 3, 4, 5

Business Binder Set-up

Put six tabs inside of your binderLabel the tabsDivider 1 Business 411Divider 2 Kick-OffDivider 3 Notes Divider 4 HomeworkDivider 5 ClassworkDivider 6 Business Plan


Place the following documents in your binderBusiness 411 tabSyllabusTimeline of InstructionBusiness Plan and Dress PolicyBusiness Dress Guidelines and RubricLaptop Procedure Sheet


Kick-Off This weeks kick-off log Last weeks graded kick-off logNotesChoosing Your Teen-based BusinessIntroduction to Entrepreneurship & What is a Business Plan? NOTES25 sheets of notebook paperHomeworkGraded Homework Assignments Components of a Business PlanHow to Make a Million Before You Graduate


Classwork Ticket Out the Door August 8, 201125 sheets of notebook paperBusiness Plan


There shouldn't be any other teachers work, notes, and documents in your BUSINESS BINDER.

Types of Businesses & Business Ownerships

ObjectivesIdentify the four main types of businessExamine trends in business startups in recent decadesExplore growth expectations for businessDefine liabilityExamine sole proprietorshipsLearn about partnershipsUnderstand corporationsUnderstand cooperatives

Types of Business

A wholesaling business (wholesaler) buys goods in large quantities, typically from manufacturers, and resells them in smaller batches to retailers.A retailing business (retailer) buys goods, often from wholesalers, and resells them directly to consumers, who are the end buyers.A service business provides services to customers for a fee.A manufacturing business (manufacturer) converts materials into goods suitable for use and then sells those goods to others.

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Trends in Business Startups

Over the past fifty years, the business make-up of the United States has changed significantly.In the 1950s, the countrys dominant industry was manufacturing.During the 1950s and 1960s, America experienced a boom in franchising.By 1970, service, wholesale, and retail businesses accounted for the majority of Americas economic production.The vast majority of businesses started in the 2000s have been service and trade businesses.

Businesses of the Future

The U.S. Department of Labor makes predictions on which industries will likely experience the largest growth in number of employees in the following decade using the The North American Industry Classification System (NAICS).The top ten companies have one thing in commonthey provide some type of service. This demonstrates that service businesses are expected to dominate the U.S. economy through 2020.

Liability of Business Owners

Owners liability is the legal obligation of a business owner to use personal money and possessions to pay the debts of the business.Unlimited liability means that a business owner can be legally forced to use personal money and possessions to pay the debts of the business.Limited liability means that a business owner cannot be legally forced to use personal money and possessions to pay business debt.

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Come in SILENTLY!!Take out your BUSINESS BINDER & A PEN.SILENTLY!! Put your homework in the homework folder for your class section. (You have 3 minutes)Sit down!Take out your laptop and sign-on.Go to my website www.mrsjlogan.weebly.comComplete your Kick-Off assignmentTyping Web(You have 5 minutes)Continue where you left off.


Choosing Your Teen-based Business

Project One

Mrs. Logan

August 16, 2011



Todays Agenda

Complete yesterdays lesson.Create a My Business Plan folder on your desktop

Types of Business Ownerships

A sole proprietorship is a legally defined type of business ownership in which a single individual owns the business, collects all profit from it, and has unlimited liability for its debt.The sole proprietorship is the simplest and least expensive option for business ownership.Because the owner and the business are one and the same, business income and costs are reported on the owners personal income tax return.In a sole proprietorship, only one individual is responsible for the business.The sole proprietor has unlimited liability for any business debts.


A partnership is a legally defined type of business organization in which at least two individuals share the management, profit, and liability. In a general partnership, all partners have unlimited liability.A limited partnership is structured so that at least one partner (the general partner) has limited liability for the debts of the business.General partnerships rely on the entrepreneurial skills and financial backing of at least two individuals.Because general partners have unlimited liability, they risk losing personal money and possessions to pay business debts.

Entrepreneurship: Owning Your Future, 11th ed.Steve Mariotti

2010 Pearson Higher Education,Upper Saddle River, NJ 07458. All Rights Reserved.

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A corporation is a legally defined type of business ownership in which the business is considered a type of person (or entity) under the law, and limited liability is granted to the business owner(s).The owners of a corporation are called its shareholders or stockholders.A share of stock is a unit of ownership in a corporation.Each share may earn its owner a dividend, which is a portion of the corporations profit.Shareholders have a limited liability. They risk only the money they invested in the corporation.




A cooperative is a business owned, controlled, and operated for the mutual benefit of its memberspeople who use its services, buy its goods, or are employed by it.In the U.S., cooperatives are not as common as other types of businesses and are often organized as corporations.Cooperatives often share their earnings with the membership as dividends.




Major Factors to Consider Before Selecting Your BusinessWhen selecting a business, consider the following factors:What are your interests?When considering your interest, ask yourself these questions:What do I like to do?What are the talents that I possess and enjoy?Do I like working with people?


What are your abilities?When considering your abilities, ask yourself:What are you good at?Choose a business that builds upon a skill or talent that you already possess


Do you have the startup money and necessary resources?When analyzing the startup cost of your business, ask yourself:Do I have enough money to start the business? If not, where will I get the money?Do I possess the resources required to start the business? If not, wherewill they come from? If you do not have the capital to purchase the required materials for the business you cannot start that business.


Profit potentialConsider potential market, will consumers want what you are sellingThere should be a need for your product or servicePleasureMake sure you enjoy the business you will be doingAvailabilitySince you are still a student consider when you will be able to operate your business

Ticket Out The Door

List the 6 major factors to consider before selecting your business.What are the 4 types of businesses?What are the 4 types of business ownerships?

My Business Plan Folder

Class Assignment

Create project oneGo to my websiteSelect Class Notes and ActivitiesDownload the file that says Choosing_My_Teen_BizType the document use the information from your homework assignments.Save the documentHomeroomSection_last name+first name_ChoosingMyBizExample: 801_LoganJeronica_ChoosingMyBizSave in My Business Plan folder on your desktop.

Your Subtitle Here


Come in SILENTLY!!Take out your BUSINESS BINDER, A PEN, & PENCIL.SILENTLY!! Put your homework in the homework folder for your class section. (You have 3 minutes)Sit down!Take out your laptop and sign-on.Go to my website www.mrsjlogan.weebly.comComplete your Kick-Off assignmentBusiness Math (You have 5 minutes)



Project One

Mrs. Logan

August 17, 2011



Todays Agenda

Finish typing the document Choosing Your Teen-based BusinessRead The Best Business Ideas for TeensAnswer the questions on Quia.com that accompany the article.Read pp. 33-35 in The Teen Entrepreneur

Finish Project One

Save the documentHomeroomSection_last name+first name_ChoosingMyBiz Example: 801_LoganJeronica_ChoosingMyBizSubmit to my DROPBOX.

The Best Business Ideas for Teens

Read

Answer Questions

The Teen Entrepreneur

Read pp. 33-35

Types of Business & Business Ownerships/ Choosing Your teen based business

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