Free Enterprise Own Your Own Business The Good
Free Enterprise Own Your Own Business
The Good & Bad o What might be the benefits of owning your own business? o What might be the negatives to owning your own business?
Business o The sole owner, partnership, or corporation that creates and sells a product or service.
Product o Something produced by humans or machines or natural process. n n n Lemonade Athletic Shoes Maple Syrup
Service o Work done by others for others. n n Haircut Auto Repair
Revenue o Money a company receives from selling a product or service.
Expense o A cost associated with operating a business.
Profit o Money gained after expenses have been paid.
Salary o Money paid to someone for the work they do.
Loss o Expenses exceed the revenues.
Profit Equation o Revenue – Expenses = Profit or Loss
What is an entrepreneur? o An entrepreneur is a person who organizes and manages a business, assuming the risk for the sake of profit. o An entrepreneur sees an opportunity, makes a plan, starts the business, manages the business and hopefully receives the profits.
Entrepreneurial Cycle Design Manufacturing Sales Marketing
Advertising o The activity of attracting public attention to a product or business. n What are some good advertisements you’ve seen?
Marketing o The activities involved in promoting a company, product or service.
What Makes A Good Company? o Make quality products or services. o Provide a healthy working environment. o Treat employees well. o Benefit community. o Support community efforts (schools, parks, etc. ) o Demonstrate good business ethics (honesty, rules, standards, etc. )
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