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Intro Busn

Unit 2 & 3: Business Structures & Entrepreneurship

Sole Proprietorship a business ran and owned by just one person
Corporation a business owned by many people who are considered stakeholders
Partnership a business owned by two people who share the profit
LLC (Limited Liability Company) a business that is started in order to protect the owners personal assets
Employee someone who is hired to work for someone else
Entrepreneur Someone who starts up their own business and takes on all of the risks and rewards. They are the decision maker and they decide what, how, and how much of a good or service will be produced.
Entrepreneurship The process of recognizing a business opportunity, starting a business based on the recognized opportunity, and operating and maintaining that business.
Ethical Behavior acting in ways consistent with what society and individuals typically think are good values
Franchise A business that was created for expanding an original business, but opening in a new location. Also where the business is required to sell goods and services a certain way.
Integrity The quality of being honest and having strong moral principles.
Liability being legally responsible for something
Non-Profit Business An organization created with the purpose of something other than making a profit.
Entrepreneur Qualities Independent, Self-confident, Determination and perseverance, Goal-oriented, Creative, Strong work ethic, Master networkers, Up-to-date with technology, Business savvy
Perk to starting a Franchise Consumers most likely already know about the original business. A lot of the small details, procedures, hiring and training systems, etc are already figured out for you.
Created by: user-2055374
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