Free Enterprise Own Your Own Business

The Good & Bad  What might be the benefits of owning your own business?  What might be the negatives to owning your own business?

Business  The sole owner, partnership, or corporation that creates and sells a product or service.

Product  Something produced by humans or machines or natural process. Lemonade Athletic Shoes Maple Syrup

Service  Work done by others for others. Haircut Auto Repair

Revenue  Money a company receives from selling a product or service.

Expense  A cost associated with operating a business.

Profit  Money gained after expenses have been paid.

Salary  Money paid to someone for the work they do.

Loss  Expenses exceed the revenues.

Profit Equation  Revenue – Expenses = Profit or Loss

What is an entrepreneur?  An entrepreneur is a person who organizes and manages a business, assuming the risk for the sake of profit.  An entrepreneur sees an opportunity, makes a plan, starts the business, manages the business and hopefully receives the profits.

Entrepreneurial Cycle Manufacturing MarketingSales Design

Advertising  The activity of attracting public attention to a product or business. What are some good advertisements you’ve seen?

Marketing  The activities involved in promoting a company, product or service.

What Makes A Good Company?  Make quality products or services.  Provide a healthy working environment.  Treat employees well.  Benefit community.  Support community efforts (schools, parks, etc.)  Demonstrate good business ethics (honesty, rules, standards, etc.)