Please grab a chair and sit in the centre.

1. DESIGN FOR THE FUTURE PRESENTATIONS Please put your cell phones away in courtesy of the presenters.

Let’s go over the worksheet together. 2. FORMS OF OWNERSHIP Let’s go over the worksheet together.

Owner receives all of the profits and is responsible for all debts. Sole Proprietorship Partnership Corporation Co-operative Franchise

The business is operated by two or more people who share the costs and responsibilities. Sole Proprietorship Partnership Corporation Co-operative Franchise

The easiest type of business to start and administer. Sole Proprietorship Partnership Corporation Co-operative Franchise

The business is managed by a board of directors. Sole Proprietorship Partnership Corporation Co-operative Franchise

Parent company often advertises on behalf of all its operators. Sole Proprietorship Partnership Corporation Co-operative Franchise

The business gives its owners one vote per share. Sole Proprietorship Partnership Corporation Co-operative Franchise

The business gives one vote per owner, regardless of shares owned. Sole Proprietorship Partnership Corporation Co-operative Franchise

Primary motive is service, not profit. Sole Proprietorship Partnership Corporation Co-operative Franchise

Operator pays a monthly fee to the parent company. Sole Proprietorship Partnership Corporation Co-operative Franchise

Owned by members who buy products or use service offered by the business. Sole Proprietorship Partnership Corporation Co-operative Franchise

Liability can be limited or unlimited, depending on the agreement. Sole Proprietorship Partnership Corporation Co-operative Franchise

Can you think of examples for each form of ownership? 3. EXAMPLES Can you think of examples for each form of ownership?

Sole Proprietorship Most local businesses A family-owned pizza shop, since 1986

Partnership Did you know that M&M’s not only makes M&M’s but also Skittles, Snickers, Twix, Milky Way, etc.? Famous corporations that began as partnership business: A&W Baskin-Robbins M&M’s Proctor & Gamble

Corporation Private corporation Controlled by only a few people The business is not listed for sale on a stock exchange Public corporation Shares are for sale on the stock exchange Crown corporation Operated by the provincial or federal government

Corporation Most large name companies BUT local small businesses can be incorporated (Inc. or Ltd.) Get Fresh Coin Laundry Microsoft: on NASDAQ as MSFT Chipotle is 100% corporate-owned. In other words, NO franchise. Canada Post is operated by the federal government.

Co-operative Often non-profit An organization committed to providing early childhood education. A retail cooperative, acting as a buying organization of individual members.

Franchise Most commonly encountered daily Midas (franchise fee: appx. $30 000) Starbucks (franchise fee: appx. $315 000)

4. STARTING YOUR OWN BUSINESS Hang in there!

Why do people go into business? To become the BOSS To achieve financial independence To use the skills and knowledge To be creative

Questions You Should Ask Yourself What type of business do you want to own? Remember different ways of classifying a business?

Questions You Should Ask Yourself What are your skills and interests? How can you apply them to your business?

Questions You Should Ask Yourself Will your business be home-based? Office-based? Web-based?

Questions You Should Ask Yourself What kind of research can you do about your business? Industry Canada (http://www.ic.gc.ca/eic/site/icgc.nsf/eng/home?OpenDocument) Statistics Canada (http://www.statcan.gc.ca/eng/start)

Questions You Should Ask Yourself What are the Start-up costs? How are you going to finance your business? Business Know-How Calculator: http://www.businessknowhow.com/startup/startup.htm The Wall Street Journal Calculator: http://www.wsj.com/public/page/news-small-business-startupCalculator.html

Questions You Should Ask Yourself What level of risk can you expect?

Grading Rubric Content Are answer all questions answered completely? Organization Is your proposal organized in an easy to follow manner? Presentation Is your proposal visually appealing when appropriate? Communication Does your proposal follow the rules of the English language? Is the proposal written in your OWN voice?