Unit 1: Introduction to Concepts (Stuff you have to know and understand before we can do anything else) Some REALLY Big Business Principles.

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Presentation transcript:

Unit 1: Introduction to Concepts (Stuff you have to know and understand before we can do anything else) Some REALLY Big Business Principles

Different Types of Business Ownership Sole Proprietorship: All of the risk, all of the reward General Partnership: Shared risk, shared reward Limited Liability Company (LLC): Separates personal assets from business risks Corporation: A separate and legal entity, as if it were a separate “person.” Its owners are shareholders, officers or directors. What are the main types of business ownership?

Product- Vs. Service-Based Businesses Sole Proprietorship PartnershipLLCCorporation Products Bob’s Car PartsBob and Jim’s Car Parts Bob’s Car Parts, LLC Services Emily’s House of Beautiful Hair and Such Emily & Tina’s House of Beautiful Hair Emily & Tina’s House of Beautiful Hair, LLC Non-tax allotment for teenagers: $5,700, Non-tax allotment for adults under 65:$9,350

U.S. Laws Relating to Establishment and Operation of Businesses Some Examples: Finance and Financial Contracts Privacy, Workplace Safety and Health Advertising and Marketing Online Business Employment and Labor Intellectual Property Environmental Regulations What laws play a role in the establishment and operation of all types of businesses?

Social and Environmental Responsibilities of Business Ownership Some Examples: Air emissions and air quality Energy use and conservation Wastewater and water quality Water use and conservation Hazardous materials use Wastes Land contamination Biodiversity and natural resources Labor and working conditions Occupational health and safety Community health, safety, and security Land acquisition and resettlement Indigenous peoples Cultural heritage And more! What types of social and environmental issues must be considered by all types of businesses?

A Quick Review … 7 Questions Won’t Kill You!

What is a Business Plan? A proposal that turns a business idea into a reality Typically used to find people to invest in your business Also provides an outline for management of the business

Let’s Take a Look … Mr. Dulam

4 (or 5) Functions of Management Planning: defining a goal and determining the most effective course of action needed to reach that goal Organizing: designating tasks and responsibilities to the right employees Staffing: hiring the right people for the right jobs (Coordinating): communicating, supervising and providing direction Controlling: establishing standards and monitoring the output of employees What are the 4 (or 5) functions of management?