10/1/2008 Bell Activity –On a piece of paper, identify at least 5 characteristics you think a successful entrepreneur must possess to be successful Each group compare list and come to a consensus on top 3 characteristics. –Hand back quiz from Monday.

Formula for success: Under promise and over deliver.

Objectives Describe the characteristics of successful entrepreneurs Compare and contrast the similarities and differences between proprietorships and partnerships. –SLE – 2.1

Self-starters Energetic Independent Take charge people Creative thinkers Personable Experienced Well informed

In your group, select a business that you might want to start some day, such as a retail store. –Provide a name for your business –Write one sentence that describes your business –List any questions (at least 2) that you will need to address if you were to actually open this business.

ADVANTAGES Owner is boss Owner receives all profits Owner personally knows employees and customers Owner can act quickly in decision making Owner is free from red tape Owner usually pays less income tax than a corporation Owner may lack necessary skills and abilities Owner may lack funds Owner bears all losses Illness or death may close the business DISADVANTAGES

ADVANTAGES Skills and abilities pooled Sources of capital increased Credit position improved Contribution of goodwill Increased concern in business management Less tax burden that corporations Reduction in competition Retirement from management Operating economies DISADVANTAGES Unlimited financial liability Disagreement among partners Each partner bound by contracts of others Uncertain life Limited sources of capital Unsatisfactory division of profits Difficulty in withdrawing from partnership

Identify similarities and differences don’t just copy the definition, but discuss how they are similar and different. –Without using your book –Discuss

Review Facts #’s 1-10 Analyze Information P. 132 Have a great afternoon!!