Today’s Journal Question ► Of the three problem solving stages:  Problem Finding Stage  Idea Finding Stage  Solution Finding Stage Which do you think is the most important in solving a problem? Why?

Types of Businesses Found in Canada

Profit Business ► Profit Business  Organization that produces or sells goods or services to satisfy the needs and wants of consumers for the purpose of making profit. ► Profit – the income (money) that is left after all costs and expenses are paid.

Non-profit / Not-for-profit Business ► Non-profit Business  Organization that does not seek profit as its primary motive, but instead raises funds for a specific goal  Primary motive is to serve the community ► Charities

Large or Small ► Most businesses in Canada are either small or medium sized – they employ over 60% of the Canadian workforce ► Small & Medium sized business is defined as any business that employs fewer than 500 people. ► Large sized business employs over 500 people

Forms of Business ► Manufacturing  Businesses that build or make a good  Toyota ► Wholesalers  Businesses that purchase goods from manufacturers and sell them to retailers  Gerrie Electric Wholesale

► Retailers  Businesses that buy goods from manufacturers or retailers and resell them to consumers (end users)  Al ’ s Shoes ► Service  Businesses that do things for other businesses or consumers  Molly Maid

Franchise ► A franchise allows the owners of a successful business to duplicate it in another location by selling the name and system to be used by someone else ► Each franchise produces the same standardized product or service.

Example ► Subway

Franchise ► Franchiser  The business that originated the venture ► Franchisee  The person buying the right to operate a copy of the business  Must follow the franchisers business model exactly

Franchise ► A franchise can be bought by a  Sole Proprietor  Partnership  Corporation ► Franchises are the most successful forms of business