1. Warm Up – May 6
Finishing Shark Tank Entrepreneurship Presentations

2. Types of Business – Sole Proprietorship and Partnership
UNIT 7: THE ECONOMY
Types of Business – Sole Proprietorship and Partnership

3. Sole Proprietorship A Small Business owned by one person
Examples: Game Stores, Record Stores, Small Grocery Stores, Hair Salons
Advantages:
your own boss
decide hours and how business will operate,
keep all the profits
Disadvantages:
have to borrow what they need to rent or buy buildings or office space and equipment
have to pay employees yourself,
responsible for success or failure of business

4. Partnership
Two or more people share the responsibilities, costs, profits, and losses
Advantages:
More than one person to provide capital
share responsibility, furnish ideas, and do the work
share risks
Disadvantages:
Personally responsible for success or failure
can disagree on how business should be run

5. Sole Proprietorship and Partnership
Unlimited Liability – owners responsible for all debts that the business is liable for
Financial Capital - refers to assets needed by a company to provide goods or services, as measured in terms of money value
Articles of Partnership - voluntary contract between/among two or more persons to place their capital, labor, and skills into business, with the understanding that there will be a sharing of the profits and losses between/among partners.

6. Sole Proprietorship Business Plan
Working on your own you create and develop a business plan
Name of Your Company – make this the title of your business plan
Company description - describes what you do. (one paragraph)
Market analysis - research on your industry, market, and competitors. (one paragraph)
Organization and management - your business and management structure. (one paragraph)
Service or product - the products or services you’re offering. (one paragraph)
Marketing and sales - how you’ll market your business and your sales strategy. (one paragraph)
Funding request - how much money you’ll need for next 3 to 5 years and what you needs the funds for (one paragraph)

7. TOD– May 6 Answer the following questions on a post it:
What is the difference between a sole Proprietorship and Partnership?
What is unlimited liability?
What are the advantages and disadvantages of a Sole Proprietorship?
What are the advantages and disadvantages of a Partnership?