unit 1: introduction to concepts (stuff you have to know and understand before we can do anything...
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 Proprietorshi
p
Partnership LLC Corporation
Products
Bob’s Car Parts Bob 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 ContractsPrivacy, Workplace Safety and HealthAdvertising and MarketingOnline BusinessEmployment and LaborIntellectual PropertyEnvironmental 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?