entrepreneur. a person who assumes the risk to start a business with the idea of making a profit
TRANSCRIPT
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Entrepreneur
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Entrepreneur
A person who assumes the risk to start a business with the idea of making a profit.
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Entrepreneurial Characteristics
Persistent Creative Responsible Inquisitive Goal-Oriented Independent
Self-Demanding Self-Confident Risk-Taking Restless Action-Oriented Enthusiastic
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Entrepreneurial Skills Communication
Writing Speaking Listening
Human Relation Math
Problem Solving Decision Making Technical Basic Business
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InterestsChoose a field that interests you and will provide you with an experience you will enjoy!
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Risks of Owning a Business Working long hours Having an uncertain income Being fully responsible Risking one’s investment
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Benefits of Owning a BusinessBeing your own bossDoing something you enjoyHaving the opportunity to be
creativeFreedom to set your own scheduleControlling your salaryContributing to the community
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CreativityYou must think creatively about every aspect of your business!
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Business Types
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Sole ProprietorOwned and operated by
one personEasy to createReceives all profits, incurs
any losses, and is liable for the debts of business
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Sole ProprietorAdvantages
Easy and inexpensive to create
Owner receives all profits
Least regulated form of ownership
Business pays no taxes. Owner pays a personal income tax, which is a lower rate.
Disadvantages Unlimited liability Full responsibility
for all debts Owners personal
assets are at risk May have
insufficient skills Upon death, the
business dissolves
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PartnershipA business with two or
more ownersPartners do not have to
share a business equally
Partnership Agreement
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Partnership
Advantages
Inexpensive and easy to create
Share ideas, abilities, and financial obligations
Owners pay taxes as personal income
Disadvantages
Difficulty in dissolving partnership
Personality conflicts Partners are held
liable for each other’s actions
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Corporation
Registered by the state and operates apart from its owners
Lives on after the owners die or have sold interest
Ownership is represented by shares of stock, public or private
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CorporationAdvantages
Separate legal entities from owners
Perpetual Existence Shareholder’s
liability is limited to amount invested
Disadvantages
Expensive to start and requires a lot of legal paperwork - Must hire attorneys
Owners are seemingly double-taxed Business profits are
taxed at a higher rate Owner’s income from
the business is taxed as personal income
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CorporationsC-Corporation
Most common for large businesses
Shareholders are owners of corp.
Required to have an elected Board of Directors to make decisions
Employee benefits
S Corporation
Owners of smaller companies - liability protection of a corp., but avoid double tax
Profits are taxed once at shareholder’s personal tax rate
Shareholders liable to amount invested
Founders generally hold majority of stock
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Limited Liability CompanyLimited liability like a
corporation, but more flexiblePass-through income taxation
like a partnership or sole proprietorship
Great for companies with a single owner
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Referenceshttp://www.schools.utah.gov/
cte/marketing_resources_entrepreneurship.html