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Embed code for: Business Organizations
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Goal: You should be able to demonstrate your ability to explain the characteristics of business organizations.
Aim: How do I explain the different types of business organizations that I will find in my community?
How will I know I completed this goal?
You should be able to produce a poster that demonstrates your teamwork, your creativity, and proof you understand the characteristics of business organizations.
What words should I use when I am talking to someone about the idea of business?
noun: entrepreneur, plural noun: entrepreneurs
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
synonyms businessman/businesswoman, enterpriser, speculator, tycoon, magnate, mogul, dealer, trader, dealmaker, promoter, impresario, wheeler-dealer, whiz kid, mover and shaker, go-getter, high flyer, hustler, idea man/person
a person's regular occupation, profession, or trade: "she had to do a lot of smiling in her business"
synonyms work, line of work, occupation, profession, career, employment, job, position, vocation, calling, field, sphere, trade, métier, craft, biz, racket, game
the practice of making one's living by engaging in commerce: "the world of business"
synonyms trade, trading, commerce, dealing, traffic, merchandising, dealings, transactions, negotiations
the action or process of innovating.
synonyms change, alteration, revolution, upheaval, transformation, metamorphosis, breakthrough, new measures, new methods, modernization, novelty, newness, creativity, originality, ingenuity, inspiration, inventiveness, a shake up
noun: opportunity cost, plural noun: opportunity costs
the loss of potential gain from other alternatives when one alternative is chosen:
" A person chooses to study instead of playing video games on the night before a classroom exam."
the action or process of making decisions, especially important ones:
"We should always consider making the best decisions that are positive and benefits you to feel successful"
the action of taking risks:
"decisions at this level involve some risk-taking"
noun: profit, plural noun: profits
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something:
"The owner of my local deli made enough profit to open up another business in my neighborhood."
synonyms (financial) gain, return(s), yield, proceeds, earnings, winnings, surplus, excess, pay dirt, bottom line
Antonyms (the opposite meaning of a word) = loss
Task: (worth 25 points of your daily 100 points for participation) You and your team will create a game called "pop quiz". The goal is to create clues about the word that you will be using to help master the goal of explaining the characteristics of business organizations.
Clue: A student uses this everyday in class.
Clue: This item has many pages.
Clue: You are allowed to write your ideas into this.
Time you have to complete: 10 minutes.
How did I know if I did well during this task?
Participation rubric: Do you have proof that each team member contributed to the game? Do you have proof that each team member participated in the classroom game? Be prepared to justify your answers to these questions when we reflect on the task.
20 Reasons to Start Your Own Business
If you’re an entrepreneur you have heard the million reasons not to go into business: It’s too risky, you might go into debt, you’ll probably lose sleep, your social life is kaput, and the list goes on. But even with all these uncertainties, people are still attracted to the startup world. There are just as many, if not more reasons to take the leap and go
https://www.entrepreneur.com/article/235224start your own business. Here are just a few:
1. Spare time. This one can take some time. Initially you’ll work longer hours for less pay. But if you do it right, you could start to master your schedule and the freedom that being an entrepreneur provides is awesome.
2. A story to tell. Whenever I tell someone I run my own business, they always want to know what I do, how I do it and how it’s going. I always am able to provide a tale or two, and the best part is that I get to determine the story's chapters. (When working for a corporation, people most likely have less input.)
3. Tax benefits. For entrepreneurs (freelancers included), they have the opportunity to take advantage of some nice tax perks. Many can write off expenses like travel, food, phone bills, portions of car payments, and the list goes on. Also, certain startups qualify for government incentives. Make sure to ask your accountant about what tax benefits you may be eligible for.
4. Pride. When you build something successful, it’s a great feeling. You had a vision, were able to execute it and not can reap the benefits of saying "I did this." On the other hand, it’s tough to be proud of the zillionth request for proposal you fill out for your employer.
5. Your posterity. If you’re a doctor, plumber or bus driver it’s hard to imagine you passing your career on to your loved ones. But if you own your own business, that’s something you can pass on to the next generation. And be proud of it, because you created it.
6. Job security. Have you ever been laid off, downsized, or fired? If you have, you get this. With entrepreneurship the security lies in the fact you are your own boss. You run the show and don't have to worry about getting let go.
7. Networking. Entrepreneurs are communal creatures. We love to meet each other, swap stories, and learn from each other’s experiences. Your circle of friends and acquaintances always grows when you become an entrepreneur, as many founders need others to lean on to survive and talk about the challenges only known to them.
8. Doing good. While this isn’t exclusive to entrepreneurs, it’s definitely a perk. You control where your company profits go and if you choose, you can give allocate your financial gains to others. You can sponsor a charity, a non-profit or just personally give back to the community. This is quite honestly one of the best parts of being an entrepreneur.
9. Novelty. We, as humans, love new experiences but rarely can you experience a host of new things from inside your cubicle. This all changes when you are running the show. Starting your own business will ensure you’ll always be facing new challenge and experiencing something new.
10. Mentorship. Having had mentors and getting to be a mentor have been some of the best experiences of my life. Learning from the masters and getting to help those less experienced than you gives you such a sense of satisfaction. From my experience (and other's stories) the entrepreneurial community is very willing to give back and lend a helping hand.
11. Becoming an expert. This point goes along with mentorship. Regardless of what you do as an entrepreneur, if you stick with it, you’ll probably become very good at it. And this gives you a sort of soapbox, so use it. You'll have the chance to be interviewed for your expertise, write about it and get to spread your message.
12. Skills. People ask me how I learned about SEO, social media, pay-per-click, PR and all the other marketing techniques I utilize. I tell them that I was forced to learn them, otherwise I wouldn't survive. The same way I was forced to learn how to build a spreadsheet, how to balance a budget, how to negotiate leases and countless other skills I picked up because I was the only resource I had. While developing new skills can be tough and takes times, it can pay off in spades. These skills will be invaluable throughout your life.
13. Determination. Everything I’ve done as an entrepreneur has affected me in my personal life. I used to be poor at committing to changes. But having been an entrepreneur for over a decade has forced me to become dedicated and determined to causes. (Now I can stick to an exercise plan much easier.) I’m also better at being a father and husband because of that determination I learned.
14. Recognition. There are literally thousands of local, regional and national awards that recognize entrepreneurs in every field and industry. This shouldn’t be your only reason to start your business, but it certainly is a great feeling when you receive this recognition.
15. Financial independence. Let’s be honest, this is probably the biggest reason people get into business for themselves. And that’s a good thing! You should want financial independence. However you define financial independence – retirement stockpile, unlimited cash potential or having the money to buy what you want -- entrepreneurship can allow you to achieve it. Trust me, money doesn’t buy happiness, but it does make finding happiness much easier.
16. Reinvention. I’ve started and sold several companies over my career. And every time I sell a company, I’m presented with an opportunity to reinvent myself all over again. On the flip side, if I had received my law degree, I’d be a lawyer (not a lot of room to recreate myself). But as an entrepreneur, I get to be whatever I want to be.
17. Change the world. Everyone jokes that every entrepreneur says they’re going to change the world. It’s difficult to imagine how a cell phone accessory kiosk in the mall is going to change the world. But there are those that do succeed. Take a look at Elon Musk, Bill Gates, Sergey Brin, and the countless other entrepreneurs who really have changed the world in some small (or major) way.
18. Create jobs. There’s nothing like the satisfaction of knowing you’re responsible for the success of your employees. Your ideas provided them the opportunity to earn a living, provide for their family and fulfill their own dreams.
19. Your brand. Being known for something is awfully enjoyable. People may start referring to you as the marketing guy, or the retail maven or the software guru. Whatever it is you’re recognized as, it’s fun to build that brand and earn that recognition.
20. Your reason. I’ve given you a list of why I think you should get into business. But all that really matters is your reason to start your own business. So, what is it? Tweet out this story and add your reason. Comment below and share with us why you did it. I know it will be a good one.
Task: (worth 25 point of 100 points towards your daily participation grade) You and your team will create a commercial that persuades the audience of the benefits of starting your own business.
Time to complete: 10 Minutes
How do I know I did well when I complete this task?
Participation rubric: Do you have proof that you worked on the commercial?
Forms Of Business Organization
A business can be organized in one of several ways, and the form its owners choose will affect the company's and owners' legal liability and income tax treatment. Here are the most common options and their major defining characteristics. A sole proprietorship is an unincorporated business with one owner who pays
http://www.investopedia.com/terms/p/personalincome.asppersonal income tax on profits from the business. With little government regulation, they are the simplest business to set up or take apart, making them popular among individual self contractors or business owners.
Many sole proprietors do business under their own names because creating a separate business or trade name isn't necessary. Sole proprietorship is also known as "proprietorship". the sole proprietor is not safe from
http://www.investopedia.com/terms/l/liability.aspliabilities incurred by the entity. The debts of the sole proprietorship are also the debts of the owner. However, all profits flow directly to the owner of a sole proprietorship.
An LLC is a
http://www.investopedia.com/terms/o/operatingearnings.asplimited liability company. This business structure protects the owner's personal assets from financial liability and provides some protection against personal liability. There are situations where an LLC owner can still be held personally responsible, such as if he intentionally does something fraudulent, reckless or illegal, or if she fails to adequately separate the activities of the LLC from her personal affairs.
Corporation Like the LLC, the corporate structure distinguishes the business entity from its owner and can reduce liability. However, it is considered more complicated to run a
http://www.investopedia.com/terms/c/corporation.aspcorporation because of tax, accounting, record keeping and paperwork requirements. Unless you want to have shareholders or your potential clients will only do business with a corporation, it may not be logical to establish your business as a corporation from the start - an LLC may be a better choice.
Partnership A partnership is an arrangement in which two or more individuals share the
http://www.investopedia.com/terms/l/liability.aspliabilities of a business venture. Various arrangements are possible: all partners might share liabilities and profits equally, or some partners may have
http://www.investopedia.com/terms/l/limitedliability.asplimited liability. Not every partner is necessarily involved in the management and day-to-day operations of the venture. In some jurisdictions, partnerships enjoy favorable tax treatment relative to
For an organization to receive a "nonprofit" designation and to qualify for the tax-exempt status, it must further religious, scientific, charitable, educational, literary, public safety or cruelty prevention causes or purposes. It must generate some public benefit also.
A nonprofit must serve the public in some way, whether through the offering of goods, services or a combination of the two. Clientele often plays an important role in the success and lifespan of a nonprofit organization and customer satisfaction – as well as providing an overall satisfaction in the public area – and is key in keeping the organization’s doors open. Ultimately, like any business, its success relies heavily upon its management and operation.
Examples of nonprofit organizations include hospitals, universities, national charities, churches and foundations.
Task: (Worth 25 points out 100 points) Read the selected text. Once you and your team read the selected text debrief the class on the characteristics of the business organization by explaining the purpose, advantages and disadvantages of the business organization.
How do I complete this task? Create a poster that other students can take notes and study from for our future exam.
Task: (Worth 25 points out of 100 points) Prepare for a debate. You and your team will argue the reasons why a person should or should not start a business.
hoose will affect the company's and owners' legal liability and income tax treatment. Here are the most common options and their major defining characteristics. A sole proprietorship is an unincorporated business with one owner who pays
http://www.investopedia.com/terms/p/personalincome.asppersonal income tax on profits from the business. With little government regulation, t