Bus test 2 Flashcards
Sole (one person) Proprietorships
A sole proprietorship is a business that is typically owned by on only person, They are responsible for all debts, all current and future decision making all other issues associated with business.
Advantages 1) Easy to start and terminate
2) you are your own boss
3) profits are not shared
4) no special taxes they are all levied at a induvial level Disadvantages 1) Unlimited liability
2) financing difficulties
3) very time consuming
4) no benefits, growth and management problems
Partnerships
typically guided by two or more owners, all of which share liabilities of the business.
Advantages 1) More financing sources
2) shared management skills
3) longer probability of survival and NO
special taxes
Disadvantages 1) unlimited liability (suing the owners and
not the business)
2) divided profits, disagreement
Corporations
Legal individuals, that is, they are separate in liability from their managers and owners.
—-> Limited liability corporations LLC, Professional corporations PC, closely held private and openly held public corporations and multinational and transnational corporations.
CEO, CFO , COO
quality
quality refers to the exactness of a product
operations
process of creating, manufacturing or developing a good or service, to reach supply and demand levels
why is quality and operations so important
operation management
systematic direction and control of the process that transforms resources into finished products that create value
planning
usually involves determining what an organization needs to achieve goals employees needed tools etc.
organizing
involves an evaluation of how best to arrange and allocate an organization resources to archive goals
directing
involves guidance and motivation for employees in order
Traits
Types of entrepreneurship
classic- person who identifies a business opp. And makes them available
Serial- starts one business runs it and then runs additional business
Social- societal problems and uses business principles to develop innovative solutions
Institutional funds
these include government LOANS
Venture funding
backed by investors
Angel funding
little to no formal investing practice yet gold enough cash to help an enterpernuer
