Types of business Ownership powerpoint

Types of business ownership alexis

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Partnership Agreement

  Jahleel McGowan and I have decide to start a partnership. The name of our new business is Next Flight Athletes Sport Shop. The purpose of us coming together is to make sure all athletes have the necessities they need to perform at their greatest. We both plan to have this business until we both feel like its time for us to retire. We both want to remain limited so that no boundaries are cross and so that to much work is not put on the other partner. Like I said earlier, so a lot of work is not placed on a partner we plan to split keeping records of the business. Half of the year he keep the records and the other half I take of it. We both want to be equally responsible for any losses or profits our business. For all of the profits that our business get we split it 50/50 so no one is able to get greedy with the money. If one of us was to die in the middle of  business we both agreed to allow somebody from the other family to come and take the place of their love one so that the business still go on and most importantly the other family still gets some type profit from the business. If any disagreements come about, we both want to sit down before/after hours and come to a reasonable decision that is best for our business. As for responsibilites of us both we want to be very flexible so that the business can run smoothly.

My Markert Research Analysis

Final version of my business alexis hawkins

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Market Research Analysis

http://www.kwiksurveys.com/?s=OIJENM_fe408bf6
 The purpose of this survey is for me  to get an idea of what type of customers my business is going to have and overall want they want from my business. After I get enough people to take the survey that allows me to understand what to have in my shop and at reasonable prices so people can afford them.

Market Research

  The basic role of the market research to me, is generally finding out who and what your customers want from a business, and what are the typical people you  can get to buy your good or service. For instant some people prefer to drive a hour and some minutes away to go to a mall, bakery store, or hair salon because of prices or even it feels more home to them. Using the 5 steps above helps you gather information so you know what to sell and what not sell.  

Chapter 3 Reflection :)

  Before We beginned this chapter, I had no idea what the eight entrepreneurial trends were. 1. Internet business conducting business online, 2. Service business intangible things that are done to make our life much easier, 3. Home-Based business conducting business from your house, 4. nonprofit business a business that does a job without a fee( giving back to the community), 5. Focus on tecnology, 6. outsourcing which is contracting with other business for a service, 7. Strategic Alliance two companies coming togather under on name and finally 8. Corporate Ventures which is a smaller business formung inside a lager  business. I knew what a franchise was but I didn't know that a business broker was the person to bring a franchisee which is the buyer and the franchisor which is the seller togather. I learned how McDonald's bacame famous because of Ray Kroc. I learned advantages of being in a family business, trudt, loyalty, and togatherness, but at the same time the disadvantages conflict and money.

My Franchise!

I franchise I chose to purchase is Jimmy John's Sand which Franchise. Jimmy John Liautaud started this business in 1983 in Charleston, Illinois in a garage. During the time jimmy John's opened, America was going through the Cold war, and jimmy wanted to create an affordable place where people could eat. Jimmy John's provide a fast food restaurant service. I chose this franchise because I keep hearing the commercial on the radio about how delicious and fast at delivering they are, and I really want to try their Sandwiches. Jimmy John's has over a thousand location in thirty- nine states.

   If somebody were to start a business today I believe they would try to start up a Strategic Alliance. I say that because to me if they do that they are already ahead of the game. Whoever they choose to make this alliance, that company is most likely already famous for their product and or service  and all the new business owner has to is introduce his/her product and or service and become famous also. This alliance will work if both partners know how to play their cards right. When I say that I mean split the profit fairly and don't get to stingy over the customers.The goal of this trend is to get more customers to buy their product so I chose this trend because this is the  smartest and quickest way to grad and keep customers because as long as both company's are together they both make money.  

Chapter 2 Reflection- The Potential of an Entrepreneur

    Before we did this chapter, I was already aware that anybody could be an entrepreneur if they had what it took. I didn't know the tweleve characterics of and entrepreneur which are risk-taking, goal-oriented, action-oriented, responsible,persistant, independent, restless, enthustatic, creative,  realistic, self-confident, and last but not least self-dmanding. We learned each of those in dept. I didn't know about the percentages like 62% had parents or realitives who owned business, or like 40% had high school diploma's or less and to me that seemed like a low number but I guess its not. I already knew about role-models because when kids are young they tend to state who they admire or look up to. I already knew about competition because a lot of businesses have rivaries,which they compete for customers. We also talked about the rewwards and the risk of entrepreneurs. The biggest reward to me is being your own boss because you don't have to be told what to do,and being creative because you get to use your own ideas and run your business how you want it to run. The biggest risk is losing investments because its not always guarented that you get all the money back that you placed in your business, and not spending a lot of time with your family because of late hours or work.

12 characteristics of an Entrepreneur

      I feel like the most needed characteristics is being responsible. Because I think If you lack that your setting yourself up for failure, and a person who is responsible says a lot about them. Like you can count on them or their very reliable to you.

Do I Have What It Takes to Become An Entrepreneur?

  On the self assessment we took, I scored a 77. So to my understanding I have the satisfactory ability to be an entrepreneur. Which to means I have the potential to become a successful entrepreneur. On the assessment I was completely honest and gave myself only seven 5, five 4, six 3, and one 1. The area I gave myself a one was in One or both of my parents were entrepreneurs because neither of my parents are, but I know my mother wish she could be. I gave myself a 3 in the first question because honestly I really don't believe I could do 50 hours a week regularly. My decision making isn't quite where it needs to be, but I 'm willing to get better at making good decisions. The very last question do I have good network of friends, professional, and business acquaintance I put a 4 because as of right now I do believe I'm hanging around a good crowd of friends who have similar goal as I do, which are making out of high school and graduating college and have a successful career.I placed a 5 in the area where I would take full responsibility for the success and failures of my business. I put that because my parents are teaching me when I do wrong it's nobody fault but my own. So I know when i get my business I have to keep that in my mind.

Why Be An Entrepreneur?

   Being an entrepreneur, allows you to have the opportunity to be you as you are. When I say that I mean, you can use your own thoughts and or ideas without consulting a boss, because you're your own boss. A lot of people who start their own business may not realize they have an affect on regular citizens, but they do. They inspire young ones to grow up and hopefully be as successful or maybe even more successful. Me personally I think entrepreneurs lead us more and more to the future. I say that because their ideas become more and more important as we get older.
   Entrepreneurs are independent and intelligent individuals. We can notice them when we see them because they carry a good composure. We may even see them riding around in luxury cars, living in big houses, or taking jets to their destinations. Entrepreneurs should be trustworthy, loyal, honest,determined, faithful to their career,smart,comitted, and most inportantly they ahve to be willing to take a risk.
    Everybody should know being an entrepreneur isn't easy because of all the ups and down they grow through. First they must find out what is a demand in our society and they must fullfil that need by creating the good or service wanted.Eventhough they can create their own schedule they still can come home late. They risk spending valauble time with their family.

  Being an entrepreneur doesn't mean you can't have rewards because you can. You can choose your hours to go to work which means you can sleep how ever long you want to. Making a lot more money than you would if you worked under somebody. Spending more time with your family, to me is the most special reward you can get because everybody loves being with their family. Also being an entrepreneur you have the opportunity to be creative and have a job you love to do without any regrets

Reflection on Chapter 1

  Before this unit, I had no idea of the Supply and Demand Theory. I learned the 3 basic types, Law of Demand which is as prices go up the need of the demand goes down. Demand Elastic, is like when expensive items increase, more cheaper items are bought. The last theory states no matter how high prices are customers are still going to buy the product which is called Demand Inlasticity. I also learned how the economy can effect entrepreneurs. Say for instance if the economy is bad, then entrepreneurs loose jobs and money, but in vice verso entrepreneurs also help the economy by providing jobs and help the economy grow. In section I was introduced to the the entrepreneurial start-up process which is 1. the entrepreneur is the innovators who come up with the idea. 2. the environment which is where the entrepreneurs choose to start their business. 3. the opportunity which is what i think like when the entrepreneur knows he have a chance to make money in the area they are located. 4. start-up resources which are the resources used to start your business. 5. new venture organization which is the infrastructure so like the transportation of the business. I learned about 66% of small business survive the 1st year of operating, and learned some facts about busniess failure.

  I believe The Opportunity is the most important part of the start up process, because It's like saying your opening a business and you know you'll have a chance to earn money. Nobody wants to open a business and know their is no possible way to earn an income.

Alexis and Anabel

Your a New Entrepreneur, and in this game you have to go through upfalls and downfalls to become a more  sucessful entrepreneur.
  Start in box 1 and roll the dice and whatever number you get on the dice you move your peg that many amount of spaces
  If you come to a chance box you will have to draw the Chance, if answer correctly you may move how many spaces it tells you to, if you get it wrong you must move back how ever many spaces it says so.
                                                             "TAKE A CHANCE"

Entrepreneurs and the econmoy

  The economy affects entrepreneurs by if the economy is bad  entrepreneyrs won't have enough money to generate new ideas. Although entreprenura contibritute to the economy by adding jobs they can also loose jobs in a bad economy.

My logo reprsents a unique symbol for athletes ready to go to the next level. I chose to select this design, because to me it's catchy and sporty and will grab any serious athlete any eye. My purpose for this logo was to have a clingy name for an athletic shop.

I was born in Bronex,NY in the year of 1946. In 1979 I joined Coach Leatherware Company, Inc. I'm currently the CEO their. This business started in a loft in Massachuetts. Many females where the Shoes, Sunglasses, Belts, and carry my Handbags, just to name a few. My business is worth $623 million. I attended Hunter College were I got my BA, and I also attended Columbia Business School were i got my MBA.

Who Am I, I am LEWIS FRANKFORT.