business

what is business

an organization that strives for a profit by providing goods or services desired by customers

entrepreneurs

people with vision, drive and creativity who take risks to start and manage a business to make a profit or to greatly change the scope of an existing firm

standard of living

a measurement of a country based the output of goods and services people can buy with the money they have

logo 4 terms

1. memorable

2. relevant

3. simple

4. timeless

definition of logo

a symbol an organization uses to represent and brand itself

what does GDP stand for

gross domestic product

what is GDP

the total value of goods and services produced within a country’s borders in a given year

definition of goods

a tangible product manufactured by businesses

definition of services

intangible offerings of business that can’t be held, touched of stored

franchisor

A person who sells the rights of their company to a person for the sale of goods and services

franchisee

A person or group that purchases the license to use the franchisers brand and system to run a specific location to sell goods and services

industry

A group of similar companies doing similar things; related companies doing similar things that are competing to be the best

Sector

A broad category that groups together businesses and industries sharing similar goods and services along with activities

Sole proprietor

An unincorporated business that has just one owner who pays personal income easiest to start personal assets are not protected

Partnership

A formal arrangement by two or more to manage and operate a business and share profits

Three types of partnership

Limited liability, limited, limited liability

General partnership

Partners share equal responsibilities

Limited partnership

A general partner and a limited partner

Limited liability partnership

Like a general partnership with with limited losses

Corporation

Illegal entity that is separate and distant from its owners limited liability has shareholders and is the opposite of sole proprietor

Franchise

Business owner the franchisor grants another person or entity the franchisee the rights to use their brand business model and proprietary knowledge to operate under the same name

Different sectors

Financial agriculture food construction energy manufacturing service technology

Different industries

Accommodation food services waste managemen management mining scientific Tech public admin real estate retail transport utilities wholesale trade other services except public admin

Key franchises

Pizza pizza Subway Tim Hortons McDonald's a&w Boston pizza dairy Queen

Role of franchises

Business expansion local economies and job creation by bridging the Gap between the established brand and an independent local operators

• Cons is franchises

The investment

Less control

Rules and requirements

Brad success is connected to franchisors decisions

Limited supplier choice

Pros of franchise

Ownership

Support from franchisor

Volume power

Marketing

Peer support

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