Chapter 5
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This document discusses key aspects of starting and running a business, including: - Contingent workers make up about 5% of the workforce and have no long-term employment contract. - The main activities to start a business are generating ideas, raising capital, employing personnel, buying goods/services, and marketing. - There are three main types of businesses - producers, intermediaries, and service businesses. - The most common forms of business ownership are partnerships, corporations, and proprietorships. Each has different legal structures and ownership agreements.
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- 1. Chapter 5
- 2. •Contingent worker: One who has no explicit or implicit contract for long- term employment. •About 5 percent (6 million) is made up of contingent workers
- 3. Business Activities Generating Ideas-A business begins with a new ideas Raising Capital- Businesses need financial resources to operate Employing and Training Personnel-Businesses need human resources. Buying Goods and Service: Marketing Goods and Services Maintain Business Records
- 4. Type of Business Producers Intermediaries Service Businesses
- 5. Business Ownership • Partnership-Business owned and controlled by two or more people who have entered into a written agreement • Corporation-separate legal entity formed by documents filed with your state • Proprietorship: Business owned and run by just one person
- 6. Business Ownership pt2 • Partnership agreement-written agreement among all owners • Articles of incorporation: Is written legal document that defines ownership and operating procedures and conditions for the business. • Franchise: written contract granting permission to operate a business to sell products and services in a set way
- 7. Mission statement •specific written statement of the reason a business exists and what it wants to achieve
- 8. •Goals: Precise statement of results the business expects to achieve •Policies: Guidelines used in making consistent decisions
- 9. •Procedures- Descriptions of the way work is to be done •Organization chart-is a diagram that shows the structure of an