A person running their own small store they do all the work and profit
SOLE PROPRIETORSHIP
Two friends open a cafe together one takes care of customer, ands the other handles the money
Partnership
what are the 2 types of partnership?
General and limited
Divide responsibility and equal shares
General Partnership
Limited Liability
Unequally divided
Limited Partnership
- Large business with lots of workers
- Life of its own
EX: Amazon and Apple
Corporation
A group of farmers creates a cooperative to sell their produce directly to customers, sharing profits and decision-making responsibilities.
Cooperative
- Individuals who create their own business based on their ideas
Entrepreneur
Runs and manages their business and takes financial risks.
Owner:
Runs the business when the owner isn’t around but doesn’t take on financial risks.
Manager:
-“There’s no such thing called natural born entrepreneur, we developed out traits and techniques through our experiences”
- Innovation is important
Peter Drucker
-Whenever there’s an opportunity, grab it.
Howard Stevenson
