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Business, Labor & Unions (BLU) #1

Business, Labor & Unions (BLU) #1. Imagine your Econ teacher has just assigned you a major project. This project is to be done by each individual . What are the advantages of doing a project by yourself? What are the disadvantages?

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Business, Labor & Unions (BLU) #1

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  1. Business, Labor & Unions (BLU) #1 • Imagine your Econ teacher has just assigned you a major project. This project is to be done by each individual. What are the advantages of doing a project by yourself? What are the disadvantages? • Imagine your Econ teacher has just assigned you a major project. This project is to be done by a group of 4. What are the advantages of doing a project in a group? What are the disadvantages? Starting your own business

  2. Entrepreneur: takes an idea, turns it into a marketable product, accepts risk & claims either the profit or loss • New product • 3D TV, Segway • Improve quality of existing product • Starbucks coffee • New production methods • Henry Ford • New ways of doing business • Netflix

  3. Sole Proprietorship • Sole Proprietor: individual who owns the company, self-employed • Think of a few local companies. Do you think are owned by a single person or a large company?

  4. ADVANTAGES • ADV: • Easy to start: may only need a business license • Few gov regulations (besides taxes) • Complete control: it’s all yours! • Keep all the profit • Lower taxes • Pride of ownership: it’s all yours!

  5. Disadv. • Liability: legal obligation to pay debts, in SP owner is completely responsible • Financial Capital: “start-up” money, in SP you must get the cash (from bank or ??) • Limited life: lasts only as long as the owner • Difficulty in getting & keeping good employees • Unlimited responsibility: it’s all yours!

  6. BLU #3: Partners!

  7. Partnerships: co-owners of a business (lawyers, dentists, etc) • Easy to start: may need legal paperwork to define roles • Few gov regulations (except taxes) • Shared decision making

  8. More ADV. • Increased specialization: each 1 can focus on something • Easier to raise financial capital b/c there’s 2+ ppl • Easier to keep employees • Lower taxes

  9. Disadv • Unlimited personal liability • Limited life of business • Partners may disagree • Share profits!

  10. If you were to open a restaurant would you choose to operate it as a sole proprietorship or as a partnership?

  11. Compare & contrast a sole proprietorship with a partnership(the venn)

  12. BLU #4: Papa John’s Pizzapg. 146 • How did John get his start in the pizza industry? • What is his philosophy on pizza? • How successful has he been? Give 2 specific reasons. • How has he responded to competition? How does he use product differentiation (make his product different)? How does he handle pricing?

  13. BLU #5: pg. 240 #1, 2, 3, 4, 7

  14. -HTML- How To Make a Living

  15. 14917 Cordary Ave., Hawth. • 3 BD, 1 Bath • 1, 037 Sq. Feet • Detached 2 Car Garage • Hardwood Floors • Hot Tub • PRICE?

  16. $439,900 • $88,000 down payment (20%) • Monthly payment $1,880 for 30 years

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