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Understanding Entrepreneurship: Key Concepts and Terminology

This article explores essential terms and concepts related to entrepreneurship, focusing on the roles of self-employed individuals and sole traders. We'll discuss the risks of starting a business, including unlimited liability and debt, as well as essential financial aspects like startup capital, wages, and VAT. By understanding these elements, aspiring entrepreneurs can navigate the private sector effectively, ensuring they are well-equipped to manage their personal possessions and business investments.

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Understanding Entrepreneurship: Key Concepts and Terminology

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Presentation Transcript

  1. BINGO BINGO BINGO WHEN SOMEONE WANTS TO DO SOMETHING GO TO BALLS

  2. R E L E A S E B A L L S PRESS 10 VAT ENTREPRENEUR CAPITAL SELF EMPLOYED DRAWINGS PRIVATE SECTOR PERSONAL POSSESSIONS UNLIMITED LIABILITY CONTROL START UP CAPITAL SOLE TRADER DEBT

  3. BINGO BINGO BINGO MONEY INVESTED IN A BUSINESS SO IT CAN BUY THE THINGS IT NEEDS RETURN TO BALLS

  4. BINGO BINGO BINGO THE PERSON WHO TAKES THE RISK OF STARTING A BUSINESS RETURN TO BALLS

  5. BINGO BINGO BINGO VALUE ADDED TAX A TAX ON GOODS AND SERVICES RETURN TO BALLS

  6. BINGO BINGO BINGO WAGES THAT ARE PAID TO A SOLE TRADER RETURN TO BALLS

  7. BINGO BINGO BINGO WHEN SOMEONE WORKS FOR THEMSELVES RATHER THAN ANOTHER EMPLOYER RETURN TO BALLS

  8. BINGO BINGO BINGO THE PART OF THE ECONOMY THAT IS RUN BY INDIVIDUALS NOT THE GOVERNMENT RETURN TO BALLS

  9. BINGO BINGO BINGO THIS MEANS THE OWNER IS PERSONALLY RESPONSIBLE FOR ANY BUSINESS DEBTS RETURN TO BALLS

  10. BINGO BINGO BINGO MONEY OWED BY A FIRM TO SOMEONE ELSE RETURN TO BALLS

  11. BINGO BINGO BINGO THE FINANCE REQUIRED TO START UP A BUSINESS RETURN TO BALLS

  12. BINGO BINGO BINGO THIS IS WHAT A PERSON HAS WHEN THEY ARE ABLE TO MAKE ALL DECISIONS RETURN TO BALLS

  13. BINGO BINGO BINGO THINGS OWNED BY A PERSON NOT A FIRM RETURN TO BALLS

  14. BINGO BINGO BINGO A PERSON WHO OWNS AND CONTROLS A BUSINESS RETURN TO BALLS

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