Sole Proprietorship vs. Partnership

A sole proprietorship has more advantages than a partnership. A sole proprietorship has more advantages because its run by only one person. When one person runs a business, that person has a great amount advantages due to he/she authority. They make their own decisions on how to run a business, they take in all profits, and its easy to create. In a partnership these advantages are gone as everything has to be shared between the partners.
I think sole proprietorships are so popular because they are easy to create. With a sole proprietorship theres no "middle man," you are doing everything on your own which makes them easy to create and therefore popular. With a partnership both partners have to be on the same page about everything for it to be started.

Chapter 3 Reflection

In this Chapter 3, I learned many new things about franchises and entrepreneurial trends. A franchise is a legal agreement for a person to start a business in the name of that recognized company. The franchisor sells the franchise to the entrepreneur for a fee.The entrepreneur or A franchisee (person who buys the franchise) will run that business under the company's guidelines. This is great way to become an entrepreneur as it will allow to run a business without all the risk and cost of starting their own business. There are many entrepreneurial trends and these include, internet businesses, service businesses, home-based businesses, socially responsible non-profit businesses, focus on technology, outsourcing, strategic alliances, and corporate ventures. Internet businesses has transformed the way business is conducted. 46% of the small businesses that use the internet have grown faster than the 46% of those who didn't use the internet. Service businesses dominate the modern American economy. Its the biggest and fastest-growing part of the American economy. Home-based business make a huge majority of businesses. This type of business is usually set up when people lose their jobs. Non-profit businesses are exempt from paying taxes but has to keep all profits in the business. This business is usually started up to help society. Focus on technology has a stronger chance of surviving. Outsourcing allows a small business to focus on what it does best while tapping into outside resources for expertise. A strategic alliance allows two businesses to join together to provide a service. One can't be without the other. A corporate venture is when a large corporation decides to start a smaller business inside of its corporation. An example of this is Nike which is a big corporation and starting Jordan inside of the corporation.

My Market Research Analysis

Market Research Analysis

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Partnership Agreement

Name of the Business: J & D Sports Medical and Goods
Purpose: The purpose of our business to treat sport related injuries and provide sporting goods/equipment to help aid recovery. This benefits customers so that they will only have to make one stop
Duration of Agreement: 5 years
Character of Partners (general or limited, active or silent): Darrius: General and silent. Responsible for all equipment and ordering goods. Collis: Limited and active. Responsible for care of customers that comes to the establishment.
Business Expenses: Darrius is responsible for rent, cost of maintenance of the building and half of the equipment. Collis is responsible for utilities, insurance and cost of the other half of the equipment.
Division of Profits and Losses: All profits will be put together. Losses will be taken out of the profit from the business. The rest of the profits will be split equally.
Salaries: Salaries will be the same. Depends on profits at the end of the month.
Death of a Partner: Death of partner results in a sole proprietorship until a new partner is found. Royalty will be paid to the family of the deceased.
Handling Business Disagreements: Talk it out
Responsibilities of Partners: Darrius's responsilibities are ordering the equipment, paying rent, and cost of maintenance. Collis is responsible for customers and customer needs.

Market Research is the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and research into the characteristics, spending habits, location and needs of your business's target market. The role of market research in my opinion is to find out what the customer wants. With market research you know what a customer might want, what brands they prefer in buying a certain product, and how they want to be served as customers.

Market Research

http://www.kwiksurveys.com/?s=OIJJGI_23b3b39b

This is the survey I created for my business. The purpose for my survey is to help me start my market research on my customers wants. In my survey its ask questions about my potential customers interest in sports, how many injuries they incur in one year, and how much a potential customer would be willing to pay for these services. With people taking this survey, I am hoping that it will tell me what my customer's injuries may be and how their injuries would be created. Also, I want to know what my potential customers are willing to pay for services.

Franchise Video

This video was about buying a franchise. There are over 3,000 companies that are sold as U.S franchises. In order to be able to buy a franchise, first you must obtain a FDD. FDD stands for Franchise Disclosure Document. In this document, it gives full disclosure of all fees and cost with getting into that franchise. One of the fees in that document is the franchise fee. This fee can range anywhere from $10,000 to $50,000. Once you have paid this fee there is a potential start up cost that can be worth $200,000. Many franchisees can't afford this so they go to banks to get a loan. Lenders have rely on franchise information to give these loans. Some of the information they rely on is the SBA loan default rate and a summary of stores opened, store closures, and terminations. Also, lenders look for the Small Business Adminstration to guarantee 75% of the loan.

http://www.bloomberg.com/video/74720473/

Entrepreneurial Start-Up Process

I think the most important component to the entrepreneurial start-up process is start-up resources. Start-up resources are capital or any other investment that is used to start a business. I believe start-up resources are important because without the resources to start a business, the business will not succeed. With start-up resources entrepreneurs are more likely to have a successful business as they have the materials and equipment to do so.

Rewards of Being an Entrepreneur

There are rewards and benefits of being an entrepreneur. Some of the more obvious ones are that you are your own boss but there are others. One being an entrepreneur allows you to be creative with your business. Two you have the freedom to set your own schedule. This works for people who are not morning people. They can sleep in and come in at a later time. Another reward is having job security. An entrepreneur will always have a job as long as he/she is in business. Being an entrepreneur you can make more money. Depending how good your business you can make a lot more money than working at someone else business.

Chapter 2 Reflection

In this chapter, we learned about the potential of an entrepreneur. In this chapter we covered the 12 characteristics of an entrepreneur, ten essential skills of an entrepreneur, and the rewards and risk of being entrepreneur. Before this chapter I had very little knowledge on what it took to be an entrepreneur even though my dad is an entrepreneur himself. In this chapter, I learned the twelve characteristics of a successful entrepreneurs which are persistent, creative, responsible, inquisitive, goal-oriented, independent, self-demanding, self-confident, risk-taking, restless, action-ordered, and ethusiastic. When an entrepreneur is persistent they are willing to work until the job is done. A creative entrepreneur is always looking for new ways to solve old problems which requires entrepreneur to be inquisitve about their product. An entrepreneur being goal-oriented means they have to set and achieve goals. This requires them to be responsible for their actions, self-demanding and have high expectations to achieve these goals, they have to be self-confident to achieve their goals, they also have to be willing to achieve their goals regardless of any new challenges that arises (restless), they have to be make decisions and act on their decisions (action-oriented), and last but not least they must be energetic in completing these goals (enthusiastic). Another thing i learned in this chapter is the ten essential skills of an entrepreneur which are foundation skills, communication skills, math skills, problem-solving skills, technology and computer skills, decision-making skills, organizing and planning skills, teamwork skills, social skills, adaptability skills, and basic business skills. These skills are very important in being an entrepreneur running a business. They are required skills that can either result in the success or failure of your business. Also, I learned the rewards and risk of being an entrepreneur. The rewards of being of an entrepreneur are that you can be your own boss, you can do something you enjoy, there is the opportunity to be creative, there is a freedom to set your own schedule, you have job security, you have the ability to make more money, and you can be recognized within the community. One of being an entrepreneur is being your own boss. Being your own boss has the ability to make all business decision pertaining to how the business is ran. Another reward is being creative. If you were an employee, there really isnt an opportunity to be creative. Being an entrepreneur gives you the opportunity to be creative and the power to act on it. Some risk of being an entrepreneur is competition, working long hours, having an uncertain income, being fully responsible, and risking one's investment. Having an uncertain income is a big risk that has to be taken when being an entrepreneur. The amount of income is based on the amount of business brought in. If there isn't a lot then the income of that entrepreneur will be low, vice versa. Another big risk is risking one's investment. This is the biggest risk for entrepreneur there is a chance you can lose your investment and all capital if the business doesn't succeed.

What is economics and how is it important to entrepreneurs?

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. Economics is important to entrepreneurs in many ways. Economics can determine the success of one's business. For example, if the economy has a bad day then the entrepreneurs business will lose money. This can effect the success of a business. Another example is when the economy promotes monopoly. A monopoly is when a market is controlled by one company that has taken control of all competition. If the economy is promoting a monopoly means that they will either be taken over or will be forced out of business due to the fact of the monopoly having control of the market.

Poster Collage

Why Be An Entrepreneur? Post your collage on your blog. In paragraph and sentence form, explain in detail the reasoning and explanation behind the words that you chose to put on your collage. The explanation must MAKE SENSE and relate to the REWARDS, RISK and CHARACTERISTICS of an ENTRPRENEUR.

My collage has words that represents some of the rewards, risk, and characteristics of an entrepreneur. One word on my collage that represents a reward of being an entrepreneur is revolution. To me revolution means that you completely change something that was old into something totally different. A reward of being an entrepreneur is being creative. If an entrepreneur is creative he/she can come up with an idea that may revolutionize something old. The phrase "Winners & Losers" to me represents the risk of risking one's own investment. When you go into business for yourself there is a risk of losing your investment if your business doesn't succeed, so there's a chance you might be a winner or a loser. A word on my collage that represents a characteristic is craftmanship. To me craftsmanship means you take pride in what you do and have high expectations. A characteristic of an entrepreneur is that he/she is self-demanding. Self-demanding is when you have expectations for yourself. So an entrepreneur that has craftmanship means he/she is self-demanding.

Entrepreneurial Trends

I believe that a strategic alliance has been become the most popular trend in todays world. Strategic alliance is when two companies come together and make a profit on a product. A lot companys in todays world form strategic alliances with other companies to increase profits. These strategic alliances allows for both companies to take advantage of an opportunity to make a profit on an item that both companies have invested in.

12 Characteristics of an Entrepreneur

In this picture I highlighted creative as being a characteristic every entrepreneur should have. I think being creative is an important characteristics since alot of entrepreneurs want to fix/change a problem they see in the world. When entrepreneurs come up with a venture they shouldn't necessarily think inside the box but think outside the box to come up with something creative and inventive that will help its consumers. Also, when entrepreneurs are creative they usually end up having more than one way to solve a problem.

Chapter 1 Reflection

In this chapter, we learned about entrepreneurs and the economy. I already knew that an entrepreneur was a person who ran he/she own business. They create there business off of ideas they have about changing something around them or doing something better. But in this chapter I learned that an entrepreneur are a lot bigger than owning their own business. Entrepreneurs affect the economy and the people around them. An entrepreneur can affect the economy by creating jobs. Creating jobs for the community means there is less unemployed people. If there are more people with jobs and have money this means they can buy more goods and things. This affects the economy because without people having money to buy things then there isn't any money going into the economy thus making the economy bad. Another way entrepreneurs help the economy is with innovation. Entrepreneurs are always trying to make a good or service better than it already is. So when an entrepreneur innovates something he/she creates a new good or services and improves existing products. The economy can also affect entrepreneurs as well. There are many different ways in which an entrepreneur is affected by the economy. One way is that the economy is good and allows for the entrepreneurs business to grow. If it grows that means more business and profits for the entrepreneur and he/she's business. Another way is that if the stock market has a bad day then the entrepreneur has a bad day. This bad day can cause lose in business and profits, forced cutting of jobs, and/or closure of their business. One other way the economy can affect entrepreneurs is by allowing business to become monopolies. When the economy allows for one business to control all the other businesses in that certain good or service, it makes it harder for entrepreneurs to get business and make profits. 

Who Am I?



The entrepreneur that I look up to and admire his business is David Chu. David Chu was the founder of the Nautica clothing Company, founder of the Lincs clothing company, and is in a partnership with Jack Nicklaus for his Nicklaus Golfing line.  His businesses are retail businesses. His Nautica clothing companies are found in malls and nautica stores. His Lincs clothing line is found in Dillards. The Nicklaus golfing line can be found in golf stores. David Chu is not married and has no children. David Chu was born in the year 1955 in Taiwan. Chu went to the Fashion Institute of Technology. Chu got his first start when he was 30 years old. His business provides clothing that are inspired by sailors and fishers. This business is unique from others because this was his second business that he started after his first business failed.

Economic Life

The game that  me and my partner created is called Economic Life.  It goes through all the steps that a successful entrepreneur must go though. It also shows how the economy might effect a business, either in a good way or a bad way. At the begining the game, a player must shoose if they want to open a retail or service business. Whenever it your turn you simply spin the wheel, and the number you land on is the amount of spots you jump, but if land on a red square you lose a turn. The point of the game is to turn your business into a franchise, and make a fortune. The first player to do so wins the game.

My Business Logo

My logo represents the business I created. The business I created was orthopedic medicine practice. I chose this design for my business because my business is in the medical field so the white medical cross with the red background is a perfect fit. The purpose for my design is to grab athlete’s attention to come to my practice for service.