unit 1 enb
TRANSCRIPT
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Copyright 2003 Prentice Hall, Inc. 4 - 2
Introducing to Business concept
Unit 1: Companies
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I. Introduction (Cont)
Type of business (Form of businessownership) are:
Sole Proprietorship
Partnership
Corporation
S Corporation
Limited Liability Company
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I. Introduction (Cont)
- Foreign market entry
+ Franchising
+ Licensing
+ Joint Venture
4. How to run your own business?
- What kind of business do you prefer?- How much capital do you have?
- Is it a long term or short term?
- How can you get capital investment?
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I. Introduction (Cont)
- Who is your customers?
- Customer behavior?
- What is the gold and objective of your
business?
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Business Ownership Definition
Sole proprietorship: A business that is
owned, and usually managed, by one person.
Partnership: A legal form of business withtwo or more owners.
Corporation: A legal entity with authority to
act and have liability separate from itsowners.
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(cont)
Unlimited liability: The responsibility of
business owners for all of the debts of the
business.
Franchise: The right to use a specific
businesss name and sell its products or
services in a given territory.Franchisee: A person who buys a franchise.
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(Cont)
Franchisor: A company that develops a
product concept and sells others the rights to
make and sell the product.
Franchise agreement: An arrangement
whereby someone with a good idea for a
business sells the right to use the businessname and sell a product or service to others
in a given territory.
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(cont)
Licensing: Grant a license to permit the use
of something or to allow an activity to take
place.
Joint-venture:
- Is formed for a specific purpose
- Has a beginning and an end
- Is a business agreement in which parties agree to develop,
for a finite time, a new entity and new assets by
contributing equity.
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II. Business Concept
1. What is business concept?
- An idea for a business that includesbasic information such as the service or product,
the target demographic, and a unique sellingproposition that gives a company an advantageover competitors.
- A business concept may involve a new
product or delivering an existing product. Once aconcept is developed, it is incorporated intoa business plan.
- It is a business opportunity
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II. Business Concept (Cont)
2. Purpose of business Concept
- The purpose of a business concept is to ensure
the success of a project by providing support for
organizational, contractual and payment framework.
- Playing a role as a guide to become an
entrepreneur
- Providing way of thinking and acting that is
opportunity obsessed, holistic in approach, and
leadership balanced.
- To be ready in experiencing in business
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II. Business Concept (Cont)
Business concept include:
- The features of the product or service, in other words,
what it actually is or does. Features tell the practical specifics
about your product or service.
- A description of the customer and the benefits of the
product or service to the customer.
- The uniqueness of the product or service, or how it isdifferentiated from other, similar products or services.
- Sales channels, that is, to whom, where, for how much,
and how the product or service will be sold.