Will you own a business someday?

1. Will you own a business someday? Will you achieve something big? Thought processes of successful people

7. Dare to dream! • Ask yourself “What if?” • Think big! (Google Guys) • Don’t let negative thinking discourage you

8. Big dreams, but plausible! • Good Ex: If you get a college degree, you may own a $50 million dollar company • Bad EX: 90-year old woman will run a marathon under 3 hours

9. See it! • EX: great NBA free throw shooters picture the ball going in the basket • EX: PGA golfers picture the ball going down the fairway • EX: Great business men picture themselves walking in their beautiful office buildings even though they’re sitting in the garage on a foldout chair • EX: World class speakers picture themselves speaking with emotion and energy

10. Tell it! • When we say it we have a tendency to believe it more • Accountability: since we said it we now must act on it so we don’t look foolish

11. Plan it! • Break it down into little parts- workable parts, and set a time frame

12. Work it! • The successful are usually the “hardest workers.” • While the rest of the world is sitting on their couch watching Spongebob re-runs and playing X-Box, achievers are working on their dreams.

13. Enjoy it! • When you get there, reward yourself! • Be generous- use your success to better others • Then go back and dream again. And dream a little bigger this time!

14. A. car repair B. photographic studio C. vet clinic D. rock group E. coffee shop F. graphic artist studio G. newsletter or publishing enterprise H. computer software I. biotechnology lab J. bed-and -breakfast inn K. architectural firm L. medical care M. hair salon N. tutoring service O. detective Just for fun- if you could start a business from any activity below, what would it be. Choose 5 that you could imagine owning: What do your choices say about you? Choices B,D,F,K,G- you’re artistic- you’ll like fields that require originality and creativity Choices E,J,L,M,N- you’re social- enjoy helping others and working with people Choices A,C,H,I,O- you’re investigative- you’ll like the challenge of making decisions and coming up with innovative solutions Choices from one category? Stronger in one area over another?

15. A. I like meeting people B. I’m friendly C. I try to avoid conflict D. I like to spend time alone E. I like to talk F. I’m sensitive G. I’m interested in other people H. I’m upbeat I. I’m enthusiastic J. I like to be active K. I have perseverance L. I’m persuasive M. I let other people do what they want N. I’m cautious O. I’m ambitious P. I like to feel in control Q. I like to plan R. I like organization S. I like to be the center of attention Just for fun- choose 10 from the list below that best describes you Score 3 points for each of these character traits: A,B,E,G,H,I,J,K,L,O,S Individualist: 6-12 points- you might enjoy a career that gives you independence Communicator: 15-21 points- you may enjoy a career where you’re are a team player working toward a common goal Persuader: 24-30 points- consider a career like sales where you can influence people

16. Type of Business Ownership • Sole Proprietorship • Business owned by one person • More than 75% of all businesses set up this way • Operate out of homes and small offices • **4 of 5 fail within 2-5 years • Some succeed- Without William Colgate we wouldn’t have??? • Colgate-Palmolive! • Without Dave Packard and Bill Hewlett, we wouldn’t have??? • Hewlett-Packard!

17. Advantages of Sole Proprietorships • Easy to set up • Owner has total control • Owner keeps all profits • Few government regulations • Taxed only once per year

18. Disadvantages of Sole Proprietorships • Limited cash to start- own money • *Unlimited liability (collateral) • Limited human resources

19. Partnerships • General Partnership • Everyone has decision making authority • Everyone responsible for operations of business and debt from loss • Limited Partnership • One person does not take active role in running business- just gives money

20. Advantages of Partnerships • Easy to set up • More “skillz” and knowledge • More money! • Taxed one time per year

21. Disadvantages of Partnerships • Unlimited liability • Notable partners “Bill Gates and Paul Allen” • Disagreements! • Shared Profits

22. Corporation • A business organization that operates as a legal entity separate from its owners • 20% of all business making up 90% of total business revenue in the nation • Issuing stock!

23. Advantages of Corporations • Easy to raise money- sell stock! • *Limited liability- only limited to debt from the business • Board of Directors- people elected to oversee affairs of the company. These people don’t own the company!

24. Disadvantages of a Corporation • Complicated, time consuming, and expensive to establish • Slow decision making • Pay state and federal taxes

25. Limited Liability Corporation (LLC) (The new craze!) • In between a sole proprietorship and a corporation. • For single owners or partners • *Liability for investment into the business only. If business goes under, you don’t lose your house!

26. Franchise • Contractual agreement to sell a company’s products or services. • EX: Subway & McDonalds • Must follow the “formula” for success

27. Why Franchise? • Low failure rate- 90% succeed! • YOU are the owner!

28. Disadvantages • Must follow an exact formula not allowing for creativity