ENPI MODULE 3

2. ENPI MODULE 3 LAUNCH YOUR BUSINESS

3. TYPES OF BUSINESSES • Manufacturing • Converts materials into goods suitable for use and sells goods to others • Industrial vs. consumer manufacturing • Wholesaling • Buys goods in large quantities and resells them in smaller batches to retailers • Link between manufacturers and retailers

4. TYPES OF BUSINESSES CONTINUED… • Retailing • Buys goods, often from wholesalers, and resells them directly to consumers • Brick and mortar or e-commerce • Service • Provides services to customers for a fee • Licensing requirements often exist

5. TYPES OF BUSINESS OWNERSHIP • What is your liability?? • Unlimited Liability: business owner can be legally forced to use personal money and possessions to pay the debts of the business • Limited Liability: business owner cannot be legally forced to use personal money and possessions to pay business debt • Level of liability depends on the type of ownership

6. SOLE PROPRIETORSHIP • Single individual owns the business • UNLIMITED LIABILITY

7. PARTNERSHIP • At least two individuals share the management, profit, and liability • Write a “partnership agreement”

8. TYPES OF CORPORATIONS • Subchapter S Corporation • Limited Liability Companies • Nonprofit Corporations

9. CORPORATION • Ownership in which the business itself is considered a type of “person” and limited liability is granted to the business owner • Owners = shareholders/stockholders • Share of stock = % ownership in company

10. HUMAN RESOURCES

11. DEFINING HUMAN RESOURCES • People employed in a business • Contribute more than labor! • Character • Ethics • Creativity • Networking • Reflect your brand