Chapter 9

9-2

Pg 164-167

1.  How did entrepreneurs like Thomas Edison and Mary Kay Ash help create business?

2.  Name and describe the 8 characteristics of a successful entrepreneur.

3.  What percent of businesses fail the first year? What are your odd of failure if your business last longer the 5 years?

4.  Other than failure what are some other risk to becoming an entrepreneur?

5.  How does the reward outweigh the risk to becoming an entrepreneur? Explain why it does or does not to YOU

6.  A recent trend of musicians (rappers especially) go from making music and entertaining to producing music (becoming an entrepreneur). Some have been very successful. Why do you think this is so?

Business Activity

Read pages 167-176 THEN:

Find a business that is a:

·  Sole Proprietorship

·  Partnership

·  Corporation

For each list:

·  Who owns the company

·  Year it was established

·  Location

·  Has the business ever changed types? If so how?

9-3,4,5

Pg. 167-176

1. What is the most common business organization

2. Explain sole proprietorship.

3. Look at the pie charts on 168. What do the two charts tell us?

4. List and explain the advantages and disadvantages of sole proprietorship

5. How are partnerships formed?

6. What are the most common types of partnerships

7. List and explain the advantages and disadvantages of partnerships

8. How do corporations seek and use venture capital?

9. Who owns a corporation? What is the difference between a privately held and a publicly held corporation?

10.  How are corporations organized?

11.  List and explain the advantages and disadvantages to a corporation.

12.  How has multinational corporations grown in the past two decades? What is the advantage of multinational corporations? Are most small or huge businesses?

9-6,7

Pg. 176-181

1.  Describe the organization of a franchise. How do they operate?

2.  What is a co-op? How do they work and what are some examples?

3.  How do nonprofits work? Do they pay their workers? What are some types of nonprofits?

4.  List and describe the rights and responsibilities of businesses

5.  How are business ethics important to us consumers?