Scribe post

In class today we went over chapter 5 in our. These are the topics that were mainly focused on in class.

Small Business: one of which is indepently owned and operated for profit and is not dominate in its field. They make up 99% of all business

Advantages: personal relationships with customers and employees, easily adapt to changes, simple record keeping, Independence

Disadvantages: Risk of failure, limited potential, limited ability to raise capital

Entrepreneurs

Are highly motivated Willing to work really Hard!! Take Big Risk

Franchise: License to operate an individually owned business as if it were part of a chain of outlets or stores.

Franchisor: person granting franchise

Franchisee: perpon purchasing the franchise

We talked in class about how purchasing a franchise is the easier to do than to create your own business and try to make it big. the reason for this is because the franchise already has a name for itself and you would have to do a lot more work to get you business out there.

The next scribe will be Michelle