Exploring Business, Marketing and Entrepreneurship

Sole Proprietorship
a business owned and operated by a single person
Partnership
a business owned and operated by two or more people
Cooperation
a business owned by many people but treated by law as one person
Franchise
a written contract granting permission to operate a business by selling products and services in a set way
Non-Profit Organization
A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross.
Accounting
the occupation of maintaining and auditing records and preparing financial reports for a business
Management
process of leading and directing an organization
Marketing
the commercial processes involved in promoting and selling and distributing a product or service
Information Technology
software applications, e-mail, hardware used for all technology
Operations
activities involved in day to day running of a business
Human Resources
manages employee benefits, as well as the hiring and firing of employees
Profit
money left after a business pays expenses
Profit motive
The desire to make money
Competition
a business relation in which two parties compete to gain customers
Needs
Items that are required in order to live
Wants
Items that you would like to have but are not necessary for survival
Consumer
a person who uses goods or services
Customer
someone who pays for goods or services
Goods
tangible products that we use to satisfy our wants and needs
Services
actions or activities that one person performs for another
Profit – organization
motive is to make a profit