Entrepreneurship and Small Business #1

What is Entrepreneurship?

• Meeting and selling products

• Setting up a business with the aim to make a profit

• Acquiring leadership and managerial skills

• Quickly advancing in positions within a corporation

True or False: With owners of equity in a business, all of the stakeholder owns equity.

• True

• False

Would the following business be classified as B2B or B2C? Wholesale Flooring Distributor

• B2B

• B2C

Would the following business be classified as B2B or B2C? Chain of Local Grocery Stores

• B2B

• B2C

Would the following business be classified as B2B or B2C? Motorcycle repair shop

• B2B

• B2C

Which legal structure should you set up for your business?

• Sole Proprietorship

• C-Corporations

• Limited Liability Company (LLC)

• S-Corporation

True or False: With owners of equity in a business, founders own equity.

• True

• False

True or False: With owners of equity in a business, a partner owns equity.

• True

• False

True or False: With owners of equity in a business, contractors own equity.

• True

• False

An example of ________compensation is paying field laborers for the amount of fruit they pick.

• Commission

• Salary

• Piece work