Introduction to Business

Third Quarter

Today as you plan the game, remember that you still have one quarter to do with your quantity required needs changing

We are also going to examine leadership styles

Extra handout - click here

Complete questions 14 - 16 on page 221

REMINDERS: Chapter 5 -- due// Chapter 6 - take up tomorrow

Production Game

First we discuss questions 1-6 in chapter 6

HW Questions 7, 8, 11, 12

Then the production game -- team prize for highest gain and overall leader

Beta Testing

Before a company releases a game or software on the market, it is first tried in-house to iron out the wrinkles of the game. This is often referred to as alpha testing. The game is then refined further and expanded to a wider audience to see if it performs the way it is intended. Feedback is given during the beta test before being launched for sale. Today, we will beta test the production game for about 30 minutes before playing in earnest tomorrow. So hold on tight.

During the second half of the class, we will take up questions 1-6 on page 194

Finish up chapter 5 assessment and journal 4.

Creating the report

We will examine both the questions from the text before starting.

In the lab we will examine how to create the business reports. Click here to open file

    a) Income Trend

    b) Expenses Trend

    c) Profit & Loss Graph (Net Sales, COGS, Total Operating Expenses)

    d) cash flow statement

In addition you will print-out both spreadsheets with your names in the header -- then finish off the rest of journal 4

Reminder: Short Quiz today forms of business ownership - one attempt only

Taking a step back

1. We need to finish off our note on adv and disadavantages of corp and franchises
2. Dragon's Den featuing one of South's own
3. Video #2 -- surprise
4. and many other things to torment you (insert evil laugh here)

Preparing your report

Part of running and managing a business requires you to interpret and analysis the results from your operations. We shall examine this in light of journal 4.

1. Download the excel file from handout folder or click here
2. Record your information for the 24 months
3. Graph the results

Seems easy but it is time-consuming -- add colour and labels and we will be printing this out in colour.

Partnerships

A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business undertaking in which all have invested. Partnerships are often favored over corporations for taxation purposes, as the partnership structure does not generally incur a tax on profits before it is distributed to the partners (i.e. there is no dividend tax levied). However, depending on the partnership structure and the jurisdiction in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation.

Let's look at the tips to play...Take one, Leave one

Then

Johnny Money

-- what worked, didn't, things to know, things still to learn
-- set up a partnership today

Testing you Metal

Before we start your journey down the entrepreneurial road, we need to deal with some unfinished buisness:

1. Journal 2 (you who you are )
2. Journal 3 - due tomorrow
3. 4 Types of Ownership --> today Proprietorship

Ok, now for the fun

Go to Johnny Money

Knowledge is the key

As important having the proper skills and characteristics to be an effective entrepreneur, basic business terms and skills is just as important -- with planning being the key. Most people do not plan to fail in business they fail to plan.

Today.

1.    Finish off entrepreneur chart

2.    Finish terms and other things to know sheet

3.    Read pages 337 - 343 and finish questions 1 - 5

Do you have what it takes - con't

“The successful person makes a habit of doing what the failing person doesn’t do.” Thomas Edison, inventor and scientist

Seek to understand then be understood. – Stephen R. Covey, author

The rich buy assets. The poor only have expenses. The middle class buys liabilities they think are assets. - Robert T. Kiyosaki, author, entrepreneur, investor

Failure defeats losers, failure inspires winners. – Robert T. Kiyosaki, author, entrepreneur, investor

Part I

Finish off credit test

Part II

Entrepreneur Quiz