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ADM1300 (201)

Sep.24 2013.docx

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University of Ottawa
Matthew Archibald

ADM 1300B Sep. 24 , 2013 YUJIE YI #7038840 IndividualAssignment  Maximum of 15 pages  6 companies to choose from  Specific headings necessary  Research of company required (go beyond their website) academic articles, news, magazines… NO WIKIPEDIA!!  Focuses on our course themes  Due November 12h Corporate Culture  Is a strong corporate culture always a good thing? NO: 1. they don’t adapt to change. 2. YES: 1 /14 Strong Culture in Practice: Video: Working Paradise: Google Balance: food, pet, gym versus working on a project overnight Entrepreneurship and Options for Business Ownership  Sole Proprietorships, Partnerships, and Corporations (Chapter 6 and 5) The Entrepreneur  Recognize and seize an opportunity  Many Characteristics: determinant, creative, risk-taker, hard-worker, confident, willingness to take risks, rick, passionate  Strict Process - Idea - Screening (adds value, competitive advantage, marketable - to a large skill audience, low exit costs – lots of businesses fail) Competitive advantages –what makes you different? - Development ADM 1300B Sep. 24 , 2013 YUJIE YI #7038840  Develop a business plan - Fundamental ideas: mission, how is it gonna work, investors, where is the location, how to produce the products… Why be an Entrepreneur?  Be your own boss – work for yourself  Financial success – also can be achieved from working in a profitable company  Job security (– due to lots of businesses fail) BUT based on your business is successful and profitable  Quality of life – while others are competing with other competitors  Do we agree?  Where to Get the Money Bank loan, investors, venture capitalists (give money at the start of the business), …  Personal, friends, family… 3/14 Debt financing – borrow money (bank)   Equity financing – allow people to invest for ownership - Venture capitalists, angel investors Many resources available - - - - And there are many, many more resources… Sole Proprietorships  When management and ownership of a business are one and the same  Typically employ less than 50 people  The oldest form of legal ownership in Canada - Example: House Cleaning  Sole Proprietorship –Advantages ADM 1300B Sep. 24 , 2013 YUJIE YI #7038840 (Full control, work whatever you want, all profits of yours, pay only personal income tax …) - Easy to form/ dissolve - Government preferential treatment - Sole claim on all profits (losses) - Personal incentive/ satisfaction - Pays only personal income tax = federal and provincial … more income, more tax - Secrecy Sole Proprietorship – Disadvantages (Potentially limited resources/ profits; put in lots of hours/ stress …)  Unlimited liability (you are responsible for everything) - Borrow money from bank: based on the Personal Assets (the form of your savings, your home) - If you can’t pay back the money, the banks go after your assets, take your personal stuff  Lack of continuity (uncertainty of duration) 5 /14 Time commitment (huge time commitment involved)   Difficulty in raising money (through the government, …)  Management limitations (cannot be good at all things) Partnership  When two or more people combine their financial, managerial, and technical abilities to operate a business  Types of partnerships: - General: all partners = unlimited liability General partnership: all partners have unlimited ability, all partners participate in the day-to-day business - Limited: one partner must have unlimited liability Limited liability only responsible for the money that invested in the company - Joint venture: established for a specific project or for a particular period of time PartnershipAdvantages: (Gain new markets, different points of view – could also be a disadvantage because it may take longer to get a decision, specialization…) - Easy to form ADM 1300B Sep. 24 , 2013 YUJIE YI #7038840 - Larger availability of money - Diversification of management skills - Shared risk - Personal interest/ satisfaction - Decision making (more ideas) Partnership Disadvantages:  Unlimited liability  Distribution of profits  Management difficulties  Difficult to withdraw investment - Death - Simple withdraw (cannot simple get out of the partnership) The Resolution for these partnership advantages is called PartnershipAgreements Corporations
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