xii Copyright Goodheart-Willcox Co., Inc. Looking for a career that gives you independence? Envision your career as an entrepreneur! Entrepreneurship was designed with you, the student, in mind. Contemporary issues and a fresh new presentation of concepts make this text inviting for you to use. 169 Chapter 6 Business Ownership Building Your Business Plan—Putting the Puzzle Together Business Ownership Now that you have decided on the type of business you want to own, you will make other decisions about the business. As you learned in this chapter, there are different options for starting a business. You may open Preparation Activity 6-1. Franchise Assessment. Research the v arious franchises that are available for entrepreneurs in your industry to purchase. Identify the franchise, its pros and cons, the costs of buying into the franchise, and any other requirements of the franchisor. Activity 6-2. Business Options. In addition to c onsidering franchises, analyze starting a new business, purchasing an existing business, or joining a family business. Review your options . Activity 6-3. DBA. You most likely will need to file a DB A to register your business. Practice completing the sample DBA form. Include the finished document in the appendices of your business plan. Activity 6-4. Business Plan Notes. Create notes about the t ype of business ownerships available to you. Keep your notes about the type of business and form of ownership. 3 The term new economy was coined in the late 1990s to describe the impact of information technology on the economy. The Internet and affordable personal computers changed how business was conducted—and made it much easier to become an entrepreneur. Because entrepreneurs are often also innovators, their impact on the US economy is great. Some entrepreneurs are creating new technology, while others are using existing technology to develop faster, more effi cient business processes. Entrepreneurs are nimble—meaning their businesses start out small, so they can act quickly to take advantage of new opportunities. Entrepreneurial businesses do not have the red tape and long approval processes of larger companies. In effect, entrepreneurs are starting to create small businesses that can now Entrepreneurs and the Economy 198 College and Career Readiness Reading Prep. Before reading this chapter, preview the illustrations. As you read the chapter, cite specific textual evidence to support the information in the illustrations. 8.1 Protect Your Business 8.2 Know the Laws 8.1 Prot ect Your Busines 8.2 Know the Laws sw p College and Career Readiness Communication Skills Listening. Research the positives and negatives of opening a ne business. Find video footage of at least three speeches or news broadcasts that discuss the opportunities for opening a business. Compare and contrast the speakers’ information, points of view, and opinions. Create a list of positives and negatives that you might encounter when starting a business. Speaking. Develop a list of regulations that you would like to have in your c lassroom and your reasoning for each one. Develop a presentation in which you attempt to persuade your classmates to adopt your regulations. Develop a separate presentation in which you attempt to persuade your teacher. How will you alter your presentations for these two different audiences? EVENT CTSOs business plan Prepare for Your Future Did you know that the economy plays an important role in becoming a business owner? To highlight the importance of the economy on business, economic concepts are integrated throughout the text. Also, to address specific current economic events, each unit of the text opens with an Entrepreneurs and the Economy feature article. These articles highlight information about the economy that is helpful to small business owners. One of the goals of an entrepreneurship course is to create a complete business plan. The ongoing Building Your Business Plan— Putting the Puzzle Together feature provides a project-based, hands-on learning experience. Starting in the first chapter, you will begin creating a business plan for your own business. By the end of the text, you will have completed your own plan. The Building Your Business Plan—Putting the Puzzle Together project addresses 21st-century learning skills. • Creativity and Innovation • Critical Thinking and Problem Solving • Communication and Collaboration It is all about getting ready for college and a career. College and Career Readiness activities address literacy skills to help prepare you for the real world. Standards for English Language Arts for reading, writing, speaking, and listening are incorporated in a Reading Prep activity as well as end-of-chapter Communication Skills activities.