Partnership Agreement

              Our business new name will be “BELLA VICK’S BAKERY”. Our purpose is to combine our businesses to provide a better bakery to our customers. The duration of our agreement will be two years. In our business I will be the General partner which means that my responsibilities are to be in the bakery making sure everything is running smoothly, collecting the money. I will have to open and close the bakery and deal with all the decorations to the bakery. While Tyler, my limited partner, will be the accountant of our bakery. He will be the one in charge of paying all the bills and rent, finding the location for our bakery, and settling wages for our employees. Our business expenses, profits, and losses will be handled equally.  We will handle our business disagreements by discussing and finding the benefits of both sides. We will receive our salary every two weeks. If one of us were to die during our agreement, the money will be given to that person’s estate.

Market Research Analysis

http://www.kwiksurveys.com/?s=OIJENH_8e2a7f79

The purpose of my survey is to find out what my customers want and also to find out my target market.

Entrepreneurs and the Economy

           An entrepreneur is an individual who undertakes the creation, organization, and ownership of a business. It can be someone who owns their own business, someone in charge of a business, or someone who is trying to start their own business. Economics is how people choose to allocate scarce resources to fulfill their unlimited wants. It is important to entrepreneurs because they analyze it, so they can be able to make money off of it for their business.

Do I have what it takes to be an Entrepreneur?

           On my self-assessment survey that I completed, I scored a total of 86. According to the survey I have an outstanding ability to be an entrepreneur. A very successful one, I hope. On this survey you had to score yourself from a 5, meaning that you strongly agreed on something, to a 1, meaning that you totally disagreed.

I scored myself a 5 on the following statements:

-My family will support my going into business.

-I am willing to accept both financial and career risks when necessary.

-I would experience more financial success by operating my own business.

-I feel a great deal of pride when I complete a project successfully.

-I have a high energy level that can be maintained over a long time.

-I enjoy controlling my own work assignments and making all decisions affecting my work.

-I believe that I am primarily responsible for my own successes and failures.

-I have a good understanding of how to manage a business.

-I can function in ambiguous situations.

-I believe that my abilities and skills are greater than those of my coworkers.

-People trust me and consider me honest and reliable.

-I have a good network of friends, professionals, and business acquaintances.

I scored me a 4 on the following statements:

-I am willing to work 50 hours or more per week regularly.

-I would like to take full responsibility for the successes and failures of my business.

-I have a strong desire to achieve positive results even when it requires a great deal of additional effort.

-I always try to complete every project I start, regardless of obstacles and difficulties.

-I am willing to do something even when other people laugh or belittle me for doing it.

-I can make decisions quickly.

I scored me a 1 on the following statements:

-I don’t need all the fringe benefits provided by conventional employment.

-One or both of my parents were entrepreneurs.

Market Research

            The role of Market Research is to collect and analyze information to understand the behavior of costumers in a certain market. The marketing process for a new business or an already existing business is the same. The market research process is used to identify markets, analyze demand, forecast sales, and make other decisions.

Who am I? Entrepreneur Collage

    

            I was born on July 1, 1906 in Corona Queens, New York and I attended Newtown High School. After high school, at the age 22 years old, I decided to start my business. I own Estee Launder beauty supply. My quality produces are retailed in stores all around the world, one of them being Macys. I lived a happy life with my husband and two sons. I am worth $5.1 billion. I am Estée Lauder!

Chapter One Reflection

            In Chapter One I learned what entrepreneurship is. I learned how entrepreneurship and the economy go hand to hand. Also how the environment affects entrepreneurs. Entrepreneurial means acting like an entrepreneur or having an entrepreneurial mind-set. In a free enterprise system people have the right to make economic choices as in what products to buy or if they want to start a business and compete with other businesses. The Entrepreneurial Start-up process is made up of five components. The components are the entrepreneur, the environment, the opportunity, start-up resources, and the new venture organization. They all work together to make a new business. An opportunity is an idea that has commercial value. The new venture organization is the infrastructure of a business. A discontinuances business may be a business operating under another game. Elastic demand is the change in the price of an item that causes a change in the demanded. While inelastic demand refers to a situation in which a change in price has very little effect on demand for products. The amount of a good or service that producers are willing to provide is called supply. Basically for a business to be able to compose and succeed in the free market system, entrepreneurs need to understand how the economy works.  

Chapter 3 Reflection

            Chapter three talks about recognizing opportunity. Knowing whether it’s better for you to start a business or buy an already existing business. The decision whether to start or buy is made easier now if you consider your personal values and goals. Considering your values, your personality, your abilities, your background, your hobbies, your interests, and your lifestyle needs. The United States has really large, important, successful family businesses. The advantages of taking over a family business are trust and togetherness. The disadvantages are that maybe your parents won’t think you have what it that’s to be a business person and the money. Another way to obtain a business is by buying an already existing business. This way is less risky. This way you don’t have to worry about hiring and training employees, or getting customers. All the equipment and procedures needed in this business would already be set. You can also buy a franchise. A franchise is the right or license given by a company or store to an individual or group to sell its products or services. A franchisee is the person or company buying the franchise. A franchisor is the person or company that sells the franchises. A business broker is a person who buys businesses and pays good money for them.

Buying a Franchise

           This video is about buying a franchise. Three thousand companies are sold as U.S. franchises. A franchise is license given by a company to a person or group allowing them to market its services or products in a specific territory without all the risks of a typical start-up of a business. Some franchises shown on the video are Dunkin Donuts, Bojangles, and Gold Gym. Step one in purchasing a franchise is getting a copy of the FDD. The FDD is the Franchise Disclosure Document. The franchise fee is from ten thousand up to fifty thousand dollars. The start-up cost can be up to two hundred thousand dollars. Lenders rely on Small Business Administration for half the franchise fee. Franchise put into buying a franchise up to one hundred thousand dollars. Item 20 in the franchise agreement helps you find out information on franchisors. The key to the success of a franchise is finding a franchisor that is willing to help you out. The role of a franchisor is to help the franchises succeed. You can find more information on buying a franchise at franchise.org, franchoice.com, and sba.gov.

http://www.bloomberg.com/video/74720473/

12 Characteristics of an Entrepreneur

               For an entrepreneur to be successful they need to have certain characteristics and traits. These are some of the needed characteristics and traits. They need to be persistent, creative, responsible, inquisitive, goal-oriented, independent, self-demanding, self-confident, risk-taking, restless, action-oriented, and enthusiastic. Persistent by willing to work long hours until a job is done. Creative, looking for new ways to solve old problems. Responsible, taking responsibility for their decisions and actions. Inquisitive, wanting to know as much as possible about whatever affects their business. Goal-oriented, setting goals and achieving them. Independent, able to make their own decisions. Self-Demanding, having high expectations. Self-Confident, believing in themselves and in a successful business. Risk-taking, being able to take risk but not being reckless. Restless, once succeeding in a job they look for new challenging jobs. Action-oriented, they are doers as opposed to spectators. Enthusiastic, being energetic and passionate about their set goals. Entrepreneurs set goals, make decisions, and act on their decision to be successful.

Chapter 2 Reflection-The Potential of an Entrepreneur

            In Chapter 2 I learned the rewards of being an entrepreneur. What are the rewards of being an entrepreneur? Well the rewards of being an entrepreneur are being your own boss, having the opportunity to be creative, doing something you enjoy, having the freedom to set your own schedule, having job security, making more money, and being recognized by the community. Many entrepreneurs consider being your own boss the biggest reward of owning a business because it gives them the freedom to make their own business decisions. Entrepreneurs as business owner have the opportunity to be creative and solving problems in new ways, having new ideas, and acting on them. Entrepreneurs usually start a business on something they enjoy doing. The reward of having the freedom to set your own schedule really helps entrepreneurs. Entrepreneurs have the characteristic of being persistent, which means that they are willing to work until a job is done without stop. So having the reward to set their own schedule gives them the option of working at whatever location suits them. Entrepreneurs also have their job secured as long as their business is successful. One of the reasons entrepreneurs choose to start their own business is because they want to have more control over their income and to be recognized by the community as a successful entrepreneur.

   In my collage i pasted many states like Portugal, Greece, Italy, France, Paris, and Spain because successfull entrepreneurs travel all around the world.

   The rewards of being an entrepreneur are many. Like being your own boss, doing something you enjoy, and having the opportunity to be creative. There's also others like having the freedom to set your own schedule according to your personality and life style. You will also have job security and make more money! Another reward would be being recognized within the community.

I think The Environment is the most important. I think this because if the environment is bad then the entrepreneurs aren't going to be making money. Entrepreneurs need for the environment to be good so that they can have money and be prepared for when good opportunities come to them. 

Anabel and Alexis Board Game

  Your a new entrepreneur and in this game you have to go through upfalls and downfalls to become a more successful entrepreneur.
  Start in box 1 and roll the dice and whatever number you get on the dice, you move your peg that many amount of spaces.
  If you come to a Chance box you will have to draw th chance, if answered correctly you move how many spaces it tells you to , if answered wrong you must move back how many spaces it says so.
                                                            "TAKE A CHANCE"

My Business Logo

My logo is my bakery's name with a baking hat on top of the B in Bella's. I chosed this design for my logo because the baking hat represents my bakery. The purpose of my logo is to grab peoples attention. Everytime people see my logo I want them to think of a nice, bright, family oriented business.