Index

Sole Proprietorship: owned by one person who has the resources and ability to operate it

• set your own hours

• tax benefits

• you're the boss

• keep profit

Parentership: two or more people own the same business

• can equally own or % ownership

• time off and someone still there to run the business

• division of labour

• 2 or more people to take financial responsiblity

• synergy: 2 + 2 = 5 or taking the talents of two people and getting a better product

Competitive Structures

1. Competition: companies doing the same thing with similar prices. i.e., fast food

2. Obligopoly: a few businesses domiate the market. Cost is too much to try and start a new business

3. Monopoly: one company owns it all. They can set the prices and you have to pay it. e.i., Microsoft

What Businesses Sell

Product: something you can touch

• cd's, books, computer, clothes, etc

Service: something you can't touch

• lawyer, doctor, dentist, mechanic

The Goal of Business

• be profitable/successful

• match customers wants/needs to our products/services

• successful - happy customers, honest practices, doing the "right thing", using resources wisely

The Role of Christians in Business

• use our talents and opportunities as a gift from God

• God glorifying

• we need to be responsible to God, our neighbours, and ourselves

• our roles should be different