Notes
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business=earn profit/generate sales
=generate job
=follow passion
industry=production of good (raw mats, agricultural, manufacturing)
commerce=transfer of goods (selling and buying of goods)
services=rendering of services for personal services (spa, security, etc.)
classification by assets by employment
micro-enterprise 3,000,000 below 1-9
small-scale 3,000,001-15,000,000 10-99
medium-scale 15,000,001-100,000,000 100-199
large-scale 100,000,001 above 200 above
FORMS OF BUSINESS
sole proprietorship- one ownership
partnership- two or more owner binding itself to each other
corporation- artificially powered ( Incorporators (shareholders))
GOALS OF BUSINESS
to earn profit - primary goal of businesses
to increase value of business - Growth- Increase=decrease of assets ( opportunity to earn income )
- Stability - ability to weather ups and downs in the economy or its ability to continue Operations
( basic necessity, groceries, medicines, etc. )
to Improve the quality of life - to create opportunities for others ( employment, scholarships, etc. )
Agency relationship - contract (between owner (principal) and another party (agent))
CASH FLOWS - flow of money in the business
balance sheets - Assets=liability+owners equity
long term assets ( land, machine, etc. )
Assets <
short term assets ( payments, receivables, etc. )
Cost of goods sold (manufacturng cost)
Net Cash Flow = Cash inflow ( sales and cash on hand )- Cash outflow ( expenses, interest, tax, dividends, debt)
= 1200-1880
= -680 (cash shortage)
A PESO TODAY IS WORTH A PESO TOMORROW ( because of inflation )
RISK AND RETURN
Risk - uncertainty of something happening ( Less-than-desireable)
Return -
Difficulty in financial planning -
Higher Interest rate - SP ( debt (loan worthy, Collateral, higher interest rate )
PROMOTION
first stage in the formation of a company (having initiative to conduct possible business opportunity)
PROMOTER
complies necessities or formalities to form a business ( papers, registrations, etc.)
Functions of Promoter
Identification of Business Opportunity - identifies potential ( creating and copying products )
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