BBI101

Characteristics

Taking Risks

Risk/Reward

Confidence

The Ability to sell yourself

Creativity

The Ability to create something

Passion

The Ability to work without money

Intelligence

Knowing your business and field

Knowledge

Social Skills

Networking

Professionalism

Vision

Flexibility

Starting a Business

Capital is needed for startup

Employees

Real Estate Space

Accounting Skills or Employee

What makes a good ENTREPRENEUR

Good entrepreneurs have faced adversity and have to be resilient. Social skills and knowing your craft benefit them tremendously. Many true entrepreneurs have good personalities and just know how to talk to people, the reason they are successful is a mix of that and there knowledge. Selling yourself is almost as important as the product or service, No one is going to buy a product from a weird loser they are going to buy it from the Smart, funny and personable person. ( Some of this info only applies when starting out)

Drive and Passion can sometimes out weight the aspects above because they are so smart and advanced it outweighs it.

Stocks

Stock Broker or Personal Managing

Stocks are when you can buy shares of publicly traded companies for gain. Stocks fluctuate with the well being of the company.

Bonds

a bond is loan from an investor to a borrower such as a company or government.

Real Estate

Real estate can be done in many ways , such as flipping houses, buying low and waiting for the market to rise. You can also rent out your properties, long term or through AirBNB

Hedge Funds

Hedge funds are actively managed investment pools whose managers use a wide range of strategies, often including buying with borrowed money

Mutal Funds

A mutual fund is a type of investment vehicle where the money collected from various investors is pooled together to invest in different assets including bonds, stocks, and/or money market investments.

Personal Finance

Credit Cards

Credit is the ability to borrow money normally from a
financial institution and you agree that you repay, there is interest on the payments.

A card that lets you access real cash for everyday purchases

Line of Credit

You have access to these funds as you need. You repay overtime. There is a predetermined limit.

Cash Advance

You can borrow money on your line of credit for a fee.

Saving

RSP

Regular Savings Plan (RSP) is a disciplined way of saving through regularly investing an equal amount of money into the mutual fund of your choice to even out the ups and downs of the market and average down the unit cost of your investment.

Pension Plan

A pension is a fund that you worked up over your working career. They are set up by employers, companies , unions , etc.

Registered Education Saving Plans (RESP)

A account for parents for saving for post secondary education, the Canadian government will match 20% of your contributions up to $2,500 each year. For example if your parents put in $500 in 2015 you will have $600 after the governments grant.

Income Statment

It is a financial statement that shows revenue and loses of a business

These are mandatory for a business to submit

Balance Sheet

It shows a companies assets and liabilities at a certain period of time.

Mandatory for a business to submit

Production

The act of producing material for the use of sale, For example producing cars and selling them later.

Marketing

Promoting and Advertising a product to a certain market group.

Helps you sell your product

Fads are something that came and went such as fidget spinners, they were very popular for a few weeks and then they faded away.

Eras are something that stuck such as cell phones, they have been popular since they were introduced and are apart of our lives now.

Business Ownership
- Sole Proprietorship is when the business is owned by one person.
- Partnership is a shared ownership, tax reporting is realitliy simple.
- Corporation Is a legal entity that is different and seperte from its owners, a harder way to do taxes and run a business, a lot of overhead.

Corporate social responsibility is when a company does things to meet expectations of the public

For example reducing carbon footprint,charity work.

Assets = Liabilities + Equity

Definition is keeping track of finances by Balance sheets, budgets. taxes , income statement, etc.