BBI101
ACCOUNTING
Definition is keeping track of finances by Balance sheets, budgets. taxes , income statement, etc.
Assets = Liabilities + Equity
SOCIAL RESPONSIBILITY
For example reducing carbon footprint,charity work.
Corporate social responsibility is when a company does things to meet expectations of the public
Functions of a Business
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.
Eras are something that stuck such as cell phones, they have been popular since they were introduced and are apart of our lives now.
Fads are something that came and went such as fidget spinners, they were very popular for a few weeks and then they faded away.
Marketing
Helps you sell your product
Promoting and Advertising a product to a certain market group.
Production
The act of producing material for the use of sale, For example producing cars and selling them later.
Balance Sheet
Mandatory for a business to submit
It shows a companies assets and liabilities at a certain period of time.
Income Statment
These are mandatory for a business to submit
It is a financial statement that shows revenue and loses of a business
FINANCE
Saving
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.
Pension Plan
A pension is a fund that you worked up over your working career. They are set up by employers, companies , unions , etc.
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.
Personal Finance
Cash Advance
You can borrow money on your line of credit for a fee.
Line of Credit
You have access to these funds as you need. You repay overtime. There is a predetermined limit.
Debit Cards
A card that lets you access real cash for everyday purchases
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.
Investing
Mutal Funds
Hedge Funds
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
Bonds
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.
ENTREPRENEURSHIP
What makes a good ENTREPRENEUR
Drive and Passion can sometimes out weight the aspects above because they are so smart and advanced it outweighs it.
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)
Starting a Business
Accounting Skills or Employee
Real Estate Space
Employees
Capital is needed for startup
Characteristics
Flexibility
Vision
Professionalism
Social Skills
Networking
Knowledge
Intelligence
Knowing your business and field
Passion
The Ability to work without money
Creativity
The Ability to create something
Confidence
The Ability to sell yourself
Taking Risks
Risk/Reward
