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Entrepreneurship and Business Types

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Entrepreneurship and Business Types

A community group is planning a weekend car wash fundraiser. Read the mini-brief, then help the team think like entrepreneurs and choose a suitable way to run the venture. Answer all questions; for multiple choice, select one answer unless told otherwise.

The mini-brief

Zach, Oliver and Kirra notice that many local residents want a convenient way to get their cars cleaned while supporting a community cause. They plan a Saturday car wash. They will charge $12 per car, buy soap and sponges, and donate any surplus after costs. Zach can organise bookings, Oliver is good at budgeting, and Kirra enjoys talking with customers. They are still deciding whether one person should own the venture or all three should share ownership. A business can provide goods or services, create work, meet needs and aim to earn a profit or surplus. An entrepreneur spots an opportunity, plans how to act and takes calculated risks; success is not guaranteed.

Spot the opportunity

1.Which need or opportunity did the team identify?

2.Which action best shows calculated risk-taking rather than avoiding every risk?

Spend all the money before checking costs or demand.
Estimate costs, ask residents if they would book, then decide whether to proceed.
Assume every resident will come and promise a large donation.
Cancel because there is a chance it might rain.

3.Select all the ways the car wash could benefit the community or economy.

It provides a service people may want.
It could create paid work if the group hires helpers.
It may raise money for a community cause.
It guarantees a profit regardless of costs.

Choose a business structure

4.If Kirra alone owned and operated the car wash, which business structure would that be?

Sole trader
Partnership
Company with shareholders
Co-operative

5.Zach, Oliver and Kirra decide to share ownership and responsibility. What structure best fits this small venture?

Sole trader
Partnership
A business owned by the government
A company with many shareholders

6.Match each structure to its basic description.

Sole trader
Partnership
Company

Owned by two or more people sharing responsibility
A separate legal business structure that can be owned by shareholders
Owned and operated by one person

7.Give one advantage and one possible challenge of the team choosing a structure with shared ownership rather than one owner.

Make the numbers and decisions

8.The group washes 18 cars at $12 each. Soap, sponges and other supplies cost $76. What is the surplus before any donation? Show your calculation.

9.True or false: If the car wash earns more money than it spends, the surplus is the same thing as total revenue.

TrueFalse

10.Oliver estimates that rain could reduce bookings. Suggest one practical step the team could take to manage this risk, and explain why it might help.

11.Choose a suitable structure for this three-person fundraiser and justify your choice with two reasons. Mention one thing the team should agree on before starting.