Question

Becoming an Entrepreneur and Evaluating Ideas

As you can see from the attached pdf cartoons, people become entrepreneurs for a variety of reasons...ideally not for the reason B.C. identifies in the attached cartoon! You will find those individuals who are true entrepreneurs at heart and seem to be able to juggle many types of businesses all at the same time. For this assignment, please view the video link below related to what makes an entrepreneur, then review the attached articles on becoming an entrepreneur and the FAQs and Evaluating Ideas documents. Using the sources, prepare a 2 page paper which identities and discusses information and questions that you believe are relevant when trying to make that important decision on whether to start a small business. Discuss your rationale for your selection(s) and discuss why you believe having answers to these questions are imperative and be comprehensive with your discussion.
Create conclude your paper with your thoughts regarding the Myths and Truths pdf attachment.

Answer 1

To make an informed decision about starting a small business, consider the differences between business ownership types, why sole proprietorship businesses are numerous but less profitable, and analyze liability for each type of business.

Step-by-step explanation:

In order to make an informed decision about starting a small business, there are several important questions and factors to consider. These include:

1. What are the differences between the different types of business ownership? Understanding the advantages and disadvantages of sole proprietorship, partnership, and corporation will help you choose the right structure for your business.
2. Why are sole proprietorship businesses the most numerous but the least profitable? Exploring the reasons behind this can provide valuable insights into the risks and benefits associated with different business ownerships.
3. Analyze the amount of liability for each type of business. Identifying the type of business structure with the least amount of liability for the owner can help mitigate risks.

By addressing these questions and considering the information in the provided resources, you'll be equipped to make a comprehensive decision about starting a small business.