Describe entrepreneurial qualities and legal forms of operations for a small business.
In your reading and learning activities, you examined entrepreneurial qualities and types of legal business organizations. In this assignment, you will apply what you learned previously from doing a feasibility analysis regarding your business idea to determine the best legal entity and the entrepreneurial qualities needed by the leadership for your startup business.
You will further develop the business startup idea that you focused on in your Unit 1 Journal. You may either invent a business or use your currently owned business. You may not use an existing company from the Internet. Every week, you will discuss different aspects of your business.
Think of a business that you might like to own. This does not need to be anything you will actually start, so it can be just a dream. It can also be something you think you would like to do sometime in the future. This can be a retail or service business, independently owned or corporate. You will use this imagined or real business throughout this course, so choose wisely as you will be required to use it for the duration of the term.
Describe and name your business and then identify the entrepreneurial qualities that will be necessary for you to have in order to successfully run your business. Make sure to comment on why these particular qualities will be necessary. Next, describe how best to organize your business. After completing your learning activity, you will need to choose the business entity that best suits your needs. Will it be a sole proprietorship, a partnership, a limited liability company (LLC), or a corporation? If incorporated, what type?
Your choice will be based on what you have read in the text on pages 154–167 and then practiced in your learning activity. You will need to choose the legal form of organization and describe why that particular type will be best for your dream or a real business. Also, note any possible drawbacks to your chosen business entity and explain how you might deal with those.
Finally, explain why at least two of the other business types would be less satisfactory.
