Assignment: Please prepare a two (2) or three (3) page summary describing a business which you plan to operate in the future. Please be as detailed as possible. Your plan should include some of the following:
What kind of business is it?
Where will I get financing to open the business?
What will it cost?
Where will I operate my business?
What will I call my business?
Who will work for me? Do I have sufficient time to operate the business myself?
Who will my customers be?
What kind of potential risks do I face in terms of being sued?
What kind of personality do I have – am I open to other’s ideas, or do I like to run the show myself?
Will I run the day to day operations, or do I want to delegate those to someone else?
How big of an operation do I expect this business to be?
These are just some of the questions that I’d like you to ponder. This list is not exhaustive and is meant to suggest some of the things that new business owners may be thinking about.
We will use these summaries to discuss the topics in this course – proper business form, the pros and cons of each business form, and other considerations for a new business owner. For more information on Corporate Law check on this: https://en.wikipedia.org/wiki/Corporate_law
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