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Unit 1 Intro to Business

In: Business and Management

Submitted By troymel4
Words 733
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An Inventor and His Struggles to Start His Business
Troy Wollenbecker
AIU Online

Abstract
Troy has an invention that he wants to start a business around. He finds out very quickly all the questions he needs to find answers to. Troy has a family and low net worth to get things moving. Troy also knows little about managing and financial responsibilities of running a business. These are all struggles Troy faces in the midst of inventing and patenting my project. Making the correct decisions is vital to the success of my business.

After reading through the scenario at hand, I have come across some issues that need to be resolved. First, I need to decide on the structure of the business. Second, I am limited on funding for my start-up costs. Third, I am not skilled at business financials or management in business operations. Finally, the market is saturated and annual growth is only two percent.
Over the next few paragraphs I will compare and contrast the different types of ownerships in business, and hopefully make a managerial decision on the scenario. Sole Proprietorship: This is a Non-Corporate form of ownership. Some examples of the advantages of this type of business ownership are easy to start-up, low cost, and it is very simple to structure. Disadvantages are that you are solely responsible for all the debt incurred by the business, and it is very difficult to sell in the future. Also, the success is often dependent upon the sole proprietor and his dedication. Based on my obstacles and limitations I am not sure this would be the best decision for my business. Although the low cost and simple structure look appealing, the fact that I would be solely responsible for the debt is frightening, and comes with high risk of failing. Partnership: This is another form of Non-Corporate ownership. Inside a partnership there are subcategories

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