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Five years ago, you and your spouse opened a small business called Cookie Time as a sole proprietorship. The primary business goal was to sell high-end cookies and coffee locally with an emphasis on organic ingredients and fair trade coffee.
The company has been very successful and you are now considering opening additional locations.
Explain at least two advantages of a sole proprietorship and one disadvantage when compared with the other business types.
If you decide to open additional locations, would you change the business structure from a sole proprietorship to one of the other possible types? Why or why not?
Which three entrepreneurial characteristics do you believe are most important to the success of a business? Describe why you feel these are significant. Are these characteristics you possess? Explain your answer.
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