Reference no: EM133280032

Since you will be working on this business for a while, choose something that interests you. You may already have an idea for a business. If not, what are you passionate about? What do you wish was available in your region but is not? What kind of business would you like to learn more about? These kinds of questions can help you figure out what kind of business to open.

In order to fully explore all aspects of business, yours cannot be a sole proprietorship or a partnership (even though these are the starting point for many businesses). You need to choose one that can have a defined structure. Your business also needs to be a for profit, public business.

1. What is the purpose of this business and what is its product?

2. How will the business benefit the community?

3. Assuming the business begins as local, how far do you intend to expand and why? If the goal is to remain local, explain why.

4. Who will the owners be and what kind of ownership will it have?

5. What kind of structure will it have initially?

6. Under what conditions would it make sense to incorporate another kind of structure? Explain why the structure you choose fits these conditions.