Reference no: EM133035476

Small Business and Entrepreneurship 

Small business is the backbone of the United States economy. A small business typically has a small number of employees. In the US, the legal definition of a small business is determined by the SBA as "less than 500" employees; indirectly the IRS also defines this number for tax purposes as well. An entrepreneur is an individual who starts and runs a business with limited resources (human resources, natural resources and/or financial resources) and limited opportunity to implement planning (ie. Time), taking into account all the risks and rewards of his/her business venture (ROI, or People, process and Product). The business idea usually must utilize an improvement on an existing innovation (Product/Good) or service, rather than doing the same thing existing business models espouse. How?

1. What is the main distinction of the corporate form of business organization? Is it superior to the sole proprietorship, or a partnership? Why, or why not?
2. What resources are required to start or buy a small business?
3. Provide a link to an article found online (from any time frame) of a new small business venture that you believe provides context to your above responses, and provide a summary to connect the information.