Business Environment

Running head: LEGAL, SOCIAL, AND ECONOMIC ENVIRONMENT OF BUSINESS 1

Legal, Social, and Economic Environment of Business

LEGAL, SOCIAL, AND ECONOMIC ENVIRONMENT OF BUSINESS 1

ABSTRACT

This person has an idea of creating a product that could be used in many areas in your everyday lives but there are issues that prevent the idea from coming to reality. Some of them are financial issues, lack of knowledge for managing a company, manufacturing, and owning a business. It also has the lack of help, meaning that there is nobody to produce the product and nobody to market it.

LEGAL, SOCIAL, AND ECONOMIC ENVIRONMENT OF BUSINESS 2

Legal, Social, and Economic Environment of Business

I have this vision but I know it would not be practical for me or my family at this point and time. I do not have the money to fund my idea. It would take a financial advisor, marketing manager, and a business partner. At this time I would not be able to do this business as a sole proprietor. It would take a lot of help from outside sources and that takes money that I do not have. I know there would be a lot more to starting up this business such as patenting my idea so that nobody else can claim it, making a draft of my idea to see if it would even work like I am thinking it would, the money for marketing to the consumers, and the money to open a factory for it.

There are many advantages and disadvantages of sole proprietorship. An advantage is not having to share the wealth. Another advantage is not having to answer to anybody as far as decision making. A disadvantage is not having criticism to lead me into the right direction. Another disadvantage is not having the financial help to back me up. There are many advantages and disadvantages of a partnership also. A couple advantages are having the financial help you need and having constructive criticism back and forth. A couple disadvantages are having to...