Business 150

Types of Businesses and Their Environments

Alitha Williams

American Intercontinental University

Enjoy fixing things around the house as well as upgrading some of the house appliances and electronics. You invent two ideas that you really think will be successful, if you were to start a business with these inventions. Your first invention which is the “clicker” initially invented for use with TV’s, but now has widespread applications for a host of electronic applications. And secondly, the 3-prong power cord for electrical appliances was invented for higher quality appliances. Lower quality appliances have a 2-prong cord, which is a safety issue. Better quality power cords have the 3rd “ground” wire, so now it has widespread application. Your net worth is very low as well as you knowledge in the business field. The one good thing about your ideas are that, your invention are safe compared to the competitors.

Types of Businesses and Their Environments

Given the decision you decided to make your business into a Sole Proprietorship. Seeing that your net worth is very, the start-up cost would be low. You also have a family so being your own boss would be a great advantage for your family. As long as you have a dedicated team that is willing to do the right thing while you are gone. Your knowledge on the business world is not very high, so forming this business would be easy. Now we all know to every good thing comes a bad thing. Say you really do decide to start your business alone. You will have to worry about ALL debt that business goes into. And if you need some extra funds from a bank or loan company, it will be difficult. The cards in your hand at the moment are a bit rough. But if you actually take the time to review all your options; everything could and will run smoothly. The debt would not be a problem. As well as trying to borrow money for any future expansion. No one said you have to start this business immediately. Taking time to save up money to...