In your reading and learning activities, you examined entrepreneurial qualities and types of legal business organization. In this assignment, you will apply what you learned previously from doing a feasibility analysis regarding your business idea to determine the best legal entity and the entrepreneurial qualities needed by the leadership for your startup business.
You will further develop the business startup idea.You may either invent a business. You may not use an existing company from the Internet.
Think of a business that you might like to own. This does not need to be anything you will actually start, so it can be just a dream. It can also be something you think you would like to do sometime in the future. This can be a retail or service business, independently owned or corporate. You will use this imagined or real business throughout this course, so choose wisely as you will be required to use it for the duration of the term.
Describe and name your business and then identify the entrepreneurial qualities that will be necessary for you to have in order to successfully run your business. Make sure to comment on why these particular qualities will be necessary. Next, describe how best to organize your business. After completing your learning activity, you will need to choose the business entity that best suits your needs. Will it be a sole proprietorship, a partnership, a limited liability company (LLC), a corporation? If incorporated, what type?
Your choice will be based on what you have read in the text on pages 154–167 and then practiced in your learning activity. You will need to choose the legal form of organization and describe why that particular type will be best for your dream or real business. Also note any possible drawbacks to your chosen business entity and explain how you might deal with those.
Finally, explain why at least two of the other business types would be less satisfactory.
You must include at least one direct reference to the course textbook or other viable resource.
Instructions: Complete all checklist items below in the APA-formatted template located in the Course Resources area of the course.
Checklist: Describe the following:
The business and name you have chosen, real or imaginary. This may not be a business that already exists if you are not the owner.
At least four entrepreneurial qualities that you will need in order to successfully run your business and why these qualities are important.
The type of legal entity you believe would work best for your business.
Why your choice is best in this particular case.
The drawbacks to your chosen legal business entity and how you might deal with those.
Why at least two of the other business types would be less satisfactory.