New Business Venture: Forms of Business

A New Business run a risk Going into employment is not as easy as a snap of a finger. If it were, more people would down one and be successful at it. However that is not the case. There argon umteen tints you must take and the best way to do that is in creating a crease plan. Ebert and griffon vulture state Before investing prison term and money, the starting point for virtu every last(predicate)y every new entrepreneur is a contrast plan in which the entrepreneur thoroughly resurrects and describes her or his business strategy and demonstrates how it get out be implemented (p. 7). In the scenario, I am an inventor who has created an idea that go forth be suitable for the daily take of consumers. There ar many issues that can hinder my progress as an entrepreneur. The scenario states that I lack the financial and management skills it takes to undertake and even get my own business. For example, I am financially unable to fund the cost that will be necessary to depart any investments needed to begin this project. Im oblivious to how Im going to begin production of my idea.Im also aware of similar inventions that could possibly management the sale of my own, however, Innovations are not always new products as stated by Ebert and Griffin (p34). There are three forms of business furbish up proprietorship, partnership, and corporation. There are many advantages and disadvantages in the different forms of business in relation to my business venture. To begin with, as sole proprietor, I wouldnt work under anyone and could be my own boss.I could make up the rules and could develop what I wanted based on my own ideas. However, considering I do not have the coin, it would be extremely difficult knowing that I would be personally liable (or responsible) for all debts of the business (AIU Online, 2010). Subsequently, there are partnerships. Ebert and Griffin state that a partnership is a sole proprietorship multiplied by the number of partner-owners (p 41). Thats capacious if I am feeling uneasy about my skills and do not want to go into something alone.I can use the skills of my partners and I also am backed up financially because the money will not be coming lone(prenominal) out my pocket. As wellspring as my chances of getting financing will increase. Yet, my and any ideas have to be agreed upon which can cause problems amongst all partners. Last of all, there are corporations. Corporations are businesses that have property rights and cave in status from the owners and they are financially liable (or responsible) (AIU Online, 2010).This form of business is great in reference to the amount of liability you are responsible for. As an owner, I am accountable for only the amount of funds I invested. However the disadvantage of this type of business is how extremely pricey it would be to start up. Between the three different forms of business, I would choose to go with partnership. With a partnership, all partners can pitch in i deas for the invention and we could be to a well developed conclusion. Also someone may have talents that I do not possess.Someone may contribute a well known name or special expertise as Ebert and Griffin state (p41). Responsibilities will be many, and with co owners not only will they be delegated out but, it will give all the owners more clock to do other tasks that may not be business related. Since you are in a partnership your chances of getting financing may die easier. Loan opportunities are important for your business start up to be successful (Ebert & Griffin, 2009). There are several investors, programs, and banking facilities that are available to you.In conclusion, with business opportunities being countless, and the funds to start those, few, partnership is the best approach for this scenario. In order to be successful in business today funds are not the only thing one needs to possess. Having ideas, a business sense, and time management are needed as well. affianc e the time to make a business plan is the first step anyone needs to make when deciding to go on a business venture. Then you will know what your total investment is, who you want to involve, where you will begin and how you will finance it all. It can mean the rise or fall of your business.