Within the world of business there are rules, laws, and structures that must be followed in order to start, run and maintain a business. In the course book entitled Contemporary business, we look to chapter five to learn the much needed skills for organizing both small and large businesses and on chapter six we gain the knowledge and skills needed to start a business. Small businesses today are the majority and the norm. Small businesses contribute to our struggling economy by creating new jobs, new industries, and the innovation to keep up with our changing technology. Like major companies, small businesses are not immune to disastrous results. With management shortcomings, inadequate financing, and all of the local and state government regulations, small businesses can fail miserably. Programs like the Small Business Administration or SBA are a key factor in assisting small businesses start off. While the belt has been tightened with the current economic status, to offer the funding they used to, they do offer management training and consulting to securing finances. As a business owner one must decide if they will be a sole proprietor, a partnership or a corporation. Those are three important factors to consider when starting a business. The fact that the initial choice can be changed later on is a plus for the potential growth of one’s business. Another important key to know is the corporations can be established in three different ways, Domestic, Foreign and Alien Corporation. Knowing where you fall in categorizing your corporation is important. Chapter six continues the learning process by going in depth with what an entrepreneur is. While chapter one described an entrepreneur as a risk taker, it is also a person who is highly motivated to make and see profit. The key motivator to being an entrepreneur is that you are your own boss. Who doesn’t want to be able to make choices that benefit them in the end rather than another person. The other motivators to
