Business and Personal Finance © 2007Unit 5: Business Ownership and PlanningWebQuest Internet ProjectsWebQuest Be Your Own Boss Task 1: List different ways to start a business. Find some businesses in your area that are for sale. (page 520) The most common ways that entrepreneurs begin businesses are to purchase a franchise, buy an existing business and expand it, or start from scratch. Read more about these approaches. List the pros and cons of each one. Then investigate businesses that are for sale in your area, or in an area where you might want to live. Choose one of the businesses and write a paragraph about why you think it would be a good business for you to operate. http://startabiz.gaston.edu/start/startup_options.htm http://www.entrepreneur.com/bizstartups/0,4235,,00.html Chapter 16 Task 2: Learn about the different types of corporations and how to incorporate your business. (page 539) An incorporated business is a legally separate entity from the owner or owners of the business. The terms of incorporation can affect how you and the business pay taxes, and how much risk you have. Write a description of three variations of corporations. Choose one variation and explain why you chose it. List the steps you must take to incorporate your business. http://www.entrepreneur.com/article/0,4621,298071,00.html Chapter 17 Task 3: Find out if you have the right personality to be an entrepreneur. (page 559) Are you a self-starter? How well do you plan and organize? Do you like making decisions? Ponder these questions and more as you take the SBA's “Are You Ready?” quiz to find out if entrepreneurship is right for you. Write one or two sentences to answer each question. http://www.sba.gov/starting_business/startup/areyouready.html Task 4: Learn more about the startup process. (page 559 continued) Check out the resources available to entrepreneurs through the SBA. Write one or two paragraphs about how the SBA can help you establish your business. http://www.sba.gov/starting_business/ Chapter 18 Task 5: Find a business angel and get funding for your startup business. (page 588) Why do so many startup businesses fail? A ccording to the U.S. Small Business Administration (SBA), “While poor management is cited most frequently as the reason businesses fail, inadequate or ill-timed financing is a close second.” Debt financing, equity financing, credit cards, loans from family and friends are all ways to finance your startup business. Read more about the pros and cons of each source of funding. Make a checklist of factors you should consider when deciding how to finance your startup business. http://entrepreneurs.about.com/od/financing/a/startupfunding.htm http://entrepreneurs.about.com/od/financing/a/privatelending.htm |  |
