respond to the discussion post
Becoming your own boss can be hard work but, rewarding. A person who is the sole owner of the business is called an entrepreneur. Entrepreneurs will see the benefits of owning their own business before seeing the hardship that it can bring. Owning a business involves planning, making a key financial decision,s and satisfying a set of legal requirements. (Williams, n.d.) Small businesses are fueled by entrepreneurs. (Williams, n.d.) Being your own boss can be a good or bad investment.
In the survey, I scored a 63 which states that I have the ability to become an entrepreneur. This was a surprise to me because I have never thought of having my own business. Creativity, Risk tolerance, persistence & resilience, flexibility, and Passion are all traits an entrepreneur would have. Out of all the traits, the only one I can identify with is being passionate about something. My dream is to get my BA and learn sign language so, that I can teach to children and adults.
The business I would like to start is a group home for people with disabilities. I would probably have a partner to overseer the day-to-day activities. I would like to have at least two homes, one for young adults and one for adults. There are several housing assistance programs in the US however, not everyone can get assistance. (dhcd.maryland.gov, n.d.) The officer of Juvenile Justice & Delinquency Prevention in the US. Dept. Estimated there are 1, 682, 9000 homeless, and runaway youth under 18 years of age in the US. (Smith, 2010) Along with 48.9 million people or 19.45 of the non-institutionalized civilians, have a disability. (serviceandinclusion.org, n.d.) I have a great passion for this because my son is a young adult with a disability.
https://www.dhcd.maryland.gov “Housing Choice Voucher Program (HCVP)
https://www.serviceandinclusion.org, n.d. “Basic Facts: People with Disabilities
Smith, Andrew, July 2010 “Helping Pregnant & Parenting Teens find Housing” Child Law Practice Jul 2010 Vol 29 Issue 5, p. 1-73 5p.
Williams, Linda, n.d Lumen Learning from Introduction to Business, Chapter 8: Entrepreneurship
1. For the Entrepreneurial Self-Assessment Survey, I scored an 89. An 89, as described by the survey, is that I have an outstanding ability to be an entrepreneur.
2. I am not surprised by this score because of where I am in life. I know that if this was my score and I was in my early 20’s, I would be shocked. I understand what it takes to start a business, the requirements and the support that one needs in order to get a business going.
3. My business would be to start a food truck. This would specialize in Mexican street food. The plan is to sell at local breweries, wineries and distilleries. It would just be one food truck operating on the weekends.
4. This business would be a partnership between my husband and I. Both of us will bring contribution to all aspects of the business (Williams and Lumen, n.d.). This would be the best legal form that is best suited for my imagined business because we will both make decisions about what is best for the business. We understand the advantages and disadvantages of having this business together.
Williams, A. and Lumen Learning. (n.d.). Introduction to Business, Which Organizational Type is Right for You?. Adapted by UMGC and available under a Creative Commons Attribution-NonCommerical-ShareAlike 3.0 Unported License. For more information on Entrepreneurial Self Assessment Survey see this: https://en.wikipedia.org/wiki/Self-assessment
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