Respond to Norma V. G

To begin a business, it is imperative for a businessperson to have plan and a vision. In this case, of Betty, I do agree as well as disagree on some of her decisions in relationship to the decisions that she makes in her quest to start a business.

Sources of business financing are many and in this case, I find it inappropriate for Betty to accept funding from her husband. The fact that the husband will not interfere with her business means that she need not turn down this offer as this is one of the sources of funds despite being a wife, she has the rights to set up a business.

The name of the business is also important, as it is a sense of identity and brand. Because the vision of Betty is to establish a business that is more inclined to her Christian beliefs, the name should illustrate this. The people that she should work with should have similar visions and beliefs not to pull her efforts down. Therefore, I do agree that she should not partner with Erma because she does not buy into her school of thought. Likewise, because of the resentment from Alice’s husband, she needs to respect this and help the family to solve the problem. Alice has to abide and respect her husband and if she is against the idea of working for Betty then let it be so to avoid further conflicts.

The type of business to invest in is also important when it comes to deciding the best alternative. Despite the various kinds of businesses available, I agree that Betty needs to begin a liability limited company. The reason for this is that, it gives her an option to run it on her own or to get partners. It also protects her against personal liability, requires less registration paper work as well as small startup capital (Anderson, B. L. (2004).

It is prudent that Betty sticks to her objectives and goals to be able to achieve her dreams. She will be required to work hard to ensure that the business becomes successful.

Reference

Anderson, B. L. (2004). Benefit issues regarding partnerships, corporations, and sole proprietorships. Journal of Pension Benefits, 11(3), 26-31.