Respond to Bethany W
When starting a business it is prudent to ensure that all legal requirements are met. It is also important to have an objective and goals that one wants to achieve after a given period. This paper is a response to a colleague’s arguments concerning Betty an individual interested in starting a business.
I do concur with the argument that, before a business is started, it should have a name that represents the vision of the business, the network should also have a similar vision that the owner holds and the type of business need to be clearly understood. Even though, these are requirements, they should be reviewed well. I do agree that since Betty is a Christian, and has a vision to establish a business affiliated with her belief, she needs to select a name that is consistent to her belief. A name is essential as it also communicates a lot about the business apart from giving the business a brand identity.
When it comes to the network, I do agree that Betty needs to associate with people that share her beliefs and vision. Because Alice is a Christian, she can be a good employee. However, Erma should not be a partner with Betty because she is not a Christian and this may affect the operations of the business. The bible too supports this in the book of 2 Corinthians 6:14 which advices the followers of Christ not to be equally yoked with unbelievers.
There are many sources of capital when beginning a business including, owners contributions, loans, donations among others. Betty can also get funding from her husband if he is not interested to be a partner or to interfere with the business. There is no problem, as this funding will help her in the business operation. Selecting the kind of business to begin is also an important aspect. To do this, understanding how different businesses operate is essential. For the case of Betty, I do agree that the best type of business suitable for her is sole proprietorship. This business is easy to operate and does not require a lot of capital (Anderson, 2004). She will also remain the boss and will have the responsibility of making decisions. Other kinds of business such as franchise, LLC, partnership and corporations require huge capital and high management skills to operate them efficiently.
Therefore, I believe that by having a clear vision, Betty stands a better chance of succeeding in her business endeavors. She needs to be decisive in the way she makes decisions and stick to her goals.
Reference
Anderson, B. L. (2004). Benefit issues regarding partnerships, corporations, and sole proprietorships. Journal of Pension Benefits, 11(3), 26-31.
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