Page 124 - Business Principles and Management

Chapter

Proprietorships and Partnerships 5

5.1 Entrepreneurship

5.2 Proprietorship

5.3 Partnership

RE ALITY CHECK

One Way to Start a Business

ancy Watanabe wondered about the rest of her life as she sat in front
of her computer. Was she too young to even consider starting her own
Nbusiness? Was the whole idea of opening a small computer rental busi-
ness ridiculous for a 19-year-old? “My father would be proud if he knew
my dream of investing the money I inherited to start a business,” she thought
to herself. “If only he were here to show me what to do. Fortunately, the
library and the Internet have plenty of information on how to get started.”
Nancy continued thinking to herself. “I’ve learned plenty during the
last several weeks, reading and talking with my neighbor who runs the
local Taco Bell fast-food business. Working as a cashier and computer
salesperson in the local computer store while in high school also gave
me experience. Yet, there’s so much I don’t know. I’ve never hired any-
one or kept the books. But the idea is so exciting. Will people stop at . . .
Nancy’s Computer Rentals . . . for an extra computer during busy times
or while they wait for their broken computer to be repaired?” Nancy
turned back to her Web browser. “Did I just name my store?” she asked,
smiling to herself.
Many people have dreamed about owning their own business. The idea
may have crossed your mind, too. These dreams often start as simple ideas.
Some dreamers with practical ideas do form businesses. That is how many
well-known founders of large businesses got started. Hundreds of young
entrepreneurs have started their own firms, including Dell Computer’s
Michael Dell, Microsoft’s Bill Gates, and Amazon.com’s Jeff Bezos.
Most businesses begin with one owner. But some firms start with two
or more owners. One person, or a group of people, invests in a business
with the hope of becoming successful owners. This chapter will examine
the basic elements, advantages, and disadvantages of starting a business
alone or with others.

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