Business 121 Unit 1 Discussion 2: Taking Ownership

Unit 1 Discussion 2: Taking Ownership

Many of us have very definite career goals. At some time or another, we all dream of owning our own business, of being our own boss. Maybe you want to open a home health care business or a computer repair business or maybe you want to own a restaurant or club or day care center.

You probably found it interesting to read that our free market economy here in the U.S. is built upon such entrepreneurship - that willingness to create a business from the ground up. Small businesses, those that employ no more than 20 workers, "account for almost 86% of all U.S businesses." (Ebert, R., & Griffin R., 2011, p. 38) Even large businesses such as Microsoft, General Motors, Dell, and General Electric, depend upon small businesses to support their companies.

Let's assume you are an entrepreneur and you want to start your own business. You possess a strong work ethic and you are willing to take the risks involved in building your own business. Let your mind dream a bit. You can do anything you want!

In your post, respond to the following points. 

• If you started your own business from scratch, what would it be?
• What products and services would you offer to your customers?
• What essential factors of production will be most important to your business? For example, what will you need in the way of labor, land, buildings, money and technology?
• Why will your business be successful? What might create failure?
• Many customers support businesses that are actively involved in the community, that work to make the world a better place. Explain how you might make your business socially responsible. How would you give back to your community and to society as a whole?
• When you reply to your classmates, analyze their plans. Would you invest in their start up business?