Entrepreneurial Business Opportunities

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Entrepreneurial Business Opportunities

Entrepreneurs identify all types of opportunities in society to create profitable businesses. Once the opportunity is identified the entrepreneur will establish a business to support the opportunity and to ensure the business thrives. Every business will take on a different structure. The first step once for the entrepreneur is to decide what form the business organization will take. There are several potential choices the entrepreneur can select depending on the business and the opportunity. This includes sole proprietorships, partnerships, corporations, and limited liability companies.

The sole proprietor is when a person owns a business solely. This means that they do not have any partners and all the profits made from the business are theirs but this also means all debt is theirs. These types of businesses are generally smaller mom and pop type establishments but some larger businesses can also be sole proprietors. The partnership is the business that has more than one owner. This means two entrepreneurs go into business together or one entrepreneur takes on an additional partner in this business. In this case all partners would be legally responsible for the company and its debt but will share in all of the profits.

The corporation is a larger business with shares of stock. In other words instead of a partner or two owning the business it sells stocks and is owned by the shareholder. The corporation consists of a board of stockholders that make important decisions. The Limited Liability Corporation (LLC) is a corporation where the owners have limited liability and instead the corporation itself is liable. In the LLC and corporation, liability of the owner is limited to the owner's investment (SBA, 2014). All profits and all losses are counted against the corporation instead of the owners of the corporation. If the business fails owners have limited liability.

The sole proprietor will ensure the owner is responsible for taking on all debt the business accumulates but this approach takes less time. The owner has complete managerial control and reaps the benefits of all profits made. The more aggressive approach would be to avoid legal liability and select the LLC. A new aggressive venture, likely will be taking risks that an established firm would not take (Pullman, 2011). In other words the LLC allows the entrepreneur to take risks that may not be possible for the sole proprietor or the corporation. The sole proprietor cannot be aggressive because if the business fails they are responsible for the debt which could affect their personal life.

The Limited Liability Corporation limits the risk to the entrepreneur allowing then to jump into a business quickly and to limit personal losses. The entrepreneur that cannot afford the personal risk of starting a business can potentially taking a financial loss if the start a sole proprietorship but if they start a LLC that later fails then the loss is limited. This allows the entrepreneur the ability to take a risk and start a business that could be a success or that could fail. The form of business selected by the entrepreneur could determine whether or not the business is likely to be a success.

References

Pullman, J. (2011). How You Structure A New Entrepreneurial Business Matters. Retrieved

November 16, 2014 from http://www.streetarticles.com/entrepreneurialism/how-you-

structure-a-new-entrepreneurial-business-matters

Small Business Association. (2014). Limited Liability Company. Retrieved November 16, 2014

from https://www.sba.gov/content/limited-liability-company-llc

Elements of Reasoning

Elements of Reasoning and Intellectual Standards

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Elements of Reasoning and Intellectual Standards

In the article “the Ebola Crisis much Worse to Come” the author discusses the current Ebola crisis and the catastrophic threat to West Africa and now the globe. Applying the element of reasoning the purpose of the article is to inform the public of the growing concern over a disease that is spread through the air. The article discusses the start of the disease in March of 2014 when the World Health Organization (WHO) reported a large number of Ebola cases in West Africa and discusses the current status of the disease. There is growing global concern that the deadly disease will spread becoming an epidemic.

The second element of reasoning is the problem. The article details the current problem and the potential impact of the spread of this disease. As of October 15th the WHO released its latest update with 8,997 confirmed, probable and suspected cases of Ebola (Gulliver, 2014). The WHO also claimed this number could grow up to 10,000 by December (Gulliver, 2014). Cases of the disease have begun to appear in countries across the globe, including the United States, increasing the fear of the disease and its high rate of mutation. The question being settled in step two is the grave risk of the disease.

The article is based on the assumption that Ebola will spread across West Africa and across the globe but the author also assumes the spread to more developed countries, such as the United States, will be better able to contain the disease. The point of view of the author is the problem is urgent and must be urgently addressed. The reasoning of the author is based on evidence provided by the World Health Organization (WHO) that the Ebola problem in West Africa is rapidly spreading. The evidence is based on data gathered by public health agents in West Africa as well as research conducted by the Center for Disease Control and Prevention (CDC) and the Médecins Sans Frontières (MSF).

In step six all reasoning is expressed through, and shaped by, concepts and ideas (Paul & Elder, 2013). In this case the author expresses his ideas in a literature review of recent research on the problem. The author provides an in-depth description of the problem, the research, and the current status of the Ebola epidemic. Basing his views on research from credible sources, the author provides credible evidence of the problem. In the article inferences are made about the potential danger of the disease spreading across Western Africa and the potential of it impacting countries and citizens across the globe. The author does not exaggerate the statistics but provides consistent assumptions backed by evidence throughout the article.

Intellectual standards were found throughout the article. The article provided a clear topic and research question that is backed with evidence about the Ebola problem in West Africa. The author provided statistical evidence of the problem from reputable sources providing clarity on the topic and accuracy concerning the available evidence. In order for the evidence to be accurate it must come from accurate and credible sources. In this case the author developed the evidence from the World Health Organization (WHO), Center for Disease Control and Prevention (CDC) and the Médecins Sans Frontières (MSF).

Next intellectual standards were found in the relevance and prevision of the information given. The author was logical, detailed, and discusses the entire breadth of the problem. There was not intellectual standard missing in the article but the author was biased towards the argument that the disease will continue to rapidly spread. Others find the disease can be contained with the proper steps.

References

Gulliver, E. (2014). The Ebola Crisis much Worse to Come. The Economist. Retrieved

November from http://www.economist.com/news/international/21625813-ebola-epidemic-

west-africa-poses-catastrophic-threat-region-and-could-yet

Paul, R. & Elder, R. (2013).The Elements of Reasoning and the Intellectual Standards. Retrieved

November 14, 2014 from http://www.criticalthinking.org/pages/the-elements-of-reasoning-

and-the-intellectual-standards/480