A career as a small business owner is one of the most rewarding, though risky, business opportunities to pursue. While others take salaried positions in corner offices, you may be working out of a warehouse or a small rented space. But that business will be yours entirely. You will manage it and feel the satisfaction if it succeeds. If it fails, you’ll have to ask yourself “where did I go wrong?” and put the pieces back together again. If you tend to be risk-averse, then owning a business may not be for you, but if you are fascinated by the process of running a business and following the ups and downs of the economy, then try becoming a small business owner.
Small businesses include everything from retail stores such as book shops and craft outlets to manufacturing firms and franchise operations such as fast food restaurants, convenience stores, and gas stations. The three most common types of small businesses are sole proprietorships, partnerships, and corporations. In a sole proprietorship, one person owns the business. A partnership enables two people to work together and share the risks and rewards, while a corporation either allows itself to sell stock to investors or presents itself as an LLC, which limits personal risk of the investors. Which business structure you chose depends on how many people are involved in the business, the capital you have to begin with, and your own temperament. No matter which type of business you decide to own and make a career out of, you will find that owning a small business is one of the most rewarding and fulfilling career moves you can make . . . but it’s not for the faint of heart!
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