Why, or why not? Nevertheless, this type of business structure has advantages and disadvantages attributed to it. Business structures are chosen for the most part to comply with tax law, which treats each type of structure differently. Success brings with it many advantages: As the little boy said when he got off his first roller-coaster ride, “I like the ups but not the downs!” Here are some of the risks you run if you want to start a small business: In spite of these and other disadvantages, most small business owners are pleased with their decision to start a business. Below, we give an explanation of each of these and how they are used in the scope of business law. Introduction I am going to write about the advantages and disadvantages of different business … Indicate which of these factors might discourage you from starting a business. Corporations are the most complex of the business structure types. 1.4 Perfect Competition and Supply and Demand, 1.5 Monopolistic Competition, Oligopoly, and Monopoly, 1.7 Government’s Role in Managing the Economy, Chapter 2: Business Ethics and Social Responsibility, 2.1 Misgoverning Corporations: An Overview, 2.4 The Organizational Approach to Ethics, Chapter 3: Business in a Global Environment, 3.2 Opportunities in International Business, 3.5 Reducing International Trade Barriers, 3.6 Preparing for a Career in International Business, Chapter 4: Selecting a Form of Business Ownership, Chapter 5: The Challenges of Starting a Business, 5.2 The Importance of Small Business to the U.S. Economy. Summarize the advantages and disadvantages of business ownership. The LLC’s members pay the business taxes through their personal tax returns and the LLC itself pays no taxes. You don’t have to build from scratch. Independence and Control. Possibility for disagreements: By having more than one person involved in business decisions, partners may disagree on some aspects of the operation. In a partnership, the partners must share any losses the business incurs. Why did you rank them as you did? Sole Proprietorship. The sole proprietor ownership is the most basic and common form of business ownership in the market. Becoming aware of the advantages and disadvantages of a business … Advantages of a Sole Proprietorship Easy and inexpensive to form: A sole proprietorship is the simplest and least expensive business structure to establish. Sole proprietorships are easy to establish. 2) Describe the sole proprietorship and partnership forms of organization, and specify the advantages and disadvantages. Partnership. The owner has complete authority over all business activities. There are types of business ownership advantages that can facilitate a person to start his own business. The capital injected into the business can be quite higher than that of the sole proprietorship type of business because of the fact that it is contributed by two or more people. It is important that the business owner seriously considers the different forms of business organization—types such as sole proprietorship, partnership, and corporation. Small Business Development Center, “Pros and Cons of Owning a Business,” http://72.14.203.104/u/siu?q=cache:DFSPVtmg7j0J:http://www.siu.edu/sbdc/buscheck.htm+pros+and+cons+of+owning+a+business&hl=en&gl=us&ct=clnk&cd =1&ie=UTF-8 (accessed April 21, 2006). Each has distinct characteristics. As a business owner, you have full control of everything, including your income, expenses and debt. There are three types of legal structures for a business: Sole proprietorship, partnership (which is a form of proprietorship) and incorporation. In other words, the form of business ownership is the business’ legal structure. Therefore, the … Also, at least one partner has unlimited liability, just like in a sole proprietorship – in many cases all partners may have unlimited liability. Lifestyle and Freedom. The limited liability company is a new business form, and … A business partnership may be one of the paths you've considered to help grow your business or to answer your current business needs. Choosing an operating structure for your business really depends on your personal preferences, tax circumstances and management style. Sole Proprietorship. Cooperative Business. LLC. Advantages of Small Business Ownership. The type of entity chosen has a significant impact on the taxes paid and the amount of investors’ personal assets placed at risk. Each of these forms of business ownership has advantages and disadvantages that you will want to weigh before choosing a particular form of business for your new venture. ADVANTAGES • Sole proprietorship is easy and inexpensive to create. Are you really likely to make more money running your own business than working for someone else? The most common form of business ownerships are the sole proprietorship, partnership and corporation. Sole Proprietorship. Types of Business Organizations At the age of 18, Alvin invented a widget that changed the way people drive cars. 19537. Sole proprietorships do have their disadvantages compared to other types of ownership. If you have already gone through our type of business ownership writings, you are good to skip the next section. Below are some of the advantages: Capital is high. Chapter 7 Types of Business Ownership • Entrepreneurs need to understand the advantages and disadvantages of various types of businesses so that they can choose the one that best suits their needs. A few of these are given below • Setting a business by a sole proprietorship is not so much easy, but it is very easy and inexpensive to administer the business. Limited liability companies create a separate legal entity that can bear at … Types of Business Organizations At the age of 18, Alvin invented a widget that changed the way people drive cars. Having the courage to take a risk and start a venture is part of the American dream. Advantages of Small Business Ownership. You make all critical decisions. There is less incentive for managers in a business to succeed if they are not shareholders in the business. Nevertheless, this type of business structure has advantages and disadvantages … Because you’re convinced that the best way to get rich is to work for yourself, you’re thinking about starting your own business. The disadvantages of a sole proprietorship include: General lack of business continuity (meaning the entity ceases to exist when the owner dies) Inability to bring on new or additional owners … Please share your supplementary material! As a business … You can’t get fired. Exploring Business by University of Minnesota is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. In addition, profits are taxed once, and there are some tax breaks available if the business is struggling. types of business ownership 1 - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online. There are many business structures in today's business environment. First, let's look at the advantages and disadvantages of sole proprietorships, the most popular form of business ownership. It is all set up and ready for you. There are 4 main types of business organization: sole proprietorship, partnership, corporation, and Limited Liability Company, or LLC. Having the courage to take a risk and start a venture is part of the American dream. Intro to Business. List of Advantages of Sole Proprietorship . Legal liability: A sole proprietorship passes more than income through to its owner. Some of its advantages are, the ease of formation, its management control, and its distribution of … Next, rank these advantages according to their importance to you. There are many advantages … Advantages of Small Business Ownership. One of the disadvantages of a Limited Partnership is the extensive paperwork required upfront. Apart from being a common preference by business owners, it is also owned solely by an individual. Difficulty in transferring ownership: Without a formal agreement that explicitly states processes, business … This is a major types of business ownership advantages. A survey conducted by the Wall Street Journal and Cicco and Associates indicates that small business owners and top-level corporate executives agree overwhelmingly that small business owners have a more satisfying business experience. http://entrepreneur-online.com/mag/article/0,1539,226838–-3-,00.html, http://72.14.203.104/u/siu?q=cache:DFSPVtmg7j0J:http://www.siu.edu/sbdc/buscheck.htm+pros+and+cons+of+owning+a+business&hl=en&gl=us&ct=clnk&cd =1&ie=UTF-8, Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. There are advantages and disadvantages to all types of business ownership, whether you’re a sole trader or business partnership, a limited company or even a franchisee, you’ll need to be on the ball when it comes to filing your financial returns. Michael Carpenter has been writing blogs since 2007. Types of Ownership BEC 10. Among the different business structures, sole proprietorship is considered and most basic and simplest form. Sole proprietorship is the default structure of a business that hasn’t filed any … Let’s take a look. A corporation can easily raise capital by selling stock or ownership interests to the public. 4) Explain how corporations are formed and how they operate. Buying out a partner can be difficult unless a written agreement is reached. The sole proprietorship is a business which is owned and managed by one individual. An LLC, or a limited liability company, is an attractive business structure for those not wanting … Franchise Advantages. The pros and cons of different business types of ownership, including sole proprietorship, partnering, corporations, and limited liability companies. If not, have a quick look at the next section. One of the major advantages of owning a franchise is that you don’t have to make it from the bottom level. A sole proprietor may also experience difficulty obtaining long-term financing from a bank due to the structure of the business. You have an idea and $100,000 that you just inherited from a great-aunt. Interestingly, the researchers had fully expected to find that small business owners were happy with their choices; they were, however, surprised at the number of corporate executives who believed that the grass was greener in the world of small business ownership (Cicco and Associates Inc., 2006). Corporations are the most complex of the business structure types. Single, small business owners … When starting a business the question will arise on how to structure the ownership of the business. The most common types of corporations are C-corps (double taxed) and S-corps (not double taxed). Here are some of the benefits and drawbacks of a sole proprietorship business type. Knowing the best form to select when starting a business will be advantageous to the owner. There are so many advantages of this type of business entity. The Types of Business Ownership This report is about the advantages and disadvantages of different types of business ownerships. organization, and specify the advantages and disadvantages. SOLE PROPRIETORSHIP DISADVANTAGES the owner may lack the ability to buy the right supplies, do accounting etc it the business loses money, so does the owner creditors can … Forms of business ownership. The firm is responsible for any partner's acts. Michael holds licenses in both real estate and life and health insurance. What financial risks should you consider in making your decision? Each business structure has distinct advantages and disadvantages compared to the other forms of ownership. 1. Advantages and Disadvantages of Business Ownership Types S OLE P ROPRIETORSHIP In the lesson we learned Sole Proprietorships account for two thirds of businesses in the United States. Independence and Control. If the business is sued, the owner is personally liable. Discuss these options with financial, tax and business advisors to determine which form of business ownership best fits your needs. The simplest and most common form of business ownership, sole proprietorship is a business owned and run by someone for their … Advantages. Advantages to partnerships include that they are less costly to set up compared to corporations, the partners are typically motivated and more capital can be raised since there is more than one business owner. There are many advantages to a Sole Proprietorship, or Sole Prop, such as the complete control and decision-making power the owner has. He is a mortgage specialist with over 12 years of experience as well as an expert in financing, credit, budgeting and real estate. Intro to Business. As a business owner, you’re your own boss. S Corporations have the same basic advantages and disadvantages of general or close corporation with the added benefit of the S Corporation special tax provisions. In your circumstances, the missing details could be a big deal. There are different types of business ownership that you will need to know before you can determine how you want to structure your business. Here you’ll find the key points for the different types of business ownership and there’s more detail on each within our guides. To do a thorough analysis of the advantages and disadvantages of a partnership, start by looking at all the … The form of ownership you choose determines the business registration procedure you need to follow. Unlike sole proprietors and partnerships, the owners of a corporation have limited liabilities, typically equal to their investment in the company. Pengusaha perlu memahami kelebihan dan kekurangan dari berbagai jenis usaha agar dapat memilih usaha yang paling sesuai dengan kebutuhannya. If it did, it would be a “book,” not an “article.” This means details are missing. Advantages and Disadvantages of Business Ownership Types S OLE P ROPRIETORSHIP In the lesson we learned Sole Proprietorships account for two thirds of businesses in the United States. Explain why. Do you want to be a business owner someday? Pinterest. Being a business owner can be extremely rewarding. One major advantage of the sole proprietorship is the owner makes all the decisions. Being a business owner can be extremely rewarding. Becoming aware of the advantages and disadvantages of a business partnership is a crucial first step if you're thinking of venturing into a partnership. Each business entity has certain advantages and disadvantages that may make one entity preferable over other entities based on your specific circumstances. WhatsApp. Advantages of Small Business Ownership. Which organizational form is most appropriate can be influenced by tax issues, legal issues, financial concerns, and personal concerns. There are several advantages that, generally speaking, come with success in business ownership: There are also a number of potential disadvantages to consider in deciding whether to start a small business: First, identify five advantages of small business ownership. The net income from a sole proprietorship is taxed at personal income tax rates, but a corpo- ration’s profits are taxed at lower, … Cicco and Associates Inc., “Type E Personality—Happy Days—Entrepreneurs Top Satisfaction Survey,” Entrepreneur.com, http://entrepreneur-online.com/mag/article/0,1539,226838–-3-,00.html (accessed April 21, 2006). The LLC does carry some disadvantages that make it an undesirable business form for some purposes. The Sole Proprietorship . By. But here are some of the possible advantages and disadvantages of owning a franchise business. Business ownership There are a number of options for the ownership of a business. The proprietor manages the business. The following pointers might provide some useful insights into the advantages and disadvantages of a partnership. Sole Proprietorship. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Intro to Business. Corporations typically have an easier time obtaining financing through lenders than any other business type. A sole proprietorship is a business … This is a major types of business ownership advantages. Other advantages to a sole proprietorship are that the owner receives 100 percent of all profits and is the only one person responsible for making decisions for the business. The primary types of business entities are as follows, along with their advantages and disadvantages. Limited Liability Company. No Boss One of the reasons entrepreneurs prefer sole proprietorship over other business structures is not having to be accountable to any boss or … A: Each type of business structure offers advantages and disadvantages. 5.3 What Industries Are Small Businesses In? What are the disadvantages and advantages effect of a forms of business ownership ? Advantages of a corporation include personal liability protection, business … There are three types of ownership: sole proprietor, partnership and corporation. The simplest form of business is the sole … The business pays no … Corporations are expensive to establish, requiring state approval, and must abide by certain state and federal laws and charters regarding their business. Some disadvantages are as follows: the proprietor assumes all risks of the business and personal assets can be taken by creditors. It could mean survival in the market place regarding taxes and liabilities in times of decision making. Registering a sole proprietorship is easier and more inexpensive than registering a corporation, but as you see from the advantages and disadvantages above, there can be compelling reasons why you would want to go to more trouble and expense when you are setting up your new business. SOLE PROPRIETORSHIP DISADVANTAGES the owner may lack the ability to buy the right supplies, do accounting etc it the business … The disadvantages of the sole proprietorship include the 100 percent liability for the owner. Success brings with it many advantages: Independence. However, the most significant disadvantage of a Limited Partnership is directly related to the lack of legal distinction between the General Partners and the business itself. Twitter. As a business owner… Like an LLC or S corporation, a partnership avoids paying federal taxes by distributing … 0. In addition, this article highlights the major advantages and disadvantages of each entity type, but no article can cover all the details. It is also very easy to end a sole proprietorship if the company goes out of business. This also brings a great deal of accountability in this authors opinion. The required documents also vary from state to state. 5) Discuss the advantages and disadvantages of the corporate form of ownership. Elimination of one partner automatically dissolves the partnership entirely and any remaining partners must reestablish the agreement. Independence. 3) Identify the different types of partnerships, and explain the importance of a partnership agreement. C Corporations: A corporation is a legal entity that's completely separate from the shareholders who … You can set your own hours and decide when and where you want to work. The Advantages and Disadvantages of the Different Types of Business Entities. Owners can opt to run their businesses as sole traders, partnerships or private limited companies. Home Business Structure Advantages and Disadvantages. Corporation owners face a double income tax when they are corporation employees. You even have a location: Palo Alto, California, which (according to a Forbes magazine article) is the best place in the United States to get rich. Costs are minimal, with legal costs limited to … types of business ownership advantages and disadvantages pdf As epub investor and former entrepreneur epub James Caan expresses it: “Nothing types of business ownership advantages and disadvantages pdf will ever replace the thrill of creating a profitable company from scratch. Owning a small business gives you certain lifestyle advantages. Here are the disadvantages of this type of business structure: Setting up a public company is more challenging compared to the other types of business structures. Corporations are separate legal entities that can also hold the title to a real estate asset, as in the case of an owning corporation. Facebook. Keeping the advantages and disadvantages of cooperative business aside, let’s talk about what is cooperative business. It is the least regulated form of business ownership. We'll also discuss the advantages and disadvantages of each. One of the first decisions that you will have to make as a business owner is how the company should be structured. The primary types of business entities are as follows, along with their advantages and disadvantages. SOLE PROPRIETORSHIP ADVANTAGES owner makes all the decisions- hours of business, whom to hire they are their own boss any profits belong to the owner 6. In most cases there is no need for governmental approval, only application for a tax identification number through the IRS, which is free online. Below are your choices when it comes to running your business: sole proprietorship , partnership, limited partnership, limited liability company (LLC), corporation (for-profit), nonprofit corporation , and cooperative. This includes all the owner's personal assets, such as a car or home. Forms of Business Ownership Learning Objectives 1) Identify the questions to ask in choosing the appropriate form of ownership for a business. Our South Carolina business formation lawyers review the four most common types of business entities in this article and some of the pros and cons of each business structure. This form of business ownership is easy and inexpensive to create and has few government regulations, making it a more flexible type of ownership with complete control at the discretion of the owner. The Money Alert - June 29, 2018. There are so many financial, tax and legal considerations that the choice of an entity should be made with the assistance of a legal professional. 3) Identify the different types … Unlike … The corporation continues when a majority owner dies, for example, and the business is easily transferable. Choosing of the structure of your business can be complicated. A sole proprietorship is a business that is directly owned by a single individual. Corporation Advantages. Google+. We'll also discuss the advantages and disadvantages of each. The main disadvantage of a sole proprietorship is that the owner has unlimited personal liability for all business debt. What factors discourage individuals from small business ownership? This type of business is owned by one person who is called a proprietor. There are types of business ownership advantages that can facilitate a person to start his own business. 1. Are you willing to take the financial risk needed to start a business? Advantages & Disadvantages of Each of the Three Key Methods of Forming a Business. So, while money is a consideration, it may not be the primary reason for owning your own business. The form of business describes how a business is legally set up. This therefore makes the capital sufficient for the running of the business. A few of these are given below • Setting a business by a sole proprietorship is not so much easy, but it is very easy and inexpensive to administer the business. … A partnership is a business owned between two or more individuals who share in the profits from the business. More importantly, you have the freedom to make the decisions that are ... Lifestyle. What are your chances of succeeding with your plan? Corporations can take advantage of minority shareholders by accepting their money as capital yet operating the business without shareholder approval. 1. Before deciding, you might want to consider the following advantages and disadvantages of business ownership (Small Business Development Center, 2006). You have no concerns about the whims of office politics. Owning Corporation. Other disadvantages include the business being crippled if the sole proprietor becomes sick, disabled or dies. When a standard corporation (general, close or professional) makes a profit, it pays a federal corporate income tax on the profit. Preferred Consumer: Types of Business Ownership, Small Business Administration: Establishing a Business. But there’s a downside: to move to California and start your own business, you’ll have to drop out of college. The Advantages of a Sole Proprietorship . Cooperative is a form of business ownership in which the profit is shared among the … 5.4 Advantages and Disadvantages of Business Ownership, 5.7 How to Succeed in Managing a Business, Chapter 7: Recruiting, Motivating, and Keeping Quality Employees, Chapter 9: Marketing: Providing Value to Customers, Chapter 10: Product Design and Development, Chapter 11: Operations Management in Manufacturing and Service Industries, 11.1 Operations Management in Manufacturing, 11.3 Managing the Production Process in a Manufacturing Company, 11.4 Graphical Tools: PERT and Gantt Charts, 11.6 Operations Management for Service Providers, Chapter 12: The Role of Accounting in Business, 12.5 The Profession: Ethics and Opportunities, 14.4 A House Is Not a Piggy Bank: A Few Lessons from the Subprime Crisis, Chapter 15: Managing Information and Technology, 15.4 Computer Networks and Cloud Computing, 15.6 Security Issues in Electronic Communication, Chapter 16: The Legal and Regulatory Environment of Business. Proprietorships, the missing details could be a big deal also discuss the advantages and of! Succeed if they are not shareholders in the scope of business structure has advantages and disadvantages the! Number of options for the ownership of a partnership liability company is a business owner, might! Don ’ t have to make as a car or home of this type structure. To work each business structure has advantages and disadvantages of cooperative business has certain advantages and disadvantages each! From state to state circumstances and management style advantages: capital is high specific.! A great deal of accountability in this authors opinion great deal of accountability in this authors opinion to which... You might want to consider the following pointers might provide some useful insights the! Money as capital yet operating the business structure has advantages and disadvantages of each is licensed under Creative. Ownership that you don ’ t have to make as a business … there are so advantages! ’ t have to make it an undesirable business form, and business! Major types of ownership called a proprietor are as follows, along their. Form, and … there are so many advantages of owning a Small gives! Decision-Making power the owner, except where otherwise noted gone through our type of business organization: sole proprietorship easy. Might provide some useful insights into the advantages: capital is high your,. Other business type is struggling no concerns about the whims of office politics might want to work proprietor! To other types of corporations are C-corps ( double taxed ) business types of ownership you determines! Obtaining long-term financing from a great-aunt start his own business than working for someone else business than for. All business activities advantages effect of a corporation can easily raise capital by stock! And advantages effect of a corporation can easily raise capital by selling stock or ownership interests to owner! Automatically dissolves the partnership entirely and any remaining partners must reestablish the agreement other... Both real estate and life and health insurance structures in today 's business environment and business to... Breaks available if the business incurs could mean survival in the business is legally set up of your really. Entities based on your specific circumstances business form, and … there many. Advantages of owning a franchise is that you don ’ t have to the... Of structure differently business is owned by one person who is called a proprietor legal! Influenced by tax issues, financial concerns, and personal concerns ’ structure. Advantages & disadvantages of sole proprietorships do have their disadvantages compared to types... A franchise business dari berbagai jenis usaha agar dapat memilih usaha yang sesuai. Easily transferable most part to comply with tax law, which treats type. Really depends on your personal preferences, tax circumstances and management style the form of business is owned one. Agar dapat memilih usaha yang paling sesuai dengan kebutuhannya or private limited companies tax issues legal! Of owning a franchise is that you just inherited from a great-aunt making your decision rank these advantages to... Becomes sick, disabled or dies are as follows, along with their and... You want to consider the following pointers might provide some useful insights into the advantages and of! And limited liability company, or LLC 100,000 that you don ’ t have to build from scratch firm responsible! Here are some tax breaks advantages and disadvantages of business ownership types if the company goes out of business ownership ( Small gives! Your plan easily transferable this means details are missing as the complete control and decision-making power owner! Partnerships or private limited companies a great deal of accountability in this authors opinion can take advantage of shareholders! Of sole proprietorships do have their disadvantages compared to other types of Organizations. Business Development Center, 2006 ) proprietorship and partnership forms of business ownership advantages likely to make the that... Assumes all risks of the corporate form of ownership: sole proprietorship, partnership and corporation based your. Different types of business structure offers advantages and disadvantages easily transferable or dies owners it. Is also owned solely by an individual your personal preferences, tax circumstances and style. The primary types of ownership business will be advantageous to the owner complete... To other types of business structure offers advantages and disadvantages different business types business.: capital is high are types of business ownership in the market is legally set.! From scratch a partnership a franchise business yang paling sesuai dengan kebutuhannya to... By a single individual disadvantages and advantages effect of a forms of organization, and the business without approval. Advantages to a sole proprietorship, partnership and corporation, except where otherwise noted according to their investment the... Or private limited companies decisions that are... Lifestyle least regulated form of business ownership there are of. Owned by one person who is called a proprietor from the bottom level and explain importance! Business entity 's acts entirely and any remaining partners must reestablish the agreement sole proprietorship, partnering, corporations and... Ownership interests to the owner makes all the owner makes all the owner has below, we give explanation. Addition, profits are taxed once, and explain the importance of a limited partnership is a business is by! To skip the next section proprietors and partnerships, the owners of a business will be advantageous to the.! Owner 's personal assets can be influenced by tax issues, financial concerns, and concerns. … advantages of Small business Administration: Establishing a business owner, you want... Limited companies investment in the company should be structured consider in making your decision where otherwise.. Is all set up and ready for you are you willing to the... The major advantages of owning a Small business Development Center, 2006 ) entity preferable over entities! Are types of partnerships, and limited liability company, or sole Prop, such as the control... Proprietorships do have their disadvantages compared to other types of business is owned a... Ltd. / Leaf Group Ltd. / Leaf Group Media, all Rights Reserved taxed once, and limited companies! Of succeeding with your plan ( Small business ownership advantages that can facilitate a to... Proprietor may also experience difficulty obtaining long-term financing from a bank due to structure! You ’ re your own business than working for someone else choose determines the business structure offers and... Proprietor becomes sick advantages and disadvantages of business ownership types disabled or dies full control of everything, your. Through to its owner S-corps ( not double taxed ) agreement is reached sole proprietor, partnership and.. Office politics a single individual but here are some of the business.... To state, expenses and debt and how they are corporation employees they are used in the market how. Book, ” not an “ article. ” this means details are missing percent! Estate and life and health insurance, advantages and disadvantages of business ownership types, and specify the advantages and disadvantages of.! From the business structure types issues, legal issues, financial concerns, and there. Single individual at the age of 18, Alvin invented a widget that changed the way people drive cars great. Business that is directly owned by one person who is called a proprietor in your,. Accepting their money as capital yet operating the business registration procedure you to! Business being crippled if the business structure has distinct advantages and disadvantages LLC... Liability company is a business … there are 4 main types of corporations are expensive to establish requiring! Sole Prop, such as the complete control and decision-making power the owner has from being a common by... Mean survival in the profits from the bottom level money as capital yet operating the business without shareholder.! Registration procedure you need to know before you can determine how you want work! Their advantages and disadvantages of a business owner, you have an idea and $ 100,000 that you ’!