Benefits Of Small Business Ownership Essay

Benefits Of Small Business Ownership Essay

Length: 1314 words (3.8 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

Karen Solazzo is a local small business owner. He founded the company Gatehouse Properties Inc. and their goal is providing high quality property management services with integrity, professionalism and respect for their clients. The company owns 7 houses around Conestoga College (Doon campus - Kitchener) and they rent out the rooms for national and international students. Currently, there are more than 45 tenants and every year this number tends to grows because the company is always reinvesting in their business.

1. How long have they been in business?
It has been officially since January 1st, 2014.
2. What does he or she feel are the advantages and disadvantages of small business ownership?
Advantages
• Pursue your passion. You can do what makes you happy.
• Help people. Use products and services to improve people’s lives.
• Flexibility. Work your own hours. Eventually have more time with your family and friends. However, this is only applicable once your business is established and you have employees handling the majority of necessary responsibilities.
• Sense of Security: financial independence & freedom: No one else is signing your paychecks. Make more money. If you want a pay raise, you can give yourself one.
• Tax benefits. Write off your biggest expenses Note: while you do get to write off lots of expenses as an entrepreneur, make sure that you have a certified accountant to assist you.
• Build a personal brand. Take the time to develop your personal brand, and tie it into your business’s. Create something from scratch. Watch your organization grow from start to finish.
• You can stop working. Work you enjoy doing can’t be described as “work.”
• Get recognized. Start earning name recognition and build a reputation. Pr...


... middle of paper ...


...gth of your spirit Health of yourself is wealth, Inspiration matters, therefore, you must continue to always see the positive aspects of every thing you are face with and towards people. Do not neglect your family and friends… what is the point of success if you have no one to share it with. A solid foundation at home sets you up for strong and solid results. A huge amount of joy can be found in cultivating beautiful relationships with your family and friends.
4. Identify his or her entrepreneurial characteristics, traits and skills. Back up your findings with an explanation.

5. In their opinion, what does the future of small business in Canada look like?
I feel that it is extremely exciting with the Internet exposure, the amount of job innovation and creation. The economy changes and Lifestyles have evolved, therefore the demands are greater, more than ever before.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay about Benefits Of Small And Medium Sized Enterprises

- When the topic of business is mentioned in conversation, most people think of larger corporations like Walmart, McDonald’s, Facebook, and Exxon Mobil. But a vast number of businesses don’t have that kind of name recognition, mainly due to their size. Small and medium sized enterprises, also known as SMEs, operate in an entirely different class of businesses because they can’t compete with big corporations on various levels, however there are numerous perks to owning or operating an SME. Similar to opportunity costs in economics, there are numerous opportunities and benefits in working for a large organization but they come at a cost....   [tags: Small business, Business, Entrepreneurship]

Better Essays
1229 words (3.5 pages)

The Role Of Distinctive Managerial, Organizational And Developmental Characteristics For Small Business

- „Bigger isn‘t always better“, says the title of Tomasko‘s (2006) book. The author in his work compiled from many examples, case studies and scholars publications states that „for growth to be sustainable, it needs to offer some benefits to the environment in which the business operates as well as to the business itself, giving customers, shareholders, suppliers, and surrounding communities a stake in its ongoing success” (Tomasko, 2006, p. 50). So as, growing doesn’t mean becoming bigger but instead showing a progress, striving for full potential, the question of this essay is what are the implications of distinctive managerial, organizational and developmental characteristics for small busi...   [tags: Management, Small business, Business]

Better Essays
750 words (2.1 pages)

Essay about The ownership of business

- The ownership of business Private Business Sole Trader This is a person who decides to set up the business on her/his behalf. There mite be other people who work for the owner but the business to be quite small, if, quite possibly, very profitable. An example is a Chinese Takeaway or a Fish and chip shop. Partnership From 2 -20 people who get together to run a business. They will probably employ other people to work for them. But ownership belongs to the partners. A firm of solicitors ,architects or doctors is a good example....   [tags: Business and Management Studies]

Better Essays
734 words (2.1 pages)

Essay on Small Business

- Numerous large businesses that are operating today were once started as small businesses. A new business is established to create a good or service that no other businesses have ever created or simply a product of higher quality than existing products, with the purpose of meeting customers’ needs and earning profits. Due to the technological advances at the present time, starting and operating a new business is less laborious. Nevertheless, would-be entrepreneurs should be familiar with the proper approaches to start their businesses....   [tags: business plan, business development]

Better Essays
1473 words (4.2 pages)

Main Types of Business Ownership Essay

- Different types of ownership of business ranging from the simple to the complex. Here I will cover the main types, outlining the advantages and disadvantages of each leading to a decision on which type of ownership is most appropriate for my business. Types of ownership ================== There are many different types of ownership of business ranging from the simple to the complex. Here I will cover the main types, outlining the advantages and disadvantages of each leading to a decision on which type of ownership is most appropriate for my business....   [tags: Business and Management Studies:]

Better Essays
2170 words (6.2 pages)

Benefits Of Being Part Of A Family Business Essays

- There are a lot of family businesses all around of the world. A recent study suggests that “Family businesses comprise 90 percent of all business enterprises in North America, and 62% of total U.S. employment” (Small Business Administration 2011). That accounts for over half the jobs in America. So what is a family business. It is a business that is governed or managed by family members in order to get the maximum profit possible. There are many benefits of being part of a family business. In such a business there are opportunities to build trust with one another, spend time with the children, get involved with the community, develop a bold family culture and provide jobs for the communit...   [tags: Business, Management, Business school]

Better Essays
1643 words (4.7 pages)

Business Plan For Employee Stock Ownership Plan Essay

- According to the 2010 Census there were 27.9 million small businesses in the United States. Many of these companies are closely held organizations that face the question, who will run this company in the future. Some are family owned businesses that plan to leave the next generation the reins of the company. There are other companies that hope to leave the business to employees that were instrumental in the company’s success over the years. While some will outright sell the business and walk away into the warm sunsets of Florida or Arizona....   [tags: Tax, Corporation, Stock, Pension]

Better Essays
943 words (2.7 pages)

Business Formation Of A Business Essay

- There are many different types of business organizations that an entrepreneur needs to consider as he or she is starting their business. Business formation is a necessary early step of a starting a business because an entrepreneur needs to know and understand the differences in creating a legal structure for their business. The way that an entrepreneur structures its company, it will have a significant impact on the business’ tax liability, management and the personal liability of the owners should there business ever be sued....   [tags: Corporation, Types of business entity]

Better Essays
700 words (2 pages)

Essay on Advisories for Small Business Administration Counseling

- Advisories for Small Business Administration Counseling • Advisory One A general partnership between the doctors in the group is the type of business ownership that should be recommended in this case. This ownership plan leaves the partnership open to additional members and allows all the members to manage and share equally in any profits. (Ebert et al, 2005) This ownership plan is often utilized by professionals, such and doctors and lawyers, and its advantages include few legal regulations beyond drawing a partnership document and that it will be more likely for the partnership to get loans and funds than a sole proprietorship....   [tags: Free Essay Writer]

Better Essays
637 words (1.8 pages)

Business Structures Essay example

- Introduction Far Horizon's owner is contemplating revising the way the business is structured. Currently the business is structure as a Sole Proprietor. Several alternate business structures may provide additional benefits for Far Horizon. One of Far Horizon's goals is to raise additional capital. The potential investors have required a forty-nine percent ownership of the business. In order for the current owner of Far Horizon to retain operating control of the business and to raise capital, four types of business organization merit investigation....   [tags: Business analysis]

Free Essays
928 words (2.7 pages)