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1)You have inherited $500,000 and have always dreamed of having your own business

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1)You have inherited $500,000 and have always dreamed of having your own business. After all of your research this semester, decide which of the following factors in acquiring your own business you would base your business on. Explain in detail (pros/cons) your decisions.

a. What type of business would you purchase; start-up, buyout, franchise, or family-owned? Why this particular type?

2. In your opinion, what are the three most important factors to having a successful small business? Why? Explain your answers in detail.

3. Discuss what you believe are the most common reasons a small business is unsuccessful (fails).

4. Regarding the Business Plan:

a. What was the most difficult topic to research? Explain.

b. What aspect of your research/business plan surprised you?

5. Would you consider owning your own business now or in the future? Explain in detail (pros/cons) your decision.