Project+2

Project 2 will consist of identifying the advantages and disadvantages of owning your own business. You will be required to interview at least 1 business owner (Entrepreneur). Find out all the advantages and disadvantages of being a business owner (Entrepreneur). Write a summary of the interview and identify all the advantages/disadvantages.

Example (Your Name goes here) Write your summary under it

(Julian Arellano)

I interviewed my grandparents, Susana and Emilio Pinzon, who own and run a private school in Colombia. They built the school themselves, and over time, El Colegio Santo Thomas has become a very well-known and reputable school in their country. Just a few years ago, they celebrated the school's 20th anniversary.

They both agree that there are many advantages to owning and operating their own business. They feel that it was nice to be able to control one's own income and not be dependent upon a salary. Owning their school has allowed them to become more wealthy than others with regular jobs while giving them a very flexible schedule. In addition, Emilio believes that one especially important advantage to owning one's own business is that the business grows as one puts more interest and hard work into it. Also, he enjoys being able to control all aspects of his business and not being dependent of any boss.

However, both Susana and Emilio did feel that there are also some disadvantages to one's own business. For instance, it can produce a lot of stress because it often requires the entrepreneur to sacrifice a lot of time and hard work to create successful business. Being an entrepreneur requires a lot more dedication and persistence than most normal jobs. Emilio described it as being almost enslaving because it constantly needs work and attention. Lastly, they agree that starting a business can be very risky and can often take a long time to finally start producing a profit.

(Cole McGlynn) I interviewed my uncle Dave who owns his own internet business where he sets up LLC's (limited liability companies) for various individuals and groups. He said that some of the advantages of running your own business are getting to chose your own hours and the ability to make an unlimited amount of money. Some of the disadvantages he explained were working without any real paycheck, having to worry about the money invested in the company and being responsible for employees as well as the time it takes to keep up a successful business, as well as having to pay others.