Project Paper 1

For vision I would give myself an 8 because I plan on taking my business worldwide by just giving my clients what they desire. Tolerance for failure would be a 4 because I do not like to fail at anything and if I do I am more likely to just give up then try again especially if I lose a lot of money. My energy level would be a 9 because I would be willing to work hard and do anything necessary to make sure my business succeeds but also might get tired from working long hours. My creativity would be a 10 because becoming a party planner means you have to work with clients who have different taste in music, art and originality. My need to achieve would be a 10 because I started the business in the first place to achieve a goal. That goal is to be the best party planning business out there. I want people to think of my business when they’re thinking about throwing a party or an event. My tolerance for ambiguity would be a 7. Although unexpected events are going to happen it is up to me to figure out how to handle them. Self-confidence and optimism would be a 10 because I am very confident that my business will succeed as long as I have money, clients and the right attitude at the beginning of the day. My locus of control would be a 10 because I do control my own destiny. If I start my business in a field that I like or am interested in I am more likely to succeed then in a field I don’t really like.

The three main forms of business ownership are Sole Proprietorship, Partnership and Corporation. The advantages of Sole Proprietorship include: it’s easy to start up, get all the profits, has flexibility and single taxation. The disadvantages include: unlimited liability, lack of capital and have to do all the work. The advantages of Partnership include: easy to start up and get all the profits. Disadvantages include: unlimited liability, lack of continuity, and frozen investments. Advantages of Corporation include: legal entity, easy to raise capital, limited