February 17,

After completing and maybe working in the field of architecture for a while, one ma consider taking the route of operating their on business. Before opening a business one may sit and write out business plan. Therefore, in this particular class we discuss the making of a business plan, financial management, and marketing. Some of the personal qualities of an entrepreneurs is:

adaptable
imaginative
bold
confident
considerate
passionate
diplomatic
motivated
innovative

There are different levels of ownership. One could be a sole proprietor which is considered the simplest and easiest to form. the license fees are minimal and there is no filing involved with the federal government.
Then there is the general partnership, which in most cases partners come together and bring different skills and experience. However, bad actions of one partner affects the other. Furthermore, it is easy and inexpensive to start. There is limited partners business ownership.There isn't any managing involved and it is more expensive to start. It is also likely that the business may cease if one partner withdraws. Limited liability company is another formation of a business . There are members not partners that are involved everyone's personal assets are protected. The business face liability instead of the members. A shareholder corporation is a legally and financially separate from the ownership members. There are usually complex tax issues. Last but not least there is joint venture business ownership, which temporary businesses venture between 2 persons or firms, neither business loose their identity. This type of business owner ship is put into use when a project is too large for one firm.
Moreover, when developing the business one must build a business plan, which is a documented analysis of how the business should be successful over a period of time. Like an business to become know one must market themselves. One may take the approach of marketing directly or indirectly.