Answer the following questions?

Questions:

Why do you think more than 70 percent of all businesses are organized as sole proprietorships?

How might someone with an entrepreneurial spirit be different from someone who has worked for a single company for many years?

What amount do most sole proprietors report on their taxes? What does this tell you about the size of most sole proprietorships?

Maggie wants to name her artificial flower arrangement business using her name, "Maggie Lightner, Inc." Her friend Sally thinks she should name it "Forever Flower Designs." Think about the advantages of a sole proprietorship. Why might Maggie want to consider Sally's idea?

Why do you think zoning laws may prohibit some sole proprietors from operating businesses out of their homes?

A sole proprietor has the ability to set flexible business hours. Why is this an advantage over other types of businesses?

Study the bar graph showing "Survival of Sole Proprietorships." Suppose there were 100 new sole proprietorships in Year 1. How many would still be in business in Year 3?

A sole proprietor may have to turn down work if he or she does not have enough time to do it. The obvious cost of this is the loss of money the sole proprietor would have received for the work. What is a hidden cost of turning down work?

Why might some sole proprietors have a difficult time taking vacation if they can set their hours to be whatever they want?