Question

After working as a human resources officer for a large airline for the past twenty years, you have decided to retire early to pursue a career in human resource consulting. Your consulting agency will focus on company training and strategic planning. You have the opportunity to apply for seed funding through a local government initiative but you must first complete a 1-2 page elevator speech that addresses the following questions: What ethical concerns should you consider in the establishment of your business? What form of business ownership do you propose and why? Why do you feel you have what it takes to be successful entrepreneurs?

Answer 1

answer-

After retiring and getting experience of twenty years in Human resource i would like to open my own consulting business in which i would provide the HR services like company training and strategic planning. The ethical concerns i would consider is to understand the ethical values while conducting my business. i would make my business fair, honest and have integrity to my customers. i would treat all companies comes for my services equally .

In business we can face many ethical concerns like we may start to make unethical decisions to make some extra profit. this would be unethical. for example- as consulting company, there would be many companies would come to me to get my HR services for which they would have to give their information. so this is the part where ethical issues can rise means confidentiality to their business information should remain secure.in would not transfer one company's information to another company. this would unethical.

This would be the biggest ethical concern for me to maintain the confidentiality of information of many companies getting services from my consulting company.

I would like to propose sole properitorship business form because consulting business at small level does not need too much funding also i have the experience so i would make use of my own funds and resources to open my own business and hire some experts or employees to work in my company. this is i am choosing because in this i would be my own boss, i would get all the profit and i would get tax benefits as well.sole owner business can be easily formed without too much paperwork or registraion.

Sole proprietorships also have tax advantages over other business entities. Under Virginia income tax law, sole proprietorships do not require separate tax filings. Instead, an owner reports the net income or net loss from the business on his personal income tax form. In addition to simplicity, this also avoids the owner from incurring “double taxation”on business income, as in a corporation.Double taxation, which other business entities such as corporations may be subject to, means that the business’ income is taxed once when the business makes the profit (the business is taxed), and again when that profit is paid to the owners(the owner is taxed). In a sole proprietorship, the owner is only taxed once, because business profits are filed only on his personal income tax form.

I can say that i would become successful entrepreneur because i have clear vision and goals for my business which is one of the good trait of an successful entrepreneur. i have work experience and dedication to my field as i work for 20 years in HR so i am utilizing that as an opportunity to make business out of it. .i have Passion, perseverance and a positive attitude towards my business.i am hard working and give my best efforts to task in front of me.i am risk taker and learns from my mistake which gives me what it takes to be successful a entrepreneur.

*hope above answer would help you.