Running Head: Becoming an Inventor 1
Becoming an Inventor
Reupena William Afalava
Professor Kathleen Kollar
11 January 2012
Running Head: Becoming an Inventor 2
An inventor is a person who invents, especially one who devises some new process,
appliance, machine or article, a person who creates inventions. An invention is a new
process, machine, improvement etc,.
The inventor enjoys working at home, enjoys cooking, cleaning, repairs and remodeling.
Has no management skills with less financial skills. This inventor came up with a new
kind of appliance to meet everyday consumer needs. Great idea but to start the
process, there was not a clue to how much funding this whole process will cost.
Running Head: Becoming an Inventor 3
Becoming an Inventor
“Necessity is the mother of invention”. This quote is often used when a miraculous invention is discovered. Throughout history, many inventions have been created, and many inventors are discovered. We often wonder what will be invented in the future to improve our situation. In the last 150 years, many inventions in communications, transportations, health and agriculture have solved various problems in our world and brought the entire planet closer. The computer, cell phone, automobiles, vaccines and improved farming techniques have made most people’s lives easier, however, problems still exists in the world. Therefore, in the next 150 years, more inventions need to be created to improve the lives of many and the following invention stand out as being the most useful for our future.
... to create what is needed for the business. References Jacka, J. Mike & Paulette J. Keller (2011), Business Process Mapping: Improving Customer ... wasteful, and what may be done to improve on the process. Documenting the process of the analysis should be done meticulously as ... thing. From these interviews the process map could be created. Finally, we would analyze the process map and ensure that each ...
The main problem for the many inventors today is the funds. Funding new inventions is somewhat a 50/50 chance of making it out there. Inventors need to have very useful and important reasons for the new invention. Gathering information as well as testing the product are some of the steps to start inventing. Making sure that the product will meet the needs of the consumer. Going through a lot of testing, making sure the product is safe to the public. With all that done, most of the funds has been used. But with all the problems people face and how the economy has dropped in percentage, new inventors will be discovered. People will somehow try to invent something to survive this economy.
Running Head: Becoming an Inventor 4
Becoming an Inventor
Pros and Cons
Pros: Owner makes 100% of decisions
Simplest to set up
Least costly to operate
Cons: Personally liable for any debt or lawsuit
Limited to personal resources if seeking to expand
Limited by skills set of owner
Choosing this option could limit the amount of money available to the business as it would all come from you and your spouse.
Pros: Pools financial resources of all partners
Pools skill sets of all partners
Need tax return of partnership that flows into personal return
Running Head: Becoming an Inventor 5
Cons: Requires legal “Partnership Agreement”
Partners may not agree on decisions
Still personally liable
Choosing this option, you and your partners would have to agree on many things, in particular the goals of the company, how profits should be split, liabilities, etc;
Pros: No liability issues to stockholders
Unlimited ability to raise funds (just sell more stocks)
Greater ability to attract needed talent
Cons: Managers have to answer to multiple owners (stockholders)
... their merchandise. People with the same interests as what the business owner produces in their store determine the popularity of the store ... more than once, the bigger the profit. If the owner of a business is compassionate to their job, they will be guaranteed ... time and dedication to make the particular business work. I want to be a business owner because I want to own something on ...
Many more financial reporting requirements (SEC, IRS etc;)
Double taxation-at corporate level and again on dividends paid to
If you choose this option, you would lose some control over the decision making as now there are multiple owners of the business each having their own opinion over how/ what should be done.
Running Head: Becoming an Inventor 6
Choosing Sole Proprietor
I Chose Sole Proprietor. As a beginner I chose to start here and work my way up. My first invention with the one person I trust, my spouse. In starting a business, you would have to spend money to make money. Making decisions is only between you and your spouse and plus you will be supportive of each other’s opinions. A first time inventor should always start from the bottom and as the business starts to grow, maybe questions of merging into a bigger management would be most likely a success.
References: Einstein, Albert: Quote Retrieved from ThinkExist.com Ebert, R.J., &
Griffin R. W (2005) Business essentials, Upper Saddle River, NJ:
Pearson Prentice Hall.