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IT’S MY BUSINESS!!!!!! (14)

December 3, 2012

I always wanted to be a businessman. I thought it would be really cool to own my own business. I just never knew what kind of business I wanted to be in. I never really had a passion for anything. My mother is a big inspiration to me. Besides working 45 hours a week at a steel mill, she also has a couple of businesses on the side. She has several bulk vending machines in town and a couple of rental properties. She also sells Avon. I asked her if she considers herself a business woman or entrepreneur and she said no. She said that she only does these ventures to make ends meet. She call her businesses passive incomes because separately they do not bring in a lot of money but together they are a small income. She said what is good about her side businesses is that she doesn’t have to hire anyone and only check on her businesses once a month.English: Vendstar 3000 Vending Machine at Appr...

Well to me she sounds like an entrepreneur.  She formed and operates a business. She is also the sole proprietor of her business. She makes all decisions. She owns all of her businesses and is entitled to all profits and she has the right to sell her  business if she so desires. I asked her why she picked the businesses that she did. She explained that because she had a full-time job, she wanted something that would not conflict with that, yet bring in another income She said it would nice have a business in which it is something that you love but that not everyone is that fortunate. She said that she pays taxes on businesses. The textbook explains  that a sole proprietorship is not a separate legal entity, so it does not pay taxes at the business level. Like my mother, the earnings and losses are reported on her personal income tax returns. She files tax returns and pay taxes to state and federal governments.

Tax

Tax (Photo credit: 401(K) 2012)

Funnily, my mother is in the candy vending business but doesn’t eat or like candy. She said as a child, she never liked candy or gum because it makes your fingers sticky. Yet, this is one of the businesses that she chose. She said that she doesn’t have to worry about eating her profits and we have to pay for her candy like everyone else.

Most bulk candy machines have adjustable candy...

Most bulk candy machines have adjustable candy wheels that allow the owner to control how much product is dispensed per vend. Some machines also have gumball wheels. (Photo credit: Wikipedia)

I know that I would love to be an entrepreneur. I would love to have my own business and not have to work for someone else. I always wondered why my mother didn’t quit her day job and go into her businesses on a full time basis. She said thatbit was because she was scared and her day ob is her cushion until she sees that her other business arfe making more oney than her job income and even then she probably wouldn’t quit her day job. Go figure

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