Think about a business in which you are familiar (Real estate broker, mom and pop shop, retail clothing, retail electronics, automotive repair shop, etc.)
Describe the business you have chosen and why it interests you.
If you were to open the same type of business what business entity would you use (sole proprietor, partnership, corporation, S Corp, LLC, etc.) and why?
Would you be comfortable competing against a friend or relative business-wise? Explain.