The Costs of Becoming an Entrepreneur

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Video Updates.

Fifteen years ago, Becky O’Neil of Arlington, Va. decided that she wanted more flexability in her life, so she started a dog-walking service and planned to spend more time with her 7-month old son. Unfortunately, what she found was that a start-up new business required long hours, hard work and unwavering commitment, even on Christmas Day!

Questions:
1. How did Ms. O’Neil’s original plan of walking dogs with her infant son turn out? What was her first holiday like as a solo entrepreneur?
2. How long was it before Ms. O’Neil earned a salary from her business?
3. What is the size of her business now?

Source:
DeBaise, C. (2013). Recalling a Christmas Spent With a Start-up. The New York Times, Dec. 19 (Retrievable online at http://boss.blogs.nytimes.com/2013/12/19/recalling-a-christmas-spent-with-a-start-up/ )
New York Times Video. (2013). Unleashing A Dog-Walking Empire. The New York Times, Dec. 19.