What form of business ownership did troy smith select when he first made the decision to be an entrepreneur?

Troy Smith decided on "sole proprietorship" form of business.  A sole proprietorship is a small business where there's really no legal distinction between the person who is the owner and the business itself.

Troy Smith opened his first drive-in business in Shawnee, Oklahoma in the early 1950s -- a root beer stand called Top Hat.  In 1956 he added a partner (so his business became a "partnership" then.)  Later he added many franchises (expanding the business further), and eventually his company became a publicly traded corporation.  Oh, that corporation and chain of drive-in franchises is now called Sonic, which has been the name of the Smith-founded restaurant chain since 1959.

Troy Smith retired from managing the Sonic Corporation in 1983, and passed away in 2009, at age 87.

Yes, some people used the depression to the max. not everybody had stocks, and those that didn't bought many things inexpensive, so that when prices rose again, they were much more richer than beforehope this