- Home
- Business School
- Entrepreneuship Transcends University Education
Entrepreneuship Transcends University Education
- By Chris Uba
- Published Monday 15th 2010
- Business School
- Unrated
A university degree is good — yet dropping out of school did not stop Bill Gates from launching the world’s biggest software maker. Being rich would solve the problem of start-up financing — yet Sam Walton got his start in business on not much more than a wing and a prayer. While a university degree is good, you can start a business without it. Richard Branson, the owner of Virgin Group does not have a university yet he owns a business empire. So, no matter your level of education you can start your own business.
Choosing what kind of business to start can be an immobilizing task when confronted with the multitude of opportunities. It is important to determine where your passions lie and to understand your personality type. Yet, equally important is what skills you bring to the table and whether you are entering a dying industry or a fast growing emerging business. Starting a small business requires determination, motivation, and know-how. Here are the critical steps to provide you with the know-how to have a successful small business startup:
•A well-written business plan is essential to starting and running a business. Business plans are required when applying for business loans or seeking investors. A good business plan describes in detail a business’ mission and goals, and how these goals will be achieved. The following resources will help you develop a sound business plan.
•Several free counseling and training programs are available to help you get started and expand your small business. These services cover all aspects of starting and running a business, from getting a loan to developing business plans and marketing strategies. Your first stop to finding help with starting and managing your small business should be the Online Small Business Community. This community brings together entrepreneurs, small business owners, industry and government experts to share and discuss business issues and questions.
•Selecting the right location involves basic considerations such as proximity to customers, ease of access, and leasing and zoning restrictions. Financial incentives and tax credits offered by your local government may also influence your your decision. These resources will help you understand some basic legal and regulatory issues you’ll encounter when selecting a business location, as well as practical advice for choosing right business location.
Starting a business involves making key financial decisions and completing a series of legal activities. This guide provides information to help you plan, prepare, and manage your business. Use these tools and resources to help you prepare your business plan and become a successful business owner. Take advantage of free training and counseling services, from preparing a business plan to getting financing, and help expanding and relocating a business. Get advice about choosing a customer-friendly location and complying with zoning laws.
•Decide whether you are going to form a sole proprietorship, partnership, Limted Liability Company, corporation, non-profit or cooperative. Register your business name with your state government. Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency. Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance. Get a list of federal, state and local licenses and permits required for your business.
•When beginning a business, you must decide what form of business entity to establish. Your form of business determines the amount of regulatory paperwork you have to file, your personal liability regarding investments into your business, and the taxes you have to pay. You may need to contact several federal agencies as well as your state business entity registration office. Business.gov has detailed information on the most common business structures: (1) Sole Proprietorship - A business owned and managed by one individual who is personally liable for all business debts and obligations. (2)Partnership - A single business owned by two or more people. (3) Corporation - A legal entity owned by shareholders. (4) Corporation - A special type of corporation created through a tax election. An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation. (5) Limited Liability Company (LLC) - A hybrid legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. (6)Non Profit - An organization engaged in activities of public or private interest where making a profit is not a primary mission. Some non-profits are exempt from paying federal taxes. (7) Cooperative - A business or organization owned by and operated for the benefit of those using its services. Cooperatives are not a legal structure.
•If you decided to create a corporation, a non-profit, a limited liability company or a partnership (limited, or limited liability), you will have to register your business and file certain documents with the government. If your business is a sole proprietorship, you do not need to register your business with the government. However, many states require a sole proprietor to use their own name for the business name unless they formally file another name as a trade name, or a fictitious name. The legal name of a business is the name of the person or entity that owns a business. If you are the sole owner of your business, its legal name is your full name. If your business is a partnership, the legal name is the name given in your partnership agreement or the last names of the partners. For limited liability corporations (LLCs) and corporations, the business’ legal name is the one that was registered with the state government.
Your business’ legal name is required on all government forms and applications, including your application for employer tax IDs, licenses and permits. However, if you want to open a shop or sell your products under a different name, then you may have to file a “fictitious name” registration form with your government agency.
Choosing what kind of business to start can be an immobilizing task when confronted with the multitude of opportunities. It is important to determine where your passions lie and to understand your personality type. Yet, equally important is what skills you bring to the table and whether you are entering a dying industry or a fast growing emerging business. Starting a small business requires determination, motivation, and know-how. Here are the critical steps to provide you with the know-how to have a successful small business startup:
•A well-written business plan is essential to starting and running a business. Business plans are required when applying for business loans or seeking investors. A good business plan describes in detail a business’ mission and goals, and how these goals will be achieved. The following resources will help you develop a sound business plan.
•Several free counseling and training programs are available to help you get started and expand your small business. These services cover all aspects of starting and running a business, from getting a loan to developing business plans and marketing strategies. Your first stop to finding help with starting and managing your small business should be the Online Small Business Community. This community brings together entrepreneurs, small business owners, industry and government experts to share and discuss business issues and questions.
•Selecting the right location involves basic considerations such as proximity to customers, ease of access, and leasing and zoning restrictions. Financial incentives and tax credits offered by your local government may also influence your your decision. These resources will help you understand some basic legal and regulatory issues you’ll encounter when selecting a business location, as well as practical advice for choosing right business location.
Starting a business involves making key financial decisions and completing a series of legal activities. This guide provides information to help you plan, prepare, and manage your business. Use these tools and resources to help you prepare your business plan and become a successful business owner. Take advantage of free training and counseling services, from preparing a business plan to getting financing, and help expanding and relocating a business. Get advice about choosing a customer-friendly location and complying with zoning laws.
•Decide whether you are going to form a sole proprietorship, partnership, Limted Liability Company, corporation, non-profit or cooperative. Register your business name with your state government. Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency. Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance. Get a list of federal, state and local licenses and permits required for your business.
•When beginning a business, you must decide what form of business entity to establish. Your form of business determines the amount of regulatory paperwork you have to file, your personal liability regarding investments into your business, and the taxes you have to pay. You may need to contact several federal agencies as well as your state business entity registration office. Business.gov has detailed information on the most common business structures: (1) Sole Proprietorship - A business owned and managed by one individual who is personally liable for all business debts and obligations. (2)Partnership - A single business owned by two or more people. (3) Corporation - A legal entity owned by shareholders. (4) Corporation - A special type of corporation created through a tax election. An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation. (5) Limited Liability Company (LLC) - A hybrid legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. (6)Non Profit - An organization engaged in activities of public or private interest where making a profit is not a primary mission. Some non-profits are exempt from paying federal taxes. (7) Cooperative - A business or organization owned by and operated for the benefit of those using its services. Cooperatives are not a legal structure.
•If you decided to create a corporation, a non-profit, a limited liability company or a partnership (limited, or limited liability), you will have to register your business and file certain documents with the government. If your business is a sole proprietorship, you do not need to register your business with the government. However, many states require a sole proprietor to use their own name for the business name unless they formally file another name as a trade name, or a fictitious name. The legal name of a business is the name of the person or entity that owns a business. If you are the sole owner of your business, its legal name is your full name. If your business is a partnership, the legal name is the name given in your partnership agreement or the last names of the partners. For limited liability corporations (LLCs) and corporations, the business’ legal name is the one that was registered with the state government.
Your business’ legal name is required on all government forms and applications, including your application for employer tax IDs, licenses and permits. However, if you want to open a shop or sell your products under a different name, then you may have to file a “fictitious name” registration form with your government agency.
