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plans for success
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Planning for Success
Planning is a key factor in the success of any business, and conversely, the failure to plan adequately is one of the fastest routes to business failure. There are many considerations that an entrepreneur must decide such as: type of business, legal structure, permits and licenses, market planning, business plan, location, organization management planning, business telephone line, mission statement, and a business checking account. There are many sources of information to help to start a business in an organized way, such as a business plan from the office of Economic Development & Planning located in the County Office Building, or books in that can be found in any library.
The first decision that the entrepreneur must make is what type of business he/she wants to start. The decision should be based on the amount of knowledge and skill that they have in the field that they are considering. The better that they know the industry, the stronger there likelihood they will have a successful business, and the better base they will have for the rest of the decisions that will have to be made in the time to come.
The next important decision in the business planning process is the legal structure of the company. The three legal structures are Sole-proprietorship, Partnership and a Corporation. Each one of these legal structures has its advantages and disadvantages. The different aspects that each legal structure differs are: management control, capital, liability, income taxes, business continuity, and government regulations. The understanding of these different issues is crucial to the decision of which structure is the best one for the entrepreneurs business. Be sure to consult an attorney before making this decision.
In a sole-proprietorship, the owner retains total control of all the decisions that need to be made. The ability to raise capital is limited by the financial resources and the credit worthiness of the individual owner. The owner has the ultimate liability for all the actions and debts of the business. A sole-proprietorship is not a separate taxable entity. The individual owner reports business revenue, expenses and net income (or loss) on his/her individual tax return (form 1040). The business ends with death of owner unless previously sold or transferred. The government has very limited regulations, and few records are legally required. A D.B.A. (Doing Business As) form is available at most office supply stores or at a County Department of Economic Development office, which also requires a small fee.
One of the challenges to start up a new business is choosing the kind of business to start.
Easy and inexpensive to form: Sole proprietorship is the simplest and least expensive business structure to organize. Costs are minimal, with legal costs limited to obtaining needed license or permits.
This paper will focus on the Limited Liability Company, commonly known as LLC. Limited Liability Companies are a comparatively new form of business structure. It came about in 1977 once Wyoming was the first state to consent to such an organization, which merged the tax advantages of a partnership with the limited liability benefits that come with corporations. It took more than ten years following that decision for the Internal Revenue Service, or IRS, to declare that an LLC would be considered a partnership when pertaining to federal taxes. During this time, none other than the state of Florida had introduced any LLC laws. This was due to the uncertainties surrounding LLCs when it concerned the tax outcomes of the entity. (Cartano, 2008)
Starting with a business plan which is critical when describing your business’s future. A clear description of what you do and how you plan on doing it (Entrepreneur, 2016). Used as a blueprint for planning finance and marketing, a business plan also helps in securing financing to determine
This is a flexible form of business that is considered to be a blend between a corporation and a partnership (Toal & Riley, 2004). This type of ownership provides for a limited liability. It can be taxed as a sole proprietorship or partnership. This is the most flexible form of ownership and its limited liability depends on state laws.
The Corporation needs to file with the state the articles of incorporation and follow a more formal protocol for business than a sole proprietor or partnership. A partnership and sole proprietorship are each less expensive and no more complicated than a verbal agreement or handshake.
People all around the world have dreams of opening a business by creating a service, or product that is consumed by customers. Opening a new business requires a lot of hard work, patience, and extensive planning in order to operate a successful and legal business. However, before a person attempts to open a business, they must be sure they are up for the challenge, and they must be guaranteed that they have the right tools, personality, and experience to be a successful entrepreneur. Pick a mentor that owns a business who can give you advice. They can advise you of things you never knew, or things you should be aware of. Having this kind of person can save you a lot of trouble, and encourage you on the way. When opening a business you must have motivated, strong-minded, and goal oriented people that will provide the proper effort, planning, organization, funding, and structure of the entire business. To begin, creating a business plan for your company is essential for the future of your company, and how it intends to create revenue 3-5 years down the line. It is the most important step, and the first step of beginning your business. A business plan is an essential roadmap for business success; it is a formal statement of a set of goals for your business, the reasons they should be completed, and how you plan on reaching those goals for further success. Your business plan should contain an executive summary. An executive summary includes what you want out of your business, where you plan on taking it, and why it will be successful. Also, if you are seeking financing to get a loan, an executive summary is a great way to grab the investor’s interest. It shows the investor your intensions with your business, the structured guidelines...
This form of business is similar to proprietorship in terms of formations of the business. Earnings are treated as the personal income among the partners regardless the money was taken out of the business or retained in the business. However, there are three important limitations in these two (proprietorship and partnership) business have.
There are several qualities to have to be successful in college. These qualities can range from attending class to going above and beyond what’s expected. Success comes from the journey taken or the path chosen. Success also comes from being prepared. As a student, I must step up to the challenge and find the path to success along the way. Several ways I define success is to uphold academic integrity, have the ability to prioritize, and to motivate myself to stay on top of what needs to be accomplished.
There are many types businesses in this world; these include Sole trader, Plc, Ltd, Partnership, Co-op and franchise. These types of businesses are all different from each other. Some of them need just one owner, some have hundreds.
A sole proprietorship is a business owned by one person. This is the simplest type of business to start and is the least regulated form of organization. A sole priprietor performs most of the major tasks and functions such as overall manager, sales manager, and finance manager. The owner not only retains the revenue and title to all of the business’s assets, such as profits, but is also responsible for all losses, debts, and aliabilites incurred. Although a sole proprietorship must comply with all required licenses and permits necessary for its type of business to operate legally, there is no legal requirment to start the business operation. Since the proprietor is the sole owner of the business, there is generally no need for any agreements or formalities. Terminating a sole propriotorship can be done by the owners choice and is limited to the owners life span considering once that person passes away, so does the sole propriotorship.
Starting a business can seem like a daunting task, when really there is a systematic approach that an entrepreneur can take to setting up a business. There are many factors to consider when setting up a business structure; these factors include start up cost, operating costs, liability, and taxation. A business owner will also want to look at whether or not they may want to expand in the future, which will also play a factor in what type of business they should set up. This paper will look at the advantages and disadvantages of sole-proprietorships, partnerships, limited liability companies, and corporations. As well as look at what courts can do if a business operates outside the scope of accepted business practice. There is no “one size fits all” company structure, which is why a potential business owner needs to look at and evaluate all the different options before choosing a type of business to set up.
There are many different types of business structures, but if you own and operate a business that it is a sole
Pinson, L. (2004). Anatomy of a Business Plan: A Step-by-Step Guide to Building a Business
To be a successful entrepreneur, there are steps that one must follow when starting a new enterprise. These steps are termed as the process of entrepreneurial which is the systematic method of preparation of an enterprise that consists of four steps. The four steps are fundamental to the success of an entrepreneur venture. The four entrepreneurial processes includes discovering, assessing and opportunity, developing a business plan, establishing resource needs, and managing the resulting enterprise (Barringer & Ireland, 2010). Each individual step is vital for the start of an entrepreneur venture and for an entrepreneur to achieve their entrepreneurial goals. This paper will discuss the four steps of the entrepreneurial process,