What Wikipedia will not Tell You About Starting a Business?

Starting a business

Just recently we all have to go to libraries to find corresponding books we want for a certain information. It is already not a mystery to find any information via the internet tools and pages like Wikipedia. This is a sort of online encyclopedia providing data on various topics in many languages. While writing this article about Starting a Business, I searched the mentioned source and found the following titles regarding our ongoing topic and found these ones:

  • How to start a business in Taiwan
  • Business license
  • Business plan
  • Home business
  • Ease of doing business index
  • Business to business
  • Small business
  • Business school
  • Start-up nation
  • Business process
  • Intelligence in business
  • Business standard
  • Development
  • International business
  • Electronic business and so on

Steps towards starting a business: outside Wikipedia

The matter is that since the early childhood you have imagined yourself running a business and the time has come to realize that daydream. But how? Starting a business is not an easy task. Even if you are too clever and have all financial recourses, it is not enough for successful entrepreneurship. The main steps towards starting a business may be as following:

  • Choose a structure for your business as they are of different types
  • Select a location and equipment for the business
  • Learn about business laws on your own. But if you want to stand firm on the legal grounds, it is better to hire an attorney and consult with him/her
  • Finance the business by loans, grants or other sources
  • Hire employees to create a competitive team
  • Get your business licenses and permits provided by federal or state agencies
  • Be clear minded with filing and paying taxes. Make sure you need or don’t need to obtain tax ID and what benefits and requirements you have

Be a successful entrepreneur

First of all, who is “an entrepreneur”? The definition states: “ an individual who organizes or operates a business or businesses. A person who pays a certain price for a product and resells it at an uncertain price: “making decisions about obtaining and using the resources while consequently admitting the risk of enterprise. The entrepreneur is commonly an innovator — a designer of new ideas and business processes.  Management skills and strong team building abilities are often perceived as essential leadership attributes for successful entrepreneurs.’’

 Actually, all these features matter on the way to building a successful business. Nevertheless, you as the entrepreneur who meets the hereinabove mentioned definition should offer such a product to your target market which the potential consumers need. In the 21st century, the consumers don’t feel “wow” emotions very often and your product or service should wake that emotion.

Little advice

It is always easy to advise rather than act, but we will take that responsibility and go ahead with our little list of advice while you are starting a business:

  • Always know both your strong and weak features
  • Be different! As the well-known saying says “stand out of the crowd…”
  • Create and suggest an individual offer to the potential consumers
  • Work hard on marketing and PR. It is better to hire a specialist if don’t have one
  • Make your product or service visible
  • Be a leader for your staff, not a boss. Remember, you are the best motivator and example for your team…

A little bit about law

Starting a business means to start from the law at first. Your business should comply with the law even before opening. For that, you need a business law attorney to form your business as a new entity on your behalf by filing all necessary documents with the Secretary of State. The attorney may also assist you while choosing the type of business entity which goes with your business.

Moreover, the attorney is your “better half” in all legal matters referring your business. He/she will be there to draft agreements, contracts and so on with internal partners. LLC agreement is a good example proving the role of a good attorney. So, it should be drafted with great attention and professionalism cause it governs the way how company’s owners or shareholders will divide and share profits, losses and/or shares, also transfer the ownership rights etc.

In fact, though all the mentioned points are just “a drop in the ocean” of a business world, you as an entrepreneur should be resistant and true to the work you do. Starting a business has always been your dream and obstacles can prevent you from making it come into reality. Just act!

 

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