Learning Objectives By the end of this section, you will be able to: The structure of a new business creates the legal, tax, and operational environment in which the business will function. In order to choose a business structure, entrepreneurs…
Figure 13.1 Focusing time and energy on planning a business can help an entrepreneur avoid or minimize legal issues. (credit: modification of “hammer books law court lawyer” by “succo”/Pixabay, CC0) Chapter Outline 13.1 Business Structures: Overview of Legal and Tax Considerations 13.2 Corporations 13.3 Partnerships…
12.1 Building and Connecting to Networks Entrepreneurial networking is interacting with other people who have a common interest that eventually leads to the exchange of goods and services for payment. You must be comfortable approaching, talking to, and working with other…
Learning Objectives By the end of this section, you will be able to: From the start, every entrepreneur needs a business plan. Your business plan will keep you focused on the very early stages of the business, when it is easy to…
Learning Objectives By the end of this section, you will be able to: Over the weekend of July 4, 1970, Casey Kasem started American Top 40, a radio broadcast that played songs listed in Billboard magazine’s top 100 singles. What started as a simple compilation…
Learning Objectives By the end of this section, you will be able to: When you begin thinking about your new and exciting entrepreneurial venture, you may feel somewhat like the citizens of Key West did many years ago—isolated. No matter…
Figure 12.1 US 1 is the route into and out of the Florida Keys that residents and visitors alike take to their intended destinations. But more importantly, US 1, a physical structure of steel-reinforced concrete, is the artery through which economic exchanges…
11.1 Avoiding the “Field of Dreams” Approach Business models and business plans are tools involved in the strategic process of charting a path for your entrepreneurial venture. When starting a company, it’s best to avoid the Field of Dreams approach of building a…
Learning Objectives By the end of this section, you will be able to: Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background…
Learning Objectives By the end of this section, you will be able to: As the name suggests, a feasibility analysis is designed to assess whether your entrepreneurial endeavor is, in fact, feasible or possible. By evaluating your management team, assessing the market…