Planning For Startup
What is a business plan
A living document that maps out the details of your business. It covers what your business will sell and how it will be structured.
True or false. There are different types of roles in a corporate company
True
Common easy way to get money from someone close
Family and friends
What are 4 components of a startup
Market acquisition, human resources, intellectual property, and efficient capital.
Do you need licenses to start a business?
Yes, you need a business license
What is a business registration
A credential with state authorities that allows your business to operate legally
Is corporate more experienced than start-up
Generally yes
Online sites where people can buy before the product is out
Crowdfunding sites
What are the two most essential members of a startup
The Chief Executive Officer (CEO) and the Chief Operations Officer (COO)
What are some steps of forming a business?
First, you need a structure around the business to make sure it’s even possible to start. You’ll have to jump through many hoops just to make sure you can start one.
What are the two common categories that business plans fall into
Traditional and lean startup
Who is the top company on Forbes
Samsung Group
High-net-worth individuals who get an equity stake in return for their financing
Angel investors
What is the importance of hiring a customer service representative
It is important to establish and maintain a positive relationship with new and existing customers and clients
Do you have to register for taxes?
You will need to register for federal, state, and local taxes depending on your location.
What type of business plans do lenders commonly request
Traditional business plan
Large amount compared to startups
Funding more easily accessible to women, minorities, and veterans
SBA Microloans
What is the main reasons startups fail
Not having the right team of people
What do you need to do to start operating in multiple states?
You’ll need to register your business in each state that your business is apart of. You might need foreign qualifications if you plan to build facilities there.
What are the C's of a business plan
Concept, client/customer, cash flow
Is there room for growth in a corporate company
Yes, generally there is some type of room to grow
Pool money from many investors that take equity in your business in exchange for financing
Venture capital
What are the main 3 focuses of the Product Director
Product positioning, creating persona, and pricing
Do you need a lawyer to start a business?
No, but it is recommended that you have one just in case you run into legal issues