Explore Several Different Aspects Of Launching A Start Up Business.

1012 words - 4 pages

This paper is written to explore several different aspects of launching a start-up business. One of the core aspects of a start-up business is a business plan, the purpose and why a business plan is essential to a start-up company will be fully explored. Another aspect of a start-up business are sources of funding, and the advantages and disadvantages of each. Yet another aspect are the legal issues that entrepreneurs and small businesses will have to face. Finally there are the issues that married couples must cope with in the start-up and operation of a family business. All these aspects are covered in the following paragraphs.The business plan to a start-up small business is much like a star chart to an early sailor. Without it, a small business is destined to to fail. The risk of starting a new company are high, forty percent of all new businesses can expect to still be in business six years after they are launched (Ebert, R. J., 2003). With that in mind, it makes a lot of sense to have a plan with clear direction when starting a new business. A business plan consists of many things. First a definition of who the customers of your business will be. Will they be retail, wholesale, corporate service consumers, government agencies or some other type? Location, location, location - where will the new company's customers be located? This has a direct effect on things such as procurement, shipping, and the actual business's location. Now that the who and the where have been answered, how much of the company's product will it's customers purchase, and at what price? The answers to these questions will define production and the way the product should be produced. Finally there needs to be a study on the competitors of the new company. Are there any? If there are competitors in the new company's market space, how will it's product differ from it's competitors. This difference could be in quality, features and price for example.There are many sources of financing for the small business, most of which are personal funding from the entrepreneur. Personal funding includes savings, lending institution loans, loans and gifts and investments from friends and family. The advantage to personal funding is, indeed, very advantageous. When personal funds are used to start a small business, the owner has the luxury of running his business as he sees fit with little or no mandates from outside investors. The disadvantage is that the owner must finance his business and be fully responsible for repaying any personal loans related to his initial startup. Failure of the business becomes a serious threat to the owner's personal finances. There are other sources of funding, such as venture capital companies, angel investors and small business investment companies. The advantage to all three of these are that the sum of money that can be raised is generally higher than what most startup company owners can personally finance, and the investors can generally provide solid...

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