MINDS4BIZ INCORPORATION

UNLEASHING THE ENTREPRENEURIAL SPIRIT
[You have many questions. We have answers to those business-related questions.]
BUSINESS STARTUP QUESTIONS

Progression of Events:

A. Understanding what it takes to be an entrepreneur and a successful businessperson.

1a. What is an entrepreneur?

      You might wonder what an entrepreneur is. An entrepreneur is a person who starts a business or organization and is willing to risk a loss to make money. Entrepreneurs are usually far-sighted and can see things that have yet to be accomplished before they become a reality. However, their business concept or idea may not immediately guarantee or successfully secure a profit or personal benefit.

      By the early 20th century, the term entrepreneur had taken on the connotation of a go-getter when applied to an Independent Business Owner. This quality may also be found in the phrase entrepreneurial spirit, which began being used about the same time.

1b. What is a simple definition of entrepreneur?

An entrepreneur is someone who starts or owns a business.

1c. What is entrepreneurship?

Entrepreneurship is creating, developing, and managing a new business venture to generate profits or create value and personal benefit for oneself as a company or a specified community as a nonprofit organization.

Entrepreneurs are known for developing innovative ideas and strategies to capitalize on market opportunities.

1d. What skills are required to be successful entrepreneurs or businesspeople?

•  Communication, Listening, and Learning Skills.
•  Critical and Creative Thinking Skills.
•  Branding, Marketing, and Networking Skills.
•  Teamwork and Leadership Skills.
•  Management Skills.

1e. What steps can you take to be a successful entrepreneur or businessperson?

      Being a successful entrepreneur is a way of life. They are usually go-getters and skilled at creating opportunities for success. However, when working for other establishments, they typically don’t want to do the job; they want to learn about everything involved with the company’s work. This makes them very curious, and eventually, they come up with new business ideas and concepts for conducting business that they think are better and express their ideas for improvement but realize that they would have a better chance at creating their opportunities or even getting fired a few times because it takes time for them to realize that they are not satisfied with obtaining a guaranteed slice of bread every week but desire to control the whole loaf.

      Successful entrepreneurs are usually good at networking with other skilled, business-minded people. They can delegate responsibilities, manage work projects and assignments to qualified individuals with good work ethics, and avoid micro-managing people.

      They must be humble and realize that they can’t do everything and that it usually takes a unified team effort to efficiently accomplish business-related goals, milestones, and aspirations. Yes, successful entrepreneurs typically have an idea or business concept that they realize will require a team effort to achieve and never do their practice to micro-manage business professionals.

      Before starting a business startup project, successful entrepreneurs will research their industry, their competitors, and their target market of consumers. Why? They want to evaluate whether their business idea or concept for conducting business is feasible, profitable, or beneficial to the community if they are a nonprofit organization in one way or another. Hence, they are willing to set up a system for getting things accomplished and evaluating its progress. They are willing to do industry research and develop a business plan that has a strategy to reach their goals, milestones, and aspirations in one year, two years, or five years.

      Entrepreneurs who don’t create and develop a business plan or strategy for conducting business usually fail for one reason or another.
To be a successful entrepreneur, you must set future goals, evaluate progress toward those goals, make adjustments to grow your business, and bring your products or services to a market that needs them and view them as the perfect solution for its problems.

2a. Entrepreneurs usually have a new business idea or concept for conducting business. What’s yours? Please Explain.
2b. What are some core elements of a business idea or concept?

      Some core elements of a business idea or concept include:

Products and Services

      The core of a business, products, and services are sold to customers and generate revenue.

Business Model

      A business model outlines how a company plans to profit from its products and customer base in a specific market.

Market Analysis

      A market analysis helps visualize target customers, including their buying habits, income, and preferences.

Marketing Plan

      A marketing plan discusses identifying potential customers and marketing their products and services.

Financial Projections

      Financial projections are future revenue forecasts that can help a business win over investors, obtain bank loans, and develop a long-term growth strategy.

Competitive Analysis

      Analysis is essential to corporate strategy, helping to provide customers with the best possible product or service.

Sales Plan

      A sales plan explains how a company plans to penetrate the market, position its brand, build brand loyalty, increase sales, and remain competitive.

      The five critical components of a perfect business idea include:

•  Your strengths.
•  Your skills.
•  Your interests.
•  Your customer’s ability to pay.
•  Your customer’s willingness to pay.

3. Here are some nonprofit organizations that can help with business development and mentoring:

•  Women’s Business Development Center (WBDC)

      A national leader in women’s economic development, the WBDC helps women and diverse business owners grow and develop their businesses.

•  Entrepreneurs’ Organization (EO)

      Members of the EO receive personal mentorships, access to forums, and exclusive events.

•  Young Presidents’ Organization

      This organization connects and empowers chief executives from over 130 countries.

•  SBDCs

      SBDC programs offer small businesses and entrepreneurs individualized business advising and technical assistance.

•  Black Girl Ventures

      This foundation offers education and advisory services to help minority and veteran women entrepreneurs grow and succeed.

•  SCORE

      This nonprofit association provides free mentoring, resources, and education to help small businesses start, grow, and succeed. SCORE has mentored small business owners for over 40 years and is a resource partner with the U.S. Small Business Administration (SBA).

•  Entrepreneurs’ Organization (EO)

      An organization that offers personal mentorships, forums, and exclusive events for members.

•  Young Presidents’ Organization

      An organization that connects and empowers chief executives through events and forums.

•  Small Business Development Centers (SBDC’s)

      An organization that provides business advising and technical assistance to small businesses and entrepreneurs.

•  Network for Teaching Entrepreneurship (NFTE)

      A global nonprofit that focuses on bringing entrepreneurship to youth in low-income communities.

•  Nonprofit Learning Lab

      A program that connects nonprofit leaders with seasoned executives at similar organizations to share strategies and solutions.

      Other organizations that can help with business support include:

•  Community Development Financial Institutions (CDFIs)
•  Banks and Credit Unions
•  Community Development Organizations (CDOs)
•  Libraries
•  Trade Groups
•  Industry-specific support organizations
•  Minds4bis Incorporation (This website you are on now.)

      If you are not a member, please purchase a nonrefundable membership today for $99.99 annually.

      As a new Online Business Support Organization, we function as a nonprofit, unaccredited online Business School and Employment Agency located in the United States of America. We aim to assist entrepreneurs with Business Startups, Marketing and Sales, Business Growth, and Problem-solving.

      We operate a web-based company that provides up-to-date and accurate Business Support Information and Business Support Services to micro-enterprises, small businesses, mid-size companies, and large corporations.

4. Why should you incorporate your business or organization?

      There are several benefits to incorporating a business, including:

Limited Liability:

      The company is responsible for the business’s debts, not the owner’s assets. This protects the owner’s assets from lawsuits and creditors.

Tax Benefits:

      Corporations are taxed separately from shareholders and may have a lower tax rate than individuals.

      Incorporating a business offers a distinct advantage when it comes to ownership. It’s far easier to transfer ownership of an incorporated business than a sole proprietorship or partnership, providing a level of flexibility that can be invaluable.

Perpetual Existence:

      An incorporated business can continue to exist until it’s dissolved by law.

Brand Protection:

      Incorporating a business can help protect its brand and reputation.

      More straightforward to raise capital: Incorporating a business may make it easier to raise capital.

5. What is the process for starting a business or organization in the United States?

      There are many steps to starting a business in the United States, including:

•  Choose a Business Structure

      Consider consulting a business attorney or tax consultant to help you choose a structure that meets your needs.

•  Write a Business Plan

      A business plan helps organize information about your business and its operations.

•  Pick a Business Name

      If your business name differs from your personal or legal entity name, you may need to file a “doing business as” (DBA) name with local or state governments.

•  Register your Business

      Registering your business is the first step to starting a business in the United States.

•  Apply for Licenses and Permits

      Depending on your business sector, you may need to apply for licenses and permits from specific agencies.

•  Open a Business Bank Account

      A business checking account helps separate your finances from your business income.

•  Get Business Insurance

      Purchasing the right insurance for your business is an essential step before launching.

•  Pick your Business Location

      Your business address can impact your business cost and the taxes, zoning laws, and regulations you must operate under.

      Other steps you can take include:

•  Creating key internal documents.
•  Obtaining an Employer Identification Number (EIN).
•  Exploring startup financing options.
•  Applying for a business credit card.
•  Choosing accounting software.
•  Understanding and planning for taxes.
•  Establishing an online presence.
•  Setting up a payment processing system.
•  Planning for hiring.