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SpinDistribute.com Article Directory

The following article was published in our article directory on October 8, 2015.
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Entrepreneurship 101: The Name and Structure of the Business

Article Category: Advice

Author Name: Gideon Walcott

Goals are the results you desire to achieve in the course of your business. You must identify these goals specifically. List them down so you can see and be reminded of them all the time. As an entrepreneur, take a look at the current status of your business. What things do you need to do right at the moment? Write it as your short-term goals. How about the things you want to achieve in the future? You can write it as your long-term goals.

Goals keep an entrepreneur on the right way to his destination. Reaching them step by step will help you get near to your success. Do not rush. Take your time in achieving them one by one. Goals will help you improve the total productivity of your business.

The key to succeed in your business is passion. Formulate an idea from the things you are passionate about. If you love cooking, then find a product or service that will make use of your talents and skills in it. You can be crazy and wild in your imaginations but not too much. If you overdo it, you will end up uninspired with the business you chose to build. Always remember that an entrepreneur loves what he�s doing.

Be aware of your limitations. In creating the business idea, you can be creative and imaginative. An entrepreneur has the ability to invent and innovate even existing products and services, but always remember that everything in excess is bad.

The crucial part in determining the business idea is the creation of its identification. People notice the name first, whatever product or service you are offering. That is why, it will affect your profitability. In choosing the best name, you can consider these tips:

Put yourself in the position of other people. What name can catch the attention of the customers?
Make sure that it is not similar to any other businesses.
Be creative and unique, but do not lose its connection to your product or service.
Use a name that has a purpose.
Avoid being too unique and end up using a weird name.

There are three popular business structures in entrepreneurship: sole proprietorship, partnership, and corporation. Here are their definitions:

Sole Proprietorship - It is a form of business where there is only one owner, the proprietor.

Advantages:

It is easy to organize.
Decisions can easily be made because there is only one person who will decide, the owner.
Financial operations are not that complicated.
The owner is entitled to all the profits the business earns.

Disadvantages:

Limited ability to raise capital.
The owner has unlimited liability.
Limited ability for expansion.
The business is entirely the responsibility of the owner.

Partnership - It is a union of two or more people who get together to contribute money, property, and skills to a common fund, with the sole purpose of distributing the profit among themselves.

Corporation - It is a group of people authorized by the law, having the right of succession, powers, properties, and attributes. It can be classified based on the nature of the capital, ownership, or its relation to another corporation.

An entrepreneur can freely choose the type of business structure he wants depending on the resources he has. If you are a fresh graduate with a little source of capital, the best option for you is sole proprietorship. As your business gets bigger, you can always expand and ask for more people to join you. Take these pieces of advice on how to determine your goals for the future, so you can decide better regarding the current status of your business.

Keywords: entrepreneur,how,to,advice

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