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MGMT 3850/4100: Entrepreneurship & Business Planning for Entrepreneurs

This guide covers resources to help students complete their assignments and projects for MGMT 3850/4100.

How do you start a business?

The U.S. Small Business Administration (SBA) offers the following 10 steps to start a business, see https://www.sba.gov/starting-business/how-start-business/10-steps-starting-business:

  1. Conduct market research 
    Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.
  2. Write your business plan
    Your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. You’ll use it to convince people that working with you — or investing in your company — is a smart choice. 
  3. Fund your business 
    Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need. 
  4. Pick your business location 
    Your business location is one of the most important decisions you’ll make. Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.
  5. Choose a business structure 
    The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability..
  6. Choose your business nameIt’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure your business name isn’t already being used by someone else.
  7. Register your business
    Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, too.
  8. Get federal and state tax IDs
    You’ll use your employer identification number (EIN) for important steps to start and grow your business, like opening a bank account and paying taxes. It’s like a social security number for your business. Some — but not all — states require you to get a tax ID as well.
  9. Apply for licenses and permits
    Keep your business running smoothly by staying legally compliant. The licenses and permits you need for your business will vary by industry, state, location, and other factors.
  10. Open a business bank account
    A small business checking account can help you handle legal, tax, and day-to-day issues. The good news is it’s easy to set one up if you have the right registrations and paperwork ready.

Is there online start-up help?

Are there books for start-up help?

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