Wednesday, February 10, 2010

Ideas To Deals: What Is Really Involved In Starting A Business?

Ideas To Deals: What Is Really Involved In Starting A Business?

I've spent the past few days working in a DACUM process to help develop curriculum for the entrepreneurship degree at Columbus State and it got me thinking...What are the pieces of creating a business? In the DACUM process you set up "duties" which are the key pieces then set a series of "tasks" for each duty. Here is what we came up for as the key, major steps in starting a business:

  • Validate and Vet: Everybody has a million dollar business idea when it comes to them in the middle of the night but does it stand up after you research it? In this step you would take your idea through a series of "Go/No Go desisions to determine feasibility. I see feasibility meaning two things here. First, will it work in the market? Is there a real problem or need in the market and are people willing to pay for you to solve that problem? Second, assuming the answer to the first question is yes will the business meet your needs? Will you be able to make enough money and will it afford your the lifestyle you desire? If yes, proceed and build out your business plan.
  • Establish Your Legal Structure: A lot of people think this is "starting a business", it isn't. This is filing forms and paying fees. Sure it is important but it is a fairly mechanical process. If you are in Ohio the first step is to go to the state's "First Stop Business Connection" to get the forms needs to start your business. Next decide what your legal structure will be, the IRS has a nice description on the differences. Depending on what you decide you may or may not need an attorney. Finally, look for any regulations or filings particular to your specific industry or location and address those. here to read more

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