Entrepreneurial Series Part II
I fell a bit short on posting anything meaningful about the Entrepreneurial webinar series i have been attending this week. First day it was discussed how important it is to ensure the business we are about to go into is the right one. Apparently the single biggest problem for new businesses to fail is to not have picked the right one to begin with. Ensuring that there is the need for ‘sustainable passion’ that carries one through the unavoidable downfalls. I would say i am probably encountering interesting roadblocks anywhere! Embodying the true american lifestyle with the entrepreneurial spirit but not being allowed to act on it the way i want is making it hard. More interesting for me however were some really good research sources to analyze the market. For example at http://www.ipl.org. Then we learned about business structures the pro’s and the con’s of Corporations, LLCs and Proprietorship/Partnerships. And why to separate the private and business account. I didn’t think of it in the first place but one’s accounts would be frozen if there was an audit and no access to money for the duration of that audit. Doesn’t sound that good. Today we spoke about Branding, E-commerce and risk management. After having worked for some of the biggest athletic apparel brands in the industry the branding segment was a bit of old news to me. Info on e-commerce was much better suitable for me and i have to admit that i spaced out a bit when we got to the risk management information. Most of this is insurance related but also included the ramifications of identity theft.