Intelligence into Success

1435 Words Jul 15th, 2018 6 Pages
Many people dream and often fathom about starting their own small business. Becoming a successful entrepreneur has been part of the American dream since the early 1800‘s. In addition to giving a person the ability to make his or her own decisions, business ownership opens the gateway to financial independence, creative freedom, and more time to spend with family (Smallbusiness.com). Nevertheless, how hard would it be to start a small business and be victorious? “Starting a business involves planning, making key financial decisions and completing a series of legal activities” (U.S. Small Business Administration). Overcoming in a very competitive world takes a lot of motivation, discipline, research, planning, and most importantly, …show more content…
However, the advertised name of a business may not always be the same as the legal one. Many sole professorships and partnerships operate a business using a “fictitious name” to comply with government regulations. “The legal name of a business is required on all government forms and applications, including the application for employer tax IDs, licenses and permits” (U.S. Small Business Administration). It functions as an identity to the government and is often the legal name of the owner(s). “An integral component of starting a successful business is raising sufficient funds, also called capital” (Smallbusiness.com). The fourth step funding, brings along many challenges for an upcoming business. Nevertheless, like any decision worthwhile, careful planning and some prior experience can make overcoming these obstacles easier. There are a variety of options when it comes to financing a small business. In addition to traditional loans, there are other opportunities to explore that range from grants and bonds to investor-based venture capital (U.S. Small Business Administration). However, before trying to acquire a loan or any other source of capital it is crucial to know in a close range of how much startup costs will be needed to launch a small business Depicting between the essentials and optional while estimating help keep debt to the very minimum. Even though depicting can sometimes be difficult, having prior experience in the field makes this
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