Jon Goodman came to our class to speak about staring up a business last week. I thought she was very intelligent in the way she carried herself. She knew what she was talking about and was quick to answer everyone's questions. However, I also thought she was not too approachable as she looked very stern to me. Some of the thing she talked about were steps to starting a business, technology, using common sense, first time traps, venture capitalists and lastly defining a business.
Before business planning, you need to determine feasibility analysis and doing market research. What I liked was that she said to come up with ideas you can steal from many and it will be research. However, if you steal from one, it's plagiarism!!
Next step is to get really smart and experienced advisers on board like lawyers and accountants. Always plan for positive cash flows.
The best way to form a business through her perspective is by LLC. to define a business, the 100% total is made up of:
- 50% small business, the traditional businesses
- 25% edge business, like video arcades, which provide new technology and services
- 25% companies with no intention of staying small, like Boeing and Microsoft.
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