Choose a Business Location – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

How to Choose a Building or Location for a Business?Below is a list of factors that you should explore when choosing a location to establish your business.Assess needs of business: type of building (building specs), operational needs, branding needs, financial...

Organizational Documents (Business) – Overview

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What Documents are Required to Form a Business Entity? The organizational documents of a business generally include the documents used to form or organize the business (registration documents) and the operational documents used to control activity within the business...

Rights of Owners – New Businesses

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What are the Rights of Owners in a New Business?As discussed in the previous lecture, control and ownership are separate concepts in a business venture. Control, itself, is a right that may be bestowed unto owners. Control is generally determined by the type of entity...

Ownership and Control of Founders – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

How do I Divide up Shares with my Co-Founders?When forming a new company, the founders must make the early decision of how to split up the ownership of the company. This can be a tense and sensitive subject, as each founder has some idea of their respective worth and...

Early Employees and Contractors

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What are Early Employees?Later stage employees of the business generally assume the role of salaried employees. At this point, the business produces sufficient revenue (along with equity investment) to pay personnel a salary. The downside to this relationship is that...

Founders and New Employees – Business Teams

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

Founders with Complementary Skill SetsThe business team begins with the entrepreneur(s). Earlier lectures in this library introduced the genesis and evaluation of the business idea. In many cases, the founding entrepreneurs consist of an inventor or the person...

Forming a Business Team Overview

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

Forming a Business Team (Overview)The business team either refers to the business managers or, in the case of most startups, everyone working on or in the business. In the early stages of a startup, the business team is generally a close-knit environment. Individuals...

Startup Budget – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is a Startup Budget?Startup budgeting regards how you will use your cash in an identified future period. Financial Projections (previously discussed) involves projecting the forward-looking, revenues and expenses for the business. The business budget is a...

Business Accounting (Book & Tax) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

What is Business Accounting?Business accounting consists of operational accounting (book accounting) and tax accounting.What is Operational Accounting?Operational accounting accounts for the actual revenue and expenses to the business. Accounting for payroll or...

Startup Business Funding – Explained

by TheBusinessProfessor | Feb 23, 2025 | Business Finance, Personal Finance, and Valuation Principles

What is Startup Funding?Startup funding concerns the funds and resources a new company needs to establish the business, prototype products or services, and establish operations. How much startup funding will you need?This question helps to determine: What sources of...