AEM1230-1102ToPost

AEM1230-1102ToPost - AEM1230 Principles of Entrepreneurship...

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AEM1230 Principles of Entrepreneurship and Business Monday 11/2 Entrepreneurship and Forms of Ownership Starting forms: sole ownerships and partnerships The corporate form Franchising
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Reminders Monday November 9 th Deadline for submitting second business idea assignment Monday November 9 th Quiz #5 Monday November 16 th Deadline for declaring business idea project Wednesday November 18 th Quiz #6
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Julie McPeek – Provisor Marketing
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Julie McPeek – Provisor Marketing We wrote a 38-page business plan. Now primarily business plans are used for gaining venture capital or angel funding, loans that sort of thing. So you need to have a business plan if in fact you do choose to have outside funding. That was a choice we didn't make so we have not needed to use the business plan for those purposes. But we found that having the business plan helped us think through what it was we wanted to really be about. So it was a good exercise for that reason because it made us really sit down and say we can do a lot of things. What is it we really want to be about because you really don't want to be a mile wide and an inch deep with your service offerings because then you don't stand for anything. So we were all about new business development and that was a choice that we made when we stated the company. So any service offerings even though we could do them, any service offerings that were not directly related to new business development, we chose not to focus on. We also found that having a name, getting a name for our company was harder than we expected. There -- it is very very hard to come up with a name that doesn't -- that somebody else doesn't already have or somebody else isn't already using and there are many different issues around naming your company if another company has -- is using the name already whether they have it trademarked or not. So that was a -- that took a long time finding a name that everyone was happy with that meant something that we could actually use. We also spent a lot of time legally pulling together a contract that made everyone comfortable in that they were part of Provisor Marketing and they felt that their interests were protected. And the lawyer -- the legal firm that we chose really was very good at helping us think through what was important in an LLC agreement. We organized as a limited liability corporation, which for tax purposes was great for our company. We had a lot of -- we had accountants suggest that. We had legal people suggest that. We got a lot of input on how we wanted to organize. And then the legal -- our lawyers sat us down and started asking us the hard questions, you know, what happens if Julie and Jeff get a divorce? What happens if something happens to one of the partners and now the family member wants into the company? And how do
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This note was uploaded on 08/12/2010 for the course AEM 1230 at Cornell.

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AEM1230-1102ToPost - AEM1230 Principles of Entrepreneurship...

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