Chapter

5.4. Ready, Set, Start Your Own Business*

From IntroductionToBusiness OP 8D04gAa

Concepts

1. What are the first steps to take when starting your own business?

   "You have decided that you’d like to go into business for yourself. What is the best way to go about it? Start from scratch? Buy an existing business? Or buy a franchise? About 75 percent of business

2. How should you choose a business structure and develop a business plan?

   "A key decision for a person starting a new business is whether it will be a sole proprietorship, partnership, corporation, or limited liability company. As discussed earlier, each type of business or

3. What are the essential elements of a business plan?

   "The executive summary provides an overview of the total business plan. Written after the other sections are completed, it highlights significant points and, ideally, creates enough excitement to moti