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Understanding Economic Systems and Business 

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Understanding Economic Systems and Business 

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This chapter got me interested  in what it takes to become a SUCCESSFUL  entrepreneur

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https://www.investopedia.com/terms/e/entrepreneur.asp

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What Is an Entrepreneur?

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship.

Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring new ideas to market. Entrepreneurship that proves to be successful in taking on the risks of creating a startup is rewarded with profits and growth opportunities.

Why Are Entrepreneurs Important?

Entrepreneurship is one of the resources economists categorize as integral to production, the other three being land/natural resources, labor, and capital. An entrepreneur combines the first three of these to manufacture goods or provide services. They typically create a business plan, hire labor, acquire resources and financing, and provide leadership and management for the business.

Economists have never had a consistent definition of "entrepreneur" or "entrepreneurship" (the word "entrepreneur" comes from the French verb entreprendre, meaning "to undertake"). Though the concept of an entrepreneur existed and was known for centuries, the classical and neoclassical economists left entrepreneurs out of their formal models. They assumed that perfect information would be known to fully rational actors, leaving no room for risk-taking or discovery. It wasn't until the middle of the 20th century that economists seriously attempted to incorporate entrepreneurship into their models.

Three thinkers were central to the inclusion of entrepreneurs: Joseph Schumpeter, Frank Knight, and Israel Kirzner. Schumpeter suggested that entrepreneurs-not just companies-were responsible for the creation of new things in the search for profit. Knight focused on entrepreneurs as the bearers of uncertainty and believed they were responsible for risk premiums in financial markets. Kirzner thought of entrepreneurship as a process that led to the discovery of opportunities.

Fast-forward to today, entrepreneurs commonly face many obstacles when building their companies. The three that many of them cite as the most challenging include overcoming bureaucracy, hiring talent, and obtaining financing.

What Are Different Types of Entrepreneurs?

Not every entrepreneur is the same and not all have the same goals. Here are a few types of entrepreneurs:

Builders seek to create scalable businesses within a short time frame. Builders typically pass $5 million in revenue in the first two to four years and continue to build up until $100 million or beyond. These individuals seek to build out a strong infrastructure by hiring the best talent and seeking the best investors. Sometimes, they have temperamental personalities that are suited to the fast growth they desire but may make personal and business relationships difficult.

Opportunist

Opportunistic entrepreneurs are optimistic individuals with the ability to pick out financial opportunities, get in at the right time, stay on board during the time of growth, and exit when a business hits its peak.

These types of entrepreneurs are concerned with profits and the wealth they will build, so they are attracted to ideas where they can create residual or renewal income. Because they are looking to find well-timed opportunities, opportunistic entrepreneurs can be impulsive.

Innovators are those rare individuals that come up with a great idea or product that no one has thought of before. Think of Thomas Edison, Steve Jobs, and Mark Zuckerberg. These individuals worked on what they loved and found business opportunities through their vision and ideas.

Rather than focusing on money, innovators tend to care more about the impact that their products and services have on society. These individuals are not the best at running a business as they are idea-generating individuals, so they often leave the day-to-day operations to those more capable in that respect.

Specialist

These individuals are analytical and risk-averse. They have a strong skill set in a specific area obtained through education or apprenticeship. A specialist entrepreneur will build out their business through networking and referrals, sometimes resulting in slower growth than a builder entrepreneur.

4 Types of Entrepreneurship

As there are different types of entrepreneurs, there are also different types of businesses they create. Below are the main different types of entrepreneurship.

Small-business

Small business entrepreneurship refers to opening a business without turning it into a large conglomerate or opening many chains. A single-location restaurant, one grocery shop, or a retail shop to sell goods or services would all be examples of small business entrepreneurship.

These people usually invest their own money and succeed if their businesses turn a profit, which serves as their income. Sometimes, they don't have outside investors and will only take a loan if it helps continue the business.

Scalable startup

These are companies that start with a unique idea that can be built to a large scale-think Silicon Valley. The hopes are to innovate with a unique product or service and continue growing the company, continuously scaling up over time. These types of companies often require investors and large amounts of capital to grow their idea and expand into multiple markets.

Large-company

Large company entrepreneurship is a new business division created within an existing company. The existing company may be well placed to branch out into other sectors or it may be positioned well to become involved in new technology.

CEOs of these companies either foresee a new market for the company or individuals within the company generate ideas that they bring to senior management to start the process and development.

Social entrepreneurship

The goal of social entrepreneurship is to create a benefit to society and humankind. This form of business focuses on helping communities or the environment through their products and services. They are not driven by profits but rather by helping the world around them.

How to Become an Entrepreneur

After retiring her professional dancing shoes, Judi Sheppard Missett became an entrepreneur by teaching a dance class in order to earn some extra cash. But she soon learned that women who came to her studio were less interested in learning precise steps than they were in losing weight and toning up. Sheppard Missett then trained instructors to teach her routines to the masses, and Jazzercise was born. Soon, a franchise deal followed and today, the company has more than 8,300 locations worldwide.

Following an ice cream-making correspondence course, two entrepreneurs, Jerry Greenfield and Ben Cohen, paired $8,000 in savings with a $4,000 loan, leased a Burlington, Vt., gas station, and purchased equipment to create uniquely flavored ice cream for the local market. Today, Ben & Jerry's hauls in millions in annual revenue.

In the 21st century, the example of Internet giants like Alphabet, the parent company to Google ( GOOG), and Meta ( META; formerly Facebook), both of which have made their founders wildly wealthy, have been clear examples of the lasting impact of entrepreneurs on society.

Unlike traditional professions, where there is often a defined path to follow, the road to entrepreneurship is mystifying to most. What works for one entrepreneur might not work for the next and vice versa. That said, there are seven general steps that many successful entrepreneurs have followed:

Ensure financial stability

This first step is not a strict requirement but is definitely recommended. While entrepreneurs have built successful businesses while being less than financially flush, starting out with an adequate cash supply and stable ongoing funding is a great foundation.

This increases an entrepreneur's personal financial runway and gives them more time to work on building a successful business, rather than worrying about having to keep raising money or paying back short-term loans.

Build a diverse skill set

Once a person has strong finances, it is important to build a diverse set of skills and then apply those skills in the real world. The beauty of step two is it can be done concurrently with step one.

Building a skill set can be achieved through learning and trying new tasks in real-world settings. For example, if an aspiring entrepreneur has a background in finance, they can move into a sales role at their existing company to learn the soft skills necessary to be successful. Once a diverse skill set is built, it gives an entrepreneur a toolkit that they can rely on when they are faced with the inevitability of tough situations.

Much has been discussed about whether going to college is necessary to become a successful entrepreneur. Many well-known entrepreneurs are famous for having dropped out of college: Steve Jobs, Mark Zuckerberg, and Larry Ellison, to name a few.

Though going to college isn't necessary to build a successful business, it can teach young individuals a lot about the world in many other ways. And these famous college dropouts are the exception rather than the norm. College may not be for everyone and the choice is personal, but it is something to think about, especially with the high price tag of a college education in the U.S.

Consume content across multiple channels

As important as developing a diverse skill set is, the need to consume a diverse array of information and knowledge-building materials is equally so. This content can be in the form of podcasts, books, articles, or lectures. The important thing is that the content, no matter the channel, should be varied in what it covers. Aspiring entrepreneurs should always familiarize themselves with the world around them so they can look at industries with a fresh perspective, giving them the ability to build a business around a specific sector.

Identify a problem to solve

Through the consumption of content across multiple channels, an aspiring entrepreneur is able to identify various problems in need of solutions. One business adage dictates that a company's product or service needs to solve a specific pain point, either for another business or for a consumer group. Through the identification of a problem, an aspiring entrepreneur is able to build a business around solving that problem.

It is important to combine steps three and four so it is possible to identify a problem to solve by looking at various industries as an outsider. This often provides an aspiring entrepreneur with the ability to see a problem others might not.

Solve That Problem

Successful startups solve a specific pain point for other companies or for the public. This is known as "adding value within the problem." Only through adding value to a specific problem or pain point does an entrepreneur become successful.

Say, for example, you identify that the process for making a dental appointment is complicated for patients, and dentists are losing customers as a result. The value could be to build an online appointment system that makes it easier to book appointments.

Network like crazy

Most entrepreneurs can't do it alone. The business world is a cutthroat one and getting any help you can will likely help and reduce the time it takes to achieve a successful business. Networking is critical for any new entrepreneur. Meeting the right people who can introduce you to contacts in your industry, such as the right suppliers, financiers, and even mentors, can mean the difference between success and failure.

Attending conferences, emailing and calling people in the industry, speaking to your cousin's friend's brother who is in a similar business, will help you get out into the world and discover people who can guide you. Once you have your foot in the door with the right people, conducting a business becomes easier.

Lead by example

Every entrepreneur needs to be a leader within their company. Simply doing the day-to-day requirements will not lead to success. A leader needs to work hard, motivate, and inspire their employees to reach their best potential, which will lead to the success of the company.

Look at some of the greatest and most successful companies; all of them have had great leaders. Apple and Steve Jobs, Bill Gates and Microsoft, Bob Iger and Disney, are just a few examples. Study these people and read their books to see how to be a great leader and become the leader that your employees can follow by the example you set.

Entrepreneurship Financing

Given the riskiness of a new venture, the acquisition of capital funding is particularly challenging, and many entrepreneurs deal with it via bootstrapping: financing a business using methods such as using their own money, providing sweat equity to reduce labor costs, minimizing inventory, and factoring receivables.

While some entrepreneurs are lone players struggling to get small businesses off the ground on a shoestring, others take on partners armed with greater access to capital and other resources. In these situations, new firms may acquire financing from venture capitalists, angel investors, hedge funds, crowdfunding, or through more traditional sources such as bank loans.

Resources for entrepreneurs

There are a variety of financing resources for entrepreneurs starting their own businesses. Obtaining a small business loan through the Small Business Administration (SBA) can help entrepreneurs get the business off the ground with affordable loans. Here, the SBA helps connect businesses to loan providers.

If entrepreneurs are willing to give up a piece of equity in their business, then they may find financing in the form of angel investors and venture capitalists. These types of investors also provide guidance, mentorship, and connections in addition to capital.

Crowdfunding has also become a popular way for entrepreneurs to raise capital, particularly through Kickstarter or Indiegogo. In this way, an entrepreneur creates a page for their product and a monetary goal to reach while promising certain givebacks to those who donate, such as products or experiences.

Bootstrapping for entrepreneurs

Bootstrapping refers to building a company solely from your savings as an entrepreneur as well as from the initial sales made from your business. This is a difficult process as all the financial risk is placed on the entrepreneur and there is little room for error. If the business fails, the entrepreneur also may lose all of their life savings.

The advantage of bootstrapping is that an entrepreneur can run the business with their own vision and no outside interference or investors demanding quick profits. That being said, sometimes having an outsider's assistance can help a business rather than hurt it. Many companies have succeeded with a bootstrapping strategy, but it is a difficult path.

Small business vs. entrepreneurship

A small business and entrepreneurship have a lot in common but they are different. A small business is a company-usually, a sole-proprietorship or partnership-that is not a medium-sized or large-sized business, operates locally, and does not have access to a vast amount of resources or capital.

Entrepreneurship is when an individual who has an idea acts on that idea, usually to disrupt the current market with a new product or service. Entrepreneurship usually starts as a small business but the long-term vision is much greater, to seek high profits and capture market share with an innovative new idea.

How entrepreneurs make money

Entrepreneurs seek to generate revenues that are greater than costs. Increasing revenues is the goal and that can be achieved through marketing, word-of-mouth, and networking. Keeping costs low is also critical as it results in higher profit margins. This can be achieved through efficient operations and eventually economies of scale.

How do taxes work for entrepreneurs?

The taxes you will pay as an entrepreneur will depend on how you structure your business.

Sole proprietorship: A business set up this way is an extension of the individual. Business income and expenses are filed on Schedule C on your U.S. personal tax return and you are taxed at your individual tax rate.

Partnership: For tax purposes, a partnership functions the same way as a sole proprietorship in the U.S., with the only difference being that income and expenses are split amongst the partners.

C-corporation: A C-corporation is a separate legal entity and has separate taxes filed with the IRS from the entrepreneur. The business income will be taxed at the corporate tax rate rather than the personal income tax rate.

Limited liability company (LLC) or S-corporation: These two options are taxed in the same manner as a C-corporation but usually at lower amounts.

7 Characteristics of Entrepreneurs

What else do entrepreneurial success stories have in common? They invariably involve industrious people diving into things they're naturally passionate about.

Giving credence to the adage, "find a way to get paid for the job you'd do for free," passion is arguably the most important attribute entrepreneurs must have, and every edge helps.

While the prospect of becoming your own boss and raking in a fortune is alluring to entrepreneurial dreamers, the possible downside to hanging out one's own shingle is vast. Income isn't guaranteed, employer-sponsored benefits go by the wayside, and when your business loses money, your personal assets can take a hit; it's not a corporation's bottom line. But adhering to a few tried and true principles can go a long way in diffusing risk. The following are a few characteristics required to be a successful entrepreneur.

1. Versatility

When starting out, it's essential to personally handle sales and other customer interactions whenever possible. Direct client contact is the clearest path to obtaining honest feedback about what the target market likes and what you could be doing better. If it's not always practical to be the sole customer interface, entrepreneurs should train employees to invite customer comments as a matter of course. Not only does this make customers feel empowered, but happier clients are more likely to recommend businesses to others.

Personally answering phones is one of the most significant competitive edges home-based entrepreneurs hold over their larger competitors. In a time of high-tech backlash, where customers are frustrated with automated responses and touch-tone menus, hearing a human voice is one surefire way to entice new customers and make existing ones feel appreciated-an important fact, given that a significant percentage of business is generated from repeat customers.

Paradoxically, while customers value high-touch telephone access, they also expect a highly polished website. Even if your business isn't in a high-tech industry, entrepreneurs still must exploit internet technology to get their message across. A startup garage-based business can have a superior website to an established company valued at $100 million. Just make sure a live human being is on the other end of the phone number listed.

2. Flexibility

Few successful business owners find perfect formulas straight out of the gate. On the contrary: ideas must morph over time. Whether tweaking product design or altering food items on a menu, finding the perfect sweet spot takes trial and error.

Former Starbucks Chair and CEO Howard Schultz initially thought playing Italian opera music over store speakers would accentuate the Italian coffeehouse experience he was attempting to replicate. But customers saw things differently and didn't seem to like arias with their espressos. As a result, Schultz jettisoned the opera and introduced comfortable chairs instead.

3. Money savviness

At the heart of any successful new business, is steady cash flow, which is essential for purchasing inventory, paying rent, maintaining equipment, and promoting the business. The key to staying in the black is rigorous, regular cash flow management. And since most new businesses don't make a profit within the first year, by setting money aside for this contingency, entrepreneurs can help mitigate the risk of falling short of funds. Related to this, it's essential to keep personal and business costs separate, and never dip into business funds to cover the costs of daily living.

Of course, it's important to pay yourself a realistic salary that allows you to cover essentials, but not much more-especially where investors are involved. Of course, such sacrifices can strain relationships with loved ones who may need to adjust to lower standards of living and endure worry over risking family assets. For this reason, entrepreneurs should communicate these issues well ahead of time, and make sure significant loved ones are on board.

4. Resiliency

Running your own business is extremely difficult, especially getting one started from scratch. It requires a lot of time, dedication, and often failure. A successful entrepreneur must show resilience to all the difficulties on the road ahead. Whenever they meet with failure or rejection they must keep pushing forward.

Starting your business is a learning process and any learning process comes with a learning curve, which can be frustrating, especially when money is on the line. It's important never to give up through the difficult times if you want to succeed.

Similar to resilience, a successful entrepreneur must stay focused and eliminate the noise and doubts that come with running a business. Becoming sidetracked, not believing in your instincts and ideas, and losing sight of the end goal is a recipe for failure. A successful entrepreneur must always remember why they started the business and remain on course to see it through.

6. Business smarts

Knowing how to manage money and understanding financial statements are critical for anyone running their own business. Knowing your revenues, your costs, and how to increase or decrease them, respectively, is important. Making sure you don't burn through cash will allow you to keep the business alive.

Implementing a sound business strategy, knowing your target market, your competitors, and your strengths and weaknesses will allow you to maneuver the difficult landscape of running your business.

7. Communication skills

Successful communication is important in almost every facet of life, regardless of what you do. It is also of the utmost importance in running a business. From conveying your ideas and strategies to potential investors to sharing your business plan with your employees and negotiating contracts with suppliers-all require successful communication.

Entrepreneurship in Economics

In economist-speak, an entrepreneur acts as a coordinating agent in a capitalist economy. This coordination takes the form of resources being diverted toward new potential profit opportunities. The entrepreneur moves various resources, both tangible and intangible, promoting capital formation.

In a market full of uncertainty, it is the entrepreneur who can actually help clear up uncertainty, as they make judgments or assume risk. To the extent that capitalism is a dynamic profit-and-loss system, entrepreneurs drive efficient discovery and consistently reveal knowledge.

Established firms face increased competition and challenges from entrepreneurs, which often spurs them toward research and development efforts as well. In technical economic terms, the entrepreneur disrupts the course toward steady-state equilibrium.

How entrepreneurship helps economies

Nurturing entrepreneurship can have a positive impact on an economy and society in several ways. For starters, entrepreneurs create new businesses. They invent goods and services, resulting in employment, and often create a ripple effect, resulting in more and more development. For example, after a few information technology companies began in India in the 1990s, businesses in associated industries, like call center operations and hardware providers, began to develop too, offering support services and products.

Entrepreneurs add to the gross national income. Existing businesses may remain confined to their markets and eventually hit an income ceiling. But new products or technologies create new markets and new wealth. Additionally, increased employment and higher earnings contribute to a nation's tax base, enabling greater government spending on public projects.

Entrepreneurs create social change. They break tradition with unique inventions that reduce dependence on existing methods and systems, sometimes rendering them obsolete. Smartphones and their apps, for example, have revolutionized work and play across the globe.

Entrepreneurs invest in community projects and help charities and other non-profit organizations, supporting causes beyond their own. Bill Gates, for example, has used his considerable wealth for education and public health initiatives.

Entrepreneurial ecosystems

Research shows that high levels of self-employment can stall economic development: Entrepreneurship, if not properly regulated, can lead to unfair market practices and corruption, and too many entrepreneurs can create income inequalities in society. Overall, though, entrepreneurship is a critical driver of innovation and economic growth. Therefore, fostering entrepreneurship is an important part of the economic growth strategies of many local and national governments around the world.

To this end, governments commonly assist in the development of entrepreneurial ecosystems, which may include entrepreneurs themselves, government-sponsored assistance programs, and venture capitalists. They may also include non-government organizations, such as entrepreneurs' associations, business incubators, and education programs.

California's Silicon Valley is often cited as an example of a well-functioning entrepreneurial ecosystem. The region has a well-developed venture capital base, a large pool of well-educated talent, especially in technical fields, and a wide range of government and non-government programs fostering new ventures and providing information and support to entrepreneurs.

Questions for Entrepreneurs

Embarking on the entrepreneurial career path to "being your own boss" is exciting. But along with all your research, make sure to do your homework about yourself and your situation.

A few questions to ask yourself:

Do I have the personality, temperament, and mindset of taking on the world on my own terms?

Do I have the required resources to devote all my time to my venture?

Do I have an exit plan ready with a clearly defined timeline in case my venture does not work?

Do I have a concrete plan for the next "x" number of months or will I face challenges midway due to family, financial, or other commitments? Do I have a mitigation plan for those challenges?

Do I have the required network to seek help and advice as needed?

Have I identified and built bridges with experienced mentors to learn from their expertise?

Have I prepared the rough draft of a complete risk assessment, including dependencies on external factors?

Have I realistically assessed the potential of my offering and how it will figure in the existing market?

If my offering is going to replace an existing product in the market, how will my competitors react?

To keep my offering secure, will it make sense to get a patent? Do I have the capacity to wait until I receive it?

Have I identified my target customer base for the initial phase? Do I have scalability plans ready for larger markets?

Have I identified sales and distribution channels?

Questions that delve into external factors:

Does my entrepreneurial venture meet local regulations and laws? If not feasible locally, can I and should I relocate to another region?

How long does it take to get the necessary license or permissions from concerned authorities? Can I survive that long?

Do I have a plan for getting the necessary resources and skilled employees, and have I made cost considerations for the same?

What are the tentative timelines for bringing the first prototype to market or for services to be operational?

Who are my primary customers?

Who are the funding sources I may need to approach to make this big? Is my venture good enough to convince potential stakeholders?

What technical infrastructure do I need?

Once the business is established, will I have sufficient funds to get resources and take it to the next level? Will other big firms copy my model and kill my operation?

What Does It Mean to Be an Entrepreneur?

What Is the Best Definition of Entrepreneurship?

What Are the Four Types of Entrepreneurs?

What Are the Seven Characteristics of Entrepreneurs?

The Bottom Line

An entrepreneur is an individual who takes an idea or product and creates a business, a process known as entrepreneurship. Creating a business requires a lot of work and dedication, which not everyone is cut out for. Entrepreneurs are often young, highly motivated risk-takers who have a vision and often sacrifice a lot to achieve that vision.

Entrepreneurs enter the market because they love what they do, believe their product will have a positive impact, and hope to make profits from their efforts. The steps entrepreneurs take fuel the economy; they create businesses that employ people and make products and services that consumers buy today.

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Entrepreneur: What It Means to Be One and How to Get Started

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Entrepreneurs create new businesses, taking on all the risks and rewards of their company. Learn about entrepreneurship and the challenges facing entrepreneurs.

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Making Ethical Decisions and Managing a Socially Responsible Business

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Making Ethical Decisions and Managing a Socially Responsible Business

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Ahhh ethics.... it reminds me of "The Puppy who could" (Billy Madison fans will understand)

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https://www.investopedia.com/terms/b/business-ethics.asp

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Business Ethics: Definition, Principles, Why They’re Important

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Business ethics is the implementation of policies and procedures regarding topics such as fraud, bribery, discrimination, and corporate governance.

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Being from China I definitely understand the importance of global economies and the need to dive in.

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https://www.globalization-partners.com/blog/navigating-the-global-marketplace/?utm_source=Adwords&utm_medium=cpc&utm_campaign=Search_|_US_-_Dynamic_[en]&utm_term=&network=g&gclid=CjwKCAjwjYKjBhB5EiwAiFdSfsuI0OH0-C9W0EY5DcaZc09s8aSoL7ZSbx7ft062fSlafx1ygIagcxoCnXcQAvD_BwE

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Late-stage economies like the US are likely where your organization established its first foothold. However, what happens when you "outgrow" that current market positioning or seek to expand elsewhere, pushing your products and developing your market share into new economies primed for its acceptance?

Entering both earlier-stage and competitive economies across the world are moves that forever alter the course of your business. Pivot them toward success by growing fluent in how to navigate today's global marketplace, understanding global expansion's unique financial, legal, and operational risks - plus what you can do to leverage those risks into business rewards.

Table of Contents

1. What Is the Global Marketplace?

2. Benefits of Participating in the Global Marketplace

3. Global Expansion Risks

4. Trends and Tips for International Businesses Competing in the Global Marketplace

What Is the Global Marketplace?

The global marketplace is a term used to describe the exchange of goods, ideas, and services uninhibited by geographic borders.

In a global marketplace, organizations can target and access relevant customer bases regardless of their proximity. A globally engaged organization may also participate in international supply chain management, logistics, service partnerships, and similarly scaled operations - each conducted to save that organization time, money, and resources by outsourcing particular activities to and through local specialists.

A company engaging in the global marketplace may look something like this: ZYX Inc. is a headquartered in California but manages three flagship offices in Toronto, London, and Germany. To make its products, ZYX, Inc. sources raw materials and manufactured components from Germany, Mexico, China, South Korea, and Indonesia. ZYX's products themselves are fabricated in China and the United States, then shipped and distributed by multiple companies headquartered in multiple countries to retail stores across North America and Europe. Company goals align with considerable market research to reveal an expansion opportunity for its product lines in India, ushering ZYX Inc. to consider opening another regional flagship office with local employees there to spearhead a long-term Asian-market infiltration plan.

Benefits of Participating in the Global Marketplace

The global marketplace presents unprecedented opportunities for organizations wishing to define its next chapter.

1. Stability During Economic Turbulence

International businesses competing in the global marketplace are not reliant on the sole health of one country's economy. Such organizations practice keener risk management and are far more likely to weather short and long-term economic disturbances when they do strike.

Downturns or disruptors in one market are buoyed by the financial and operational lifelines in others. And while today's economies are undoubtedly more interconnected than ever, the nature of those connections and the tools and technologies underpinning them present new means for organizations to evenly distribute risks when geographically dispersed.

Cross-border capital flows are music to your company's bottom lines. The onus of the global marketplace encourages organizations to move outside the limited capacities of its domestic markets and into the scaled-up stages of worldwide customers, vendors, and even employees.

Forward-thinking managers see beyond their immediate country's consumers and vendors and into dynamic, cost-saving, and profit-generating international frontiers. For small and medium-sized businesses, the global marketplace offers means to reach customers and expand sales in ways that, even a decade ago, were inconceivable. As your market share and brand awareness grows, your business can compete with far larger entities and still provide its same high-quality deliverables.

3. Enriched Workforce

Globalization brings another benefit to today's organization: The globally remote workforce.

Over 3.9 million employees work remotely full-time in the US. What's more, nearly two-thirds of U.S.-based companies employ full and part-time employees who work outside of their offices.

The global marketplace directly correlates with improved employment opportunities for those in emerging and early stage economies. Skilled international candidates now have unprecedented passage into working for foreign-owned companies. This is a particularly beneficial development for small and medium-sized businesses, who now have access to a wider network of talent they can leverage for international growth.

4. Improved Technology

Culture and technology vary greatly depending on the country. Expanding globally gives your organization access to new technological equipment and norms - which can be funneled into strategic advantages and competitive innovations both domestically and abroad.

Harnassing tech innovations can have a direct influence on more efficient operations back in your US headquarters, particularly for those in the manufacturing and service industries. According to the Organization for Economic Cooperation and Development (OECD), the US is no longer the global leader in new process or equipment innovations in these sectors. Manufacturing and service organizations can solidify their thought leadership and leverage a competitive differentiator by sourcing technological breakthroughs from the global marketplace.

5. Expedited Access to Vital Resources

Leaner, stronger businesses tend to be ones that source necessary resources as cost-effectively as possible. Expanding your presence into the global marketplace is a leading means to secure a range of key business assets and materials, particularly ones that aren't available in your immediate area.

Many companies push for global marketplace expansion to gain profitable access to direct and indirect resources, such as:

Specialty labor

Cost-effective production and manufacturing

Raw material sourcing (metals, iron ore, lumber, agricultural products, etc.)

Technology (hardware, software, industry-relevant tech R&D, etc.)

Thought leadership and consultants

Expanded capital

6. Compete With Global Rivals in the Global Marketplace

To compete with global rivals (including ones larger than yours in terms of infrastructure, market share, capital and assets, brand awareness, and more), your organization must think globally yet act and ally locally.

It can be an intimidating and unintuitive course of action for many organizations, but especially those expanding internationally for the first time. Yet today's global marketplace-geared technologies and resources serve to connect you with subject matter experts, consultants, industry insiders, trainers, and potential employees in your new region. By establishing these localized resources, you strengthen your international expansion acumen and can execute operations just like the name-brand powerhouses.

7. Tap Into Emerging Markets Before Others

Organizations that are global marketplace-minded are more prone to recognizing international business opportunities before their domestic competitors. These same organizations tend to make routine market demographic research a strategic priority, alongside thorough data analysis reviewing the financial viability and stability of entering prospective markets. They'll also conduct their own cultural comprehension tests of that market, considering potential language barriers, government regulations, supply chain management models, potential compliance concerns, and more.

Keeping tabs on this information primes organizations to commit to emerging markets (EMs) when the opportunity arises, with the proactive knowledge and resources ready to integrate smoothly into a new country far ahead of competitors.

8. Leverage Turnkey Globalization

Expanding internationally is not a new business concept. However, today's organizations have access to tools and technologies that make the sharing of knowledge, data, goods, services, capital, and more nearly instantaneous across borders, creating new opportunities to make a commercial impact abroad.

In other words, preemptively navigating the global marketplace prepares your business for more successful globalization. Businesses have more visibility and resources ready to scale up operations internationally or expand influence abroad. These opportunities are pivotal to locating the best industry talent, accessing a wider pool of direct and indirect resources and - ultimately - increasing company profits.

Global Expansion Risks

Navigating the global marketplace inevitably comes with risks. Consider the following risk categories when your company looks to expand abroad - even just by hiring one remote employee.

1. Tax Compliance

Traditionally, companies expanding abroad were required to set up subsidiaries within their prospective countries. As part of setting up that subsidiary, an organization must register with local tax authorities, receive a tax ID number, and open domestic bank accounts in accordance with corporate records and filing requirements.

This is a long and expensive process. It's also one that still hasn't accounted for tax concerns post-hiring any international employees, which includes compliantly categorizing employee types, filing, and paying appropriate taxes on them.

2. HR Management

Hiring international employees introduces a catalog of new filings, activities, and procedures for your HR staff. These include but aren't limited to international HR concerns like:

3. Legal Complications

Remote training and onboarding

Compliant and time-sensitive payroll

Culturally informed (and in some cases, government mandated) employee benefits

Proper employee/worker classifications

Performance reviews

International terminations (the US is the only country in the world where "at-will employment" is an operating and lawful concept)

Organizations require country-specific legal counsel when engaging in the global marketplace.
While maintaining in-house legal counsel is imperative, having a network of legal subject matter experts within all new countries where you do business mitigates regulatory risks and staves off miscompliance when executing the following:

Global professional employment organizations (PEOs) provide the solution shielding against this litany of international expansion risks. Since global PEOs become the record of employer for all international employees on your payroll, your business no longer needs to go through the many-month regulatory circus that is establishing a foreign subsidiary.

Understanding local and national labor laws

Compliant bookkeeping and accounting filings

Compliant IT infrastructure and digital/electronic practices (e.g., navigating GDPR in Europe)

Overall country-specific legal counsel and expertise

What's more, global PEOs execute back-office administrative tasks for you, including compliant payroll, employee benefits, taxes, accounting, HR, and legal consulting. Global PEO Globalization Partners has been shown to reduce the costs of international expansion for our clients by as much as 94%. We've helped facilitate expansion into more than 150 countries without registering any branch offices or subsidiaries, saving businesses like your's time, money, and many headaches.

Trends and Tips for International Businesses Competing in the Global Marketplace

Over 90% of surveyed senior executives say a global employer of record (EOR) is the superior choice when expanding internationally, compared to managing an expansion's HR, finance, IT, and legal counsel entirely in-house.

Another 58% of them say they already utilize global EORs or plan to do so within the next three years. Their reason? EORs possess established infrastructure and a network of subject matter experts on-hand mitigating global go-to-market needs, including employee payroll, onboarding, benefits administration, compliant classifications, and more.

Yet partnering with a global EOR is far the only trend forecasted to support organizations entering the global marketplace.

1. Deploy Preemptive Logistics Inspections Alongside Macro Research

Before your business takes its international plunge, it must perform diligent internal and external audits taking the temperature of your readiness to enter a particular marketplace. In addition, organizations must take care to diligently inspect the actual logistics and infrastructure of the country in question - before they ramp up to sell products there.

Inspecting current infrastructure prevents logistics surprises from taking hold after you've already invested in R&D, scaled-up production, new partner vendors, fresh marketing and advertising, and local employees, to name but a few pre-market activities. Internal audits assure your business is in an appropriate place to enter the global marketplace to begin with.

Combined, the two are practical assessments of the heal of your global marketplace endeavor: You assure to remedy any pain points revealed during gap and SWOT analyses (and other undertaken internal audit methods) and that your products will actually get shipped and distributed around the new market as they're intended to.

2. Find and Use Local Reps

Organizations manage more expansion risk scenarios and execute smoother globalization strategies when they utilize country-specific employees, partners and subject matter experts - particularly when expanding in emerging markets.

Versed in the nuances of local culture as well as regulatory compliance, a network of local constituents protects your company from missteps when conducting business in other countries. It's the same principle behind partnering with a global PEO, whose own international, pre-established network of subject matter experts unburdens you from the hassles of managing foreign subsidiaries.

Hiring local employees and go-to subject matter experts through a global PEO actually allows you to do more with less, all without taking on the compliance burden of international payroll. Compliance accountability rests completely on your partner PEO's shoulders.

3. Leverage Data Analytics

Continually tracking and reviewing global marketplace data is the key to spotting trends and then acting in your business' best interests.

Internally, data provides insights allowing business' to make better operational spend and investment decisions. Externally, similar globalization data catalyzes into diligent information for businesses to incorporate into short and long-term growth strategies, adjusting to and even outpacing tracked markets themselves.

Organizations looking to harness actionable insights to navigate the global marketplace must embrace user-friendly analytics programs, technologies, and service providers, one which break big data into digestible models that point toward linear to-market plans.

4. Stay Atop Political Risks

From political elections and new foreign tariffs to unions' rights legislation and data privacy regulations, politics has a heavy hand in the health and stability of global markets. To think otherwise is to be negligent of the reality of today's globalized economy.

Organizations seeking to better navigate the world market must remain fluent in the political happenings of their target markets. Many political disruptions trigger ripple effects that can end up making significant waves domestically, with implications that can last months, or even years.

Globalization risk management plans should be an institutionalized practice at your organization before, during, after infiltrating a new market. These plans are not only a global marketplace best practice - they're a general business safeguard.

5. Outsource Technical and Administrative Activities

Remember that 58% of senior executives already using or intending to use global EORs? They're onto something.

Utilizing a global PEO with employment of records services can reduce an organization's expansion expenses by up to 94%. What could your company achieve with over 90% of globalization-dedicated budget money back in your pockets?

Global PEOs and EORs handle a vast swathe of global marketplace-related activities:

Leave the Headaches at Home When Taking Your Business Abroad

Globalization Partners is one of the industry's most renowned global PEOs offering employer of records services to small, medium, and large-sized enterprises.

We want every business to realize borders aren't boundaries. Contact us today to see which global markets are a best fit for your organization - and how you can access them.

Finding, hiring, and onboarding a geographically dispersed workforce

Managing and filing tax returns

International and remote employee payroll

Compliant accounting, bookkeeping, and reporting

Culturally informed, country-relevant employee benefits packages

International statutory and certificate compliance

Legal consulting and advisory services pertaining to foreign markets

For more information regarding navigating the challenges of global expansion, download our eBook How to Scale Globally Without Sinking here:
Download eBook

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Late-stage economies like the US are likely where your organization established its first foothold. However, what happens when you "outgrow" that current market positioning or seek to expand elsewhere, pushing your products and developing your market share into new economies primed for its acceptance?

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This chapter really go me thinking about LLC....looking up what state would be the best to incorporate in. LOL Wyoming here I come. LOL

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Entrepreneurship: Starting and Managing Your Own Business

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Entrepreneurship: Starting and Managing Your Own Business

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Really thinking about how daunting starting my own business would be.....not discouraged yet but a little nervous.

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https://www.wyomingagents.com/form-anonymous-wyoming-llc?gad=1&gclid=CjwKCAjwjYKjBhB5EiwAiFdSfsegtdPFU1N8zptSMkSUuSJS-hdDNB5U6NYsLmhxt1oOS4V1VbsJ-xoCPEsQAvD_BwE

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Form an Anonymous Wyoming LLC for just $150 total

Here in the Cowboy State, we believe in privacy, which is why so many people choose to start their businesses here. We love what our state has to offer: the freedom to run your business without risking your personal privacy. When you form your LLC in Wyoming, the names of your members and managers are not listed on the Articles of Organization. Additionally, your LLC Operating Agreement is not required to be stored in Wyoming. That is total privacy!

It gets better! Wyoming boasts the best charging order protection in the USA and has no fees on capital contributions. You can trust us to form your Wyoming LLC for the low price of $150 (including state filing fees). When you use Wyoming Registered Agent Services, we will:

Keep your information private

List our address on the Wyoming articles as the principal and mailing addresses

Accept important business mail and legal correspondences on your company's behalf

Scan business mail into your secure client portal within 24 hours

Accept service of process and notify you immediately

Include one year of our registered agent service-a $25 value

Give you two free months of Law on Call Service-after two months, you'll pay just $9 a month.

We never sell your information and protect your privacy-that's what makes your Wyoming LLC anonymous.

Let Us Handle Your Wyoming LLC Formation

If you form your Wyoming LLC yourself, you'll spend a minimum of one hundred bucks, and your personal information will be listed on the public record. For $150, you know the paperwork will be filed correctly the first time, your privacy will stay protected, and you'll get a year of our registered agent service included in the price. Why put it off? Start a Wyoming LLC today.

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The Cheapest Way To Form An Anonymous Wyoming LLC

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Here in the Cowboy State, we believe in privacy, which is why so many people choose to start their businesses here. We love what our state has to offer: the freedom to run your business without risking your personal privacy.

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https://www.corpnet.com/blog/a-guide-for-starting-a-business-in-wyoming/

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The benefits of starting a business in Wyoming have attracted entrepreneurs because there is no state income tax for individuals or corporations and filing fees to register a business in Wyoming are quite affordable.

If you've been thinking about forming a business in Wyoming, then you've come to the right place. In this article, I'll step you through many of the things business owners should know and address to get their new business up and running.

1. Fine-tune your business idea

Before spending time and money on starting a business in Wyoming, entrepreneurs should do their due diligence to ensure their business concept has the potential to succeed. Doing a feasibility study can help reach an informed "go" or "no go" decision. Also consider bouncing your idea by trusted advisors like SCORE mentors, business consultants, accountants, and attorneys who can help you identify red flags.

2. Write a business plan

With so many moving parts involved in starting a business in Wyoming, a business plan can help you stay focused on your business objectives and the strategies for achieving them. A business plan is a document that outlines goals and describes the efforts you will make to accomplish them. Some business plans need to be very in-depth and detailed while others can be rather short and sweet. The complexity depends on the nature of the business and whether the plan will be used to attract outside investors. Within a formal business plan, you can often find the following sections:

Executive Summary

Company Overview

Products and Services Descriptions

Market Analysis

Competitive Analysis

Sales and Marketing Plan

Management and Operations Description

Financial Projections

You can find business plan templates online that you can use as a starting point for creating your own.

3. Name your business

Besides choosing a business name that will work well for marketing and branding purposes, it's also important to make sure the desired name is available to use in Wyoming. To find out if any other Wyoming companies are using a name, you can use CorpNet's free Corporate Name Search tool. When registering an LLC or corporation in Wyoming, the business name becomes protected against another similar business from using the name. Registering for a state trademark can offer additional peace of mind. When forming a legal business entity, a company must comply with the entity-specific name requirements (e.g., a Limited Liability Company, must use an acceptable form of "LLC" behind it).

Sole Proprietorships and General Partnerships do not have to register their companies, but if they use a name that doesn't include the legal names of the business owners, they must file a Registration for Application of Trade Name. When forming a legal business entity, a company must comply with the entity-specific name requirements (e.g., a Limited Liability Company, must use an acceptable form of "LLC" behind it).

Keep in mind that registering a business protects a name only within the state. Therefore, entrepreneurs that have goals to expand their business or that otherwise want to make sure their business name is protected in all 50 states can benefit from doing a trademark search. Conducting a trademark search can help identify if the desired name is available throughout the U.S. Moreover, applying for a trademark on a business name, will, if granted, ensure no other similar businesses use the name in other states.

4. Choose a business entity type

Some of the business structure types in Wyoming include Sole Proprietorships, General Partnerships, Limited Liability Companies, Limited Partnerships, and For-Profit Corporations (C Corporations). Other examples of business entities in Wyoming include the Close Corporation, Nonprofit Corporation, Statutory Trust, and Registered Limited Liability Partnership.

Which entity type will work best for your business? You'll need to consider a variety of factors including the desire for personal liability protection, tax ramifications, ownership and management flexibility, and business compliance requirements. Let's take a look at a few of the business entities and their characteristics.

Sole Proprietorship

In a Sole Proprietorship, the business and its owner are considered the same entity. Therefore the assets and liabilities of the business are those of the owner, as well. While this creates simplicity operationally and from a tax perspective, it can be a disadvantage, as well. If someone sues the business or the business can't pay its bills, the owner risks losing their personal money and property.

Another potential disadvantage of a Sole Proprietorship is that if the owner dies, the business can only be transferred to the owner's heirs to be continued, restructured, or dissolved.

Sole Proprietorships have limited funding options, so investors are often hesitant to finance businesses that are not formally registered as a statutory entity.

Sole Proprietors report their business income and losses on their individual federal tax returns.

Because the business owner doesn't receive a company paycheck that withholds federal income tax and Social Security and Medicare taxes, they must submit quarterly estimated federal income tax payments, which include 15.3% in self-employment taxes (similar to FICA taxes on employees' paychecks).

In some situations, that self-employment tax burden can become lofty and prompt a sole proprietor to look at business structures that can minimize those costs.

General Partnership

A General Partnership is a non-registered business co-owned by two or more partners.

Like Sole Proprietors, General Partners and their business are the same entity for legal and tax purposes.

A General Partnership is a simple and inexpensive way to form a multi-owner business.

There are no state, federal, or local filings to formally register a partnership, and partners can make decisions with ease without the meeting formalities required of corporations.

A few potential disadvantages include personal liability risk to the business owners, limited funding possibilities, a heavy self-employment tax burden, and no continuity of the business's life if a partner leaves (unless the partnership agreement has provisions to remedy that).

Limited Liability Company (LLC)

A Limited Liability Company (LLC) provides legal and financial separation between owners (known as members) and the business. Therefore, the structure offers peace of mind to business owners who don't want to risk having their personal belongings, bank accounts, and retirement savings from being used to settle the debts or legal problems of their company.

From a tax perspective, however, the LLC and its members are viewed as a single tax-paying entity. Therefore the LLC's profits and losses get reported through its owners' federal personal tax returns.

Single-member LLCs (disregarded entities) get taxed as Sole Proprietorships, and multi-member LLCs get taxed as Partnerships.

Federal income tax flexibility is one of the attractive features of the LLC structure because an LLC (if it meets all IRS eligibility requirements) can elect to be taxed as an S Corporation or a C Corporation.

LLCs in Wyoming must submit an annual report every year on the first day of the anniversary month of their formation.

Wyoming is one of only several states to allow registration of Series LLCs, which is a variation of the LLC structure, that provides for each series to have its own membership interests, assets, and operations. In a Series LLC, each series has its own name and operates independently with its own bank account and financial records.

Limited Partnership (LP)

A Limited Partnership has general partners and limited partners.

The general partners are owners that manage the company. They have the same personal liability risks as in a General Partnership (because there's no separation between the individuals and the business).

Limited partners do not manage the company, and their role is to supply capital to the business. Their personal liability is limited to their investment in the company.

Some potential disadvantages to an LP are that it can get complicated from an accounting standpoint, limited partners have no real say in how the company is run after they make their investments, and it can become costly to form and operate.

C Corporation (Profit Corporation)

Wyoming businesses that operate as C Corporations offer the highest degree of personal liability protection for their owners (shareholders).

The C Corporation is a separate entity legally and for tax purposes.

The C Corporation reports and pays federal income tax on its profits on its own tax return.

C Corporations must appoint a board of directors to oversee the company's affairs and ensure the business is managed in tune with the interests of its shareholders and stakeholders.

C Corporations have more financing options, too. They can sell stock to raise capital, and investors generally show more interest and confidence in funding businesses registered as Profit Corporations.

The "double taxation" on C Corporations sometimes dissuades entrepreneurs from choosing this entity type. That term refers to how company profits that get distributed to shareholders as dividends are taxed twice: 1) to the corporation at the corporate tax rate; and 2) again to the individual shareholder at the applicable individual tax rate.

Corporations that the IRS's eligibility requirements can opt for S Corporation tax treatment to avoid double taxation.

Other potential disadvantages of the C Corporation structure include its higher formation costs and more extensive ongoing compliance responsibilities (such as submitting annual reports, holding shareholder and board of directors meetings, and other requirements).

S Corporation

As I discussed in the LLC and Profit Corporation overviews, an S Corporation is a tax election option rather than an entity type.

LLCs or C Corporations that qualify can file for an S Corporation election by submitting IRS Form 2553.

If a C Corporation ops for an S Corp election, the corporation gets pass-through tax treatment, whereby its profits get taxed at the shareholder level only.

If an LLC opts for an S Corporation election, it retains its underlying legal structure, so compliance requirements remain minimal. It also maintains pass-through tax treatment, but unlike with the default LLC taxation, not all business profits are subject to self-employment taxes.

Only an S Corporation's owners' wages and salaries are subject to Social Security and Medicare taxes; owner income that comes from company profit distributions is not subject to those taxes.

5. Appoint a Registered Agent in Wyoming

Businesses registered in Wyoming must designate a Registered Agent in the state. The Registered Agent must have a physical address in Wyoming and be available to accept "service of process" (official government documents, legal papers, etc.) for the business Monday through Friday from 9 a.m. to 5 p.m.

The ramifications are serious if an LLC, corporation, or other registered business entity fails to maintain a Registered Agent. According to the Wyoming Secretary of State Office, "All business entities filed in Wyoming shall have and continuously maintain in this state a registered agent to accept service of process. Failure to maintain a registered agent results in the dissolution or revocation of the business entity."

CorpNet offers Registered Agent services in Wyoming and everywhere else in the U.S., which saves businesses that may want to expand into other states the trouble of looking for a Registered Agent in each state.

6. Register your business entity

Here's a run-down of some of the initial paperwork required when starting a business in Wyoming:

Sole proprietorship - To operate as a sole proprietor in Wyoming, business owners do not have to file any organization documents. Note that a trade name (sometimes called "doing business as" or "fictitious name") filing is a must if the business will go by a name other than the owner's first and last name. Also, just like formally registered businesses, sole proprietorships must obtain the required licenses and permits to operate legally in the state and local jurisdictions.

General Partnership - The state does not require general partnerships to register their businesses formally. If using a business name that does not reflect the legal names of the business partners, the partnership must file a DBA. Also, although not required by state law, partners should consider having a written partnership agreement to document all of the responsibilities and rights of the business's partners. General Partnerships must obtain whatever licenses and permits are required for them to operate legally in the state, county, and local municipality.

Limited Partnership - Forming a Limited Partnership in Wyoming requires filing a Certificate of Limited Partnership and paying a filing fee of $100. With the Certificate of Limited Partnership form, the entity must also file a Consent to Appointment by Registered Agent form signed by its registered agent. LPs may elect to (but is not required to) submit a Notice of Entity Election form that provides the names and addresses of key individuals (such as managing partners) and a communications contact at the LP. As with a General Partnership, a partnership agreement isn't mandated by the state, but it can help ensure all partners know their responsibilities and rights.

Limited Liability Company - To form an LLC in Wyoming, Articles of Organization must be filed, along with a Consent to Appointment by Registered Agent form, which must be signed by the entity's registered agent. To file Articles of Organization in Wyoming, an LLC must pay a filing fee of $100.00. Wyoming gives LLCs the option of submitting a Notice of Entity Election form that provides the names and addresses of key individuals (such as LLC managers) and a communications contact at the LLC; it is not a requirement, though. LLC members should consider creating an operating agreement. The state doesn't mandate an operating agreement, but it serves a critical role in defining how the LLC should be run and describing the responsibilities of LLC members (and managers).

C Corporation - For a business to incorporate in Wyoming, the state requires filing Articles of Incorporation, along with a Consent to Appointment by Registered Agent form, and paying a filing fee of $100. Profit Corporations in Wyoming must also appoint a Board of Directors and adopt bylaws. Wyoming corporations have the option of submitting a Notice of Entity Election form that provides the names and addresses of key individuals (such as members of the board of directors) and a communications contact at the corporation.

7. Obtain an Employer Identification Number

Any business that hires employees must get an Employer Identification Number (EIN), which is a 9-digit ID number from the IRS. This is also referred to as a Federal Tax ID Number. Often, a bank will require that a company have an EIN before the institution will open a business bank account. Other official paperwork may ask for a business's EIN, as well. The IRS issues EINs for free, and CorpNet can help companies by completing and submitting the application (Form SS-4) for them. Note that the IRS recently announced that it has revised its EIN application process to enhance security.

8. Open a business bank account

Keeping a business entity's financial accounts and records separate from those of the business owners is imperative for accurate bookkeeping and legal reasons. Setting up bank accounts, credit card accounts, etc. exclusively for company use helps ensure that separation exists. If an LLC, LP, corporation, or other registered company commingles personal and business expenses and income, the owners jeopardize their personal liability protection, and other penalties could occur, as well.

9. Understand Wyoming's business taxes

While Wyoming does not levy income taxes at the time of this writing, proposed state legislation exists that might change that for large corporations and individuals and some companies with income over $200,000. Other taxes that businesses avoid in Wyoming include gross receipts tax and inventory tax. What taxes and fees do businesses need to remit in Wyoming?
Below is a list of several that may apply:

Annual License Tax - When an LLC, LP, or corporation submits its annual report, it must also pay an annual license tax on the business assets of registered entities in the state. The amount that a business pays depends on the value of those assets.

State Sales Tax - Wyoming's state sales tax rate is 4%.

County General Purpose Tax - This tax is levied for general funding in most counties within Wyoming. It can range between .5% and 2%.

County Specific Purpose Tax - This tax is levied in certain counties to fund specific county government projects. It can range from .5% to 2%.

County Economic Development Tax - Currently, this tax (in increments of .25%, not to exceed a total of 1%) is only levied in Goshen County (at the time of this writing). It is collected to provide for economic development within the county.

Unemployment Insurance Tax - Businesses with employees pay this tax, which funds a state account that compensates eligible workers for a portion of wages lost if they lose their jobs due to no fault of their own.

Workers' Compensation Insurance - All businesses with employees must pay this tax to provide benefits to workers who become injured or ill on the job.

Employer Income Withholding Taxes - Businesses with employees must register with the Wyoming Department of Revenue to withhold federal, state, and local income tax and Social Security and Medicare taxes from their workers' wages and salaries.

Lodging Tax - This tax is applied by most local governments in Wyoming to fund local travel and tourism promotion. Hotels, motels, and other lodging businesses are required to pay the tax when renting out rooms or property. It is applied in 1% increments, with a maximum possible tax of 4%.

The Wyoming Department of Revenue can advise business owners on which taxes they must pay and how to go about paying them. An accountant or tax advisor is also a helpful resource for identifying tax obligations.

10. Obtain business licenses and permits

Depending on their industry, businesses may need to have licenses, permits, or other authorizations from the federal, state or local governments.

The Wyoming Business Council has created a comprehensive guide to business permitting and licensing. It's a helpful resource to help you understand the various requirements that might apply to your business.

You can also turn to CorpNet to help you identify and apply for the necessary business licenses and permits required in the area where you will operate your business.

11. Research what other business essentials

For example, businesses physically located in Wyoming must comply with the local municipality's zoning regulations.

You'll also want to look into what types of insurance you might either be required or want to have to protect your business in the event of unforeseen and unfortunate circumstances.

Another consideration is funding needs for your business. Will you need to apply for loans, seek investors, or get additional money in some other way to launch your business?

And remember, there are many human resource-related responsibilities to tackle and regulations to follow if your business will hire employees. You can learn more about registering for payroll taxes in Wyoming to help get you started with your new staff.

12. Stay in compliance

To stay in good standing and to operate legally in the state of Wyoming, businesses must stay up to date on their report and tax filing requirements. Business owners should ask their attorneys and tax professionals if they are unsure of the obligations they need to fulfill to maintain corporate compliance. One convenient way to keep track of future filings by using CorpNet's Compliance Portal. The free online portal makes it easy to track deadlines for license renewals, annual reports, and more.

13. Keep a resource list handy

When starting and running a business, you don't have to go it alone. Keep a list nearby of resources you can reach out to for information and insight along the way. A few that I believe you'll find helpful include:

Last but not least, CorpNet is here to help you with all of your business registration and compliance filings after you've consulted with legal and accounting experts to determine what you need to do. We'll save you time and legal costs while ensuring your filings are done accurately and on time.

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A Step By Step Guide for Starting a Business in Wyoming

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The benefits of starting a business in Wyoming have attracted entrepreneurs because there is no state income tax for individuals or corporations and filing fees to register a business in Wyoming are quite affordable. If you've been thinking about forming a business in Wyoming, then you've come to the right place.

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Management and Leadership in Today’s Organizations

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Management and Leadership in Today’s Organizations

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Sooooo many roles a manager/owner has to play....getting tired just thinking about it.

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https://www.thebalancemoney.com/what-is-a-manager-2276096

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Managers shape the culture of their teams and workplaces in countless ways. They have to play both an administrative and leadership role. And they require a diverse set of skills to be successful. But what exactly does a manager do? These are the fundamental requirements of the manager's job and why these skills are critical for success in today's organizations. Management continues to be a viable career option.

The Manager's Role Inside the Organization

Organizations are hierarchies of titles. The organizational chart or the structure of the company and the relationships of the jobs and responsibilities, from the top down, may include CEO, vice president, director, then manager. Each of these people performs separate and critical functions, enabling the organization to function, meet its obligations, and turn a profit.

The higher you climb in the organization's ranks, the further away you move from the day-to-day operations and work of the firm's employees. While the CEO and vice presidents focus more of their efforts on issues of strategy, investment, and overall coordination, managers are directly involved with the individuals serving customers, producing and selling the firm's goods or services, and providing internal support to other groups.

Note

The Work of the Manager

Have you ever witnessed the "plate spinner" at the circus? This performer places a breakable dinner plate on a stick and starts it spinning. The entertainer repeats this task a dozen or more times, then runs around striving to keep all of the plates spinning without letting any crash to the floor.

On many occasions, the role of a manager feels a great deal like this plate spinner. The manager's functions are many and varied, including:

Hiring and staffing

Training new employees

Coaching and developing existing employees

Dealing with performance problems and terminations

Supporting problem resolution and decision-making

Conducting timely performance evaluations

Translating corporate goals into functional and individual goals

Monitoring performance and initiating action to strengthen results

Monitoring and controlling expenses and budgets

Tracking and reporting scorecard results to senior management

Planning and goal-setting for future periods

The daily work of the manager is filled with one-on-one or group interactions focused on operations. Many managers use early mornings or later evenings to complete their reports, catch up on email, and update their task lists. There is never a dull moment, much less time for quiet contemplation, in the lives of most managers.

Types of Managers

Managers are most often responsible for a particular function or department within the organization. From accounting to marketing, to sales, customer support, engineering, quality, and all other groups, a manager either directly leads his or her team or leads a group of supervisors who oversee the teams of employees.

Note

Span of Control

The phrase "span of control" relates to the number of individuals who report directly to any particular manager. Various trends have existed over the years, but the current approach to creating a proper span of control in an organization involves an analysis of what the organization and its employees need.

When you think about the span of control, a small number of direct reports creates a narrow span of control and a hierarchical structure in which decision making frequently resides at the top of the organization. Narrow spans of control are more expensive, but they allow managers to have more time to interact with direct reports. They also tend to encourage professional growth and employee advancement because the manager knows the employees well and has time to spend with them individually.

According to the Society for Human Resource Management: "In contrast, a wide span of control refers to a larger number of direct reports supervised by one manager, creating a "flat" organization. This approach increases the number of interactions between the manager and his or her direct reports, which could cause managers to become overwhelmed but can also provide more autonomy."﻿﻿

Note

Authority of the Manager

A manager may have the power to hire, fire, discipline, or promote employees especially in smaller organizations with the assistance of the Human Resources staff. In larger companies, a manager may only recommend such action to the next level of management. The manager has the authority to change the work assignments of team members in both large and small organizations.

Essential Skills of the Manager

Managers need to develop and hone the following skills:

Leadership:

A manager has to be able to set priorities and motivate your team members. This involves self-awareness, self-management, social awareness, and relationship management. The manager needs to radiate energy, empathy, and trust. And, remember that effective leaders work daily to develop team members through positive, constructive feedback and coaching.

Communication:

The manager must become a student of effective communication in all of its applications, including one-on-one, small groups, large groups, email, remote working, and social media. Good managers realize that the most important aspect of communicating is listening.

Collaboration:

The manager serves as a role model for working together. You support cross-functional efforts and model collaborative behaviors to set the example for your team members.

Critical Thinking:

The manager strives to understand where and how your projects fit into the bigger picture to enhance your effectiveness. The manager reviews priorities in light of larger organizational goals. He or she translates this understanding into meaningful goals and objectives for their team members who need to understand where their work fits in the big picture.

A manager needs to learn the language of numbers. Managers must strive to understand how company funds are invested and to ensure that these investments earn a good return for the firm. While you don't need to be an accountant to be a manager, it is imperative that you learn and apply the basics of solid financial understanding. For example, how many employees can produce the most quality product for the least cost?

Project Management:

Nearly every initiative in an organization turns into a project. And, projects can become complex and unwieldy. Today's managers understand and leverage formal project management practices to ensure timely completion and proper control of initiatives.

A Career in Management

The work of management is divided into the activities around planning, leading, organizing, and controlling, and the job of a manager encompasses all of these areas. Anyone aspiring to move into management as a career should develop and display strong technical and functional skills. Become an expert in your discipline, and have a strong affinity for interacting with, supporting, and guiding others.

The Bottom Line

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Take a Look at the Role and Responsibilities of Today's Manager

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Managers shape the culture of their teams and workplaces in countless ways. They have to play both an administrative and leadership role. And they require a diverse set of skills to be successful. But what exactly does a manager do? These are the fundamental requirements of the manager's job and why these skills are critical for success in today's organizations.

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Managing Human Resources and Labor Relations

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Managing Human Resources and Labor Relations

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Remember, if your company grows....getting the right personnel in the right spot at the right time is critical (firing someone is difficult)

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https://www.bambee.com/termination/?utm_source=google&utm_medium=sem-nb&utm_campaign=termination&utm_content=cmp-16527483061%7Cadg-131242106621%7Ccr-586988510822%7Cdev-c%7Ctarget-kwd-305957147475&utm_term=how%20to%20dismiss%20an%20employee&gclid=CjwKCAjwjYKjBhB5EiwAiFdSfnwFFiuoC9XXOtsUohmNSMZqMvBmJwMqtDEo-tHrDmSn4VZm8xwUWBoCWDAQAvD_BwE

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Bambee is the HR Manager solution for America's small businesses

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Bambee is the leading outsourced HR solution for small to large businesses

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Bambee is the leading outsourced HR solution for small to large businesses. You get a full range of services including payroll, benefits, and compliance.

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Achieving World Class Operations Management

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Achieving World Class Operations Management

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Learning about supply chain operations makes me glad that I am leaning towards a service industry business vice manufacturing.

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https://www.forbes.com/sites/theyec/2019/07/02/building-a-world-class-company-in-a-small-town/?sh=1845a5c638c5

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My company turned five years old recently, so I've been retrospecting on some of the big decisions we've made along the way. We've come a long way since launching the company in my spare bedroom, and myself being the only employee. Today, over one thousand companies around the world use our software to analyze and propose the economics of solar and energy storage projects, including many of the most sophisticated energy companies in the world.

We're very proud of the fact that in five short years we've grown our market share to a leadership position and built a leading brand name within the industry, and we've been able to accomplish this by doing some things unconventionally.
Be a big fish in a small pond.
Our company is headquartered in Stuart, FL, which is a small beach town about 100 miles north of Miami. Most of our competitors are based in big tech hotbeds, such as Silicon Valley and Boston. There are some advantages to setting up shop in a small town. Salaries and cost of living are more affordable, which has enabled us to grow our team and scale up our business without taking on any outside capital. Office space is also significantly cheaper - our Florida office is located on the waterfront with floor-to-ceiling views of the Florida intercostal, a space that would easily cost ten times more in San Francisco.

Another benefit of being a big fish in a small pond is that we're looked upon as one of the coolest software/technology companies in town, which is great for recruiting. When we exhibit at local college job fairs, our booth always gets buzz. We've had success hiring young, passionate fresh blood out of college, training them up and giving them responsibility quickly.

There are plenty of benefits to building your business in a small town, but before you make the leap, there are a few things to consider. As a company, you need to make sure that your business can actually thrive and grow in a small town. Can you continue to maintain the customer base you have now, and gain new customers? Will you be able to find the right team for what you're trying to accomplish? While our business model supports us scaling and our success from a small town, not every company can say the same. It's important to ask yourself these questions before you make the move.
Scale up remotely.
As we've grown our business, it made strategic sense for us to staff up in a few different office locations. Our sales and support team is based in another relatively small town: Murrells Inlet, SC. We also have a small satellite office in Los Angeles and we recently opened our fourth office location in Honolulu to better support Australia and the Asia Pacific region where we expect to grow aggressively in the coming years.

As we scale up our team in a more distributed manner, we've attempted to instill many of the same cultural norms of our HQ, like being scrappy and resourceful. From the beginning, we've always been an extremely hard-working team. At conferences, when teams get together from around the country, we are always the first ones on the floor and the last ones to leave for the day. It makes it worth our time and money, and we all enjoy the chance to get together as a team to grow our business. Our "scrappy" mentality means going out of our way for clients, meeting them for coffee, scheduling extra meetings to make sure they're satisfied and staying late to cater to customers in different time zones.

We've certainly encountered new challenges with scaling up a distributed team that spans a six-hour time zone difference. If you're scaling up remotely, I recommend using the latest suite of productivity and communications tools to your advantage. We are a Microsoft shop, so we're always leveraging the latest tools available through Office 365. For intra-company communication, we regularly use Microsoft Teams, OneDrive, Dynamics and SharePoint, to name a few.

Video conferencing facilitates a more personal connection and keeps team members in different offices feeling more connected. Leverage video calling on a regular basis; our team is known to pull up screen-share sessions on the fly. Use industry conferences and trade shows as an opportunity to get your teams together in person that are based in different offices. There's no better bonding opportunity than working all day together at a conference booth, then getting dinner together at the end of the day and all staying under one roof at an Airbnb.

To keep your teams connected, I recommend getting people from different offices together at least once a quarter. We do at least four conferences a year, bringing different team members along each time so everyone has a chance to meet. If you have remote employees who are closer to headquarters, consider bringing them in once every month or two to work alongside everyone else.

Always be thinking about new ways to make your employees feel happier and more engaged. Our office manager recently started using a software tool called Officevibe to solicit anonymous feedback from our team. It has given us good insight into areas where our team feels like we have room for improvement.

As business leaders, we need to keep evolving to make sure that our teams feel engaged and connected. Whatever the future holds for my organization, I fully expect the next five years to fly by like the last five.

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Council Post: Building A World-Class Company In A Small Town

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My company turned five years old recently, so I've been retrospecting on some of the big decisions we've made along the way. We've come a long way since launching the company in my spare bedroom, and myself being the only employee.

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Creating Products and Pricing Strategies to Meet Customers’ Needs

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Creating Products and Pricing Strategies to Meet Customers’ Needs

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My product....will be accounting services...everyone needs that :)

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https://www.sniffie.io/blog/five-good-pricing-strategy-examples/?utm_term=&utm_campaign=Retargeting&utm_source=adwords&utm_medium=ppc&hsa_acc=3157754191&hsa_cam=18029324544&hsa_grp=&hsa_ad=&hsa_src=x&hsa_tgt=&hsa_kw=&hsa_mt=&hsa_net=adwords&hsa_ver=3&gclid=CjwKCAjwjYKjBhB5EiwAiFdSfitOIPJTzR-Qi2buIQY5xslYR8M9rA1LPvfORqGb2HztYzCqnUL2LhoCIzwQAvD_BwE

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Five examples of valuable pricing strategies

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Examples of pricing strategies that work. Learn how to build a profitable pricing strategy and get the tools to build a pricing strategy.

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Distributing and Promoting Products and Services

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Distributing and Promoting Products and Services

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The best thing about this module was the reinforcement of my thought that I might be able to offer my accounting services online and  not need to go into the office (work from anywhere I have wi-fi service).

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https://www.forbes.com/sites/trevorclawson/2019/07/28/online-shopping-is-killing-physical-stores-can-a-digital-platform-come-to-the-rescue/?sh=22cc4a2d7472

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From the smallest villages to major urban centers and big out-of-town shopping malls, the story is pretty much the same. Beset by a perfect storm of high rents, rising local businesses taxes and online competition, retailers are cutting their losses and pulling down the shutters for the final time. Over the last couple of years, we've seen major chains either go the wall or cut costs by paring back their operations. As a result, many of Britain's shopping streets are beginning to look decidedly threadbare.

There is no single reason, but the rise and rise of online shopping is thought to be a major factor in the decline of the "high street." But if e-commerce is putting pressure on retailers, perhaps another strand of digital technology can come to their rescue. That's the proposition tabled by NearSt , a U.K. startup that has partnered with Google to provide local retailers with a means to attract shoppers who might otherwise buy online.
The Scale Of The Problem
Take a walk down just about any British shopping street and you'll see empty shops or signs advertising closing down sales. And according to statistics published earlier this year by the Local Data Company , the number of shops lying empty rose by 7,500 in 2018. More than 43,000 shops, pubs and restaurants opened in that year but this was offset by 50,828 closures, feeding through to a net closure rate of 37%. More worryingly perhaps, the rate of new shops opening their doors slowed slightly.

Against that backdrop, NearSt has set itself the task of nudging customers back to their local shops, while making a profit in the process.

According to a report based on research pulled together by NearSt, consumers - in theory at least - still like the experience of going to a shop. In a study entitled High Street Futures, the company cites a TimeTrade survey suggesting that 75% of consumers would prefer to go to a physical store to make a purchase, assuming the item is available both offline and online.

This raises the question of why so many of us shop online. Well, the premise behind Near St is that purchasing a product from an e-commerce website provides a degree of certainty. You can search for the desired item in seconds and once it's been located, it's a simple matter to see whether it's in stock and what the delivery time is going to be. The alternative is to pop down to your local store. That involves wearing out a certain amount of shoe leather and once you've done that, there is no guarantee that the shop will have the product you want.

So, NearSt sets out to provide a means of checking if an item is available locally in a physical store before you leave the house. And according to the company, the convenience of this real-time stock checking technology has the potential to drive £9 billion in sales back to the High Street. It's a big claim.
Buy The Book
NearSt was founded by Nick Brackenbury, Max Kreijn - both alumni of the Ogilvy advertising group - and Thomas Schoffelen in 2015. Its initial focus was signing up booksellers.

"We decided we had to start on one vertical says Kreijn. We opted for bookstores - in part because of the Amazon angle."

The key to getting the project to work was to persuade bookstore owners - and initially, the focus was on independents - to sign up to the platform, which would take data from their inventory systems. That was challenging because of the range of inventory systems in use, but happily, only "rudimentary" data was required. Today, the NearSt system is registering about half a billion stock updates a month. The company cites this as evidence that its data will be up-to-date and accurate.

As Brackenbury explains, once the data is loaded "the system provides a single view of retailers." That, in turn, allows shoppers to search for a product, establish whether it is sold by a local shop and at what price, and whether it is available. Since launching the business has expanded out of its initial London-area base and includes a much broader range of retail products. As things stand, the company collates inventory information across nine additional sectors, including health and beauty, DIY, cycling, mother and baby products, and electronics.

In terms of its own business model, the company offers marketing services, including ads targeted around inventory searches starting at between £3 and £5 a day. A partnership with Google - integrating NearSt with search - began last November and has given the business greater reach and the potential to scale up its revenues.

But can it make a contribution to reversing the decline of Britain's shopping streets? Well, the relationship between physical and online retail is complex. Most big chains and quite a few independents sell online and a drop in footfall is often compensated for by an increase in internet sales. That said, the internet giants - Amazon being the one that is most often cited - are undoubtedly taking sales away from conventional retailers, not least because ordering online is easy, there are discounts available and you can usually get what you want. NearSt certainly addresses that last factor by allowing consumers to find out what is available locally. It can also provide retailers with data and tools to hone their marketing.

And it has had some success. The company says that In the first six months of this year it has reached 4 million people and got 13,000 of them into shops. In the great scheme of things, those aren't huge numbers, but it's a good start.

The high street is still changing. If pundits are to be believed, consumers now want a shopping environment that will provide "experience" rather than simply an opportunity to buy stuff. What that means in practice is open to debate, but you could break in down in terms of entertainment, social opportunities and a better experience within retail outlets in terms of the environment and service. And this provides a ray of light for independent retailers, who are often better at providing a bespoke experience. Real-time visibility of their stock levels may well give them a helping hand.

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Online Shopping Is Killing Physical Stores - Can A Digital Platform Come To The Rescue?

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From the smallest villages to major urban centers and big out-of-town shopping malls, the story is pretty much the same. Beset by a perfect storm of high rents, rising local businesses taxes and online competition, retailers are cutting their losses and pulling down the shutters for the final time.

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Using Financial Information and Accounting

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Using Financial Information and Accounting

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Financial statements at this point are a little intimidating and at the same time interesting. I am certainly learning more and more at my current job. Ties easily into bookkeeping

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https://learn.marsdd.com/article/bookkeeping-basics-startups-manage-financial-records/

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Bookkeeping is the recording of all financial transactions, including financial records of purchases, sales, receipts and payments, as well as accruals for payables or receivables. The goal of bookkeeping is to record all of the company's financial transactions in a detailed way that provides useful information without being overwhelming.

Bookkeeping also involves storing and retrieving the records of the company's financial transactions. It requires knowledge of debits and credits and a basic understanding of the financial statements. Bookkeeping can be done manually using spreadsheets, but, increasingly, bookkeeping software is used.

In bookkeeping, it is important to consider who will be using the records. Senior managers will have significantly different needs for analyzing the company's performance, compared to the accountant who prepares and files the financial statements or various tax returns and government remittances. Also, if an auditor is to use the records, they may need to be able to track the details of transactions in their testing.

Bookkeeping basics for startups: Four key steps

For small businesses, there are four main steps in the bookkeeping process:

1. Gather the source documents, including cheque records, deposit records, bank statements, bills from vendors, receipts for purchases and invoices issued to customers

2. Enter the information from the source documents into journals and accounts

3. Perform end-of-period procedures: balance accounts and perform reconciliations

4. Close the books for that period

Financial records: Key bookkeeping accounts

The most common bookkeeping accounts used by small businesses include:

1. Cash (regularly a debit balance): Most business transactions will go through your cash account. The transactions can be divided between cash receipts (debit to cash) and cash disbursement (credit to cash). At the end of each month, you should reconcile the bank account for any outstanding transactions or errors (for example, when you write a cheque, it should be recorded in your accounting records. However, it may not clear the bank on the same day and if it is still outstanding at the end of the month, it should be listed as an outstanding cheque). The total reconciling items should account for the difference between the dollar amount on the bank statement and the dollar amount in the accounting records.

2. Accounts receivable (a debit balance): This is money due from your customers, mainly for products and services sold for which the company has yet to receive payment. A sub-ledger shows the details of each account and all of the sub-ledgers should be reconciled to the total accounts receivable listing to ensure they balance. (This may be done automatically by some bookkeeping software.)

3. Inventory (a debit balance): This may be the ready-to-sell, work-in-progress or raw-goods inventory. Physical counts of inventory should take place periodically to make sure that the accounting records agree with the actual inventory on hand. Tracking and allocating portions of inventory can be very complex. Variances between actual and accounting inventory can result from inaccurate tracking of raw inventory used and finished goods sold, or can be the result of theft.

4. Accounts payable (a credit balance): Similar to accounts receivable, your payables usually represent money owed by the business to its suppliers. It can also include amounts payable to its employees or to the Canada Revenue Agency for taxes, including GST/HST or payroll deductions. Again, it is important to reconcile the accounts and ensure that what is recorded here is for current and ongoing obligations.

5. Loans payable (a credit balance): These are amounts that have been loaned to the company. Often in small companies, these will be from shareholders or friends and family. It is important to be aware of any interest that is to be charged on these loans, even if the company is not currently paying it.

6. Sales (a credit balance): Income earned by a company for selling its products or services.

7. Expense accounts (debit balances): These accounts record all of the expenses incurred by the business. Expenses should be divided into general types such as office expenses, rent, insurance and cost of goods sold, which is a calculation based on inventory purchased and used in the period. Expenses can be further divided into groupings for each project or function (e.g., "rent: manufacturing division" or "supplies: Project A").

8. Payroll expenses: For many companies this is one of the biggest expenses. These accounts include salary paid to the employees, vacation paid, employee benefits and the company's portion of Canada Pension Plan (CPP) and Employment Insurance (EI) contributions.

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Bookkeeping basics for startups | Recording financial transactions

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Bookkeeping is the recording of all financial transactions, including financial records of purchases, sales, receipts and payments, as well as accruals for payables or receivables. The goal of bookkeeping is to record all of the company's financial transactions in a detailed way that provides useful information without being overwhelming.

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Time to start doing (while continuing to learn)

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https://brownsprofessional.edu.au/blog/7-reasons-start-business-career/

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When choosing a career path, you should carefully consider all aspects of what that career can offer you over the coarse of a lifetime. Keep in mind as you do so that what may appeal to you now may not appeal to you as much a decade or more from now. If you have not yet considered pursuing business studies, here are seven good reasons for starting a business career that you may not have considered before.
1. It Is a Practical Choice
Business majors have more job security than other majors because they are needed in virtually all industries. Whether it's Disney, Microsoft, or a large meat packing plant, all industries need people with business acumen to function and prosper. This will always keep the demand for business majors relatively high, even in poor economic times.
2. You Are Not Tied To One Specific Region Of the World
A business career will give you more flexibility in what geographic location(s) you choose. This is particularly important if you have a spouse who may end up with only one or a few options for their job location.
3. The Opportunity For Specialization Is High
If you enter into a business studies program , you will have plenty of opportunity to specialize. For example, you could specialize in management, marketing, human resources, accounting, or business finance. You could also choose to specialize in a specific industry such as the fashion industry or in the humanitarian non-profit sector.
4. It Is Easier To Switch To a Different Job Mid-Career
To keep things interesting, many people find that at some point in their career, they yearn for a complete change. If you have a business career, this is much easier to do than with many other professional careers such as nursing, engineering, and radiology. This is because business skills transfer more easily between industries than the professional skills you would acquire in other professions.
5. Business Careers Offer More Opportunities For Advancement
In general, business careers offer more opportunity for career advancement than other careers. With advancement comes salary increases, professional respect, an opportunity to challenge yourself, and many other perks as well.
6. You May Have the Opportunity To Retire Relatively Young
It is not uncommon for businesspersons to retire in their fifties or even late forties. This is because people in business tend to have excellent salaries that allow for putting away a good nest egg. They also tend to have excellent benefit packages and other business perks that make saving money and retiring early much easier.
7. Business Studies Makes It Easier To Start Your Own Business
Many talented people who start their own business fail simply because they do not know enough about the business side of their industry. For example, an interior designer may be extraordinarily talented in design but may not fully understand the most basic principles of accounting, marketing, and managing employees. This is why it may be a good idea to combine business studies with another major.

If you are still uncertain about whether or not business studies would suit you best, consider talking with a career counsellor. Here at BROWNS Professional he are happy to provide all the information and the support you might need. Alternately, recently retired individuals can be an excellent resource on helping you make career decisions. Good luck in whatever you decide!

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7 Reasons Why You Should Start a Business Career

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When choosing a career path, you should carefully consider all aspects of what that career can offer you over the coarse of a lifetime. Keep in mind as you do so that what may appeal to you now may not appeal to you as much a decade or more from now.