June 2007 Summary
Mr. Matt Thie spoke on the subject of starting a business from an idea. Sometimes a business begins quite informally, with few rules. But as it develops, various points to consider arise. Such as: Where will the money come from? He who has the gold often makes the rules. Will the usual business functions be covered? Accounting, purchasing, material control, engineering, sales, supervision, inspection, manufacturing, regulatory compliance, insurance, shipping, etc. What legal form will the business have? Sole proprietor, partner, corporation? Read up on the various forms and talk to a lawyer. Will the group work well together? Does your proposed business have a real chance at success, or is your idea likely to be made obsolete by competitors who simply patent and market a better product than yours? Is your business legal, or does it inadvertently infringe another's patent?