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?