An idea of starting a Business by members of a large WhatsApp group In a social group, there are various kind of people from socialist to capitalist; from retiree to active businessman, from talker to performers, etc.
First, the members need to decide:
First, the members need to decide:
- what kind of business entity they want; biz that make profit or non-profit entity* their purpose & vision for the business
- what they consider as successful businessThe advantage of the groups are:· the members already have some social bond between them to start with (but note that the biz bonding yet to be proven)· they could easily raise some funds to operate a reasonable size business· they also have some marketing network to start withThe success of the business depends on· members having a consensus on the goals & aspirations· letting the biz to focus on their objectives for success disallow any sort of politics or personal agenda· ensure to establish proper corporate governance
- members to have the independent external audit
- should maintain periodic and timely management reporting
Notes: Members can have both profit & non-profit entities, but should operate independently; not to combine because the investors' agendas and their expectations differs between them.
Question & Answer:
Q: What is business
A: Biz refers to entities that engage in commercial, industrial, or professional activities to organize economic production of goods or services.Ques:
Q: What are the various types of Business entity.
A: It range from to sole proprietorships, partnerships, corporations, to limited liability companies (LLC)
Links
http://www.feedough.com/what-is-business-definition-concept-types/ * www.investopedia.com/terms/b/business.asp#:~:text=The%20term%20business%20refers%20to,production%20of%20goods%20or%20services