GOVT 350 Getting Started Exercise

The United States of America is a very entrepreneurial nation. When surveyed, most Americans have either owned their own business in the past, owned their own business now, or would like to start their own business in the future. This assignment will give you a chance to exercise a little of that entrepreneurial spirit.

Think about a type of business that you would like to start (have started, or operate right now). Then,  answer the following questions about your business.

1. What will be the name of the business that you will form?
2. Is that name available?  To answer this question, you should: (a) conduct an Internet search to make sure no one else is using the name and (b) contact (by telephone or via the name availability search feature on its website) the Secretary of State's office in your jurisdiction to see if your proposed name is available.
3. Will your business use other names in addition to the one indicated in your answer to question 1?  If so, please list those names and check to verify that they are available.
4. Briefly describe your business.  What products will you sell or services will you offer?  What industry will your business compete in?  Will you manufacture anything?
5. Will your business be purchasing items from vendors?  Will you sell these items or use them in your business?
6. Other than yourself, haw many other persons (entities or individuals), if any, will have an ownership interest in your business?  What percentage will each person own?
7. Who will conduct the day-to-day operations of your business?
8. How much time per week will you and/or the other owners, if any, be able to commit to your business?
9. What type of start-up expenses do you think you will incur in starting your business?  Where will the money come from to cover these initial expenses and provide for initial working capital?  (For example, your own savings or funds, bank loans, loans or investments from family and/or friends, other owners/investors, etc.)
10. In which states will your business operate?
11. Will your business have any employees?  Will your business utilize independent contractors?
12. Are there any other details or information that you would like to share about your business?