HE’S NOT A CYBER ENTREPRENEUR
THE ENTREPRENEUR WORLD
If you want it to be meaningful, you better write it down. Yesterday morning about this time, I found myself reviewing my notes for my meeting with 2 attorneys. As I looked at my notes, I realized it was not something I could convey because it was still 90% in my head instead of on paper. I proceeded to diagram everything that was in my head. Now, all I had to add was the dialog.
The lines often get blurred when you are using one business to start another. Where does one line end and the next begin. To answer this more clearly, I sat down for well over an hour with 2 attorneys and my outline in hand. How do you define your business and fit it into the parameters of the entity structures that are available?
We discussed: TRUSTS, C-CORPORATIONS, S-CORPORATIONS, LLC’S, LLP’S, FAMILY FOUNDATIONS, CHARITABLE REMAINDER TRUSTS, (WYOMING) LLC’S, ASSET PROTECTION TRUSTS
You have to know what your business is, what it will be doing and how it fits into the “entity structuring” protocol. If you intend to run multiple businesses, you have to know what you are doing with each business and how you can share some of the expenses. (ex: some companies run separate business ventures but may contract accounting services with a shared arrangement.)
FROM CYBERSPACE TO “TRADITIONAL”
Most of the time, we are trying to get from “offline” to building “online” businesses. However, once you successfully build that online business, where do you go from there?
A suggestion years ago (from HENRY JAMES BANAYAT OF COMPUMATRIX) was that I use funds from our online venture to fund other businesses. During this conservation, we were talking about a couple of rentals I have. He commented: you might want to let COMPUMATRIX fund an entire community someday!
I was talking to a friend one time about my online business. In his own right, he is every bit an entrepreneur. However, HE’S NOT A CYBER ENTREPRENEUR. I know in the end, it will take some convincing to get his mind wrap around the possibilities. I also know that I can rely on his “offline” skills to assist my future ventures.
I finally found my niche as a manager. They say in order to succeed, you have to fail. Failure is a great learning tool. After last year’s attempt to manage a construction business, I intend to learn from that FAILURE!
This morning, I was on the phone with a Payroll Services representative from my bank. I explained that I intend to start up a business (family business) and I will have 4 employees initially. All other work will be contracted with companies that specialize in the particular area.
You might say COMPUMATRIX gave me an opportunity to go from TRADITIONAL TO CYBER AND BACK TO TRADITIONAL.