The first business decision entrepreneurs typically make is what kind of business type to set up. This decision involves choosing the legal structure of the business (e.g., sole proprietorship, partnership, corporation, LLC) and is foundational, as it affects taxes, liability, and regulatory obligations. Once this decision is made, entrepreneurs can then move on to other considerations like staffing, expenses, and target markets.
What is the first business decision entrepreneurs typically make?
what kind of staff to hire
what kind of fixed expenses to trim
what kind of business type to set up
what kind of customer is their target market
1 answer