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Could We Create a Business Together?

    • 5 posts
    November 2, 2006 6:06 AM EST

    Having jumped into the forum quite late and going back and reading the entire thread - I would only wish to have such great talent and wisdom available to any business venture that is decided upon.

    What great ideas - I can certainly see this as an opportunity for many potential businesses.

    I am going to stay with this.

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    Providing the Methods of Protecting Every Modern Family's Legacy from Loss

    • 3 posts
    July 19, 2008 1:58 PM EDT
    How is this 2007 group effort developing ........Could We Create a Business Together?
    Or has it lost its wings? 
    Sounded like a challenge, but an interesting one!

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    BootStrappingAgain

    • 3 posts
    July 19, 2008 2:01 PM EDT
    How is this 2007 group effort developing ........Could We Create a Business Together?
    Or has it lost its wings? 
    Sounded like a challenge, but an interesting one!
    BootStrappin7/22/2008 3:59 PM

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    BootStrappingAgain

    • 3 posts
    March 3, 2007 12:14 PM EST

    SUN Community...

    Do any of you think it could be possible for us as a community to identify a business idea; find people within the community interested in developing and executing on the business idea; create a business plan together; and launch and run the business? If it`s possible, those that participate could be the owners of the company. It`s a wild thought, but how cool would it be to use the power of our community to go beyond just sharing ideas and expertise. We could actually put our collective capabilities to work, build businesses together, create success together, and share the rewards together...

    What do you think????

    Jeff

    Jeff,

    Great idea however probably more possible if the internet can eventually overcome the uncertainties and hurdles of developing sound relationships online. Kinda like trying to find a date online let alone trying to start a venture together...are we who we say we are?

    Nonetheless a noteworthy question and still possibly one worth continually examining...might be a venture here somewhere?

    Brian

     

    • 3 posts
    March 4, 2007 5:25 PM EST

    As Mitey Mite indicates in her post of today, one business created by the community is in the incubator and may emerge as a great first example of what can be done. Jeff

     

    Thanks Jeff, I concur. I ran into this site by accident but I`m glad to be here...lot`s of energy from what I can already tell and that can only be a good thing.

    Looking forward to seeing the eventual progress of the first "online" business. I`ll be checking often.

    thanks!

    bp

     

    • 3 posts
    October 10, 2006 5:42 AM EDT
    One of the best parts of working with entrepreneurs is the enthusiasm that shows up.   Since Nevada is a very  business friendly state,  I would welcome the opportunity to assist with the legal side of this novel venture.

    Beverly Salhanick, Esq.

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    Beverly Salhanick, Esq.

    • 3 posts
    October 30, 2006 4:18 AM EST
    The quote is only partially right.  Nevada has made great efforts to become the  "Delaware of the West" .  Delaware is historically very friendly to businesses and Nevada`s recent (past 10 years) legislation has brought it up to par with many of Delaware`s statutes.  The additional challenge/benefit is that there is little to no case law interpreting the recent Nevada legislation so it is difficult to predict what happens if an entity is sued.  The benefit is that the statute is open to interpretation, particularly a pro-business interpretation.  The key is to really understand what you want and the mechanism used to get there.

    Additionally, there are other advantages to an LLC above and beyond the tax structure.  For example, an S corp and an LLC can both have a pass-through tax structure, but the S corp has limits on both the number of shareholders and the citizenship of shareholders.  There are also privacy benefits (at least in Nevada) depending on whether you pick a manager-managed or member-managed.

    The bottom line is to understand where you want to go and to understand the mechanism of getting there.

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    Beverly Salhanick, Esq.

    • 3 posts
    January 11, 2007 4:56 AM EST
    I have not been consistently following this thread, but there are a couple of issues that  need clarification.  First, why is the thread stuck on a corporate model?  If the ultimate decision is to have 3 functioning businesses, then  one way to house them under one entity without exposing each one to liability for the actions of the other businesses is a series LLC.  Additionally, an LLC will allow a tax structure that is similar to an S corp without the limitations placed on the S corp (specifically, an S corp can only have one type of stock).  So, I`m not clear why (if it was a concious decision) the idea of an LLC was abandoned.  Note, series LLCs are only available in Delaware and Nevada.  At one time, I had thrown out the idea of a Nevada LLC.

    Second, the idea of having the lawyer do the work for a percentage of shares is a complex one.  There are ethical restrictions about having a lawyer do business with a client.  One step that should take place when a lawyer does business with a client is that the client should receive a letter from the lawyer telling the client to have a second lawyer review the transaction to be sure that it is fair.  The ethics rules in most states want to make sure that the client isn`t taken advantage of by the lawyer (theoretically more sophisticated).  In this situation, I don`t know that it is practical for the drafting attorney to send a letter to each and every participant to ensure that the participant is fairly advised and consents to the relationship.

    Beverly Salhanick, Esq.

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    Beverly Salhanick, Esq.

    • 97 posts
    November 8, 2006 6:04 PM EST
    We already have a business together. It`s just that we`re not the owners. 

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    Get Your Name in ".com" at the International Internet Authority

    • 97 posts
    November 9, 2006 4:35 AM EST
    Hi Mike,
    It`s really not for me to elaborate.
    Sorry.

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    Get Your Name in ".com" at the International Internet Authority

    • 4 posts
    June 13, 2007 8:21 AM EDT

     

    Yes, I think its is a good idea. I can hel with the business plan and starr rolling out the business idea.

    sun group

    • 21 posts
    October 14, 2006 12:55 PM EDT

    This kind of thinking moves and shakes....and isn`t that what this community consists of anyway?  Movers and Shakers!!  I`m all-in!!

     

     

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    I don`t know the key to success, but the key to failure is trying to please everybody.
    Bill Cosby

    • 10 posts
    July 15, 2008 8:04 AM EDT
    I like the idea as well. As OHDenise has pointed out and from what I have seen so far on the board, it will take mostly organization. There are several departments that need to get going and individuals who have skills in those areas need to agree to head those areas.
     
    Right off:
     
    Finance, Marketing, and Operations are the most important at the moment.
     
    Finance would need to, not right away, but shortly source funding, look at competitive pricing, identify operating costs, startup and development costs.
     
    Marketing would need to identify Markets, Competitors, Pricing, Sources for Materials.
     
    Operations: Start up costs (in coordination with Finance), production procedures, Sourcing.
     
    Obviously this just scratches the surface. All three departments need to designate one individual to be on the product development team. No more than 6 on this or any team. It gets too unweildy. This team would identify a project to do, roll it out to the departments to begin the startup process.
     
    Within each initial department, all the generic startup routines need to be idenified, designed, specified (time lines, responsibility, `drop dead dates`, etc...you know the ol` SMART thing).
     
    As each is identified, the core features of each project needs to go up to the top to maintain coordination.
     
    So who wants to sign up for what?
     
    Charlie Stoy
    Four Rivers Coffee  
    • 10 posts
    July 15, 2008 8:49 AM EDT
    ijitterbug,
     
    I agree. Not that teams are a panacea, they are not. But they can leverage a lot of skills with relatively minimal involvement. A key to success is to establish a few guidelines up front. Having a tolerance for vagueness helps. There will be times when one individual cannot do anything either for lack of time, skill or whatever. There will be someone else who can take that up.
     
    There will be aspects that only an individual can do due to time, budget or other constraints. Those can readily be seen.
     
    As you seem to have something that is already in the early stages of development, yours could be the place to start.
     
    Charlie Stoy
    • 10 posts
    July 15, 2008 10:00 AM EDT
    That is fine. As in most things, those who have been down that road before typically know what to do and what not to do. As you have noted, many are busy already with business, family and life.
     
    If it does not work here, then it does not work here.
     
    Charlie Stoy
    • 10 posts
    July 16, 2008 4:24 AM EDT
    Mike,
     
    I do know. I have worked on over 25 teams, virtual and real time. Invariably, there will be one who regardless of the situation does not carry any weight, much less their own. You would think that adults would realize the importance of all types of sharing by now, but there are a few who don`t. But with  a group of committed individuals (and you can gain commitment by attaching reward to performance) you can achieve a tremendous amount of work.
     
    In terms of your project, having been a personal trainer, I can testify to the number of people who would love your product. Some people just genetically cannot help but gain weight while others just do not want to workout. It should go well.
     
    Charlie
    • 28 posts
    March 12, 2012 11:20 PM EDT

    This seems to be some of the better ideas that you have shared, but i would say that before having the business we really need to have:

     

    1. Business Ideas.

    2. Risk Management.

    3. And proper knowledge of the market.

     

    thank you

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    Personal Finance | personal finance tips

    • 1 posts
    October 10, 2006 9:40 AM EDT
    I think it`s a terrific idea -- and beyond something that can be implemented successfully.  I have thought about doing this kind of thing for some time but lacked the "community" to follow through on it.  Count me in.

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    Connie I.
    ci.wordworker
    Written Communication Specialist

    • 184 posts
    October 6, 2006 2:41 AM EDT
    This sounds like a very interesting idea with potential 
    • 3 posts
    October 14, 2006 6:16 AM EDT
    I am Vietnamese, and now I live in Vietnam. Starting-up a business is the thing that always on my mind. Actually, recently I`ve just bought a domain name called "www.startupambition.com". I want to create a place for Vietnamese Business Men but I have  few ideas.
    First of all, My site offers free ebooks( IT, Business, English Learning Ebooks..).
    Second, it showes as many useful articles as I collect from different sites (startupnation.com...)
    Thirdly, My site also offers video training, business softwares that I`ve collected ( Quickbooks 2006, Business Plan Pro,....)

    But what I actually want is a community - (in Vietnam).
    You know that may be in November 7th, Vietnam will be the member of WTO, and thinking about it does not waste time.

    So Jeff, can you give me some advices.
    Thank you very much

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    StarupAmbition.coM      www.st artupambition.com Contact info:      Email: chung@startupambition.com      Phone: +84 912826975

    • 130 posts
    January 10, 2008 5:22 PM EST
    Jeff:
     
    So where are we on this, I just happened to see this thread tonight and am fascinated by the idea.
     
    Updates???
     
    Colleen

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    Colleen Dougherty Bronstein Designs
    Sun Safe Designer Clothing
    http://www.sunsafedesignerclothing.com
    http://www.bronsteinartwork.com

    • 44 posts
    October 11, 2006 2:03 PM EDT
    Leah, Score in my town is not online. You have to get in your car and drive there and they only give you an hour plus to me it is very inconvenient. It takes me about 2 hours with driving there and back to get one hour of mentoring. Plus you may get put with different counselers if your own favorite is on vacation. That`s what happened to me and I just didnt go back. Also a Score counselor will probably have experience in a few areas only.

    I think with all the experience and expertise that Sun members bring to the table all categories would be covered. Online entreprenaurial training, courses, etc, in my opinion is great. I dont know who wouldnt want to take advantage of that. I probably subscribe to 20 or so different newsletters pertaining to all aspects of business. I am sure that I must get the same information over and over from different authors.  If there was a way to consolidate all this information so you dont get the same ole stuff but new information then one could learn more with less time.. I take HP courses online, which are free. They are great and they also have a community board  to ask questions of the teachers and also interact with other students. This board is up for as long as the class is in session then the course material is available after that to a certain date.  So you can even store that to your hard drive if in the middle you find yourself short of time and you cant finish the course. I think this could be great tool for new startups, experienced entreprenaurs and everyone inbetween. Instead of googling when you have a question or posting your question to the forum you could go right to
    the right department at Sun and get help!.....
    That would be a wonderful thing
    just my 2 cents
    • 0 posts
    October 12, 2006 9:30 PM EDT

    I`ll tell what buddy? I own sex-aholicks.com an adult web site that is gaining recognition through it`s name alone. Brand name at that, i can attack aggressively any market really with this name. I`m game, I have a community of people to bring to the table ( all sex-aholicks by the way, lol.). In any case scenerio, I need help as we all do.

    Here we go, let me undertstand your concept. How is that we as a community could make a corporation and profit when already the site is generating money through advertisement. Really, my purpose to understand this will help me avoid this happening to me when sex-aholicks.com opens up it`s own forum. You see, the purpose for a forum is to attract corporations to pay your site to promote their product after you have several hundred thousands of members in the forum, catch 22 really. Great for bussiness. In my case I will charge other adult web sites to pay me to post their banners. So please help me under their partner cause i want in on this deal.

    • 2 posts
    April 6, 2007 11:32 PM EDT

    I am open to the Masterminding of the business IDEA

    Darren

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    Darren Jacklin

    World-Class Professional Speaker, Corporate Trainer, Author

    If you can tell me what you really want in your life.
    I can show you how to get it!

    http://www.trusttheprocessevents.com

    • 10 posts
    March 21, 2008 8:10 AM EDT
    Wow! I just read through all 89 pages of posts. And now I find out no one has posted on here about the startup that was going on for nearly a year. Did it fire up or fizzle? Any other projects going on?