1. STARTING A BUSINESS

2. CERTIFICATE OF INCORPORATION
Articles of Incorporation: Document used to create the corporation.
Prepared by the incorporators
Filed with the Secretary of State, who reviews the application for approval.
Contents include:
Name of corporation
Number of shares available to be issued
Address of the registered office
Name of the corporation’s registered agent
Name and address of each incorporator
Corporate duration and purpose

3. AFTER ARTICLES OF INCORPORATION ARE APPROVED:
Certificate of Incorporation is issued and company officially begins operation
Directors hold the first meeting
Set of by-laws (rules of the corp.) are created
Officers are elected
Corporate resolutions established
Minutes of the meetings are kept in a folder which outlines all activities of the corporation

4. Employer identification no.
PURPOSE OF EIN NO.: Nine digit number used by a corporation for filing and reporting taxes.
Required if you pay taxes to one or more employees.
INFO. REQUIRED:
Corporate Name
Trade Name (if different from corporate name)
Name and social security number of principal officer of the company.

5. Characteristics of CHARACTERISTICS OF AN ENTREPRENEUR characteristics of successful entrepreneurs
Courage: A willingness to take risks in spite of possible losses.
Creativity: Inventing new ways of doing things; thinking outside the box
Curiosity: The desire to learn and ask questions.
Determination: Refusing to quit in spite of obstacles.
Discipline: The ability to stay focused and follow a schedule to meet deadlines.
Empathy: Sensitive to the feelings of others.
Enthusiasm: Being passionate about something; the ability to see problems as opportunities

6. Rewards/risks of being an entrepreneur
Profit
Your own boss
Respect for yourself
Connection with other companies
Develop friendships
Make your own hours
Expansion
Get involved with your community
RISKS
Bankruptcy
Criticism
Competitors
May not have immediate profit
Investing your own money
Could get sued
Long hours
Friendships/Relationships effected

7. Rewards of being an entrepreneur
MAKING YOUR OWN RULES: Make your own business decisions and act on them.
DOING WORK YOU ENJOY: People stay more focused when they do something they enjoy.
CREATING GREATER WEALTH: There is no limit to how much you can make if you work hard and stay focused on growing your co.
HELPING YOUR COMMUNITY: Opens doors to help make your community a better place to live. Offer products or services needed by your community and open up new jobs.

8. Risks of being an entrepreneur
POTENTIAL BUSINESS FAILURE: You may make the wrong business decisions. The time and money may not pay off.
UNEXPECTED OBSTACLES: Problems can happen that you don’t expect. You need support of family and friends.
FINANCIAL INSECURITY: Your salary may go up and down depending on the economy and how well the business is performing.
LONG HOURS AND HARD WORK: Work many hours during start-up process. May not be able to hire others until you see a profit.