Business development is typically an activity of Entrepreneurship. Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations generally in response to identified opportunities. Entrepreneurship can be a difficult undertaking. Entrepreneurial activities are substantially different depending on the type of organization that is being started. Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part-time) to major undertakings creating many job opportunities.
Business development may involve a business incubator. We believe that the best way to start up and nurture a business is via a business incubator. The business incubator is responsible for:
- Researching business opportunities and new products,
- Providing patent search services,
- Assisting innovators in obtaining and implementing patents,
- Providing for technology transfer, when required.
- Developing, purchasing, or otherwise obtaining the “know-how” or technology required to support the development of new businesses and the improvement of existing businesses.
- Evaluating and selecting business opportunities and new products,
- Developing business plans for business opportunities and new products,
- Assisting in the implementation of business plans.
Also, the Business Incubator will be responsible for:
- Setting up and hosting Economic and trade fairs,
- Establishing and conducting economic and trade conferences,
- Finding feasible businesses to be established,
- Finding, encouraging, and mentoring entrepreneurs,
- Ensure a high level of business success by:
- Providing prospective business owners the required resources and training,
- Helping prospective business owners to:
- Obtain a charter or incorporate their business.
- Obtain loans and financing.
- Obtain federal, state, and local contracts.
- Write grants.
- Develop business plans and procedures and simulate them.
- Establish computerized accounting systems and hire a bookkeeper.
- Develop marketing plans.
- Partnering prospective business owners with mentors who have experience in their prospective line of business,
- Ensuring that their businesses are properly structured and organized,
- Helping to market prospective businesses’ products and services.
- Finding investors willing to invest in businesses which are feasible and show great promise,
- Setting up new businesses to commercialize R&D intellectual property,
- Launching new businesses,
- Forming business consortiums.
When starting up a business, the following should be kept in mind:
- A business requires:
- A name,
- Incorporation in a State,
- A mission,
- Intellectual property rights,
- Where the raw materials or supplies will be obtained for the goods or services,
- Where the goods or services will be sold,
- The price for goods and services,
- Where the finances for the business startup or expansion will be obtained,
- Form of the business ownership (sole proprietorship, partnership, corporation, LLC),
- How the business will be organized
- Operating officers and managers,
- Members the board of directors and board of advisors,
- The role and responsibilities required,
- The company policy,
- The company procedures and task instructions,
- The company’s flow of work from one task to another,
- The number of employees required,
- The size of budget required and the break-even point,
- Capture and record all revenues and expenses in an accounting system,
- All salaries and benefits,
- Healthcare Insurance,
- Federal and state taxes,
- Incorporation fees,
- Accounting fees,
- Legal fees,
- Business licensing fees,
- Tax advisor fees,
- Web site development fees,
- Other business expenses
- Borrow enough money to start up and run the business for more than one year,
- Pay your bills on time to develop and maintain a good credit rating.
Remember that Business Development is a pillar of Job Development.
Virtual and Augmented Reality
LLW is developing a VR application at the Alabama Agriculture and Mechanical University.
LLW and EconoTeque coperate in the marketing of the Morningbird Media Corporation's 3D printer. It prints functional electronics. In addition, it povides image processing and signal processing technology for facial recognition, signal anomaly detection, and target recognition.
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