The Collective
Collaboratory Experience Blog
Why an LLP is the Best Protection for Business Partners
Starting a new business with a partner is a decision that needs both clear understanding and intention. Forming a partnership is easy, it’s simply two people getting together to own and run a business. That being said, “simple” doesn’t necessarily mean “right.” If you and your partner are lawyers or doctors, two professions at high risk for malpractice lawsuits, a limited liability partnership, or LLP, may be the best structure to operate your business under.
Is Sole Proprietorship Right for You?
Are you a new entrepreneur and wondering what business structure is best for you? This is one of the first and most important business choices you will make. If you're self-employed or conducting any kind of business and haven't picked a formal business structure, then by default, you're operating as a sole proprietor. Sole proprietorship is the simplest way to operate a business. A sole proprietorship is defined as an unincorporated business owned by one person who pays personal income taxes on profits and as a new entrepreneur, this may be the best way to go.
Find Your Flow, Love What You Do
Losing yourself in your work or what you do for a living is an age-old secret to happiness and overall well-being that is gaining new traction in our ever-changing, fast-paced, digital age. This has always been true for entrepreneurs who many times harbor a burning passion for the work that they do and look at their work as a higher personal calling. However, there is one catch…you have to patient.
What to Consider When Choosing Your Business Structure
When you start your business as a new entrepreneur one of the most important decisions you will make is how you will structure your business. Careful consideration of which structure you choose is crucial because it will influence everything from your day-to-day operations to taxes owed, to how much personal assets are at risk. Choosing the structure that gives you the right balance of legal protections and benefits is key.
Learn to Embrace Networking, It’s Important for Your Social Well-Being
In the competitive and isolated world of the entrepreneur, many whom work from home offices or out of coffee shops, networking is a necessity. A mountain of research shows that business networking leads to more opportunities, broader and deeper knowledge, improved capacity to innovate, faster business growth, and greater status and authority. Building and nurturing business relationships also increases an entrepreneur’s work satisfaction and contributes to their overall social wellness.
Four Ways Entrepreneurs Can Turn Holiday Cheer into a Jump Start for the New Year
Though most of us will spend a few days soaking in the holiday cheer with loved ones, we just can’t help continuing to work on and think about our business non-stop preparing for an even bolder new year with fresh ideas and lofty goals, particularly because we know our competitors are doing the same. It is almost impossible for us hit the pause button on our brains. Therefore, instead of fighting the inevitable, we need to get intentional with our thoughts and how we spend our time to turn holiday cheer into a jump start for the new year.
Four Key Reasons Entrepreneurs Should Collaborate
Collaboration is a powerful a tool and the cornerstone of business development and growth, particularly for entrepreneurs. Regardless of the industry you are in or the type of business you have, being a part of a collaborative or incorporating collaboration in your business development strategy will help you grow and take your business to new levels. Here are four key reasons entrepreneurs should collaborate.
Three Key Components for Entrepreneurs to Create Great Business Values
We all know that our values shape who we are as individuals and are extremely important when seeking friendships and companions, but what about in our business? I find that the key to creating great business values is to incorporate your personal, professional, and social values. The value trinity as I like to call it.
Creating a Mission Statement for an Entrepreneurial Venture
Many of the entrepreneurs we work with have a hard time explaining exactly what it is that they do, they cannot clearly and concisely articulate their company’s mission. They believe, as most do, that their ideas and drive is enough. They are also under the misconception that a company mission is something that only large corporations need (or have the time to concentrate on). What they begin to realize and something that we reinforce in our teachings is that without a North Star, a guiding direction, an entrepreneur can get lost quickly. Especially in the ever-changing environment of a new venture, a North Star is essential.
How to Build a Productive Downline: Perfect Leadership Model for Brokerages and MLMs
In this article you will learn about a leadership model perfect for entrepreneurs in network marketing companies that is necessary to adopt and promote within the team you are building if your desire is to have a massive and productive downline. It’s the emotional intelligence (EQ) leadership model.