The recent recession had a profound effect on American society in just about every aspect. The U.S. business sector has suffered a good deal of the consequences from the financial crisis. Some believe the recession completely transformed the American economy. Many of the methods of the old economy have been abandoned, and more individuals and families have turned to entrepreneurship in order to reach for their dreams. One Michigan organization that has recognized this trend is Start Garden, which aims to aid entrepreneurs in business formation .
The organization is designed to assist new businesses get off the ground by helping with some initial start-up funds. Start Garden chooses two new business ideas to invest in every week. The organization's judges choose one idea brought forth in a public forum, while the public chooses the second idea. Each chosen business idea receives $5,000 in start-up funds from the organization.
Each new business which receives funds from the organization will later return to Start Garden to demonstrate how the business is developing and what knowledge they have gained from starting their new venture. If the entrepreneurs are able to transition from being a new idea to becoming a viable business, they may be able to garner $20,000 in a second round of funding. A third round, worth $50,000, may also be possible for a new company that continues to show growth.
Along with initial start-up funds, entrepreneurs in Michigan will also need to understand the proper legal procedure for business formation of a new venture. Starting a new business requires a significant amount of paperwork, and compliance with existing state and federal laws is a must. Entrepreneurs will also have to make important legal decisions, such as what type of business entity they would like to create. Each individual situation is different, and anyone who wants to turn a business idea into a career would do well to seek the right help to guide them through the maze of business formation.
Source: SecondWaveMedia.com, " Second Opinion: Unofficially, you could say it was startup week in Kalamazoo ," Kathy Jennings, Sept. 13, 2012