Log of what of Kevin Yu has learned at Techie Youth

Fri. Jul. 29, 2022

Startup funding

Startup funding is essential for any new entrepreneur that is going to start a business. Funding can come from many places but most commonly comes from professional investors who are looking to make a profit. Businesses that use the startup funding need to be careful to not run out of money before they begin to make a profit. They also need to calculate their profits and expenses to more efficiently use their limited money.

Thu. Jul. 28, 2022

Different types of business ownership

Many entrepreneurs who are beginning to build their business need to sort out business ownership. The 5 most common are sole proprietorship, partnership, limited liability company, corporation, and cooperative. These types of business ownership have their pros and cons. A sole proprietorship has little restrictions and no additional taxes but all the power is given to one person, and they have all the liability. A partnership has the benefits of teamwork and greater borrowing capacity but there are risks of disagreements and potential unlimited liability. A LLC’s owner is protected from liability but there are higher startup costs and is hard to raise capital. A corporation has an advantage of stock funding but cost more to start. A cooperative’s employees are only taxed on their income but it is harder to get outside funding. Business ownerships all have their own pros and cons but it is up to the owner to decide what will be best for their business.

Wed. Jul. 27, 2022

Importance of networking

Learning to network is an important part in getting a good job or other benefits. Networking is all about getting people in the business field to know how you work. It is important to network because it can help you get a job and the people who you network with will be able to support you.