In a struggling economy it can be challenging to make ends meet. It can even be more difficult for entrepreneurs to start a new venture. Business formation of a start-up, many times, will require a significant amount of capital and cash in order to get the venture off the ground. This is why the University of Michigan has created the TechStars accelerator program, which is designed to give aspiring entrepreneurs in the technology industry a helping hand in starting their new endeavors.
Sometimes it just takes an original idea to start a business. If one can fill a niche that nobody else has thought of before, he or she may have a viable idea for a profitable new business . One local Michigan company has discovered a new twist on an old idea. The old idea is advertising. The new twist is advertising on toilet paper.
Pfizer, Inc. will be offering $100 million in stock for its Animal Health Unit. The Animal Health Unit has operations in both Kalamazoo and Richland, Michigan employing approximately 700 people. This stock offering is part of Pfizer's overall business planning that began earlier this year with the sale of its infant nutrition business to Nestle.
The bio-life science field is an exciting and innovative industry to be a part of. New business enterprises are attracted to the field because of the demand for new discoveries, many of which could be used in medical treatment. This provides excellent opportunity to make a good profit. One bio-life science company has chosen Michigan as the site for its new start-up lab, which will specialize in genetic research. The lab plans to focus on processing genetic testing for age-related macular degeneration.
Identifying and meeting the demand of Michigan consumers in the marketplace is a cornerstone of an effective business plan for a new venture. This is true for any type of business, no matter what the product or service a new business offers.
A group of Michigan entrepreneurs, capitalists and investment bankers have teamed up to launch Relayfund Inc., a new crowdfunding website aimed at revolutionizing the ways in which startup operators source funding for their business ventures. Adequate funding is always at the forefront of concerns among anyone trying to start a new business . Crowdfunding is simply the act of raising money online from a variety of investors. It involves bringing the talent of inventors and innovators together with the funding from small-scale investors.
As a general rule, when it comes to starting a business in Michigan, the idea of what you want to do is much easier to develop than the rest of the business, including implementation of that idea. Business plans are an integral piece to any business, but sometimes, it is better to take your idea and come up with a business concept statement than to go straight to forming the business plan.
When taking the time to plan a new company, there is a lot of research involved for those in Michigan and elsewhere in the United States. Research as to what consumers are looking for in today's world, into businesses with similar services or products, into how your business will be different from others in the industry, how to market your new company and how you are going to make profit. All of these are likely things that Gumroad took into consideration when forming their online business.