How to Start a Business in USA Essay Example | Topics and Well Written Essays - 1250 words

How to Start a Business in USA - Essay Example In order to successfully implement a concept of retail pharmacy business, this paper strives to identify some basic steps which are required before any such activity could be started in USA. This paper will demonstrate how to start a business in Chicago, Illinois and also acts as a basic guideline for an individual who has yet to go through an actual implementation process. This paper is based on the research carried out to reveal the steps which are necessary to be taken when starting a retail pharmacy business in Chicago. Importance of intellectual property: The importance of intellectual property (IP) should be recognized thoroughly by a start-up business owner. IP is actually a legal concept and is sadly, poorly misunderstood by many people who wish to start their own businesses and think that this concept can only be appropriately applied by those people who are legal experts. Every enterprise, company or business organization should pay attention to IP. IP can help the owners a t every stage of business development â€Å"from product development to product design, from service delivery to marketing, and from raising financial resources to exporting or expanding your business abroad† (World Intellectual Property Organization, n.d.). in order to maximize the benefits, business owners should know how to use the IP system. It is worth mentioning that in case IP being used belongs to others, then rights have to be acquired to use it by obtaining a license so that forthcoming disputes and litigation could be avoided by the novice individuals intent on establishing personal businesses. IP is also important to a business because it helps in copyright protection and get fair economic awards on grounds of a business’s individual creativity and product sales. Government requirements: Retail pharmacy is recognized as one of the mainstream profitable businesses in entire USA. But, area requirements should be deeply understood and assessed before implement ing and operating any business concept, According to Woodfield (2012), State of Illinois Business Portal suggests that before starting up a business in Chicago, certain city, state, and federal requirements have to be fulfilled by an individual. Though he owner of a business has to get him/herself registered with the city, still â€Å"there are also state and federal hoops to jump through before you can open your doors† (Woodfield, 2012). However, the retail pharmacy business concept is exempted from obtaining Chicago city license. For that purpose, license from the Illinois Department of Financial and Professional Regulation is to be obtained by the owner (Cequea, 2012). First, a strategic and clear business plan has to explicitly written down to be shown in different registration offices later on. As Chicago distinguishes itself by being the third most populous city in USA, so the business plan should also contain a map for showing the official authorities as to how one wis hes to make one’s desired business concept stand out among the rest. Chicago area-attorney and accountant, among other official authority members, have to be consulted first by an individual who is novice to the Chicago business scene. Afterwards, Federal Employer Identification Number (FEIN) should be applied for in order to get the business registered with the state of Illinois. Then one must get registered with federal government for tax purposes. The government regulations

Economic Analysis for the Motion Picture Industry Term Paper

Economic Analysis for the Motion Picture Industry - Term Paper Example Thus, content is still king and that which appeals to the audience will earn more in an economy with higher levels of affluence and more leisure time. Fixed costs for a movie production house accrue from a need to maintain staff, equipment and stage as well as props in readiness for the shooting and production of a movie. A single movie cannot sustain a production house forever and this means that a successful movie production house is constantly investigating movie concepts, financing, shooting, editing and making deals for marketing and distribution. Variable costs accrue when the shooting of a new movie commences, requiring new stars, talent, equipment or on location shooting. However, after establishing a motion picture production house, the total cost curve and the marginal cost curve for motion picture production will present an L-shaped curve because acquisition of most of the equipment for making movies and stage as well as props etc. is complete at the time of production of the first movie. Products presented by the motion picture industry represent high levels of artistic innovation that revolve around the product rather than the firm that produces the movie (Vogel, 2007, Pp. 65 – 66). However, although many people think that making movies is fun and highly lucrative, nothing could be further from the truth. Product and demand uncertainty are a part of the movie making business and on the average, out of every ten movies produced, six or seven present unprofitable returns. Thus, making movies remains a truly entrepreneurial endeavour and only those motion pictures that can compete effectively for the attention of the audiences in relation to others present great returns (De Vany, 1999, Pp. 1 – 5). De Vany (1999, Pp. 1 – 5) goes further to suggests that a Levy stable process that is asymptotically Pareto-distributed with infinite variance depicts box – office revenue dynamics for motion pictures, with rare blockbuster movies dominating the me an in the far left end as depicted in the figure below (Sinha, 2005, Slide 10). Figure 1: Income Distribution Snapshot for 100 – 150 Movies showing in Theatres across the USA, from (Sinha, 2005, Slide 10) The film industry presents a myriad of interesting problems that lend themselves to economic analysis (McKenzie, 2009, Pp. 1 – 3). Deciding about a strategy for transforming the initial concept into reality followed by production, distribution and finally exhibition all present economic puzzles that are worthy of investigation. However, with global annual spending on movies by the consumers exceeding one trillion dollars, it is worth aspects related to the economic analysis of the motion picture industry (Vogel, 2007, Pp. xix – xx). This very brief report presents a discussion about aspects of economic analysis for the motion picture industry, including aspects of industry demand and cost structure for the motion picture industry. Industry Demand When thinking about demand for a motion