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Starting A Business - Essay Example

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Chunky Corn, Inc. would be engaged in the processing of genetically engineered corn. The end-products, which would be sold in local groceries, include ready-to-eat corn in packs of 3s; whole kernel corn in small and medium-sized easy-to-open tin cans; and corn chips…
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Starting A Business
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"Starting A Business"

Download file to see previous pages Another source I can take advantage of is to borrow money from friends or relatives, who have more than sufficient cash and willing to lend.1
Aside from these sources, I can also borrow from the bank and utilize available credit lines that specifically meet my needs as a start-up entrepreneur. In addition to banks, there are other lending facilities such as investment companies and private lenders from where I can borrow money.2 Should money from these sources fall short, I can also use my credit card as an alternative.
However, it should be noted that resorting to these borrowing institutions or facilities for capital requirement entails the payment of interest. This means that on top of the principal amount, I will have to pay the interest or cost of borrowing. Failure to service arising obligations from my borrowings in these institutions may result to piling interest, which can surge meteorically, thus, doubling the debt amount to be repaid. Such would have adverse effects not only on the financial position of the company but also the reputation in the market.
I can also present my business plan to venture capitalists, who would be willing to share the burden of the risk by providing capital for the proposed business. In considering this option, I would still have to think about the terms and conditions of the capital provision of the venture capitalist. This is because such may result in me, the business owner, having less control over the operations of the company. Some venture capitalists prefer to have direct participation in running the business.3
In addition, I can seek funding from organizations that extend grants to deserving entrepreneurs. For example, I can apply for funding assistance from American Express Small Business Assistance that supports small businesses. There are also other government agencies that can be excellent sources of grants and loans for starting a business.4
Government Agencies and Regulations to Deal with
Before I can start manufacturing and selling the Chunky Corn products, I would have to apply for licenses in the Food & Drug Administration (FDA), which provides voluntary pre-marketing consultations that would help examine if the biotechnology food, in this case the corn products, meet the regulatory standards for safety.5
In dealing with the FDA, I would have to ensure that the products I would be offering to the public conform to the Federal Food, Drug and Cosmetic Act. Under this regulation, the manufacturer, Chunky Corn, Inc., is legally responsible to produce these safe products under sanitary conditions. Furthermore, since my products are made from genetically engineered corns, my application may have to undergo special review by the FDA to find out if levels of toxicants in my food products are substantially higher than present in other edible varieties of same corn species.6
In terms of labeling, the company should adhere to labeling standards such that labels accurately describe the corn products by its common name and reveal important facts associated with the claims made. The labels should also be truthful and not misleading.7
Aside from licenses on the products, I would also have to deal with other government agencies for other aspects of the business. For example, I would have to deal with the local office of the Secretary of State for ...Download file to see next pagesRead More
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