Your Questions About Successful Trading Business

Donald asks…

If all nations economies are successful, would every human be able to freely migrate to any country?

Since each nation would need foreign immigrants for their growing economy. Also, Capitalism allows international trade, businesses exchanges, labor exchanges, culture exchanges, etc

Thus, does this end the existence of the nation-state?

John answers:

I don’t think the middle east would be having a welcome party for invaders like we do.

Chris asks…

Where can I find information on starting my own catering business in the US/Indiana?

I’m interested in starting my own bakery/catering business. Where can I find info on the regulations of doing so?

John answers:

The best routes to take are to research the process of starting a business as well as the industry you’re interested in.

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Associations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you’ll inevitably have as well as many you haven’t anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:

Catering Specific:
* How to Start a Home-Based Catering Business, 5th by Denise Vivaldo
* How to Run a Catering Business from Home by Christopher Egerton-Thomas
* Start and Run a Catering Business by George Erdosh

Bakery Specific:
* How to Open a Financially Successful Bakery by Sharon Fullen, Douglas R. Brown
* The Baker’s Trade: A Recipe for Creating the Successful Small Bakery by Zachary Y. Schat
* Baking for Profit: Starting a Small Bakery by George Bathie

Indiana Specific:
* How to Start a Business in Indiana by Entrepreneur Press
* How To Incorporate and Start a Business in Indiana by J. W. Dicks

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Ken asks…

Where to learn how to trade online penny stocks ?

I was wondering if anyone has any references to any sites in which i can learn how to trade penny stocks or trade online in general. I have no experience in stock trading, so i want to educate myself, where must i seek the education ?

John answers:

There are no sites that can really teach you trade securities let alone penny stocks.

Penny stocks ARE NOT for newbies. Only those with trading experience should consider trading in pennies since they understand the market, the risk and the problems associated with penny stocks.

Those with securities experience will tell you that you are foolish to start in the market by using penny stocks and those that are in business will tell you not to do it.
So with experienced investors/traders telling you not to do it, and those that are professional tell you not to do it, and even the Securities & Exchange will not recommend you do it, why do you think you can make any money.

Before you enter an order for penny stock, read what the SEC has published regarding penny stocks…

Unlike regular securities, penny stocks do not let you use risk cutting procedures (options and/or stop orders) since most are not traded in a regulated market place. Since there no requirement on market makers in the OTC Market it may be difficult to find a buyer when selling is required.

They say when you buy securities you have a 50%-50% chance of making money, when you buy penny stocks you have a 50-50-90% chance, 50-50 chance of making money and a 90% chance of loosing money. Since there are no meaningful regulations for trading only those with trading experience stand a chance of being successful trading in penny stocks. Penny stocks are not for newbies.

Penny stocks are fun to trade, but you should never count on them to be considered part of your primary investment objectives. One should not trade penny stock unless they have several years experience trading regular securities.

All that said, here are some websites that you will find helpful, keep in mind that no reputable firm can or will recommend penny stocks. And unless you have several years of trading experience you’re foolish to get involved with penny stocks

Donna asks…

Should I even bother going to university or Should i go to a trade school?

Ive been accepted into a top university in the us. But the majors I am good at and can manage our these majors: History, Anthropology, Geography/Environmental studies. When I tell people im doing one of these majors they keep shooting me down and saying what job will you get from that? Starbucks? Im now beginng to wonder should I even go to university if im not going into engineering or business? Should I just go to dental hygiene school and make a living?

John answers:

What university? Many of the top universities (Harvard) don’t have majors like business… But guess what, they fill the top investment banking, consulting, etc jobs with their grads who study stuff like History.

I wouldn’t worry about it. The most important thing is that you find what you love and succeed. If you prove that you’re successful in your field and get good grades, you’re going to get a decent job. Key is being successful though. That’s a transferable skill.

Also get internships for summers while in school. That outweighs not being a business major or whatever, and they’ll help you identify what job you really want. Just network and work hard and you’ll be good.

I think doing one of those degrees gives a lot more freedom when compared to hygiene or auto body or whatever other trade schools there are.

Lizzie asks…

What do I have to do to start a business?

I’ll be 16 in a few months and I want to start a small business selling handmade things with three other friends, two of which are also going on 16 and the other going on 15. What do we have to do?

John answers:

For this sort of business, often it is easiest to set yourself up as a sole-trader. You basically trade under your own name and income and expenses are handled under your personal income tax.

There are lots of legal and tax advantages though in setting up a legal partnership or corporation, however at this stage it is not necessary as chances are you will make and sell a few things and that is all.

Here are some things to focus on.

1. Brand name. You can make up and register a brand name. Good idea to choose one where the web address is open.

2. Ownership. This is a difficult one. If you have an agreement now for equal ownership, the person who does nothing will have a share of your brand if you are successful. If you don’t have an agreement on ownership then chances if you are successful in the future it will all fall apart. Best to have brand names for each of your own products rather than a single name.

That is about it for starters.

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