<p>Well, what Mahras did is worth a try.</p>
<p>if you want to go to wharton, apply to the college and transfer in. it is a lot easier to get into the college, and penn's transfer criterium isnt too steep. man. i wish i had done that....</p>
<p>I don't think money is that much of an issue for my kind of business. I don't even regard my idea as a business. I think of it more as a volunteer program. I definitely don't have Barnes and Noble in mind!
And no, in PA you can start your own business at any age - but that doesn't mean it's going to be successful or well known :/</p>
<p>Wait, really? Transfering in is easy? Well, then wouldn't everyone who was rejected to Wharton, want to transfer?</p>
<p>I've heard they can "sniff out" a back door wharton applicant easily. I'd say take your chances at wharton.</p>
<p>What is a back door wharton applicant?</p>
<p>someone who really should be applying to wharton (as in, has a sincere interest in business) but applies to CAS because it has a higher acceptance rate and then expects to transfer in to wharton</p>
<p>Probably someone who applies to Penn just to transfer easily into Wharton ~ i think it's obvious if you have all these business ECs and you dont' apply to wharton, they're probably wondering, what is this kid doing?
so yeah, i'll apply to wharton first choice and the college second.. we'll see</p>
<p>brch06, whats steps should be taken in your opinion before AoI?</p>
<p>This is for Business_Freak and Venus..and anyone else who is interested.</p>
<p>*1. Draft a Mission Statement * - the first thing you need to do is draft a mission statement. Its kind of like a mini business plan for a NPO, and its vital for trying to get supporters. </p>
<p>a) At is most basic, the mission statement describes the overall purpose of the organization.
b) When wording the mission statement, consider the organization's products, services, markets, values, and concern for public image, and maybe priorities of activities for survival.</p>
<p>2. Recruit Board Members - even if they are "fake" (as in, your dad may not active on your board, but is still a member), you need to recruit enough members for your board in order to meet state requirements. In MD, you need five members on a NPO board to incorporate yourself. Granted, you and any of the people working with you can be a part of your board. </p>
<p>3. Get a Lawyer - in the case of teenagers, that usually involved finding a friend whose dad is lawyer to help you file articles of incorporation, application to IRS for tax-exemption (if you plan to seek exemption from federal taxes); you can do most of the work yourself, but at least have a lawyer review the materials before submission.</p>
<p>4. Get a Bank Account and accountant - seek bank that understands needs of new, small nonprofit. Get an accountant or other finance expert to help you set up basic bookkeeping system; when you get a board treasurer, then he/she can be very helpful in this regard</p>
<p>After that, then you can fill out your AoI, fill out your bylaws, file for incorporation with state, get mail permit, get EIN (employee identification # for IRS), and THEN you can finally begin doing work.</p>
<p>Now this is why I love starting profit-based businesses. This is what you do.
1. (optional) write business plan
2. create a business or personal bank account
3. file business (takes 10 minutes to fill out, 2 weeks of waiting, and $200 bucks)
4. begin operation</p>
<p>thanks a lot man...great post</p>
<p>From what I have heard transferring from the college to Wharton is EXTREMELY hard.</p>
<p>true... not only are there 'backdoor' wharton people but also some brilliant CAS people decide to go for it too when they see wharton's opportunities. they have like a limited single digit contingent for transfers and it's basically a competition of GPA after that from what my tour guide told me (ie: highest GPA gets in)</p>
<p>Wait, brhchs06, if you've read about my music idea, do you think that if would be better if it was a profit-based business? I mean, I think employees would feel more enthusiastic about it, and we'd still get customers. I only thought of non-profit because I thought it was a lot easier. But from what I see in your (so-incredibly-helpful) post, it's easier to make a for profit business. The only issue would just be the finance. Am I going to have to pay taxes? How much starting money should I have..?
What do you think about a for-profit business?</p>