Anyone can start a successful business, according to Norm Brodsky, lifelong entrepreur and coauthor of The Knack: How Street-Smart Entrepreneurs Learn to Handle Whatever Comes Up.  The key, he said it to learn the hard lessons before you get started.

Thinking about starting a new business in the food industry? The recipe for long-term success boils down to starting with the right ingredients:

INGREDIENTS FOR SUCCESS AS A FOOD ENTREPRENEUR

• Vision
• Mission
• Values

DIRECTIONS: Begins with clearly articulated vision for all stakeholders; Apply customer insights to create mission; integrate company culture. Add goals and measurement. Serves: Any entrepreneur well.

Even in tough economic times, it’s possible to support entrepreneurship and alleviate poverty in the developing world this holiday season by participating in a lending group organized by Business Owner’s Toolkit.

Challenges in the current economy are leading many successful business people in corporate America away from Wall Street and back to Main Street where they can realize lifelong dreams of owning their own business.

Question: Is it true that I save tax dollars if I form an LLC?

Answer: Generally speaking, personal tax rates are lower than corporate tax rates. Corporate income is taxed at 34 to 39 percent. Singles making under $80,000 and marrieds making under $160,000 have a personal income tax of 25 percent. This means that businesses with incomes that are less than $350,000 may experience tax savings by forming an LLC instead of a corporation.