S-Corporation StatusName:Institution:Date:IntroductionStarting a business is agreeably a challenging task for most individuals, regardless of the size or nature of the business. It is therefore important that entrepreneurs do the necessary groundwork to ensure that they are taking the right direction. There are a number of steps that can be followed when one is looking at the suitability of the business undertaking that is in mind. These steps have been outlined here about their suitability while beginning a business.Determine the facts: This process is an important aspect of the business in that it helps the entrepreneur to understand the basics and overall demand s of the business. Determining the facts involves the process of outlining all the major issues that will affect the business especially at the beginning. At this stage, issues such as capita need and its availability and business viability must be put squarely on the table. Quite often, people tend to hide under the comfort of just make the beginning steps and fail to see the full picture of the business/( Reinhart and Rogoff, 2008). This step is important because it is like doing a through should searching.Identify ...