How would you label a business where profit isn't the initial goal?
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02-20-2013, 03:49 PM
Post: #1
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How would you label a business where profit isn't the initial goal?
I mean, are those businesses deemed as non-profit then have to switch? Are the "employees" actually volunteers?
I'm curious as to how websites such as Twitter & Facebook & most recently Wattpad used to categorize themselves for tax reasons and employment issues, before they got the big VC funding and became all about profit generation? Ads |
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02-20-2013, 03:57 PM
Post: #2
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Varies hugely - social purpose, community, charity, not-for-profit...
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02-20-2013, 03:57 PM
Post: #3
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Business is business, there are only two ways to categorize them - for profit or not for profit. Not for profits are charity type organizations that are expected to use their funding for the betterment (defined broadly) of people and society. Companies like Facebook, Twitter are for-profit entities. The fact that they did not make a profit early on does not change that. And yes, profit is always the initial goal - if it wasn't, these companies would never get VC funding.
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