magazine editor

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hey my lot readers... i m planning to launch a business magazine but i dont have any experience in this field bt i have many new and innovative ideas to deal with. i just want to knw that is it compulsory to have a editor who has especial degree or we can manage if we have enough articles with us??? and secondly for sponsorship purpose where do we have to contact as m living in a small town so there are not big companies head office but certainly their branch offices or franchises do they have the right to publish their adds??? and how much should we charge in a begining for any add??