...Succeeding In Your Own Business What does it take to start and succeed in business? That's a question I get asked a lot by startups and by owners of existing businesses that aren't living up to the owners' dreams. Although there is no one answer that fits all businesses, there are a number of practices followed by successful, happy business owners. No matter what you sell, you'll be ahead of the game if you live by these ten essential rules for succeeding in your own business. 1. Be true to yourself. No matter how much money someone else makes, if you don't enjoy the business, wouldn't be proud to show your relatives what you are doing and how you are doing it, then don't do it. If you run a business you don't like or don't believe in, even if you have temporary success, it will come back to haunt you one way or another. 2. Find a need and fill it. Yes, you've heard that a million times. But it still works. The easiest business to run is one that produces products or services that people already know they need. The reason: you don't have to spend a lot of time and money convincing prospects they need what you sell. You can focus on why you are the best source to satisfy their need. Just be sure the "need" is one people will spend money to satisfy. 3. Choose products or services that you can sell for a lot more than it costs you to make or buy them. If the difference between your cost and selling prices is too low, you will have difficulty growing the business. When profit...
Words: 822 - Pages: 4
...Understand what you want to get from running your own business Identify what you want to get out of running your own business. You should consider what you expect to achieve in the short term and the medium term. I hope that running my own business will be an ongoing challenge that will give me a sense of satisfaction, achievement and fulfillment. I want utilise all my talents and abilities. I desire to work with food, something I am passionate about and use my creativity to make my business stand out. I would like to gain independence and control of my own future and more power over the way that work fits into my lifestyle. In the next six months I aim to be making enough money through my business to reduce my hours at my other job to part time hopefully. I hope to achieve this level of income through supplying hampers to a number of large groups of self-catering holiday lets in North Cornwall. In the next five years I hope to find premise for café/deli and large-scale hamper production to expand the supply and distribution of hampers. I would also like to expand business to other holiday destinations. Through these developments I would like to be able to support myself solely through the income of my business. Understanding the risk factors involved in self employment Identify and briefly describe the main risks involved in self-employment. In entering in to self-employment I will be giving up steady and guaranteed employment and thus guaranteed income and...
Words: 1265 - Pages: 6
...Week 7 / Report 2… My Own Business…”Yoga for Anyone” N/A Parkville University Abstract This paper explores the process I took to decide what business to choose and marketing strategies of said business I want to start. I selected one in a fast-growing arena of health improvement; and I will achieve it by offering everything there is to know about Yoga. It addresses several aspects of a marketing plan from how I arrive at this possibility to applying the marketing mix in the Four P’s of product, price, promotion, and place. Finally, I describe a layout over viewing why my website will succeed throughout product life-cycle. My Own Business: “Yoga for Anyone” Deciding upon a business is not something I did not go into lightly or taken on a dare. I gave it much thought, would research heavily through both the use of secondary and primary research marketing methods, and then send through the rigorous trials and tribulations of product and / or service life cycle. Main thing I understood it is not as simple as choosing something I thought in terms of…if I have a passion for it, everyone should share in my passion, and it is the latest and greatest craze; therefore, I must “jump on the bandwagon” and have one as well. Although, both of these ideas have some credence in marketing, because I had to believe in what I did and be marketable, respectively, it is not as glib or easy as the aforementioned old adages imply. I took all of this into consideration when I chose...
Words: 1330 - Pages: 6
...important and significant concerns of all businesses. It is because employee’s performance has direct impact on the business performance and success of the company. According to McCormick (n.d) there are different methods that can be used by a company to improve its employee’s performance such as motivation strategy, employee training and performance management. However, this essay will not discuss about the mentioned methods but to focus on the goal setting method. The main purpose of this essay is to analyze the impact of goal setting in improving employee performance as well as to make some recommendations to enhance the implication and effectiveness of goal setting strategy. Goal setting analysis The manager of the Human Resource department of the company has listed the four key points of goal setting strategy which are: * Goal setting process * Types of goals * Levels of goals * Interim review and feedback This part of the essay will analyze these four key aspects of the goal setting strategy by indicating evidences from previous research and journal articles. Following is the analysis of four key points of the goal-setting strategy. Goal setting process The explanation of the goal setting process from the point of view of the manager is that employees will “be assigned” “specific goals” from managers based on the company’s business performance and annual plan. So in this part of the essay, there will be two important questions that need to be addressed: ...
Words: 2297 - Pages: 10
...was a very realistic view of how teams are made up at organizations. The definition of the word team is a group of people with a full set of complementary skills required to complete a task, job, or project. You have a know it all, a person who doesn’t care, a skeptic, and a person it that it who it never matters to. A team should consist of people who are there to reach a common goal. We are supposed to be a team at my job, but our team was a little dysfunctional. Not being able to work together without one person always wanting to look like the champ. My manager often says our department is a team, but how can you feel like you are part of a team when you have one particular member who’s seems to be working to reach their own goals instead of what’s good for the team and organization. A team is supposed to work together to reach goals not put its members down. We have a team member whose goal it is to make sure they are always looking good, even at the expense of a fellow team member. It’s nothing wrong with looking good, but as a member of a team you should be working to make sure the team’s goal is met and you can look good along with everyone else. What good is it for one team member to look good but the team fails? Of course everyone else knew what the team member was doing, but the manager could not see it because in his eyes her job was always done. The bad part about the whole thing is team suffered, but the organization paid the ultimate...
Words: 425 - Pages: 2
...Team Strategy Plan Patty Haynes 09/08/14 MGT/311 – Week 4 Individual Mr. Gregory Martin University of Phoenix Material - Patty Haynes Team Strategy Plan 1. Complete the following table to address the creation of teams at Riordan Manufacturing. |Strategy |Strengths |Weaknesses | | |When objectives are clear for each employee|More emotion such as encouragement could be| |Setting clear objectives of what is |on what is expected of them, it will |used while setting objectives. If the | |expected when accomplishing goals |eliminate confusion and optimize efficiency|goals are set too high, employees will feel| | |while accomplishing the goals set as a |failure and pressure. | | |team. | | | |Using clear channels of communication can |When the channels of communication are | |Using clear channels of communication |eliminate confusion regarding any |interrupted the team is put in a | | |responsibilities amongst employees. Also, |standstill, this will hault all production,| | |directions...
Words: 866 - Pages: 4
...not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. Academy of Management is collaborating with JSTOR to digitize, preserve and extend access to The Academy of Management Executive (1993-2005). http://www.jstor.org 1' Academy of Management Executive, 2004, Vol. 18, No. 4 The benefits motivational goal-setting Gary P. Latham of One beauty of valid theories in the behavioral sciences is that they facilitate predicting, understanding, and influencing one's own actions as well as the actions of others. An excellent example is goal-setting theory. Its underlying premise is goals affect what one that one's conscious achieves.' This is because a goal is the object or aim of an action-for example, to attain a specific standard of proficiency within a specified time limit. Having a specific goal improves performance. Goal-setting theory also asserts that people with specific hard goals (often called "stretch" goals) perform better than those with vague goals such as "do your best" or specific easy goals. Further, the theory states that a goal is a standard for assessing one's satisfaction. To say that...
Words: 3238 - Pages: 13
...- 1304B - 23 Funding Your Own Business The importance of an investment banker is what they do. They are important due to the fact that they are of services that offer to the economy. They offer advice for economic dealings, for example, acquisitions and mergers for businesses. When a business retails new securities in order to increase funds, the representative has the responsibility to the actual buyer for these securities. The investment banker in turn would purchase securities from business and arrange a speedy resell of the securities to the investor’s bankers in order to, investigate research, analyze, distribute and underwrite. Typically, an investment banker will perform all of these functions, although some investment bankers are experts in certain areas. Investment banking assist in businesses with raising monies. It offers investment opportunities to the person or group of people. Most of the businesses develop consultative services from the investment banker in regards to mergers, divestiture and acquisitions. Additionally, due to the importance of the roles that are played of investment banker, the commercial banks do not execute these roles. (Morrison A. 1997). A stock market is an open market that trades the businesses stock or shares. The stock markets function is where the businesses can raise monies for their business by allotting shares to the investor. Furthermore, whereas the investor can buy or sell these shares. Business in turn will benefit from this...
Words: 889 - Pages: 4
...Running Own Business or Work for Company In today’s uncertain economy it’s not easy to start a business. There are many ups and downs in business, starting a business require a lot of thinking and research. It requires commitment and dedication towards a business. To run a business, you should have knowledge of market, management skills, and know the importance of relationship between you and your customers. When you start your business, you have to find clients and work for yourself. First of all, you have to invest a lot of money. Either its legal paper documents, or to operate with employees. You have to find good and safe location to run business well. Along with knowledge and skills, to start a business a lot of invest is required, if your financial stable and you can handle the risk and you are ready to face up and downs in business, than you can start your own business. Profits or losses directly affect to the owner. It is unpredictable if your business is going to be successful or a loss. When you own a business you have the responsibilities to train your employees, you to look after the inventory, pay checks for employees, and all the legal paper work and taxation. You have the power to decide anything for your business. Even finding a job these days is not easy. To have a job in company, you need to have skills and knowledge for the position you are applying for. There is no certainty working in a company, if company is doing badly, you might get fired and company...
Words: 409 - Pages: 2
...Unit 201 Manage own performance in a business environment 1.1 Outline guidelines, procedures codes of practice relevant to personal work There are a number of guidelines and procedures in place to enable me to do my job not only to the best of my ability but in a professional manner. Whilst in the warehouse there are procedures that need to be followed. When entering the building, I need to sign a fire register with time I’ve arrived and also every time I leave the building, even if I go out only for a launch. In case if there is a fire. Before entering a shop floor, I got to wear Hi-Viz (High Visibility Vest), for anyone being able to see me, especially for truck drivers. It must be done to avoid accidents. Also if I’m not wearing Safety shoes (hardtop toe shoes), I must stick to walk ways at all times and keep a good distance from any trucks or moving objects. 1.2 Explain the Purpose of planning work, and being accountable to others for own work Planning is essential to manage my time to complete the actions of my work. Planning helps to be organised on a day to day, weekly and monthly basis. While planning I have to obtain as many details about the piece of work I do to enable myself to produce work as efficiently as possible. I can write my plans down on a to-do list - Writing down everything has two purposes. Firstly, I’m planning my job and the tools I need. Secondly, I’m making a written account of my job for others to see. In this...
Words: 1979 - Pages: 8
...This above all: to thine own self be true.” -William Shakespeare It is amazing how many of us are not true to ourselves. Some of us allow others to define who we are as people. Some of us do not accept ourselves and try to act differently. Some of us do not even love ourselves. Shakespeare’s quote “this above all: to thine own self be true” is perfect advice that tells us to act, know, and love ourselves as human beings. The first thing I think Shakespeare was trying to tell us was to not let others shape our personalities. I think that the media and our peers often try to make us who they want us to be or what they think is cool. Shakespeare was telling us not to let that happen. In reality, the coolest you can be is yourself. Others will love you for who you are, not who you act as. If they don’t, they are not the people you should hang around with. The second thing I think Shakespeare was talking about in the quote was accepting ourselves. One of the hardest yet best things to do in life is accepting who you are. We all have flaws, but you need to overlook them in yourself and in others. Before you can accept yourself, you also have to know yourself. I believe that there is good in every single person on earth, and whether you intend to or not, you learn more and more about your goodness every day in your kind actions and thoughts. Therefore, when you truly know yourself, which happens over time, you know that you are good, and when you know that you are good, accepting yourself...
Words: 373 - Pages: 2
...A Room Of One’s Own It has been eighty-three years since Virginia Woolf spoke at Newnham and Girton on the subject of women and fiction A Room of One’s Own, and though the context seems at times irrelevant to the world in which we live today, we must remember our roots in society. In reading the essay, A Room of One’s Own, we are able to better understand the turmoil and frustration of the female artist of the early twentieth century. Woolf’s writing is meant to be understood by all women, in A Room of One’s own the narrator says, “Call me Mary Beton, Mary Seton, Mary Carmichael or any other name you please—it is not a matter of importance”(Woolf 5). This quote is an example of Woolf’s attempt to universalize the words in the essay so that they could potentially apply to every woman who read them. I thoroughly enjoyed Ms. Woolf’s use of the English language as an art from, and I believe this style was key to the essay’s success, and one of the reasons A Room of One’s Own is still in print today. Among other reasons we can still understand and find relevance in A Room of Ones Own, is the groundbreaking ideas in the essay. In her own way Virginia Woolf took on the establishment, and tried to give a voice to those who had none. In correspondence between Woolf and her friend G. Lowes Dickinson, she writes that her goal for this essay is to "encourage the young women--they seem to get fearfully depressed." (Woolf xiv) Throughout A Room of One’s Own, a few major ideas really were...
Words: 1486 - Pages: 6
... Introduction Currently, the UAE is experiencing a rapid growth in all areas of political, economic and social development, which creates a very attractive investment environment for local and international businesses. Specifically, the wise ruling of the UAE Government directed towards industrial and technological development, supporting peaceful relationships with the international community, openness in cultural and economic exchange, vast support of the citizens in the areas of education and social welfare provide the country with the growth of living standards and business development. In this report, I am going to make PESTEL analysis of the UAE to prove the favorable market conditions for my business – the company that provides online support for private and corporate clients in running their computer-based systems. Step1-PESTEL Analysis of the UAE Social factors My business is going to be run online, so the geographic market for it is going to include the whole of the UAE. Specifically, my target market has two sectors: 1) Corporate customers – companies (businesses) that use different corporate software systems and need support for their smooth operations, as well as development and support of the corporate websites. 2) Individual customers – private individuals who need support for their private usage of computer systems, such as issues with operating systems, software programmes, private website development, etc. Current social...
Words: 967 - Pages: 4
...To be, or not to be: that is the question". - (Act III, Scene I). "Neither a borrower nor a lender be; For loan oft loses both itself and friend, and borrowing dulls the edge of husbandry". - (Act I, Scene III). "This above all: to thine own self be true". - (Act I, Scene III). "Though this be madness, yet there is method in 't.". - (Act II, Scene II). "That it should come to this!". - (Act I, Scene II). "There is nothing either good or bad, but thinking makes it so". - (Act II, Scene II). "What a piece of work is man! how noble in reason! how infinite in faculty! in form and moving how express and admirable! in action how like an angel! in apprehension how like a god! the beauty of the world, the paragon of animals! ". - (Act II, Scene II). "The lady doth protest too much, methinks". - (Act III, Scene II). "In my mind's eye". - (Act I, Scene II). "A little more than kin, and less than kind". - (Act I, Scene II). "The play 's the thing wherein I'll catch the conscience of the king". - (Act II, Scene II). "And it must follow, as the night the day, thou canst not then be false to any man". - (Act I, Scene III)."This is the very ecstasy of love". - (Act II, Scene I). "Brevity is the soul of wit". - (Act II, Scene II). "Doubt that the sun doth move, doubt truth to be a liar, but never doubt I love". - (Act II, Scene II). "Rich gifts wax poor when givers prove unkind". - (Act III, Scene I). "Do you think I am easier to be played on than a pipe?" - (Act III, Scene...
Words: 457 - Pages: 2
...Joe Polce English 015 Mrs. Wickman How To Roll Your Own Cigarette Is anyone in your life a cigarette smoker? Do you often notice that they are always complaining about their ever-rising price? According to the U.S Census Bureau, out of the 6.7 billion people in the world, 2 billion are smokers of cigarettes or some other form of tobacco. Almost 75% of these 2 billion spend between $1000 - $1500 yearly on their favorite packs and cartons that they just cannot resist. We know its a habit, right? Its also an expensive habit. I am going to show you a quick and easy way to not only cut the cost of cigarettes in half, but also save you hundred of dollars. A select few smokers of the modern world have been fortunate enough to find the solution to the climbing prices of cigarettes. This solution is actually very simple. Why don’t we, instead of spending the $6 plus on an already produced pack of Marlboro Lights, make and produce our own pack of very similar cigarettes? Herein lies the solution; roll your own cigarettes. Most people shy away from such an idea claiming that they would never know where to start, or have no idea where they would buy the equipment, but on contrary the first steps to this new lifestyle are very easy, and the tools needed are readily available. The benefits of rolling your own cigarettes are numerous. First off, its inexpensive. GS Hammack, a man who writes for a website called AssociatedContact.com, said that “smokers that are looking for...
Words: 1797 - Pages: 8
