...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...
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...Starting my own business, what am I in for? Since I studies in hospitality management, running a cafe has become my dream. But running a business along is not easy. Many people think running their own business can control their destiny. However, the negative points we also have to take it into consideration. First the positive points are: High incomes Having my own business can give me an opportunity to have a high salary. The income which I earn is related to the productivity pricing and market plan. All these activity is under my control. Do the things you like Owning a company provides you an opportunity to work in a place that you really enjoy. Working in an industry which are passionate helps you work more efficient and motivated. And it also allowed you to create new things and increase your own satisfaction. The negative points are: Financial risks The disadvantage of owning a business is that maybe you will suffer the financial risk. Whether you used your savings or borrowed money for start up costs, the money invested in your company is at risk.(Johnson, 2014) If you run your own business, you are the only one who take responsibility of the risk. Once the company go out of the business, the owner will lose their initial investment or default the bank loans and it will cause bankrupt. Stress As a business owner, you have to take care of everything in your company.There are some things your usually worry about—competition, profit, employees, customer problems...
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...Running head: Management decisions of business 1 Management decisions of business Running head: management decisions of business 2 Abstract There are many different aspects to look at when it comes to operating a business This will be a brief examination of just a few of those aspects Running head: management decisions of business 3 First I start my decision process by first understanding which option would be the best for Me. By doing this I have to first know what each one of the options actually does. I start With an investment banker. For those that don’t know an investment banker is the one Who helps a company or business raise equity or debt for the business they are trying To help. One downside of an investment banker is that they do not give loans or accept Deposits. An investment banker also in case of over-subscription they will make a hugh Profit by selling the issue for a high mark-up. Investment bankers can also work either The buy side or the sell side of a deal. They can also have companies make mergers which Can be horizontal, vertical, or conglomerate. Sometimes investment bankers are required To buy the issue to peg prices. Most...
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...The Two Sides of the Family Business The Two Sides of the Family Business Many people may think it would be wonderful to run their own business. They can imagine the freedom of being their own boss, making the decisions in the day to day running of their company, and keeping the profits for themselves instead of spending their blood, sweat, and tears for someone else’s benefit. And if this was a family business? That can make it seem even more attractive. Working with loved ones, sharing in the fruits of your labors together. But this can be a very romantic notion, especially when we look to business outside of the United States. It is true that being part of a family business can have the advantages as stated above, but it also comes with its own list of hardships that may not be suffered by a non-family run company. There can be many pros and cons to both types of businesses, and with that means different types of strategies to overcome individual obstacles. This takes looking at both types of companies from the outside with an objective eye and seeing what the advantages of each are as well as the pitfalls. In the United States it can be decidedly easier to start up a business than in other countries. We have more access to capital than many other places, as well as things such as crowd funding, or even just working and putting money aside until we have enough funds for a startup. This however is often not the case in more disadvantaged areas, particularly in African...
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...March 23, 2014 MG354 Small Business Management My Strengths and Weaknesses in Running a Small Business Running a small business would be both a wonderful retirement gift and a scary post-military venture. Becoming an entrepreneur would be, for anyone, a dream come true, but jumping into the small business world without a plan, education or experience to do so would be a hasty entrance to the business world. A thorough review of my education and my experience to develop a possible jump into the small business world would definitely be a worth-while venture! So to begin reviewing my strengths and weaknesses in running a small business, let’s first review my education and try to identify those classes that I have taken that could possibly assist in my entrepreneur venture. My very first college course was taking Korean Conversational language, although I doubt I would be able to utilize this in my small business venture, I do believe that I could benefit from some of the small phrases and greetings I learned while taking the course – although globalization is a bit far reaching. I have also taken many computer language courses along with computer application courses that could benefit my ‘no fear of technology’ stance and ensure that I am using this technology to assist, rather than hinder the small business’s day-to-day operations. By taking Accounting classes, I believe my studies in this area would assist in the reporting of the businesses financial information, the...
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...Ten things to ask yourself before you start a business Step One: The Idea Before you start a business, you need a good idea…Let's face it, the single most important step in creating a business is the idea. After all, a good idea can make a company millions or even billions of dollars, while a bad idea can lead it to bankruptcy. And without an idea, you can't create a business. So it's time to start brainstorming. Think up that next million-dollar idea. If you're stuck and can't think of anything, here are some questions to ask yourself to help you out a little: What are my interests? Get out a sheet of paper and start writing down some things that interest you. Are you good at sports? Do you like managing other people's money? Are you good with computers? Do you like pets? It always helps if you start a business in a field that interests you. That way when you're spending your time working on it, you'll have so much fun that you don't even think of it as work. For example, I enjoy money-related stuff. But once a week, I'm required to mow our lawn since I'm the "man of the house". Some of the neighbours need their lawns mowed too. However, because it doesn't interest me, I probably shouldn't start my own lawn-mowing business. If I had some money, what would I buy? Try to think of something that you think would be cool to buy. It helps if there isn't already something similar out there. If you think something is cool, there is always a chance that...
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...buy the toys. He was really a jerk and didn’t know too much about the business. 2. Never be judgmentally- There are a lot of people who judge you on a day to day bases. When you think about it so many people that have businesses judge people before they actually meet the people. Some really don’t know they are doing this until they sit and think about it. Such as when you go to a bank and apply for a loan they judge you by you background. So think about it it’s very hard when you have your own business when trying not to be judgmentally. 3. Face and solve problems – Some people don’t like to face and solve problems when running a large business. But when you own up to your own mistakes things will run a lot smoother. I say this because you have some business that will not face and solve any problems they will have someone else do the dirty work for them when who opened the business knows more about the product they are selling. 4. Running a successful business- I say this because most people don’t keep their business open for a long period of time. They tend to fail at what they are trying to build. Know how to spend the money you are making will help you in the near future. 5. Is fiscally conservative- being in sales as long as I have you have to have a great attitude when dealing with customers? They say the customer is always right no matter what we may think. 6. Invest in the business- there are...
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...important stakeholders within a business in order to make profit. Being the most important stakeholder they must constantly provide support to the business and give great customer services to the main priority. If the customer decided to withdraw their support and influence from the business. Then the business would fight to survive if there are no happy customers. The reason being is because the customers are the people that give money to the business in exchange for their merchandises and services. So the money that the business receives is reinvested into the business to make customer happy so they buy more products. They rely on the customers to carry on shopping with the business in order to keep it running. If the customers do not help to keep the business to run, the business will struggle to survive hence lead to closure. This will be one of the main impacts that the business will have if the customers were to withdraw their support. The customers are not alone they work with other stakeholders to ensure the business carries on running and flowing smoothly as possible while making profit. They work alongside employees to help better the business and make the customers feel good when they purchase an item. They work with the employees as they are regularly in interaction with them when it comes to visiting the store the customers and the employees are constantly interacting with each other. Also they are both joint stakeholders in the business. Being combined stakeholders...
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...- BTEC FIRST DIPLOMA BUSINESS - Unit 16: Business Enterprise Assignment [pic] [pic] • The due date for the whole assignment is Friday 25th May 2012 • You will have time allocated to complete the MERIT and DISTINCTION criteria only when the PASS criteria is completed • You will be able to gather evidence for Level 2 Key Skills in Communication, Application of Number and Information Technology from completing the assignment You will also be able to gather evidence for Key Skills Level 2 Improving Own Learning and Performance (LP2.1, Lp2.2 and LP2.3) as you plan, review and complete the assignment ASSIGNMENT TASKS The scenario You and some friends have always been interested in working for yourself rather than being an employee. You now feel it is the right time to start up a new business and so you begin to consider the idea and investigate the possibilities further with your friends. There are many ideas you have but before you can start the business you have decided to investigate what things you need to know about starting up a business. You and your friends are considering asking your bank manager to provide you with the finance for starting up the business and so it is important that you know exactly what is involved. You and your friends will have to present your business idea to the bank manager so it is important that you know what you have to do…! ______________________________________________________________ ...
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...John Douglas MGT3302 A. 12 traits description: Desire for Responsibility: In my opinion, as an entrepreneur the first and the principal step is feeling responsible for the Business I run since I want to control the resources I used to achieve my goals. On the other hand, being irresponsible means the end of the business because there are creditors that wait for me to pay them back for example. Preference for Moderate Risk: an Entrepreneur must manage the risk in a wise way; he or she must not be risk taker 100% and not risk eliminator 100%. But, in my opinion Entrepreneurs are calculated risk takers. A successful entrepreneur must prepare a business plan to avoid risk. Confidence in Their Ability to Succeed: as an Entrepreneur confidence in the ability to succeed is very important that why Entrepreneurs must be optimistic about their chance for success. Otherwise, Entrepreneurs with no self confidence on their abilities may result to fail to make their businesses succeeding. Desire for Immediate Feedback: An entrepreneur is doing a big effort to take care about him or her business. As a result, he or she is looking for feedback on him ideas to see if he’s or she’s doing well. In other words, entrepreneurs need feedbacks on their daily activities. High Level of Energy: Entrepreneurs are more energetic than the average person by making more efforts and showing the hard working capacities. In addition, they must be giving a perfect example to the other workers by working long...
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...Introduction Time passed quickly, the lessons will be end at the early of April and the marketplace simulation have already finished with the end of the quarter 6. During the lesson and actual operation, I got vast academic knowledge in business area and improved my personal abilities in the class. Group work is a good way to exercise the ability to communicate and summarizes some marketing experience from the virtual platform for business running. It is critical that the marketplace simulation manipulation checked my academic skills and I learned how to get knowledge and flexible use in practice. Lessons learned during the course During the course, I got a lot of speculative knowledge of business management. The professor exponent the different business theory and explain it from the powerful evidence. With long time study, I learned the basis requirement for consultant in knowledge and skills. The manager should understand what the market is going to look like, they need have a ability of analyze the real data and make adjustments with the situation of the company. They must fully utilize the technology to optimize the company’s resources, pay attention to all measures from their competitors and try to get the best profit from their business plan as well. There was one mistake I made early on , was I just think administrator only need hired stuff to finish everything then get a result from them. After the learning of the class, I know that as the leader of the corporate...
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...reasons to have your own business 1. You Control Your Own Destiny Many entrepreneurs consider themselves "Type-A" personalities, folks that like to take control and make decisions. In other words, owning a business saves them from having to work for anyone else. "One reason to own a small business is the ability to direct the culture of your company," says Kasey Gahler, a certified financial planner in Austin who left a big company to start his own business Gahler Financial three years ago. "When you're in the driver's seat, you are making the decisions on how best to steer your company into the future. This might be overwhelming for some and one must know when and how best to delegate. However, when you are able to make your own decisions about how best to operate day-to-day, this leads to creating a culture, a brand and an organization." 2. You Can Find Your Own Work/Life Balance One of the most oft-cited benefits of owning your own business is the flexibility that comes with it, whether that be working from wherever you want, setting your own hours, wearing a nightgown or even sitting next to your pet while you work. "I get to carry a knife, drive a pickup truck and hang out with my dog a lot more – what can be better than that?" says David Winters, who owns a mobile screen repair business called Screenmobile in Charlotte, North Carolina. Just as important, entrepreneurs say that owning their own business lets them set their priorities. "I make my own schedule, allowing...
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...Running Head: STARTING A COMPUTER REPAIR BUSINESS Anthony Carlile BUS 107 Fundamentals of Business Strayer University Instructor: Professor Jay Greely December 5, 2010 According to Holloway (2006) the key to effectively open and operate a my own computer repair business, I must have a solid business plan in place so that there’s some guidance and comfort level about the direction my company should take. Holloway (2006) further reports that the business plan does not have to be 100 pages long and prepared by an MBA, but it should point out what the market opportunity is and how I am going to entice my customers, on service and on price. A well-prepared outline, according to Holloway (2006) no only helps to envision the development of my business but also guides lenders and investors. Included in my business plan will be my company name, mission statement, and overview of the business, target market, my financial projections and a two-page summary Holloway (2006). Clark (2007) reports that I will definitely have to do my homework before implementing a plan for a business. According to Clark (2007) to begin, I must go to the library and study the demographics of my community in which your business will be established. People who love computers, technology and working with people find that running their own business is incredibly fulfilling and can bring substantial revenue. Clark (2007) further reports on five tips that can help me successfully start my own computer...
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...and trainer decided to open his own business a one-stop shop selling running gears and equipments, after being retrenched from his office day job. He decided to venture into this business in particular because of his passion for running and being healthy and fit. There are no shops selling running gears and equipments in his town yet. Any avid or non avid runners who wishes to buy any running gears and equipments has to place their orders on online shops to pre-order their gears and it takes about 2 to 4 months tops for their order to arrive. They not only have to pay the price of the item they have just purchased but also the postage costs are borne by the customers. Being an avid runner himself, Liberman then opened up a shop selling running gears and equipments of various brands, known as Running-Man Shop. The selling prices of these running gears and equipments are set to be the same as the online shops which his customers usually visit. Liberman gloats that opening Running-Man Shop is better than having his customers making online purchases as they do not have to pay for postage costs and Running-Man Shop can cater to the market niche that has been ignored. His shop has become very popular among runners, and his one-stop shop selling running gears and equipments has been very busy since in first opens. Running-Man Shop has become the first one-stop shop famous for its good quality and various branded running gears and equipments. Running-Man earned above average returns...
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...Running Header: SOCIAL MEDIA AND BUSINESS 1 Running Header: SOCIAL MEDIA AND BUSINESS 2 The internet era has brought with it numerous pros in all walks of life be it academic, business, or social. The internet has taken business to an all new level. This includes online shopping, online banking, and online flight booking just to mention a few. Each and every business needs an online presence in order to have an edge over its competitors. The onset of internet improved business a lot, but what has really revolutionized the internet business is the social media. The social media sites form hubs for online interactions of people from all walks of life and of all ages. People meet and build relationships via social media. Social media forms a powerful tool for marketing a business and help it achieve its own goals. The most powerful of all is the word of mouth from friends in the social media or recommendations and /or like. There are numerous social media sites nowadays including twitter, facebook, Google plus and LinkedIn. This essay will focus on facebook as a tool for marketing a business. Just like any other form of business strategy, use of social media has its own share of legal matters that need to be managed appropriately for the success of a business. Marketing managers of business using the social platform should have a good knowledge base and be able to wisely employ the legal tools in their marketing...
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