...Interview with a Business Owner By: James Yoo University of Maryland University College Author Note This paper was prepared for BMGT 110, taught by Debra Black. Table of Contents Abstract……………………………………………………………………………………………………………...3 Interview with Patrizia Florino……………………………………………………………………………4 Starting Up Amore Italia……………………………………………………………………………..……….4 What it takes to be a business owner………………………………………………………………..5-6 What’s the future of Amore Italia?.....................................................................................................6 Conclusion……………………………………………………………………………………………………….6-7 References…………………………………………………………………………………………………………..8 Addendum…………………………………………………………………………………………………...…9-10 Abstract My interview was with Patrizia Florino, who is the proud owner of a small clothing store for women in Anaheim, California. Patrizia grew up in southern Italy until the age of 24 and has been living in California ever since. She‘s always had a passion for the fashion industry, working several jobs in retail stores and even doing some modeling. Patrizia learned throughout working in the fashion industry is she cared about clothes the most and could only express herself if she had her own clothing store, so that’s exactly what she did. Having family and friends in Italy helps to drive her business, which is called “Amore Italia” meaning Love Italy. Throughout my interview at times I felt as though I was back in Italy, Patrizia runs her store with...
Words: 2223 - Pages: 9
...the city state; hence we wanted to understand what made some succeed while others fail. Furthermore, two of us aspire to setup restaurants in the future, which allowed us to do an in-depth analysis of the industry, the owner mind-set and some best practices. In 2009, there were 2,107 restaurants (35.2%) of all F&B industry, hiring 35,078 employees. In 2010, there were 2,261 restaurants (36.5%) and hiring 37,163 employees. A 7% increase in restaurants with a corresponding 6% increase in hiring year-on-year. Operating receipts increased by 10% year-on-year, while expenditure remained constant. Valued added revenue – contribution to the country’s XXP; increased by 11.5%. (Appendix 1, Table 1) Purchases of food and Remuneration of employees are the two biggest costs. However, rental has increased by almost 2% year-on-year, probably due to the shortages of space for rental. Purchases on the other hand reduced by more than 5%. (Appendix 1, Table 2) The outlook for the F&B sector is also bright according to the Workforce Development Agency. It is fuelled by domestic demand and with the Integrated Resorts and other attractions like Gardens by the Bay, tourist numbers are expected to increase, helping to boost the F&B sector. (Singapore JOBSpedia) I interviewed two owner-managers who were both doing quite well in their businesses – Mr XXXXXXX XXXXXXX, who owns XXXXXXX Restaurant and Mr XXXXXXX, who owns XXXXXXX. The reasons for choosing XXXXXXX was because I frequent the restaurant often...
Words: 2692 - Pages: 11
...Small Business Owner Exercise 2 a) How did the business owners raise their starting capital? What percentage of startup funds did the business owners supply on their own? 1) "We supplied 100% of our startup capital in order to not worry about debts. Also, it was a pretty small amount of money." 2) "I was fortunate enough to be able to bootstrap my entire business, I was able to fund 100% of the startup out of my own pocket." b) What percentage of startup funds consisted of debt capital (taking out a loan) and what percentage was provided personally (savings, selling something of value, etc.)? 1) "100% was provided from personal savings." 2) "100% was provided from personal funds/savings." c) Which of the sources of funds described in Chapter 8 -RAISING CAPITAL AND GATHERING INFORMATION did the business owner use? How were those funds used with his/her business?...
Words: 381 - Pages: 2
...Business Problem I am the owner of a professional cleaning business. I have been in business for four years and have a total of five employees. This business is thriving with high end clientele .I have five employees not including myself. This business has gained a reputation of professionalism, reliability and honesty. Being a business owner, comes with a lot of responsibilities. As a business owner you are responsible for the client’s properties and also for your employees. I have been in business for five years with no incident report. Unfortunately, one of my long time employees had to retire due to health reasons. After realizing that I needed another employee, I began interviewing candidates for the open position. After careful evaluation and referencing I hired a new employee by the name of Angelia. Angelia has cleaning experience and comes with a few unfavorable incidents attached from past employers. We all have hidden pasts some good some bad. Because I do not hold past incidents against someone, I gave Angelia a chance to prove herself. In my business I have gained a reputation of honesty, dependability and trust. Training for my employees is taught on values and morals. Respect and honesty are essential in this business. I trust my employees and will stand behind them, even when accused of a wrong doing. My clientele are middle to high class customers such as Doctors, Lawyers and Dentists. I have through the years established a team I have...
Words: 548 - Pages: 3
...For my interview I decided to pick the owner of the company I work for. The owner’s name is J. Kent McNew and he is the owner of Eastern Petroleum Corporation. The company is a petroleum distributor of gasoline primarily through gas station outlets. Eastern Petroleum Corporation is a Maryland corporation and its corporate office is located in Annapolis, MD. Mr. McNew sells products in MD, VA, DC, and some in DE. The scope of the business is done in the Mid-Atlantic Region of the United States. Eastern Petroleum is an S-Chapter corporation, which means S Corporations do not pay any income taxes. Instead, the corporation's income or losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns. Mr. Kent said that he’s always had an entrepreneur spirit and it started way back when he was in grade school. He stated in his school each class had to sell garden seeds and he always sold the most in his class, so that inspired him to go into business. He worked for Hess Oil Company while attending the University of Richmond, realizing while selling products to his customers he wanted to go into business for himself. So he started the company called “Eastern Petroleum Corporation”. To come up with the corporation’s name he sat down with a legal pad and just wrote down different names that came to mind. He didn’t want to name the company after himself because his father had a company called...
Words: 314 - Pages: 2
...Application of cost-benefits analysis (CBA) in Hospital Setting Introduction “Cost-benefits analysis measures the benefits and costs of projects in money terms: this often requires that we place dollar values on years of life or improvements in health and well-being” (Folland, Goodman, & Stano, 2010 Pp 67). Studies related to the post-acute rehabilitation of the traumatically brain injured (TBI) have centered on quality-of-life issues. There has been little attention paid to cost/benefit relationships. The study showed a statistically important benefit and cost savings, over time, for those patients receiving post-acute rehabilitation. These benefits are in addition to improved quality-of-life benefits. Another cost-benefits analysis in the hospital setting is the implementation of electronic medical record (EHR). Electronic medical record systems improve the quality of patient care and decrease medical errors, but their financial effects have not been as well documented. Electronic medical record systems have the potential to provide substantial benefits to physicians, clinic practices, and health care organizations. These systems can facilitate workflow and improve the quality of patient care and patient safety. Cost and benefit of post-acute rehabilitation in hospital “Post-acute rehabilitation services may be provided to some patients at the same or lesser cost when compared to the cost of the living status category prior to admission” (Ashley & Kirch, 1990). It...
Words: 573 - Pages: 3
...the 5 independent contractors, which I have hired, do not meet the direction of control or common law test for who is an employee set by the Texas Unemployment Compensation Act. The test states, employment is a service, including interstate commerce, performed by an individual for wages or under an express or implied contract of hire, unless it is shown to the satisfaction of the Commission that the individual’s performance of the service has been and will continue to be free from control or direction under the contract and in fact. Hence, by implication, an independent contractor would be a person whose services do not meet the test previously mentioned. In other words, an independent contractor is a person or entity who runs their own business and usually does work for several businesses. An employee is hired to perform work for a specific employer. If there are no documents keeping track of David’s hours then this can cause potential problems in the future. If David, were to come back and say he was not paid for the extra hours he worked, them I would be at the discretion of what David says he worked. In order to reduce this risk of liability would consider classifying employees (if they are eligible) as exempt employees and require all non-exempt employees to keep track of their time and forward for review/approval at the end of the week. I am not obligated by law to provide breaks throughout the day. Texas does not have any laws requiring an employer to provide a meal...
Words: 768 - Pages: 4
...ACC647Z2 3 October 2015 Legal and Ethical Issues Business Owners Face Legal and ethical issues play a big part in the operation of a business for many owners. Business owners have to take into account many issues such as legal, regulations, safety, liability and brand of the company. Business owners must know their legal responsibilities and code of ethics, because they have to adhere to both when running a business. Many business owners face these issue everyday with changing regulations and laws, making sure that their reporting is ethical and up to standards. "Navigating all of the legislative and regulatory changes that occur throughout the course of the year can be challenging, taking business owners away from other important aspects of running their businesses," said Martin Mucci, Paychex president and CEO. Business owners have to follow state and federal labor laws which can be very taxing on business owners. Business owners have to monitor their tax reforms, because with the Tax Increase Prevention Act of 2014 the processing of taxes will affect the way that business owners have budgeted for their businesses. Business owners are also affected by new health reforms which state that “employers must be prepared to meet new IRS mandates to file annual information returns with the IRS and provide statements to their full-time employees about the health insurance coverage the employer offers” (Brooks, 2015) Business owners have to know the rules and regulations which involve...
Words: 1687 - Pages: 7
...and ____________: An analysis” because of the fast- growing and profitable business such as restobars in the provinces. Wherein, restobar industry is essentially retailer of prepared foods, prepared drinks and its operating performance is influenced by many of the same factors that affect traditional retail stores. For the most part, restobar has business models that are relatively easy to understand. Nonetheless, there are a number of unique factors to consider when making investment decisions regarding this large and segmented industry. Competition between restobars is intense, since dining and leisurely drinking options abound. And, while there are certainly dominant players in this industry (especially among fast-food purveyors and large fast- food chains that offers to drink and dine), no one company has the market cornered. Indeed, virtually every restobar location must compete not only against other publicly traded chains, but also with a wide array of small, local establishments with a touch of marketing strategies and advance advantages. Competitors include everything from advance technology lighting, romantic atmosphere and ambiences to boldly flavored drinks to fine- dining and drinking style. Furthermore, it is relatively easy to forgo to prepared foods and drinks which is usually a less expensive option. Statement of the Problem This part of the study has two parts. First Part: Owner Respondents This study was conducted to analyze and determine the Restobar...
Words: 306 - Pages: 2
...Regulations Stifle Business Owners Smoking Preference Smoking related issues has become a very controversial topic. Some people may agree that cigarette smoking should be regulated while others may think that it is an individual’s choice to smoke wherever or whenever they want to. This makes smoking cigarettes an arguable topic. United States (U.S.) legislators, state governments, and local authorities have been increasingly restricting where consumers can smoke. Legislation has been further limiting smoking in public places which is causing businesses to lose customers. While it is plausible to control smoking in some industries, business owners of strictly adult only enterprises should be allowed to decide whether smoking or nonsmoking preferences help their business to be profitable. Lawmakers that have banned widespread smoking in communities may not understand the economic impact on businesses that depend solely on adult patrons. For many years, there were no regulations against smoking tobacco products. This allowed the tobacco industry to cash in on the profitable commodity. Smoking became a status symbol. “From the beginning of the 20th century, society[->0] considered smoking fashionable and a status symbol” (Zilli). However, by the 1990s, “The World Health Organization (WHO), seeing smoking as the most preventable cause of ill health worldwide, edged in 1994 a little closer to its objective of a smoke-free world” ("Tobacco"). Arguments that support smoking bans include...
Words: 1741 - Pages: 7
...Home owner associations have been around for years for the sole purpose of regulating the housing communities by what the homeowner can and can not do. It seems that the HOA’s in California have become more governed as the years go on; specify what homeowners are allowed to do at their place of residents. When this type of control starts to interfere with the means of support for each household, it tears down the hard working individuals that purchased the home in the community. While the Home Owner Associations want to provide safety and curiosity to all residents, they should not regulate their residents work vehicles from parking in front of their own home. They should not dictate the type of work vehicle that is allowed to be stationary in front of the residents homes. Upon doing so the residents will be fined a large sum. This includes those that have lumber racks, more than one attached tool box and painted advertisements or company logo’s on their vehicles. These vehicles that the HOA’s are regulating are more than likely the income that pays the dues each month. First of all the Home Owners Associations should not regulate residents work vehicles from parking within the community. They should not dictate the type of work vehicle that is allowed to park in front of residents homes. I do not believe that parking a work truck in your driveway or in front of your own home diminishes the neighborhood in any way. Many people travel a lot or use their vehicle for business, so...
Words: 1072 - Pages: 5
...Word count 467 Discuss whether readiness and restraint factors are likely to be more relevant in influencing the start-up decision of a potential small business owner more than the other characteristics Peacock (2004) is discussing. Becoming an entrepreneur is not for everyone. It takes a special person with a strong commitment and special set of skills to become a successful entrepreneur. McClelland (1961) developed the theory of three types of need - need for achievement (nAch), power and affiliation – that are required to try something new and uncertain. The theory suggested that the higher the nAch, the higher is the entrepreneurial success. According to McClelland one of the important factors for achievement is the extent to which an entrepreneur assumes his responsibility for solving problems. Furthermore, Gatewood noted that potential entrepreneur with high personal efficacy scores would be persistent in successfully starting a business (Gatewood, Shaver & Gartner 1995, p.380). Therefore, readiness and restraint factors are important in influencing the start-up decision of a potential small business owner but in conjunction with the personal characteristics of the future owner- manager, who has the entrepreneurial vision, who is innovative, searches for new opportunities and is driven to make things happen (Mazzarol, Volery, Doss & Thein 2001, p.15). The entrepreneur is frequently characterised by a strong internal desire to achieve and seeks to generate...
Words: 700 - Pages: 3
...maintain the interior, exterior, plumbing, and the appliances. Maintenance benefits Maintaining your home comes with many benefits that can add value to your investment. Home maintenance is like a well checkup that is done on children but pertains to your house and its well-being. Keeping up with the maintenance saves you time and money in the long run as well as adds value to your investment. A home in despair increases safety/health risks, runs inefficiently which increases utility costs, and requires greater expenditure for maintenance and repair costs. Maintaining your home protects the value, improves the homes appearance, and keeps its appeal to the homeowner or other potential buyers. This also gives peace of mind to the home owner knowing that all systems, equipment, and components are in functional working order. The added value to the home with all the maintenance performed makes the home more desirable to potential buyers when it is placed on the market. Buyers’ take maintenance into consideration as well as other things like access to schools, neighborhood activity, traffic on through streets, and even the base price. In most cases a home inspector will be hired by the potential buyer to inspect the home top to bottom checking for potential problems. If problems are found this means it could be an added expense to the buyer which could steer them away from the home. This is one of the reasons why home maintenance is so important. Software for home maintenance ...
Words: 1344 - Pages: 6
... In accordance with the recorded covenants, conditions and restrictions of the association, and in order to protect each individual owner's rights and values, it is required that any owner who is considering improvement of his deeded property to include, but not be limited to patio covers, decks, outside buildings, fencing, building add-ons, etc., submit the following to the Architectural Control Committee prior to initiating work on the planned improvements: _______ (1) A completed Improvement Request Form for each project separately. _______ (2) Complete and detailed building plans, material listing, specifications & color samples. _______ (3) A property site/plot plan showing the location of the proposed improvement. _______ (4) $25.00 Application Fee (check, money order or cashiers check payable to ProComm) FAILURE TO SUBMIT THE REQUESTED ATTACHMENTS (ITEMS 1, 2 3 & 4) PRIOR TO CONSTRUCTION MAY RESULT IN DENIAL OF YOUR REQUEST FOR IMPROVEMENT. If any change is made without approval, the Committee has the right to tell the homeowner to remove the improvement from his property. Any homeowner considering any exterior improvement to his property is urged to review the recorded deed restrictions prior to initial request. PLEASE PRINT THE FOLLOWING INFORMATION: Owner Name ___________________________________________ Email: ___________________________________________ Address ____________________________________________________________________________________________ ...
Words: 939 - Pages: 4
...The Advantages of Buying a House over Renting an Apartment Com/172 The Advantages of Buying a House over Renting an Apartment Buying a house for most is the American dream, but with today’s economy many people are unsure if the dream can be obtained. The main concern for most people would be the financial responsibility. Many people believe that the financial responsibility is overwhelming and they are just not ready. Although some people believe they are not financially ready to purchase a home, buying a house is a better option than renting an apartment for three main reasons. First, becoming a first time home buyer can be a very exciting experience that can have a positive long-term effect on some one’s life. Second, a home buyer can make any modifications or changes to a home. Third, and most important, you will eventually own your home. With those three examples, I will show the advantages of buying a house over renting an apartment. The first advantage to buying a home verses renting an apartment is that first time home buyers usually receive incentives or rewards for being first time home buyers. If the home buyer is purchasing a newly built home, usually the builder will give little incentives such as appliances in the home, a gift card to purchase new items for the home or even interior upgrades to the home. In recent years, there was a huge increase in the home buying market. This was the first time home buyers tax credit approved by the federal government...
Words: 1139 - Pages: 5
