...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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...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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...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: 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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...parts industry company. He worked for the company for almost thirty years and was ready to go back to Indianapolis, his hometown, and semis retire while running his own business. He came to this conclusion due to the fast paced job as well as the travelling the job entitled. Three years earlier, Fred took the buyout funds from the company he worked in and invested them, with his wife, in a car repair franchise in a suburb in Indianapolis. He has been expanding since and seven years later he holds five franchised locations around Indianapolis. Revenues from the first two car repair shops financed his last two businesses. He currently has twenty-seven full time employees, yet feels the stress from running the shops for ten-hour work days and evenings full of paperwork. It seems Fred is working more now that he is semiretired than before as a senior executive. Fred is not going thru this by himself since this situation happens often with franchisees and the misconception of being their own boss and their own company. They believe that others will take care of all the headaches and exposure of the business, yet the franchisor is the one making the money in royalties and advertisement while dictating how the business must look and even be ran. If Fred does not comply then the franchisor can take the franchise away at any moment and Fred would be left with nothing. Assess Fred’s capability and capacity to be a franchisee in general and for this specific company. Seems to...
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...partnership as the only one performing the services but eventually had to hire independent contractors to do the work. In 1984, Steeby and Fial were supervising and finding new work but not performing the services. Fial’s activities generated 80% of the business and Steeby the other 20%. Fial was unhappy with the arrangement and wrote Steeby to dissolve the partnership. He said that the dissolution should simply require assignment of accounts. Fial told the ICs that their obligations to the partnership would be terminated on 9/10/84 and Fial then terminated the contacts with the clients and put them under Ks with his new firm. He then hired new auditors to do the auditing. The partnership was formally terminated on 5/23/85. Steeby sued for breach of the partnership agreement and for final accounting of the assets. Trial court found that Fial had breached the agreement by breaching his fiduciary obligations. The breach occurred when: 1) he fired the auditors and dissipated the assets of the partnership; 2) terminated the contracts with the clients and taking over the work. JUDGMENT: Upheld trial court’s determination of breach of fiduciary duty and the constructive trust. A sole trader works alone, he/she is liable for everything about the business, day-today running of the business, its success and failure. If he/she fails, he/she will lose not only his/her business but his/her losses will extend to his/her personal possessions too to cover the cost of the business.The capital...
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...years old, he was running discos at his local village. At 20 years old he provided entertainment at weddings with his own DJ equipment. Later on he went into a different career working for BBC radio in technical administrations. He then went on to working for a creative communications agency called ‘Unique’, while still running disco parties on the side. In 1997 he set up a business with his friend running snowboarding holidays for party goers, they decided to name the business ‘Abundant Holidays’. In 1999 his friend left the business, which made Shane the owner of ‘Abundant Holidays’. In 2007 he was made redundant by ‘Unique’. Later he used the skills he gained at ‘Unique’ and BBC radio to set up his own communications business called ‘Abundant’. To this day ‘Abundant’ is a successful creative communications agency. About Shane Wall Shane Wall is a passionate entrepreneur, who currently manages the creative communications agency ‘Abundant’. Before Shane Wall got into the creative communications agency he had many previous jobs, for example: working as a DJ providing entertainment at weddings and working for BBC radio in technical administrations. Shane became an entrepreneur in the early stages of his career, when he set up a holiday business with one of his friends aimed at party goers. As a result of working in a variety of industries and businesses, he picked up a lot of useful qualities and skills to later benefit his own business ‘Abundant’. By...
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...Whether you’re running a large or small business, be it online or offline, a corporation needs many things to run properly. It needs a structure of some type; it needs furniture, heating, lights, etc… However, the most important thing you need in running a successful business is to have someone that will organize things and keep the department running smoothly are those persons who are identified as managers, and are highly essential to any company and department. Being a good manager always starts with having a plan…which keeps disaster from happening. A company cannot succeed without one. That is when the need of a manager comes in. They’re the ones normally that come in with the why’s and how’s of how they would like the department to be run, and the things that would help the department succeed. They’re the ones that help control labor costs, to assess talent needs and make informed business decisions such as where to open new facilities. Once the vision is set, managers have to be on board to get the organization where it needs to be, and to constantly reinforce that culture and vision throughout the organization. Why Managers Are Important Manager’s jobs are crucial to a department. They keep things running smoothly. They have the responsibility of knowing what their objective is for the future of the company and department. After that, they have to have some idea on how that objective can be achieved. No matter how good a manager you are, everything doesn’t go perfect...
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...Analysis…………………………………………...………..Pg 16 Conclusion.……………………………………………...………………………….Pg 17 References…………………………………………………………………………Pg 18 Leadership Development Plan Introduction What I have written in my Leadership Develop Plan paper will show my strengths and weaknesses; what I need to accomplish to get to accomplish my goals; how long I have to reach my goals; how can I learn to run a business working in the organization that I am currently working in right now; how I can become the leader that I dream of becoming; what I can do better in my life to guarantee that I succeed. Answering all these questions will help me get further to accomplishing my success and receiving my Master’s degree, being able to buy a home, running a business and becoming successful in that business. My Leadership Journey When choosing my classes for my MBA, I thought that I would need to take a leadership class. I really was just picking classes that sounded good to me and that I thought that I should take that would show me how to run a business. I came upon the leadership development class and it did not hit me that this class would open my eyes to seeing what I was going to need to help me in succeeding in getting to that leadership position that I truly am seeking. I actually thought, well the sooner I get through this class the...
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...6 rags to riches From Oprah Winfrey to Steve Jobs to J.K. Rowling, entrepreneurial success stories are the stuff from which American dreams are made. Much like these famous names, the six self-made millionaires we’re profiling have one thing in common: Thanks to hard work, determination and sound advice from mentors, friends and family, they’ve been able to build thriving businesses from the ground up. The rise to the top can be bumpy. In fact, some of the entrepreneurs we talked to were homeless during the early years of their companies. That’s why they all agree that it’s important to help others in need. All, including Radio One’s Catherine L. Hughes and Life is good co-founder Bert Jacobs, give back to the community by volunteering time, donating to charitable organizations or running their own charities. Catherine L. Hughes Age: 64 Occupation: Founder and chairperson, Radio One Advice to young entrepreneurs: "Sometimes the ones who love you the most will give you the worst business advice." By conventional standards, Hughes wasn’t destined to build a successful multimillion-dollar media company. She was a teen mom by 16 and never graduated from college, but had brief stints at area universities in her hometown of Omaha, Neb. Despite her limited formal education, Hughes, who credits publishing legend John H. Johnson as one of her mentors, worked her way up at Omaha’s KOWH radio starting in 1969 before heading to the nation’s capital to become a lecturer...
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...company’s money came from, where it went, and where it is now. There are four main financial statements - balance sheets, income statements, cash flow statements and statements of shareholders’ equity. * Balance sheets show what a company owns and what it owes at a fixed point in time. * Income statements show how much money a company made and spent over a period of time. * Cash flow statements show the exchange of money between a company and the outside world also over a period of time. * The fourth financial statement, called a “statement of shareholders’ equity,” shows changes in the interests of the company’s shareholders over time. Task 1 Financial statements There are two main purposes of financial statement: first of all, to report on the financial position of an entity; secondly to show how the entity has performed over a particular period of time. Throughout the existence of a business many requests will be made for its financial statements. Financial statements are intended to provide information on the recourses available to management, how these recourses were financed, and what the company has accomplished with them. Financial statements are formal presentations of the flow of money into, through and out of a business. Financial statements are comprised of four main areas - balance sheets, income statements, cash flow statements and retained earnings. 1.1 Balance sheet “The balance sheet shows what recourses (assets) the firm controls and...
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...Riordan Manufacturing – New System Proposal CIS207 – Week 3 John Korzeniowski Jennifer Schneider, Cory Schroeder, Theresa Bierek, Daniel Kaufman, Andrew Creamer Riordan Manufacturing – New Ssystem Proposal One of the business process changes that will need to be made is the change from the Satellite link, or WAN connection to the MPLS. How this process will need to take place is, first, to install the new hardware to make sure it is running steadily on a test basis - So, running it on, perhaps a test computer, or network first. Once the MPLS is proving to allow faster connection, without any glitches, making the switch would need to take place quickly as this will effectaffect how all offices within Riordan communicate with one another, and will effectaffect how all information is transferred between offices. The best time to do this would be a Friday evening when the office on the West coast closes. When the corporate headquarters closes, the tech team should come in to start working in the evening. This will allow for extra time to set things up over the weekend should there be any glitches, so that it does not interrupt standard working hours for the U.S. offices. Considering Friday night is when the switch would start, the office in China would also have already been closed for many hours, so it would not interrupt their working hours either. Each office would also have to have a team of tech workers there to update their systems to connect...
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...tablets in the business place Mobile devices including phones and tablets in the business place Proposal Topic This proposal discusses the use of mobile devices including phones and tablets in the business place, the impact that has affected all corporations and shows a promise to a bright future for many companies. Technology today keeps everyone in touch 24/7. Many business professionals are required to carry a smart phone or depending on the company are provided with a smart phone for company purposes only. The accessibility of a person 24/7 makes it easy for companies to get in contact with its employees quickly for emergency situations. According to the article offices go mobile, “66% expect to be able to use any devise-personal or company owned—to access corporate networks, 66% would take a job with less pay if they got more flexibility in their access to and use of mobile devises and 60% believe it’s not necessary to be in the office to be productive. Problem Many companies are still new to using primarily mobile devices to conduct all business ventures for a company. Companies also want to make sure that the mobile devices being used are completely secure so that no information is going to be accidently released. Companies may want to go to using mobile devices for the easy access of the employees and the customer but may not be able to afford the type of technology that is needed to have a business run from mobile devices. Some companies may not know...
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...Unit 29 Describe the type of business, purpose and ownership of two contrasting businesses Sole trader: Sole trader describes any business that is owned and controlled by one person, although they may employ workers, e.g. a newsagent's shop. Individuals who provide a specialist service like hairdressers, plumbers or photographers, are also sole traders. Sole traders do not have a separate legal existence from their owner. As a result, the owners are personally liable for the firm's debts, and may have to pay them out of their own pocket. This is called unlimited liability. Advantages: 1. The firms are usually small, and easy to set up. 2. Generally, only a small amount of capital needs to be invested, which reduces the initial start-up cost. 3. The wage bill will usually be low, because there a few or no employees. 4. It is easier to keep overall control, because the owner has a hands-on approach to running the business and can make decisions without consulting anyone else. Disadvantages: 1. The sole trader has no one to share the responsibility of running the business with. A good hairdresser, for example, may not be very good at handling the accounts. 2. Sole traders often work long hours and find it difficult to take holidays, or time off if they are ill. 3. Developing the business is also limited by the amount of capital personally available. 4. There is also the risk of unlimited liability, where the sole trader can be forced to...
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