...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?...
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...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...
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...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...
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..."Double taxation" refers to the fact that the corporation itself must pay taxes on its net profits, and the stockholders must also pay taxes on the portion of those same profits distributed to them as dividends.Answer T "Knocking on the doors" of businesses an entrepreneur would like to buy—although they are not advertised "for sale"—is a waste time. Answer F ____ percent of small businesses sell on credit.Seventy-seven ____ recognizes any improvement in quality may improve a company’s competitive ability.Return on quality _____ are those things that a business owns which have value.Assets _____ is simply the money owed the firm by customers because they’ve purchased goods or services on credit. Accounts receivable ______ gives owners the security of a sales contract but permits them to stay at the “helm” for several years.The two-step sale ______ is a small number of customers to give you feedback on specific issues in your business—quality, convenience, hours of operation, service, and so on.Focus Group ______ is not a primary goal of a competitive intelligence program: All these are primary goals of a competitive intelligence program ______ is the process of creating and delivering desired goods and services to customers, and involves all of the activities associated with winning and retaining loyal customers. Marketing ______ publishes Annual Statement Studies, showing ratios and other financial data for over 650 different industrial, retail, and wholesale...
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...The Corporations Role in Small Business Success Your Name Here English 122: Composition II Aimee Garten October 14, 2013 The Corporations Role In Small Business Success Devastation. This describes the state I was in when I walked into my favorite coffee shop and was notified by the owners that they would be closing the doors for good at the end of the business day. I had been going to Donut Connection, a small family owned business, for about a year. I had been loyal to Starbucks since my coffee drinking days began, but this place came highly recommended and it was right on my way to work. I was quickly enamored with their amazing customer service, and I have to admit, the coffee was better than Starbucks. As all good things come to an end, the Donut Connection had to close down for financial reasons. This was a shock to most of the regular customers and myself because the establishment was jam-packed every morning. But this poses the question: Are large corporations, such as Starbucks, responsible for the failure of small businesses? Because consumers appreciate great customer service, and small businesses dominate the economy, corporations should be looked at as nothing more than competition as small businesses are responsible for their own success or failure. A major reason why consumers shop small businesses is the family feeling they experience as well as superior customer service. People appreciate going into a business and being greeted by name and also knowing...
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...Twitter is an Excellent Marketing Tool to Promote a Small Business Twitter is an Excellent Marketing Tool to Promote a Small Business W W Good marketing can lead to a business being successful, but there will never be any guarantees that this is the case. Many new business owners are short on capital at the beginning and do not have enough financial resources to hire a marketing firm. As a result, many new business owners want to try to market the business themselves. Nowadays, businesses can go to social media such as Twitter because it is one of the best marketing tools which any owner can use to reduce cost and time in getting their business up and running. “Twitter is a social networking service; it has gained popularity because it is relatively simple to use.” It is about discovering interesting people around the world who might be interested in what the company is selling. It also builds followers who are interested in a company’s services, and then providing people with some kind of knowledge, based about the company’s news every day. People advertise recruiting services, consulting businesses, and retail stores by using Twitter. Twitter is a platform that actually works because companies can market their products and services in a fast, easy way with as little cost as possible. There is no cost to use it, and small businesses do not need to have large followers to be effective. For marketing purposes, Twitter is useful for connecting...
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...Ownership in USA: Successes and Failures Dr. Habtalem Kenea, PhD OM 250 4/24/16 Minorities in business have increased rapidly in the last decade. Businesses that range from domestic to technological are often owned by minorities from all walks of life. Minorities aren’t always African American; there’s a wide spectrum of businessmen and women alike, from race to gender. Wikipedia defines minority business enterprise as “an American term which is defined as a business which is at least 51% owned, operated and controlled on a daily basis by one or more (in combination) American citizens of the following ethnic minority and/or gender (e.g. woman-owned) and/or military veteran classifications.” In 2007, more than one-fifth of the nation’s 27.1 million firms were minority-owned. Minority owned business owners in America have seen its fair share of successes, failures and potential for the future. “The U.S. Department of Commerce 1997 survey of Minority –Owned Business Enterprise reported that there were nearly 2.9 million minority – owned businesses in 1997, generating a projected 564 billion in revenue by 1999 and employing nearly 4.3 million workers.” (Fraser, 110) The rapid growth in the minority business enterprise has been beyond impressive. The activity in the minority sector show a varying and rather impressive percentage of growth among the diverse group of business owners. Hispanic –owned businesses were the most successful overall minority owned enterprises. According...
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...who discovers a market needs and launches (a) new firm(s) to meet that/those needs. They are risk takers who provide an impetus for change, innovation, and progress in economic life (Longenecker, 2008). It should be noted that this definition of an Entrepreneur is very broad, as it encompasses quite a lot but for the purpose of this report, we would limit the scope of an Entrepreneur to the Small Business owner/manager. The definition can extend as far as second-generation business owners who inherited a business, or saw the potential in an existing business and decided to acquire it. It could also extend as far as top-level managers in larger corporations, who go sourcing for business opportunities for the companies remunerating them. They, after all, identify business potentials and take risks. LITERATURE REVIEW AND ANALYSIS According to Scarborough, Norman M. and Zimmerer, Thomas W, 2006, p27: “Sometimes the manager of the small business does not have the capacity to operate it successfully. The owner lacks the leadership ability and knowledge necessary to make the business work”. The above statement is a two-fold and yet, related...
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...ABSTRACT Depending on how much say the owner wants to have in the decision making of the business. Business owners can keep track of changes in different ways by reading the newspaper and various business publications. This way they can keep up with changes and can adjust their businesses accordingly. Business owners who are not aware of the changes around them have less success that those who pay attention. What is the basic legal environment? What is social environment? What are the operational and financial issues? What are the potential change factors? I will explain how the different business environments work and the impact they have on society. There are many stages a business must go through to ensure success and growth. Business operates within a frame work of laws and economic forces. The basic legal environment of business is governed by state, country and international laws. It includes laws on what can or cannot be produced or sold. Consumer and employee protection laws, taxes and other financial laws. As well as many other rules and regulations with regards to business ethics. It also covers the when and how to seek legal advice in case of disputes. They are numerous legal constraints on business and the requirements and duties for a company. There are different correspondences about the international legal environment, especially the laws that affect multinational companies. These laws vary between countries, but generally...
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...THE EFFECT OF HAWKERS ON THE PERFORMANCE OF SMALL CLOTHING BUSINESSES IN NGARA Ngare Melissa wangari 637249 Mutongu Lydia wanjiku 637888 Owuor Mark Kingsley 636340 Presented to: G. Nduati A research proposal submitted as partial fulfillment of the requirement for International Business Administration degree. United States International University Fall Semester 2014 Table of Contents ABSTRACT 4 CHAPTER 1 5 1.0 INTRODUCTION 5 1.1 Background of study 5 Small Businesses in Ngara – Nairobi Kenya 6 1.2 Problem statement 7 1.3 General objective 8 1.4 Specific objectives 8 1.5 Research justification 8 1.5.1 The researcher 8 1.5.2 The small businesses 8 1.5.3 The hawkers 8 1.5.4 The government 9 1.6 RESEARCH SCOPE 9 1.7 Chapter Summery 10 CHAPTER 2 11 2.1 Introductions 11 2.2 Extent to which the prevalence of hawkers affect the growth of small clothing business along Ngara road 11 2.3 Effects of hawkers on sales strategies of small clothing businesses along Ngara 13 2.4 Extent to which the presence of hawkers affects the pricing strategy of small clothing business in Ngara 15 CHAPTER THREE 17 3.0 RESEARCH METHODOLOGY 17 3.1 Introduction 17 3.2 Research design 17 3.3 Population and sampling design 17 3.3.1 Population 17 3.3.2 Sampling Design 17 3.3.2.1 Sampling Frame 17 3.3.2.2 Sampling technique 18 3.4 Data Collection 18 3.5 Research Procedure 18 3.6 Data Analysis 18 3.7 Chapter Summary 19 Research questionnaire 20 Interview statements 21 REFERENCES...
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...but it is a missed opportunity for the retailer to make a sale and earn a profit. Lack of an effective inventory management system can lead to business owners to buy too much or not enough which in both occasions with lead to losses. Inventory management systems ensure that customers always have enough merchandise and that retailers have the sufficient goods to be sold in a determined timespan. Some companies such as Walmart have really excelled with its inventory management systems as they offer a just in time policy where suppliers are notified when the company is about to be out of stock of certain goods. This allows Walmart to save money on having a more robust inventory and the company is able to negotiate prices better with its suppliers. However, having an efficient inventory management system is crucial for all types of business, whether they are large or small. To better illustrate that, my family and I usually have dinners together on Sundays when we caught up about any recent updates in everyone’s lives. Recently, my sister told the family that she was experiencing a little bit of trouble at work. She mentioned that she needed to become more efficient with her inventory tracking for her small clothing store. She noticed that managing the stock of her small clothing store manually is getting on her way to expand her business. My sister complained that manually managing her inventory is time consuming and she does not have enough capital to hire more help at the moment...
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...Constance Barker of EEOC, believes “ small businesses do everything they can to comply with federal discrimination laws, [but] what starts out as a simple law becomes a complex law that is constantly evolving”. Small business face specific challenges when it comes to employment law, because the relative small size of their workforce and budgets. However small business owners can take steps to institute proactive EEOC policies. One of the other things that surprised me on the website was that EEOC provides training and technical assistance outreach and education programs to assist employers, employees understand and prevent discrimination. EEOC believes “preventing employment discrimination from occurring in the workplace in the first place is preferable to remedying the consequences of discrimination” (EEOC). Small business like my father’s who extra resources or funds go back into the business can sign up for the No-Cost outreach and education programs. EEOC outreach program provide general information about the EEOC, its mission, the employment discrimination laws enforced by the EEOC and the charge/complaint process. EEOC representatives are available on a limited basis at no cost to make presentations and participate in meetings with employees and employers (EEOC). I found it interesting to find out what EEOC laws they enforce and how they enforce them by employee requirements based on business type. It is difficult enough for small business owners to keep afloat and to follow...
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...Small Businesses and the Use of Social Media Networking Rasheeda Saboor Managerial Applications of Information Technology – MIS535 DeVry University, Keller Graduate School of Management June 16, 2013 Abstract Social media has grown to be very significant to small businesses in the past few years. In this study, I will analyze how a small business currently uses social media, how the business can expand the use of social media and precautions small businesses should consider when utilizing social media. The business owner interviewed for this research study is a small restaurant owner. The conclusion of the research will include recommendations for why a small business may consider the utilization of social media as a strategy to gain or maintain competitive advantage. Brief Company Background Stonewall Fish, Wings & Things (SFWT) is a small take-out restaurant located in Atlanta, Georgia. The restaurant is owned and operated by Kariem Abdul. The restaurant has been operating for 10 months. The restaurant has 4 employees that are responsible for providing customer service and preparing orders. I have established that Stonewall Fish, Wings & Things has a need to get its name out to more locals in the area. This need is brought about by the limited use of technology and marketing by SFWT. I propose that the company begin to use social networking outlets that are available as well as setting up a website. I will provide SFWT with the many advantages...
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...ASSIGNMENT #1: ENTREPRENEURIAL LEADERSHIP Introduction This paper analyzes and describes the founding leaders, their leadership styles, and major business principles. It also describes founding leaders with profit orientated and social responsibility orientated approaches. Finally, it gives resources or tools available through Small Business Administration (SBA) and Service Corps of Retired Executive (SCORE) that would be most useful to the type of entrepreneurial approach identified with. Founding Leaders, Leadership Styles and Major Business Principles In the profit oriented leadership style, in which the primary goal is to provide a product or service to consumers and to make a profit, the founding leader is Adam Smith. Adam Smith is identified as the father of capitalism. His leadership style is based on the capitalist model of Laissez Faire. Laissez-Faire leadership style is a non-authoritarian leadership style. Laissez faire leaders try to give the least possible guidance to subordinates, and try to achieve control through less obvious means. Capitalism is an economic system in which the primary motive is to make a profit with little or no regards for the welfare of the population. For example Adam Smith said, “Nobody but a beggar chooses to depend chiefly upon the benevolence of his fellow-citizens. Even a beggar does not depend upon it entirely” (Smith, 2005, p.18). Adam Smith described the concept of capitalism in his book, The Wealth of Nations, published...
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...Assignment #5 - Business Succession Planning Dr. Kerry Lanza Entrepreneurship & Innovation – BUS521 12/11/2011 1. Discuss the current small business start up success and failure rate in the U.S. market. As of 2009, according to the U.S. Small Business Administration Office of Advocacy there were 627,200 in successful start-ups, 595,600 in business closures and another 43,546 in bankruptcies. According to the Small Business Administration, over seventy five percent of jobs are created by small companies; and according to the Bureau of Labor Statistics' (BLS) job-growth projections for small businesses in the next ten years are on the rise for the following categories: IT, employment services, management, home health care, childcare, and entertainment. However, the business closures and bankruptcies are staggering. The recent failure rates in the US are due to a variety of reasons; the greatest at this point is the global economic recession. 2. Discuss the red flags for a small business related to business failure and bankruptcy. Approximately fifty percent of company start-ups shut their doors in approximately four years. This is due business owners not recognizing red flags such as insufficient planning, meager cash-flow managing, undercapitalizing, and too much debt. Many businesses fail to due the appropriate market research which would have justified whether there was a demand for their service or product. A major red flag, yet one time and again overlooked...
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