...Business Structures Being your own boss is advantageous but can also be risky which is why entrepreneurs must be prepared to spend a significant amount of time and money to make their dreams a reality. Entrepreneurs have certain personality traits and characteristics that are needed to launch a successful business venture. They are driven, patient, willing to take risks as well as passionate about what they love. Once entrepreneurs have a clear business plan, explored the market and determined their niche they should then figure out what type of business structure best suits their service or product. Three types of corporate business structures will be explained which include General Corporations, Subchapter S Corporations, and a Limited Liability Company followed by a discussion of the advantages and disadvantages of each type. General Corporations are one of the most common structures primarily used by business owners. The company is an individual legal entity which is owned by an unlimited amount of stockholders. This structure is advantageous for shareholders because they have protection from the companies’ creditors. Because of the separate legal nature of the General Corporation, stockholders personal assets are protected from business debt or liability (Harvard Business, 2016). On the downside, General Corporations are more difficult to establish not only because they are more expensive but they will also require a lawyer because there are more state and federal regulations...
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...Description of the Business The intended entrepreneur intends to do sweet an salted plantain chips shop, which will be name sweet an salted plantain chips. It will be a sole trader business. It will be effective an efficient in in producing quality plantain chips and it will be sold at a very affordable price. Justification of Location The business will be located at lot 101 Ann’s Grove East Coast Demerara next to Church of God on the right hand side of the road Three reasons for this location are: * Nearness to raw materials – it will be easier to obtain raw materials which will cost less. * Nearness to market – goods will be sold easier and faster due to nearness of market. * Proper infrastructure – proper roads, electricity and proper clean water supply. Selection of Labor They type of labor intended for the business will be semi-skilled labor. The three semi-skilled workers will be employed to perform the duties of: * A Guard – to watch over and protect the business. * A Manager – the manager will be in charge of the business and make sure the other workers perform their duties correctly. * A Cleaner – to make sure the environment is kept clean. This form of labor was chosen because it’s cheaper and will suit the needs of the entity. Source of Working Capital * Fixed Capital – is the money invested in the business that will be used repeatedly over a long period...
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...Leadership is directing or inspiring people to attain organizational goals (Boone and Kurtz, 2011). An entrepreneur is a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business (Boone and Kurtz, 2011). In the past 15 years researchers have tried to merge those two concepts into one concept Entrepreneurial Leadership .The common point of those researchers is that most defined some of the main elements of what they taught entrepreneurial leadership meant (Tarabishy, 2003). According to the research result of Ayman Tarabishy (2003) entrepreneurial leadership is one of an enterprising, transformational leader who operates in a dynamic market that offers lucrative opportunities. Entrepreneurial leaders are usually risk takers, driven, and can recognize when change will give an advantage. Entrepreneur leaders are engine of innovation, renewal, and job creation (Verheul, 2007). Entrepreneur leaders apply their talent in different situations and have different entrepreneurial approaches. Thesis Statement: In analyzing the importance of leading entrepreneurs to determine their entrepreneurial approaches one of each of the following categories will be addressed: (1) profit oriented, (2) social responsibility oriented; 3) personal approach and leadership style identified; and (4) tools available that would be the most useful to the type of business and entrepreneurial approach. 1.Analyze and describe the founding leader(s),leadership...
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...ideas can lead to new products and services. They can lead to a better way of doing something. Ideas can come from existing businesses through research and development. For example, Apple, an established technology company, developed the iPod. Many ideas come from entrepreneurs who go on to start up new businesses. Ideas generate value to the economy by encouraging people to buy or invest in new developments. They also inspire competitors to invent new products in order to regain market share. Intellectual property rights (IPR) can be used to protect the technology, brand name, design and creativity behind the concept. It gives the creator sole ownership of the concept, in a similar way to owning physical property like a house or car. Owners can control the use of their intellectual property to gain financial reward. The UK Intellectual Property Office (UK IPO) helps owners and entrepreneurs to protect their concepts or creativity by registering their intellectual property rights CURRICULUM TOPICS • Entrepreneurship • Enterprise • Types of business • Innovation GLOSSARY Research and development: processes that involve investigating new ideas for products and taking them forward to be test marketed. Entrepreneurs: people who use their ideas and energies to invest in a business in return for profits. Value: how much money something could be sold for. Economy: the system by which a country produces and uses goods and money. Competitors: other producers supplying similar goods...
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...is the two most important term for creating, managing and controlling the organization. Entrepreneurship refers to the process by which some new service or product is being created with taking risks. And the person who maintains the process and takes the risks is called entrepreneur. According to Cantillon R. (circa 1730), entrepreneurship can be defined as a self-employment in which entrepreneur purchase at a certain price and sale at a uncertain price which means an entrepreneur takes risks of uncertainty. Another author Schumpeter (1934) defined entrepreneurship as, “An entrepreneur is a person who is willing and able to convert a new idea or innovation into a successful innovation.” For example, a person wants to manufacture soft drinks which test is different from other brands. So, this is one kinds of entrepreneurship. Generally both entrepreneurship and leadership play important role for the organizations and entrepreneurship is not otherwise than a special case of leadership is mainly described in this essay. In the first part some concept of leadership is described by animal as well as with in human context and also theories. And in another part history of entrepreneurship definition and also some types are described. And in last this statement is analyzed by comparing...
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...Entrepreneurs must address three important aspects before starting a new venture. They should have clearly defined goals, a sound strategy and should check the feasibility whether the plan is executable or not. If entrepreneurs have clear goals they will be passionate about them, which greatly enhances their chances to succeed. The next action steps are always in lined with keeping the goal in mind. For example, the action steps might differ if someone wants to get into the restaurant business as compared to someone who wants to start his/her own clothing line. If the entrepreneur does not have a clear goal then he/she cannot formulate a successful business plan and strategy. While setting goals, entrepreneurs should set both long term and short term goals. For instance, short term goal of an entrepreneur might be to start a small restaurant specializing in serving a particular type of cuisine. The long term goal of the entrepreneur must help him/her to decide whether he/she wants to develop a chain of restaurants across locations specializing in serving the same type of cuisine or to transform the same restaurant into a multi-cuisine restaurant. The entrepreneur must also decide whether he/she wants to own the restaurant in the future or sell it at a handsome price earning larger profits and move on. The entrepreneur also needs to decide whether he/she plans to generate immediate higher revenues by setting the prices high during the initial stages or alternatively gain a loyal...
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...GLOBAL ENTREPRENEURSHIP MONITOR Entrepreneurs and Entrepreneurial Employees Across the Globe Niels Bosma, Sander Wennekers and José Ernesto Amorós 2011 Extended Report: GLOBAL ENTREPRENEURSHIP MONITOR 2011 EXTENDED REPORT: Entrepreneurs and Entrepreneurial Employees Across the Globe Niels Bosma, Utrecht University & Global Entrepreneurship Research Association Sander Wennekers, EIM Business & Policy Research José Ernesto Amorós, Universidad del Desarrollo Founding and Sponsoring Institutions: Babson College, Babson Park, MA, United States Lead Sponsoring Institution and Founding Institution Universidad del Desarrollo, Santiago, Chile Sponsoring Institution UniversitiTun Abdul Razak, Malaysia Sponsoring Institution London Business School, London, United Kingdom Founding Institution Although GEM data were used in the preparation of this report, their interpretation and use are the sole responsibility of the authors. The authors would like to thank Erkko Autio, Alicia Coduras, ...
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...Case Questions: 1. Answer: Summary of the Case: Kaniz Almas Khan, the pioneer who established Persona as a brand in the beauty industry, is the name of a successful entrepreneur not only among the women entrepreneur but also among all the entrepreneur of Bangladesh. With a deep passion on beautification of human being and a great wish to do something different and big, she started her journey in the beauty industry. In her journey to become a successful woman entrepreneur in the beauty industry of Bangladesh, she got all types of necessary supports from her mother, in laws, husband and peer groups. With the aim to provide the clients with the best quality skin and hair care services, and also bridal makeover, Kaniz opened beauty salon Glamour at her residence in Kalabagan in 1990, with nine workers and an initial investment of Tk 2 lakh which she borrowed from Micro Industries Development Assistance and Services (MIDAS). After being successful to win the love of the clients , she got countrywide recognition as an expert in hair care and inspired many small entrepreneurs to get involved in this business by becoming the 'brand ambassador' for Sunsilk in 1991. As the result of the successful journey, Glamour was turned into Persona Hair and Beauty Ltd. In 1998.Now she is thee successful entrepreneur of two companies: Persona Hair and Beauty Ltd and Persona Beauty Care Ltd. Persona Hair and Beauty Ltd also runs an independent studio and monthly publication 'Canvas'. The company...
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...Entrepreneurial Leadership Contemporary Business, BUS 508 July 17, 2011 Entrepreneurial Leadership Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. Knowing what it takes to become an entrepreneur and establish a successful and thriving business is not easy. Entrepreneurs are risk takers and they understand that no matter how small or large the venture there must be a strategy and a business plan in place in order to operate a profitable business. In order to accomplish this there are particular leadership skills, practices, and principles that are required. Social ecologist Peter Drucker, Former AOL CEO and Chairman Steve Case, and leadership scholar James Kouzes each have a different set of common elements, however, they all share similar principles, philosophies, and strategies that define what is expected of an entrepreneur and the relationship between their philosophies and the new era and definition of entrepreneurial leadership. Former AOL CEO and Chairman Steve Case based his philosophy on the 3P’s “People, Passion, and Perseverance”. In the video Steve Case described the realization that the technology industry was out of touch with the people by making technology too complicated to use and that consumers wanted simplicity in technology...
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...Class Discussion: Students will respond to the following: · How have entrepreneurs been impacted by the global economic crisis? · What excites you about being an entrepreneur? · What concerns you about being an entrepreneur? How have entrepreneurs been impacted by the global economic crisis? Entrepreneurs have been hit since the downward slope of the economy. The banks have stopped and/or made the loan process more stringent to receive funds and to continue business. Some entrepreneurs found investors to receive funding where they were able to get around receiving loans from banks. · What excites you about being an entrepreneur? The exciting attributes of being an entrepreneur is setting your own standards. Creating jobs for the community and putting resources back in the community served. Leaving a legacy for the next generation and giving young people an opportunity to learn a new skill and concepts. · What concerns you about being an entrepreneur? The concerns revolve around not having the resources to continue running the business. The product or service rendered is no longer needed and not having the technology to advance. The business failing because of bad decisions that were made. 1. The global economic crisis has negatively impacted many entrepreneurs. Those who began their businesses during better times have found themselves in severe financial trouble. However, the downfall in the global economy has also presented a...
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...LESSON 8 PRODUCTION PLANNING AND CONTROL Abha Kumar STRUCTURE 8.0 8.1 8.2 8.3 8.4 Introduction Objectives Production management Product design Design of production system 8.4.1 Types of production system 8.5 Manufacturing process 8.5.1 Types of manufacturing process 8.5.2 Factors affecting the choice of manufacturing process 8.6 Production planning and control 8.6.1 Benefits to small entrepreneur 8.6.2 Steps of production planning and control 8.7 Summary 8.8 Glossary 8.9 Self-Assessment Questions 8.10 Further Readings 8.0 INTRODUCTION After taking decisions about the type of business, its location, layout etc. the entrepreneur steps into the shoe of production manager and attempts to apply managerial principles to the production function in an enterprise. Production is a process whereby raw material is converted into semi finished products and thereby adds to the value of utility of products, which can be measured as the difference between the value of inputs and value of outputs. Production function encompasses the activities of procurement, allocation and utilization of resources. The main objective of production function is to produce the goods and services demanded by the customers in the most efficient and economical way. Therefore efficient management of the production function is of utmost importance in order to achieve this objective. 114 8.1 OBJECTIVES After studying this lesson, you should be able to • • • • • • • Describe the production function and...
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...Jasmine Morris The E-Myth Revisited By: Michael E. Gerber The E-Myth Revisited reflect on people who are entrepreneur with a small business or potentials who wants to become an entrepreneur and a start a business with what their passionate about. This book is introduce three sections about why most small businesses don’t work and what to do about it. This book also illustrates and shows statistics in America on how hard most entrepreneurs work harder then what their normally anticipated to do. The first of the book discussed, “The E-Myth and America Small Business,” part two illustrates “The Turn Key Revolution: A New View of Business,” part three “Building a Small Business That Works.” This book has elevated and stimulated my mind on the difficulties that a small business deals with challenges and help enhance on management and people skills. The Entrepreneurial Myth, introduce the entrepreneurial seizure which most people don’t realize when their experiencing the seizure. Inside a workers head they ask, what am I doing this for? Why am I working for this guy? “I know as much about this business as he does. If it wasn’t for me he wouldn’t have a business.” In the entrepreneurial seizure you make the assumption of wanting to start your business which is known as a fatal assumption. A fatal interference understands technical work of a business that you have developed and understand the techniques of that business. That technician is forced to operate the business, than...
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...WHAT IS THE BUSINESS PLAN? The business plan is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. It is often an integration of functional plans such as marketing, finance, manufacturing, and human resources. It also addresses both short-term and long-term decision making for the first 3 years of operation. Thus, the business plan – or as it is sometimes referred to, the game plan or road map – answers the following questions: * Where am I now? * Where am I going? * How will I get there? Potential investors, suppliers, and even customers will request or require a business plan. If we think of the business plan as a road map, we might better understand its significance. Let’s suppose you were trying to decide whether to drive from Kumasi in Ghana to Tripoli in Libya (mission or goal) in a car. There are a number of possible routes, each requiring different time frames and costs. Like the entrepreneur, the traveller must make some important decisions and gather information before preparing the plan. The travel plan would consider external factors such as emergency car repair, weather conditions, road conditions, sights to see, available campgrounds, and so on. These factors are basically uncontrollable by the traveller but must be considered in the plan, just as the entrepreneur would consider external factors such as new regulations, competition, social changes...
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...WOMEN BUSINESS OWNERS IN TRADITIONAL AND NON-TRADITIONAL INDUSTRIES ALEXANDRA L. ANNA United States Air Force Academy GAYLEN N. CHANDLER Utah State University ERIK JANSEN Department of Systems Management, Naval Postgraduate School NEAL P. MERO Department of Management & Decision Sciences, Washington State University Small businesses continue to grow in importance to the national economy. According to the Small Business Administration, America’s 22 million small businesses generate more than half of the nation’s Gross Domestic Product and are the principal source of new jobs. The National Foundation for Women Business Owners reported that between 1987 and 1994, the number of women-owned businesses grew by 78% and women-owned firms accounted for 36% of all firms. Although the growth in the number of women-owned businesses is encouraging, the size of such businesses remains small in terms of both revenues and number of employees, especially in comparison to male-owned businesses. One explanation for this disparity is that female business ownership is concentrated primarily in the retail and service industries where businesses are relatively smaller in terms of employment and revenue as opposed to high technology, construction, and manufacturing. One of the most fruitful streams of research in women’s occupational choice has been based on EXECUTIVE SUMMARY Address correspondence to Alexandra L. Anna at HQ USAFA/DFM, 2354 Fairchild Drive, Suite 6H94, USAFA, CO 80840-5701; (719)...
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...VENTURE CAPITAL There will be entrepreneurs who will be technically qualified but they will not be having the required amount of capital to finance their business. Venture capital is a type of funding for a new or growing business. It usually comes from venture capital firms that specialize in building high risk financial portfolios. With venture capital, the venture capital firm gives funding to the startup company in exchange to the returns in the future. IMPORTANCE OF VENTURE CAPITAL FINANCING The following are the importance of venture capital financing. 1. Promoting Entrepreneurs: Just as a scientist brings out his laboratory findings to reality and makes it commercially successful, similarly, an entrepreneur converts his technical know-how...
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