The venture to be the owner of an accounting and tax service provider is not a small task, and you have realized the challenges that many experience in starting their own business. Fortunately, you have taken steps early within the life of your new business in an attempt to correct any problems and learn from past mistakes in order to be successful in the future. In our previous communications you mention that you started your own business because you wanted to work in your own community, have the flexibility of owning your own business, while also being able to make a good living, and these are all worthy motivators for a fledgling business owner. You have earned your degree and your certified public accountant (CPA) designation, which has allowed you to realize success as an employee of a popular accounting firm. While employed at the firm, you were able to progressively take on greater responsibilities during your tenure and gain much needed experience; however, starting and managing a business requires some additional skillsets. Regina, you have proven that you are a bright individual with the necessary resourcefulness and skills to be a certified professional accountant and open your own business, and I am confident that you will be able to gain the skills needed to be successful with your business, and to become an effective leader.
I commend your ability to grow your clientele quickly, having the forethought to hire additional CPAs to be able to handle the influx of business that is relative to the tax season, as well as hiring Lisa to provide administrative support for the office. Through the gathering of information from our discussions, interviewing staff, analyzing customer surveys, review of financial docu...
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...House, R. J. (1996). Path-Goal Theory of Leadership: Lessons, Legacy, and a Reformulated Theory. Wharton School of Management, Leadership Quarterly. 7 (3) P. 323-352. Retrieved from http://leadership.wharton.upenn.edu/l_change/publications/House/house2.pdf
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Path-goal theory deals with the leader's style to motivate followers, to accomplish set goals (Northouse, 2010). The path-goal theory is simply the implication that a leader works with an individual to establish a goal. The leader does this by individual motivation to achieve the proposed goal, while working through obstacles that may hinder achieving that goal (Whitener, 2007). The basic assumption of path-goal theory is that the following motivates subordinates: the capability to perform the work, their efforts will result in a certain outcome, and the payoff will be worthwhile (Whitener, 2007). The path-goal theory is a pragmatic approach that the leader uses to motivate the followers to achieve the set goals.
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R.J House, "A Path-Goal Theory of Leader Effectiveness," Administrative Science Quarterly, September 1971, pp.321-338; and R. J. House, "Path-Goal Theory of Leadership; Lessons, Legacy and a Reformulated Theory," Leadership Quarterly, Fall 1996, pp.323-352
Owning Your Own Business There are many advantages and disadvantages when owning your own business. When you own your own business, it’s known as a sole proprietorship. But with any type of business, there will always be advantages and disadvantages. Five advantages to owning your own business are: 1) The owner receives all profits, meaning that all earnings go to the sole proprietor, or the owner, and isn’t shared with anyone else.
For some people, being the boss, and which by boss I mean business owner, would be the greatest thing ever. Most think you get to pick your own hours, make the most money, and make everyone do the things you want done. Of course there is work involved and it takes work to make it but the rewards will be better owning a business that succeeds. The ultimate goal is becoming a millionaire and retiring at the age of forty and just drawing money from business production. However they really don’t understand the work it takes to make it a million dollar company. When these people are finally able to own a business they get a rude awakening. I am in no way trying to offend the typical business owner when I say, owning a business can be a challenging task that can cause many complications in your life and if you’re not careful they can change your life entirely.
Starting a small business is often one of the hardest things a person can do. Some people start a business out of pure fascination, or even as a hobby. Whether starting a business for personal reasons or simply the grandeur to make loads of money, everybody needs to have a plan. Starting a small business is no easy task and can take days if not months to prepare. The most important aspect to have is the tempura and heart to start a small business, as without passion, no business can succeed. One has to be his or her own boss, make dream, reality and be willing to market and sell a product. It takes a lot of discipline, long hours and hard work, something many do not have. However with the right willingness, passion and dedication a business can be the start of something big.