Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Key elements of a successful business
Identifying market segments and targets
Business plan for a new venture
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Key elements of a successful business
Developing a new thing may not easy. There are many cases to think about. Especially when someone wants to establish his or her own business.
“SBA defines a small business concern as one that is independently owned and operated, is organized for profit, and is not dominant in its field.” – SBA.gov (n.d.)
Not all people know how to start a new business. He or she might start to think independent and organized the business by themselves.
Branson said on his quote that
“A business has to be involving, it has to be fun, and it has to exercise your creative instincts.”- Richard Branson (n.d.)
Base on that quote, the owner’s need to consider what kind of business they want to build. They may want to make a small business with a completely new concept and put their creativity to establish an interesting business. There would be pros or cons and it may also vary. For the beginner, starting a business involves planning, making key financial decisions and completing a series of legal activities. Here is several ways that may help. As it’s written in www.sba.gov, there are several ways to accomplish the goal, such as write a concept, look up for partnership, and choose a location. (10 Steps To Starting a Business, n.d.)
First of all, to establish a small business, the owner seems to start thinking about the concept. What kind of business he wants to build and how to make people come to their place and would come back in any days. But before that the owner has to decide what kind of business he wants to start. Business options may vary and it could be anything. For example party planning, restaurant, project management, and etc. (Top 10 Low-Cost Business Idea, 2013)
But it may also depend on the owner’s passion too. As an example, the ...
... middle of paper ...
...e/Starting+and+managing+a+business/Starting+a+business/Locating+the+business/The+importance+of+location+for+business
- Smith, C. (n.d.). Why Is the Location of a Business Important? Retrieved from http://smallbusiness.chron.com/location-business-important-43239.html
- U.S Small Business Administration. (n.d.). What is SBA's definition of a small business concern? Retrieved from http://www.sba.gov/content/what-sbas-definition-small-business-concern
- Belcher, L. (n.d). Target Market vs. Target Customer. Retrieved from http://smallbusiness.chron.com/target-market-vs-target-customer-20674.html
- Sugar, B. (2010,February 12). 10 Tips for a Strong Start. Retrieved from http://www.entrepreneur.com/article/204982
- Branson, R. (n.d.). 50 Motivational Business Quotes To Help You Succeed. Retrieved from http://www.epreneur.tv/motivational-business-quotes/
As with many small business owners they vision of their business usually only extends to their own abilities. They are driven and full of determination and believe their abilities will be able to sustain the business to success. Unfortunately, many small businesses lack the knowledge to be able to effectively be owners’ and leader’ to their organizations.
Most of the time business begins with simple idea and challenges to reality. But before we
In the spectrum of entrepreneurs, an artist is someone who thinks about opportunities abstractly and uses “big ideas” to form deep, emotional connections with various groups of people. Furthermore, an artist is someone who is prepared to explore opportunities without becoming deterred by uncertainty and enjoys seeing where an ambiguous idea or opportunity can lead. One entrepreneur that exemplifies these qualities is Richard Branson of the Virgin Group and throughout this paper we will discover who he is, why he typifies an artist, and what others can learn from him.
In July of 1953 the United States Congress amended an act called the Small Business Act. Many believed that the essence of the American economic system of private enterprise is free competition. Also, that only through full and free competition can free markets, free entry into business, and opportunities for expression and growth of personal initiative and individual judgment can be assured. Thus, the Small Business Act was amended. In order to carry out the policies of this Act there was hereby created an agency under the name "Small Business Administration". The United States Small Business Administration, more commonly known as the SBA, is a federal agency to protect and assist America's greatest resource, the small business. Since American enterprise is the backbone of our economy and the driving force behind economic growth and prosperity.
For entrepreneurs whom are willing to accept the risk associated with starting a business, some have made themselves extremely wealthy. Although our economy is focused on capitalism as a means of promo...
It is a little known fact that small businesses make up a major factor of the American workforce. Since the word small is in the title most people think nothing of them, but when one takes the time to think that there are millions of small businesses, most with at least two to ten workers, the amount of people begins to add up. There are many factors that could contribute to a business failing, and it happens all the time in America. Small businesses must have solid business plans, a good use of technology, appealing merchandise, and appropriate financing to survive and prosper in the economy.
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.
Making the decision to open your own business is a major life event. Starting a new venture can be exciting as well as rewarding. The first step to becoming a business owner is choosing the type of business you would like to run. This business can be something that you have wanted to start up yourself or you can go with an established franchise. Are you willing to share the profits in exchange for the relative safety of a franchise or would you prefer the risk and rewards of pursuing your own vision? Franchising is a continuing relationship wherein a franchisor provides a licensed privilege to the franchisee to do business and offer assistance in organizing, training, merchandising, marketing and managing in return for a monetary consideration
All that is needed is to register the company with the state and apply for an occupational license and any additional licenses required by the state. With the easy organization of a sole proprietorship, almost anyone can start his or her own business.
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.
There are various definitions of smaller enterprises provided from different times and areas. One of the earliest definitions was provided by Bolton Report (1971), which has indicated that a small enterprise should meet three criteria: independent (not part of a larger enterprise); managed in a personalized manner(simple management structure); relatively small share of the market(the enterprise is a price ‘taker’ rather than price ‘maker’). There are also quantitative definition of the smaller enterprise in terms of measurement of the assets, turnover, profitability and employment from different sectors and countries (Bolton, 1971).
Starting your own business can be exciting and it can become a well- rewarded experience. Being your own business includes great benefits, create your
The definition of a sole proprietorship is essentially a business that is run by one person and owned by that person as well. Specifically, a sole proprietorship is separated from the other business entities because of the specific the legal dynamics between the business and the owner of the business. Moreover, because of this factor, sole proprietorships are usually easy to both form, maintain as well as dissolve if need be. In a New York Times article, the authors expressed that small businesses are typically sole proprietorships and as such, this is why it was selected as the business entity (1). Furthermore, the aforementioned reasons allowed for a rather rapid decision on the basis that with this entity, there is an ability of the owner to run it how they see fit.
When it comes to business, especially when it comes to starting one, I tend to think I know it all. Yet in reality, I don't really even know how to get started, enough to make a business efficient, or even get the doors open enough to make the first dollar. When I first think of working/operating a business, I think of no boss but myself, the rules are made by me and no one else, and that seems like a great plan in my eyes. As well as having all company profit coming directly to me, and I get to decide what happens with it. Although I know there is more to it than that, there is forming a budget, working with customers, knowing when to expand, and when to coast through. I also know that in the world of business, that if you aren't moving ahead, you are moving backwards.
6. NRA | ABOUT US. (n.d.). NRA | ABOUT US. Retrieved November 10, 2013, from http://home.nra.org/home/document/about