Nahas 1
Business Ownership
Finding a consistent well paying job has been getting harder and harder in recent years. A number of new and great business opportunities are available to the public. These opportunities only cash in if you run a well oiled business plan. Anything from wholesaling vehicles to owning your own pizza parlor are great starts in business. Although, owning and operating a business is a great burden on a person, it can turn out to be very profitable.
While trying to choose a business to start up there are many different factors to think about. An easier choice is to buy an existing business. It starts up as being a lot cheaper to start than your own business that you start from scratch. With no start up fees, you will certainly have a profit now business. Other great opportunities are with pre-existing customers, and easier financing with the bank. “The biggest block to buying a small business outright is the initial purchasing cost.” (Homepage, Free Business) The initial purchasing cost of any business is going to be a great financial burden. Because the business is already up and running, along with the customer base, brands, and having the basic work done is a great advantage, but will make the business more expensive.
Good research is a way to distinguish between a good business and a bad one. Once you can comfortably go in and knowingly talk to another person in a business sense then you are a good researcher. Research is the key to running and operating your small business successfully. A good researcher would find out certain things about each business that other unresearched people would over look. Seeing these little important factors are the strings tied to the whole business. These factors could be little things that keep the business from running smoothly.
While reading a website about what not to do while buying a business I found ten points that really caught my eye.
1. DON’T overextend financially when buying a franchise. Never, never buy a business that you can’t afford – it is the number one reason that businesses fail. They simply run out of cash to operate and advertise before they have enough customers and cash flow to support the business.
2. &...
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...y, the training may be inadequate or you may be hiring the wrong type of people.
Rehearse: Rehearse your critical delivery. Play out criticism in your mind before actually confronting an employee. If you fail to practice this step, in the "heat of the moment", you may find yourself using old unproductive styles. What might happen is that the employee will concentrate his or her efforts on a sharp rebuttal rather than listening to you. If you rehearse, the employee is apt to walk away feeling positive. (How to Manage a Business page 2) Doing these things will ensure you get the respect of you employees.
Running a business is a lot harder then it seems. There are many different factors that go into it and many different turns you cant take on the road to success or failure. All you can do is open a business and know what your working with. If you do that your business will be helped greatly. Knowledge is key in managing your own business. The more you know, the more you can get done in a shorter time. Owning your own business isn’t all its cracked up to be, it is hard, and a lot of time and effort go into it.
Businesses exist to produce goods and services. If someone is thinking of starting up their own business or becoming part of an existing business, they would have to have the knowledge of what makes business work successfully and know how to how to apply that knowledge in the particular area of business. For this unit I will be entering and exploring the world of business. For this unit I will encounter and evaluate information provided by certain businesses and actually gather my own information from at least one business. The business I have chosen to study is J Sainsbury’s.
With everything else in life there can be advantages and disadvantages to owning a business. There are many...
Michael Gerber’s The E-Myth Revisited is great book for anyone thinking of starting a business venture. Gerber describes how most businesses are started because people are fed up with their boss, or think they are doing all the work already so why not work for themselves. He states that every small business consists of three main characters the technician (the doer and builder), the manager (the planner), and the entrepreneur (the dreamer, visionary). There are life phases in a small business the infancy phase which is the technician’s phase, the adolescence phase which is when the business owner gets some help, beyond the comfort zone, and, maturity and the entrepreneurial perspective.
The first step to setting up a business is to pick a business structure. Sole-Proprietorships are the oldest and most common form of business making up about 72% of the businesses in the United States.(Ref. 3, pg.76) It is a simple form of business to set up; all you need is a product or service to offer, any applicable licenses or permits, and a business name. Although sole-proprietorships are the most common form of business, they only account for about 5% of the total profit in the US. The advantages to a sole-proprietorship are that they are easy to set up and cheap to operate. There are no filing fees with a state or national government, and the book keeping requirements are very relaxed.
Getting started for most businesses is to start with a great idea. When producing a idea make sure that the idea that you come up with is a great one and fits there method
Starting a business involves a lot of preparing, thinking, financial decision, and commitment. Sure the mere fact of creating your own business seems exciting, but as many entrepreneurs discover it can also be demanding. There are few shortcuts to starting, growing and leading a good business. To successfully manage a business four cornerstones must be addressed continuously. The four cornerstones that conforms into the business’s foundation of success are: 1) vision/ purpose, 2) business strategy, 3) skills/ expertise, and 4) leadership (Dahlvig, 2012). For a business to have a strong foundation of success all four cornerstones must be equally strong- delicately harmonized. As long as there are no weak element, a business will build a
In order for our business to be successful we had to do a number of
Five advantages for 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. The profit is not split among partners, or split among a corporation. So when you own your own business, you’re the first and only one that receives all earnings and profit. So if a person has a successful firm, he/she is the first to reap the success and rewards. 2) Another advantage of owning your own business is that you’re your own boss. You can set your own hours, decide what you want to do with the company, no manager to answer to. Basically, you’re in charge of everything. The owner solely makes all decisions. Or in other words, you’re running the show. 3) An additional advantage is that a sole proprietorship can be easily organized. It’s easy to start your own business. First of all, it costs very little money to start your own business. As a sole proprietor, you have minimal legal requirements. The owner doesn’t have to establish a separate legal entity. All that is needed is to register the company with the state and apply for an occupational license and any additional licenses required for the state. ...
Given the various forms of business to choose from it should be easy to find one that meets the needs of your small business. The key is having a plan for your business and its direction in order to determine the best format for new your business. If it is independence you want your business to provide then a sole proprietorship is ideal. If independence is desired but assets are limited perhaps a partnership is a better fit. If it is assistance and stability desired to help get things started then perhaps a franchise is best. Should you have the assets but don’t want the liability then maybe a corporation is a better fit. Whatever your circumstances there is a format to suit your business needs.
Pinson, L. (2004). Anatomy of a Business Plan: A Step-by-Step Guide to Building a Business
find it difficult to set up a business and make it a success. This is
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.
Starting your own business can be exciting and it can become a well- rewarded experience. Being your own business includes great benefits, create your
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 many components involved in starting and running a business. Whether the business is big or small. This is regardless of local business or over internet business. One should have some knowledge in different areas such as business math or hire the right people with the experience and the know.