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10 Great Essay Writing Tips
Knowing how to write a college essay is a useful skill for anyone who plans to go to college. Most colleges and universities ask you to submit a writing sample with your application. As a student, you’ll also write essays in your courses. Impress your professors with your knowledge and skill by using these great essay writing tips.
Prepare to Answer the Question
Most college essays ask you to answer a question or synthesize information you learned in class. Review notes you have from lectures, read the recommended texts and make sure you understand the topic. You should refer to these sources in your essay.
Plan Your Essay
Many students see planning as a waste of time, but it actually saves you time. Take a few minutes to think about the topic and what you want to say about it. You can write an outline, draw a chart or use a graphic organizer to arrange your ideas. This gives you a chance to spot problems in your ideas before you spend time writing out the paragraphs.
Choose a Writing Method That Feels Comfortable
You might have to type your essay before turning it in, but that doesn’t mean you have to write it that way. Some people find it easy to write out their ideas by hand. Others prefer typing in a word processor where they can erase and rewrite as needed. Find the one that works best for you and stick with it.
View It as a Conversation
Writing is a form of communication, so think of your essay as a conversation between you and the reader. Think about your response to the source material and the topic. Decide what you want to tell the reader about the topic. Then, stay focused on your response as you write.
Provide the Context in the Introduction
If you look at an example of an essay introduction, you’ll see that the best essays give the reader a context. Think of how you introduce two people to each other. You share the details you think they will find most interesting. Do this in your essay by stating what it’s about and then telling readers what the issue is.
Explain What Needs to be Explained
Sometimes you have to explain concepts or define words to help the reader understand your viewpoint. You also have to explain the reasoning behind your ideas. For example, it’s not enough to write that your greatest achievement is running an ultra marathon. You might need to define ultra marathon and explain why finishing the race is such an accomplishment.
Answer All the Questions
After you finish writing the first draft of your essay, make sure you’ve answered all the questions you were supposed to answer. For example, essays in compare and contrast format should show the similarities and differences between ideas, objects or events. If you’re writing about a significant achievement, describe what you did and how it affected you.
Stay Focused as You Write
Writing requires concentration. Find a place where you have few distractions and give yourself time to write without interruptions. Don’t wait until the night before the essay is due to start working on it.
Read the Essay Aloud to Proofread
When you finish writing your essay, read it aloud. You can do this by yourself or ask someone to listen to you read it. You’ll notice places where the ideas don’t make sense, and your listener can give you feedback about your ideas.
Avoid Filling the Page with Words
A great essay does more than follow an essay layout. It has something to say. Sometimes students panic and write everything they know about a topic or summarize everything in the source material. Your job as a writer is to show why this information is important.
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Essay on Owning Your Own Business
Case study toxic waste business essay.
Even though there are also many advantages of a sole proprietorship, there are other alternative forms of business organizations that I would recommend, such as a general partnership. A general partnership is a form of business organization that comes into existence when two or more persons carry on business together with a view to a profit. In order to form a general partnership, a series of criteria must be met and understood such as; the partnership must register its name and obtain a business license, a partner cannot be employed by the partnership, all benefits of the partnership business must be received by the partners directly, all partners are personally liable for all the obligations of the business.
Wgu Lit1 Task 2 Essay
| A sole proprietorship is easy to create; there is minimal creation cost and time.The single owner has autonomy in decision making; sole owner makes all decisions related to the business and has complete ownership of business’s finances.
WGU LIT1 Task 1 Essay
Sole proprietorships are the most common type of business in the U.S. They are most commonly chosen because they are the easiest type of business to set up and give the sole owner of the company complete control of the company. There are many benefits to a sole proprietorship in regards to control, profit retention, and convenience.
Advantages And Disadvantages For PODS
Having a sole proprietorship has many advantages and disadvantages for PODS. Some advantages to having a sole proprietorship would be the ease and cost of formation, having more flexibility and control, able to make quick decisions, minimal legal costs, closing business distribution and use of profits (Ferrell, Hirt, and Ferrell,2014) This is a wonderful option for someone who is just starting out and wants an easier way conduct business. Sole proprietorship also can have some disadvantages such as only having access to limited funds, lack of continuity due to investors not wanting to invest their money into something that has little or no history (Ferrell, et al., 2014). Most new business owners are not able to hire employees which have the qualified skills needed to get the company up and going successfully.
Lit1 Task 310.1.2-01-06 Essay
• Control: A sole proprietor has total control of the company and they make all the good decisions and they must deal with decisions that did not turn out the way they intend. The other notable factor in being a sole proprietor of a business is what would happen to the business if the owner became ill or died; typically the business would stop operations based on the structure and debts would need to be resolved as well as customer commitments would need resolving based on the type of business.
WGU LIT1 Task 310.1.2-01-06
The biggest advantage of doing business under a sole proprietorship is that it is extremely easy to form since the individual creating the sole proprietorship is the business. They are fully responsible for all aspects of the business including making good on
LIT1 Task 1 Essay
Sole proprietorship: Is the simplest and most common business structure. There is no legal distinction between the proprietor and the business, which means it is autonomous. You are entitled to all profits and responsible for all your business's losses and liabilities.
Lit 1 Task 1
SOLE PROPRIETORSHIP: Has only one owner. Easy to start up. Some of the advantages are: owners may do whatever they want to with the business and if they want to go on vacation they can. One of the disadvantages they cannot bring in another person to help run the business. This business form is particularly common.
Lit1 Task 310.1.2-01-06
A sole proprietorship is a form of business that is owned by a single individual. • Liability – Due to the lack of legal distinction between the owner and the business, the owner is fully responsible and liable for all debts that the business incurs in the same manner that an individual is fully responsible and liable for all debts that they incur. There is no legal distinction between the assets of the owner of the sole proprietorship and the business; this means that creditors have the ability to come after the owner’s business and personal material assets. Income Taxes – Since the business is the same as the owner of the sole proprietorship, all profits or losses from the business are filed by the
Mentor Interview
If you start your own business there are many benefits but if you do not know what you are doing, you will fail. You must have a motif, a passion and be willing to sacrifice in order to do what you have to do. Having a business has many benefits like having the ability to fluctuate your hours, building relationships, sharing your knowledge or products. But managing a business is not easy it takes a lot of hard work, dedication, and consistency. A business could make millions one year then be bankrupt the next because the economy is not always the same. You must be able to manage your money well because you must have capital to buy inventory whenever needed, while maintaining a budget to support your family, and to put money away for retirement. Because you could have one really good month but then next month could have no consumers. So your business must be your
Lit 1 Task 1 Part a
SOLE PROPRIETORSHIP: Sole proprietorships are the most common form of business in the United States. You and your business are one in the same. While being your own boss as its advantages, like working your own hours and collecting all profits made by the business, there are some disadvantages. For starters is coming up with starting working capital. Most Sole Proprietors have to seek funds from other sources.
Acct 556 Week 2 Memo
Sole Proprietorship would give you complete control since you assume all the risks, which mean you get all the profits, but you also suffer all the losses and liabilities. There is little to no paperwork to be done with a sole proprietorship. You only pay personal income tax to include Social security. The business doesn’t have to file a tax return, but you are still liable for payroll, unemployment and compensation taxes (Clarkson, Miller, & Cross, 2016).
Yooree Losordo
In terms of being a business owner, Yooree believes that the pros of owning one’s own business is that it is very rewarding, one can set their own schedule, the job can be positively challenging, it is possible to create an unlimited destiny, and it gives people an opportunity to grow within themselves. The cons, however, are that the work is never done, and solo entrepreneurship simply means that there are never enough people to help with the
The Major Sub Areas Of Finance
The advantages to the sole proprietorship are single control over the business and its decisions, easy to start up, less regulations and paperwork burden that the other types of business. The disadvantages are unlimited liability for their company debts and actions. The law does not recognize any distinctions between the owner’s business assets and personal assets. Banks are very skeptical about lending to these types business because there is only one person to hold liable for repaying the debt.
Case Solutions Fundamentals of Corporate Finance Ross, Westerfield, and Jordan 9th Edition
- 18521 Words
The advantages to a LLC are: 1) Reduction of personal liability. A sole proprietor has unlimited liability, which can include the potential loss of all personal assets. 2) Taxes. Forming an LLC may mean that more expenses can be considered business expenses and be deducted from the company’s income. 3) Improved credibility. The business may have increased credibility in the business world compared to a sole proprietorship. 4) Ability to attract investment. Corporations, even LLCs, can raise capital through the sale of equity. 5) Continuous life. Sole proprietorships have a limited life,
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Starting or Running Your Own Business
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“Entrepreneurs who have tried and failed are part of the risk taking economy, But it is not necessary to accept the current failure rate as normal” - John Baldwin
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Critical evaluation
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Resources and Knowledge for the Small Business CEO
Essay on starting a small business.
Starting a small business is the best way to gain freedom. Although this statement is disputable, it has sense.
Why do people decide to become entrepreneurs? They are longing for independence. Small business helps one manage his time in the way he wants. He can produce the goods and services he likes. Finally, he is able to try to be responsible and creative.
Meet the Complete digital marketing agency in Hyderabad . Get organic and paid search, social media, website design and development, and more.
Small business is very important for the economy of every state. Small entrepreneurs contribute into the state budget a lot. It is possible to say that the complex of small and middle firms provides the country with the same profit as big business does. In simple words, a prosperous state cannot survive without small business. It is impossible to defeat poverty without small business. Thus, if you have any genuine and uncommon ideas concerning the production of useful goods and services, establish your own small firm.
Starting up is not easy
Starting a small business is not an easy thing. Whether you’re doing something as simple as business paper writing as a business or as grand as running a construction company building skyscrapers, you should be psychologically and financially prepared to numerous challenges. Moreover, it is vital to know something about business, management and marketing.
To begin with, you should educate yourself about the business and market. Learn from reputable education websites. You can take Research Prospect as an excellent example of educational websites as its visual appearance is fantastic. It has simplicity, informational content, responsiveness, and a proper Content Management System. You can read an excellent article written by Research prospect professional editors on how to write an essay here: https://www.researchprospect.com/how-to-write-an-essay/
You should also study the market in order to learn about the goods and services that are required by consumers. This factor is the crucial one. When you discover that people demand an item but no one has produced it yet, you have the best chances to conquer the chosen sector of the market. Secondly, you ought to think about the price and quality of your product.
There are two options. The foremost one is the production of high-quality and expensive goods that will serve long. The second option is related to consumerism. You produce poor-quality cheap goods and attract clients with the help of the lowest prices.
Sad to say but it is difficult to choose the best option. Many people are ready to pay a lot to possess a quality item. Others avoid paying a lot and prefer cheap products. If you need title cash now to start your business, consider applying for a title loan.
Create a business plan
Then, you should create your own business plan that will contain the entire information about the functioning of your firm. Think about the target groups of customers, production, logistics, storage and retail.
Apparently, you should produce and store your goods somewhere. Then, you will meet with such issues as revenue and expense. You will need to hire a few employees to run your business rewardingly. Without doubt, you will have to be selective, demanding and attentive in order to recruit the right people into your firm. Finally, you will meet the problem of rent, taxation, etc. A firm resembles a household. You should pay attention to the slightest problem, question and misunderstanding if you want to increase your income and develop your small firm into something bigger.
The ups and downs
As might be expected, starting a small business has many advantages and disadvantages. The most solid strong side is independence. You do not have to work for someone else. You work for your own profit. You possess the freedom of choice and actions. If you are not respected and appreciated at work, you can embody your original and amusing ideas in your own business.
Ambitious people always try to start a small business if they receive such an opportunity. You do not need to listen to the instructions and threats of your boss when you are late. At long last, you will earn more money. You are the boss and the entire profit is yours.
Nevertheless, there are many factors that cause problems to a novice entrepreneur. You should remember that independence is also responsibility. You are responsible for your firm, its prosperity and the wellbeing of your employees. Furthermore, you are responsible for the health and life of your customers who consume your products.
You are expected to know how to develop and improve your small company beneficially. You should know how to behave in case of crisis and unpredictable situations. You should be ready to wake up at night and spend the whole day at your firm in order to settle down all urgent problems and conflicts between employees. You should be a teacher, psychologist and negotiator who is able to resolve conflicts and motivate his staff practically.
You have a great opportunity to share your experience in creating and managing your business, shoot and edit a video using ad maker in which you can talk about the difficulties and successes that you have experienced. Perhaps this will be useful for people who also want to open their own business.
Starting a small business is a challenging but beneficial idea. You are able to establish you own store, café, restaurant or bakery and embody your offbeat and splendid ideas there. On the other hand, you should be ready to resist numerous challenges and work hard for the protection and development of your business.
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Don't Sell Yourself Short
Manya Whitaker explains how she started her own business.
One of the joys of being a scholar in an applied field like psychology or education is the ability to work on the ground with “real people.” In other words, as an educational developmental psychologist, my work happens to easily skip out of the Ivory Tower. Though I am trained as a developmental psychologist, my research is situated firmly within education. Largely construed, I investigate the sociocontextual factors that affect low-income students’ academic achievement. More simply put, I work with teachers, admin, and families to improve academic outcomes for marginalized students. For many years, this took the form of teacher in-service workshops focused on parental involvement. Because schools serving underrepresented demographics struggle with facilitating meaningful parental participation in children’s schooling, I help them figure out how to access, communicate with, and engage “hard-to-reach” parents.
As an off shoot of that work, I was often asked to hold workshops at small conferences or to sometimes attend open houses and speak to parents. Once word got out that a young Black woman was working with families in urban schools, I received more requests to give keynote addresses, tutor, or come speak to first generation hopefuls at area high schools. I ended up spending so much of my free time doing such things, I had no choice but to cut way back. But, in cutting back I realized how much I missed engaging with people in ways that affect immediate change. There is something special about sitting in a family’s home, at their kitchen table, speaking with the very people who constitute the “subject” of your research. I enjoyed hearing their stories and brainstorming ways to help their children. I liked being an advocate for families who may not have the time, energy, or information to effectively advocate for themselves.
While talking to a good friend who has much more of an entrepreneurial mind than me, it dawned on me that I could start an educational consulting business. Like a good researcher, I did some investigation into what it meant to run a small business. I spoke with my father who has successfully run his own small business for over a decade. I spoke to friends with all kinds of businesses in varying stages of businessdom. While the initial work seemed intense, the service itself was no more work than I’d been doing for free. And as my father always says “don’t sell yourself short”…so I decided not to.
Before I got into the nitty gritty of starting my business, I paused to consider the implications for my full-time career as a tenure track professor. Was this even ethical? Was I violating some implicit agreement between myself and the Academy? Did my knowledge and skills belong solely to the institution and its concomitants? No, surely not. That’s absurd….right?
The fact that I paused to think about this quandary more than once speaks to the ways in which academics are inculcated into academia in a sometimes unhealthy manner. I’m not sure what it is about graduate school that makes one’s intellectual property feel like the property of others. It might be the fact your advisor or committee has so much control over what you actually produce, that it indeed feels as though your words aren’t your own. Or maybe it’s the publish or perish mantra that really means “ it is your duty and obligation to publicly share your thoughts for the good of the public .” I find it odd that in other professions, people are paid well for the knowledge and skills they spend years acquiring and refining. But academics are expected to share their assets solely for the glory and grandeur of it? Yes, tenure is a huge benefit that is often directly correlated with the amount and quality of one’s scholarly contributions; however, other professions have this too. They call it a “promotion” or a “raise.”
Getting Started
I decided that I, too, deserved a promotion and a bonus for all the extra work I do to translate my research into practice. I therefore brainstormed company names (of course that was my first task—it was by far the most fun), chose colors, hired an artist to create a logo, and filed my business as an S-corporation with the federal and state government. Then the school year started.
Being realistic, I knew that starting a small business in August was not the best timeline. I knew once school started my efforts would be 100% devoted to a successful first year on the tenure-track. I made plans to reengage with my business in June of the following year, and I did just that. This past June, I conducted market research on types of services, prices, and timelines of most interest to my target demographic. I also asked them about the possibility of utilizing consulting services via social media and other popular forms of technology in lieu of face-to-face interactions. I was surprised to see that most participants in my pseudo-study were more concerned with the price of services than the mechanism through which they would be delivered.
After creating a list of services and running my pricing models by other entrepreneurs in similar fields, I created marketing materials. Besides business cards, I also ordered rack cards, folders with my logo on them, and printed a “menu” of services with accompanying fees. I considered creating a Facebook page, but that didn’t seem like it would be worth my time and effort. If I know anything about education, I know that information spreads through word of mouth, not written materials. To help spread the word about my business, I did two things: the first was becoming an affiliate member with the gym where I am a member. The second was offering a 20% referral bonus. The latter is how I secured clients 2 and 3. I considered advertising my services in the newspapers of the local colleges, but the cost would offset the potential financial gain, so I decided against it.
I’ve been in business a few short months, but so far it’s going well. The academic year started a few weeks ago and I admit that it’s tough coming home from a full-time job to do more work. But it is very much worth it. My clients are extremely appreciative and more than willing to refer me to their family and friends. That’s more than can be said of the outcomes of publishing in academia.
For the professors who think that maybe they too want to start a business, I have a few bits of advice:
- Be clear in why you want to start a business. Writing a mission statement should be one of the first things you do. I referred to the Small Business Administration for help in creating a business plan, deciding my business structure, and learning about the legalities of owning a business.
- Research your market. Ask them what services are of interest, how much they would be willing to pay, and any other information necessary to execute your idea.
- Apply for grants to help fund your business. There are dozens of grants for women and people of color specifically for small business owners.
- Similarly, make a budget. And make sure your budget includes the taxes you pay on your earnings. This will also help you decide appropriate price points for your services/products.
- Be realistic in your timeline for development and growth. Starting a business takes a lot of time and thought. Decide if this is the appropriate time in your life to start such an important endeavor. Once you have clients, it is unlikely they will care as much about your tenure clock as you.
- Start small. Offer your services/products for free or at a reduced cost for a while. Then, have those clients write reviews and help spread the word about your business.
- Grow slowly. As you gain clients, it will be tempting to hire more people to help you meet the demand; however, remember that like being a professor, owning a business is a learning process. Consider the pros and cons of having employees and/or business partners. Always refer back to your mission statement as your guiding rule.
- Continue to improve your product. It is not only articles that benefit from a good R&R (revise & resubmit).
To other professors for whom owning a business is not desirable, I encourage you to find other ways to utilize your talents. Perhaps you could write a blog, or better yet, children’s books! Perhaps you can volunteer in community organizations providing services to those who will not get to meet you within the economically discriminatory walls of academia. Or perhaps you can just talk to whomever you please about whatever you please, without the pressure of “perishing” after the conversation. The knowledge is yours to do with what you choose.
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My Long Term Goals Of Starting My Own Business
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Starting your own business.
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Many people have a dream of starting and running their own businesses during their. For many people, creating a product or service that is enjoyed or utilized by. customers will provide a very satisfying sense of accomplishment. This feeling cannot be. met at a job in which they work for someone else. "Nearly one million individuals start. their own business every year (Ludden and Maitlen1)." This paper will describe the. things that are elemental to starting your own business. Starting a business takes more. than an idea. It takes certain kinds of people and proper planning. It takes financial. funding and hard work. This paper will describe what it takes to be an entrepreneur and. how a person may become one. Making the decision to be a business owner for a career is a big decision. Before. a person even attempts to start a business a person should decide whether or not he or she. has the kind of personality and skills to be a successful entrepreneur. According to The. Complete Idiot's Guide to Starting Your Own Business, "If you like the stability of. working 9 to 5, wake up! Owning your own business means that you don't have set hours. because you"ll be working close to 24 hours a day to get things going (Paulson and. Layton 14)." This is a true statement. Starting and running a business may very well take. more work than the average job of being an employee. The welfare of an entrepreneur. will depend on the success of the business. He or she will have to work hard to keep it. successful. . Other than being a hard-worker, another trait a person should have is passionate. about their business. Sue Anderson is the regional director of the Small Business. Development Center in Portage, Indiana. She helps people develop and start their own. businesses every day. Sue believes that "a person would need to have passion in their. business. If you do not care about what you are creating, you will probably not be.
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Starting a Business Essay – How to Start
Introduction.
The desire for one to employ him or herself is a dream that many people try to achieve in the early stages of life but how one can be his or her own boss depends on many factors. Starting up an own business is one of the few ways in which one can achieve this but creating a successful business requires a good combination of a good idea and the driving power to do it. A successful business requires skills, experience, and ability to make a dream come true as most of the times it involves personal sacrifice particularly during the start up stage. When starting up a business it is necessary to conduct a feasibility study on how successful the business is likely to be under the existing conditions. The objective of this research is investigating how feasible and profitable is it to start a new business. The feasibility study involves among others the following:
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Market Analysis
The question that comes to one’s mind when starting a business is whether there is a sustainable market for the product or service you want to offer. Before one starts a business there is need to investigate whether there is a sustainable market for the goods or services that one wants to offer by assessing the consumers of your products, how many they are and the form they want the product to be in, the price the customers might be willing to pay for your products and whether the market is a permanent one or a seasonal one and the existence of both supplementary and complementary products to your goods and services. After assessing the above and deeming the results positive then you can move into the next step of investigating who your competitor will be in the market.
Competition Analysis
Satisfaction that you have a reliable market is just the first step in the business development process. After you are satisfied that a reliable market exists, the availability of the market and the possible rivals you are likely to face in the market becomes the next big issue. This is done by analyzing who the direct and indirect competitors are. The direct competitors are those individuals selling similar products as yours. A deeper knowledge of what they offer, charge, what they do well, and what they are not and the existence of any gaps that you may use to woo customers on your side is very important. Indirect competitors are those other business players who deal with complimentary products to the goods and services you want to offer. The importance of studying these indirect competitors is that they may be a distraction to your customer pool by offering cheaper complementary products and thus causing a shift from your products to their products thus the necessity. After you have done the above analysis and the playground seems comfortable the next question that comes into your mind is how affordable the enterprise is.
Factors or Costs
Among the worst mistakes that any business entrepreneur can make is underestimating the start up costs and the operating capital required to run the business until the break-even position is achieved. It is always important to make accurate estimates as sources of extra capital in future may be limited. For example if one wants to start a French beans importing business it is very important to make accurate estimates of the required capital both for starting up to the point where the business will break even.
Calculating the set up costs and the working capital
Realistic forecasts boosts one’s confidence and the ability to meet own commitments. When you set the required costs straight it means you won’t require extra capital after the business has started and thus there are chances that the business may run successfully without shortages in the required running capital. There are many types of costs that a business entrepreneur incurs in the process of starting a business and they include costs of sales, professional costs, administrative costs, transaction costs classified as either fixed or variable costs among others as indicated by Webber (n.d). With the available cost on one side and the costs that may be incurred on one side, calculating the initial costs gives one a chance to consider the items which are of high necessity and giving them higher priorities compared to those lowly placed depending on the capital available. Accurate estimates reduce the gap between the real budget and the expected budget and thus placing the business in a comfortable position (Anon, 2009). The working or operating capital is the amount of money needed to keep the business running. For a sustainable business one has to allocate enough working capital in order to ensure the business runs successfully. It is important to factor out the fixed and the variable costs so as to know the required capital.
Fixed Costs
Fixed costs are the fixed expenses the business has to incur irrespective of the sales made. The costs required when investing in the fixed assets such as the cost of machinery or the cost of land among others. Machinery or plant costs: these are the costs required to buy the required machinery if the business demands one. Land costs: these are costs of buying the piece of land or paying for the rent if you are leasing the land. Stock costs: these are the costs required for buying the initial purchases which will be needed by the business.
Variable costs
These are the costs related to the delivery of one’s product or service. These costs usually relate to the activities going on within the business. They include; Transaction costs: these are the costs which the business will incur during the negotiation process. Administration costs: these are the costs which the business will have to incur when enquiring about any expertise information that may be required. Others include what the authority will charge you in order to issue you with a license allowing you to start the business. Wages: the costs incurred when paying the workers or your own salary. Wages vary with the size of the business and the ongoing activities.
Costing and Pricing
When setting prices it is advisable for one to set prices which can cover the costs of production in addition to generating some profit. The business owner should take into consideration the costs which will be incurred during the start up and the running process so as to ensure the product set prices covers everything. Other costs which should also be taken into consideration are the hidden costs (Garrison, Noreen & Brewer, 2006). Hidden costs are those costs which are incurred during the process of conducting the business such as the transportation cost or the transaction costs many people do not include them but to know the real business situation, it is always advisable to include them.
Measurements
The involved costs will be measured in terms of dollars by measuring the expected costs and benefits and then estimating how long it will take to reach break even point. The break even point is that time when the costs are equal to the benefits and the business is neither incurring profits nor losses. It indicates the costs have all been covered and it is a very helpful point in knowing how long the business will take before it can cover all the costs so as to allocate enough running capital to the business (Holland, 1998).
Cost Benefit Analysis
Evaluating quantitatively whether to start the business: The last step in doing a feasibility test involves calculating the costs and the benefits involved in what is referred to as cost benefit analysis. The method involves simply adding up the value of benefits and then dividing with the costs involved in order to know how long it should take before the business breaks even (Nas, 1996). Example: A business man is deciding whether to start a business of importing French beans from Africa. The following are the costs he is likely to incur: COSTS:
Pay back time: (8000/10500) = 0.7619048. It will take approximately 9 months to reach the break even point.
From the above analysis we can summarize by indicating that the above business idea has got higher chances of succeeding. If the entrepreneur would like to reach break even point faster he should find ways of reducing transaction costs or search for more market opportunities in order to increase the revenue earned reducing the fraction further.
Conclusions and Recommendations
When starting a business, there are different types of cost that one must incur before the business can succeed. It is very important to calculate all the estimated costs that may be required in order to avoid surprises. Ensure you have enough capital to help you run the business until it has grown to fund for its own expenses. It is always advisable to talk with the people in the industry and enquire for as much information as important as it may be. The support of the family is another vital factor that I can recommend for anyone starting the business so that incase of failure at least you may have somewhere to run to. Many people, as they start businesses, do not assess their emotional ability of dealing with some of the challenges that may come up during the start up stage and thus since there will always be the discouragements and the disappointments, prepare yourself psychologically for any outcome.
Reference List
Anonymous, (2009). Helping people build businesses based on good ideas and clear goals . New Zealand Trade and Enterprise. Web. Garrison, R; Noreen, E; Brewer, P. (2006). Pricing decisions and cost management. Web. Holland, R. (1998). Break Even Analysis . Web. Nas, F.T. (1996). Cost Benefit Analysis: Theory and Application . New York: Sage Publications. Webber, A. (Not Dated). Estimating Startup Costs for a New Business . Web.
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More about Advantages Of Having Your Own Business
Related topics.
- Strategic management
- Entrepreneurship
Starting a Personal Small Business
Introduction, essential steps to successful business management, works cited.
Small businesses have certainly started to play an important role in the growth and development of a lot of economies in the world today, and they are becoming increasingly popular. The reasons for this are not particularly hard to discern. More and more individuals are joining the small business for a variety of reasons that include the search for extra income, independence and for convenience purposes. As an established serial entrepreneur, I have had my share of personal experiences on the critical success path towards success in small businesses. During this period, I have had the chance to discover a lot about the most critical things that you need to become successful in managing your small business. Use this guide as your checklist to determine whether your business plan is on the right path or whether you need more information as regards your strategy and the business market you are venturing into.
The first step is to make sure you offer what people want to buy, not what you feel comfortable selling. Many small businesses often make the biggest mistake in this stage. You are much better off selling products that fall under proven category than venturing into an entirely new market. The risks associated with such a venture are very large in measure that small businesses cannot sustain. The next step is to get your cash flowing immediately because cash flows remain the lifeline of any business. You can easily do this by requesting for work up- front and arranging to pay the balance on delivery. Lussier (107) illustrates that.
You can do the same in retail, especially on high-ticket or specialty item and position it as an added value and a way to insure delivery by a specific date and you can also add value to generic items by creating private labels, and develop continuity programs where customers pay an up-front monthly fee to insure delivery or availability of items they will buy on a repeat basis.
You must be strategically positioned to have first hand news in order to keep your costs at their minimum levels. In business, “All the cash flow in the world is worthless if it’s not positive cash flow, which means you have to bring in more cash than you pay out” (Pilgrim, 37). To achieve this, you must ensure that your costs and expense remain at bare minimum.
In addition to the above, the major driving factor behind any business unit is a good return on investment. It is necessary to spend a good fraction of your time exploring ways to increase your profits. This involves analyzing the five business drivers that include leads, conversion rates, average dollar sale, average number of transactions and profit margins and how they relate to each other. If you can develop the capacity to master them while at the same time keep your costs low, then you are on your way to success. “In planning, it is far more important to overestimate your expenses and underestimate your revenues” (Pilgrim, 39).
Accountants and economists with tell you that “Being conservative in your numbers doesn’t mean you are willing to accept those numbers, it just means you are arming yourself with information you can work with and work over” (Hodgetts, 90). The mistake here is to focus on raising your brand before you get your leads. Leads are far more essential than brands because they define your brands and not vice versa. In addition to the above, test and measure everything because in business, you cannot charge what you cannot measure and you cannot tell the impact of a strategy if you cannot track its results. You must accept that learning is process and indeed a continuous one in this filed and do not be tempted to think that once your last annual sales were exemplary, you are bound to ride on the same trend.
Research articles on the rise of small business in the market today reveal that more and more people are opting to retire early and use their savings for personal businesses. In fact, over 30% percent of businesses are managed by early retirees and 25% of those that made use of the strategy listed above have demonstrated the tenacity to survive. While managing your personal business comes along with a number of challenges, the satisfaction derived from increased income and high levels of independence warrants a trial. Do not fear venturing into a small business, many have tried and succeeded. This could be your gate-way to freedom and run-away from the stressful workplace and a tyrant boss.
Hodgetts, Richard M. Effective Small Business Management. Journal of Business Management. 4.3. (1992): 89-99.
Lussier, Robert, N. Management Fundamentals: Concepts, Applications, Skill Development. Journal of Business Management. 11.2. (2008): 107-128.
Pilgrim, Bruce. Talking to My Cats: A Small Business Journal . Journal of Small Business. 5.2. (2007): 37-44.
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Having your own business – advantages and disadvantages, 6 komentarzy:.
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