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10 Great Essay Writing Tips

essay about having your own business

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.

essay about having your own business

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.

essay about having your own business

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.

essay about having your own business

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.

essay about having your own business

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.

essay about having your own business

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.

essay about having your own business

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.

essay about having your own business

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.

essay about having your own business

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.


essay about having your own business


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

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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essay about having your own business

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essay about having your own business

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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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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.

Small business owner

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:

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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essay about having your own business

essay about having your own business

Don't Sell Yourself Short

Manya Whitaker explains how she started her own business.

essay about having your 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:

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

essay about having your own business

Show More My whole life I have always loved business. Someday I hope to start a business of my own; I hope that one day I can pass it down to my children. Some things I have to consider when I take this journey is, budgeting, education, and time. I think for my long term goal, these three things are detrimental to succeeding at my dream of starting my own business. There are phases to everyone’s long term goal; there will always be some sort of organized process in completed a task or a goal. Being successful is not something you can measure physically, and it can only be measured mentally by the sole ownership of a dream being fulfilled. I am currently working overtime to achieve my future career goal. I tell myself ever day to day life “one day at …show more content… I have always wanted to start a business, and I was never sure in what, but I was sure I wanted to start one. Due to my current position in life, I have recently figured out what business I want to start. I plan to use my bachelor degree in business accounting to start my own private security business. I have a great friend that has been around since my freshman year of high school that is willing to start with me. Once I have at least obtained an associate degree, I will then pursue my career dream of starting my own business. This is my freshman year at college, and at that it is my first semester. So for me, I have a little more than two years to get ready before I start the beginning steps to creating my business. When I start thinking about my future in education I continue to wonder when I will actually be doing accounting classes. At the moment I am doing classes that almost seem to have no relation to my major. I am currently taking Anatomy, Computer Information Systems, English, and Speech. I still have many more classes to go which include Math, Physical Sciences, Life Sciences, Fine Arts, Social and Behavioral Sciences, Human Relations, Global Studies. These classes are in generic terms, and branch off into specific …show more content… Constructing an analysis requires the writer to pull facts about a subject, and with these facts the writer has to persuade the audience, and provide some evidence supporting a writer’s discussion. The purpose behind this is to allow people to understand something that the writer is discussing. The writing context affected my analytical text in a good way. I was able to create a great analysis because the subject of the essay made it easier to write factual evidence more efficiently. The research for the topic that I chose was very simple; this is because the topic was personal, and the information was right in front of me. The presentation to the reader was affected because the information was personal, so this made me have to think like a reader instead of the writer. I like to think my strongest part of my essay is my introduction. I think this because it actually has the most personal information to me, as the writer. I think the weakest part of my essay is my research, and factual information. In paragraph five I would have like to add more specific classes. The only reason there isn’t more specific classes is because I have not completed much of college yet. I think I could have given more factual evidence in my essay. I find my tone in my essay to be inspirational or motivational. I only say this

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Starting your own business.

            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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

Essays Related to Starting Your Own Business

1. starting a business.

essay about having your own business

Starting a Business When starting a business there are four categories that your business can fall under. ... This information is for anyone who wants to be able to own a million dollar business with customers worldwide. ... This is the easiest form of business to run and can be started by anyone. ... If they win the case, you will personally have to pay them out of your own personal money. ... If you decide to do things your own way and don't listen to your stockholders suggestions and the business starts slowing down then the chances of you regaining yourself are slim to none. ...

2. Starting a business

essay about having your own business

Starting a business A good number of people dreams to have their own company, the biggest part of them does not really know the responsibilities and the stakes of this project. ... What is fun about business owned by young people is that they always come with fresh idea. ... Michel told that the biggest mistake people do when they project to start a business is to always think about money, when you are really interest about your company is because you like your job not because you want money. ... When Michel Neault decides to start his own business, he takes him four years of preparation bef...

3. Becoming Your Own Boss

essay about having your own business

There is a myriad of different reasons as to why someone goes into business on their own. ... Persistence in the business world is simply sticking to your course of action and not giving up. ... People who go into business for themselves must be prepared to deal with failure, and be able to overcome the failure and pick up move on, and start anew. ... People do not see the reality of opening their own businesses. ... The reward of seeing your kids, on your own schedule, is an intrinsic motivator. ...

4. Women In Business

essay about having your own business

Every 60 seconds a woman starts her own business. As of today there are over 9 million women-owned businesses nationwide. Women own almost half of the businesses in the majority of the United States. ... When you own a business, no matter what that business is, you are automatically in the people business. ... Several women understand that it's not the size of your company that counts, but the size of the results your company yields. ...

5. Measurements of a Small Business

essay about having your own business

The resources used were current articles and books that addressed the issues of starting a small business. Tables showing the advantages and disadvantages of starting a small business were analyzed for differences in order to determine the best practice in starting a small business. Introduction Small businesses are generally confidentially owned establishments, partnerships, or sole proprietorships. ... The study of the theories includes finding money for small businesses, starting a successful business, failure of a small businesses and how human resources contributes to small businesse...

6. Small Business Establishment, Development, and Management

The financial aspect is important to maintaining growth, as well as starting the business. ... Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives. ... The disadvantage is the partnership aspect of owning a company. ... The business structure started is the most common legal issue arising at the start of a business. ... Family owned businesses have been around for a long time. ...

7. How to Start Home Cleaning Business

Starting a home cleaning business is a simple matter, requiring only minimal expense and effort. One has only to determine where the business will be operated, obtain a business license or permit for that area and begin advertising. ... Furthermore, if you simply use your own last name as the business name, i.e. ... Before calls start coming in, figure out how much you will charge. ... Don't be afraid to take a little extra time or effort to make your clients happy--such extra time is an investment in a good, long term business relationship. ...

8. business

Some of these include: banking, starting your own business, or managing a business. Business is taking over much of the work force in the world, and in order to make it these days and make a good salary you must start your own business. ... I like the fact that you can run, or even own your own business. ... I like the fact that if you have your own business you can set your own hours. ... More and more people are starting their own business these days. ...

Starting a Business Essay – How to Start


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.


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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essay about having your own business

Advantages Of Having Your Own Business

Mihaly csikszentmihalyi finding flow analysis.

The Article “Finding Flow” by Mihaly Csikszentmihalyi, expresses the choice we have in life to live or die until the end of days. He shows how we take control of our own destiny, and to not let distractions get in the way of our accomplishment. Csikszentmihalyi portrays that everyone has a different idea of accomplishment and goals, but living life to the fullest is shared by many. By saying this he means don’t waste your potential by letting side issues get in the way. In the article Csikszentmihalyi mentions a study held in a factory where most welders hated their jobs and found no passion in it. One individual named Joe became to love his work and found his passion loving what he did best. By using this experiment he shows that even though

A Rhetorical Analysis Of An Article By Carl Mccoy

In the article written by Carl McCoy he talks about how it’s unwise to do the thing that we love most. He talks about how finding the job that you love may not be the best thing for you. McCoy acknowledges that you may have a lower paying job and love what you do but he also admits he attempted to be a starving artist for awhile. He points out that there is nothing special about do the thing that you love. At the end of the article he suggests that people find a job that actually matters and can make a

Stephen King On Writing Rhetorical Analysis

According to Lemony Snicket, “[You should] never trust anyone who has not brought a book with them” and writer Stephen King presumably would agree. In On Writing, pages one forty-seven through one fifty, King uses diction, critical and ardent tones and figurative language, to highlight the significance of reading and how it benefits a writer.

Black Like Me By Sandra Lee Waldroop

Finding one passion could be tricky. Sometimes we confuse passion with skills, passion is something that you do and enjoy no matter how tired or even if it doesn’t make you a millionaire. Skills are something that you are good at but you don’t enjoy, one will continue on this path because we need to pay our bills. This doesn’t make it right or wrong but we should be happy with ourselves doing what we enjoy.

H. L. Mencken's The Average Man Does Not Want To Be Free

H. L. Mencken wrote “the average man does not want to be free. He simply wants to be safe.” I agree with this quote because of the deeper meaning it has behind it. In today’s society, people do not seem to have ambitions or dreams that they want to pursue. A lot of people settle with a job that pays just enough to make a living or they do not go beyond their limits to get a higher education to be able to make more money. These people are overcome by fear. They are afraid to continue moving forward and taking risks.

The Influence Of Self-Image In Hamlet By William Shakespeare

William Shakespeare’s quote from the early 1600s play, Hamlet, “to thine own self be true,” still takes on personal meaning in one’s life in 2015. In today’s society, many Americans are worrying about self-image: consequently, one loses oneself in the process of pleasing others. William Shakespeare warns one of this horrible fate in the famous quote from Hamlet. Shakespeare, while interpreted in various ways, tells others to be careful not to lose self-morals in despite of others.

Mark Edmundson

In his article, Mark Edmundson discusses an ever increasing problem orbiting around university education– the misconception that studying something that could land you a high paying job trumps studying something that you love for the sole reason that you wouldn’t be able to earn as high as an income with that field of study. Edmundson also brings up the fact that before students get to college, they’re being told who they all their lives. Whether it be by their parents, their teachers, coaches —whoever, by the time most people get to that next step of their lives they don’t have their own definition of who they are. And that’s Edmundson argues what the main point of college is; discovering who you are and what you love. It’s not about preparing

Benefits Of Partnership Working

The main aim of partnership working is to improve the experience and outcomes of people who use services and this is achieved by minimising organisational barriers between different services. Working in partnerships with others enables me to perform tasks that would be impossible alone. There are many people I can benefit from working in partnership with such as colleagues, as well as service users and their family members, doctors, nurses, occupational therapists, social workers and various other healthcare professionals. These people may be able to help give me useful information and help support me in my job by supporting me with any problems I might have.

Happiest Refugee

The Happiest Refugee by Anh Do tells us about his life. It begins with how his family almost lost their lives since leaving Vietnam. It expresses the distress and anxiety of their struggles from crossing the Indian Ocean to Australia.

How Did Anderson Cooper's Advice To Follow Your Bliss Analysis

In the article ” why Anderson Cooper’s Advice to ‘ Follow Your Bliss’ Is So Wrong.” Hauser argues that follow your passion can make you become successful is wrong and have no plan B is terrible.

The Thrill Of The Grass Analysis

If you are passionate about something you should believe in it, and also take the risk and aim for it. In “Field of Dreams” Ray Kinsella takes an enormous risk by building a baseball field when he hears a voice. In “The Thrill of the Grass” the narrator strongly dislikes the use of artificial turf so he sneaks into a stadium changing the field one square piece at a time. Both characters face tremendous chances, but with the people they love they follow their hearts and take these great risks.

Hrm 300 Week 1 Business Education Paper

Education and application of that knowledge is crucial to building a successful business. To achieve the goals or dreams one must weigh the benefits of studying and preparing to become an entrepreneur. The objective at hand is to educate, observe, and analyze all aspects of business. One must become informed to improve the chances of having wealth and happiness in the pursuit of owning or managing a business or corporation. Studying a business’s many types and functions offer career goals and typically provide professional development and skills to succeed in any profession (Bethel University, 2011).

Sole Proprietorship Pros And Cons

Pros: Typically are easy to start-up, and the cost to start a sole proprietorship is $0. In addition, net business loans can be deducted from an individual’s personal taxes. The person who is a sole proprietor gets too control all of the financial activities, and make all the business decisions. To add to that, they are also the management and they’re able to respond to any changes or differences.

The Monk And The Riddle Analysis

Ever since I was a child I wanted to follow my parent’s steps and become an entrepreneur. I have always thought that the most important rule when thinking about a new business project was to think financially what would benefit me rather than to think personally. After reading The Monk & the Riddle I agree with Komisar that an entrepreneur is most likely to be successful when following his/her passion.

Persuasive Essay On Never Give Up

Everybody always has dreams in their own life, some dreams are achievable and some are not. People without self-confidence are always scared of chasing dreams because failure is like nightmare in their minds. Nevertheless, those people will never know what did they give up, their crystalline dreams. On the other hand, people with enthusiasm always chase their dream without reasons because they will feel regret if they didn’t try; they may be successful however when they try to challenge themselves. Thus, it is important for people to chase their dreams, challenge themselves and achieve their goals.

More about Advantages Of Having Your Own Business

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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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