Introduction To Business Essay Research Paper
Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves businesses improve the quality of life for people and create a higher standard of living. It is a way for individuals to provide goods and services to consumers and at the same time produce a profit for themselves. Businesses are not only important because they provide goods and services for consumers but they also improve the economy and increase jobs for people within society which is an additional fact producing a higher standard of living.
To measure our societies standard of living we must look to our “Gross National Product” which is the complete measure of our nations output. Unfortunately inflation is a major problem in our nation which often reduces the Gross National Product. Inflation occurs when the goods become too high within society and spending decreases.
A central function within our economic system is satisfying the needs of the consumers with the use of limited supplies. The purpose of a business is to combine resources such as land labor and capital in a way that will make them more valuable. Operating in a political and economic climate that supports individual rights American business has as its guiding principle the right to private ownership and profit. The amount of goods produced depends upon the number of resources available for use. This idea is commonly known as “Supply and Demand”. Businesses must attempt to reach an equilibrium between the two which will directly impact the price of the products produced. If something is heavily demanded and at the same time it?s resources are limited the price of the product will rise. This idea of course works both ways. The easier it is to produce something the cheaper it will be. All economic systems begin with the same resources including land labor capital and technology. These resources may be limited at any given time varying within the world at large from country to country. This business cycle explains how business fluctuates from high to low prosperity recession depression and recovery over time. The major challenges faced by our nation today are the Federal Budget Deficit international trade deficit the Decline of Smokestack America and the conservation of energy. The Federal Budget Deficit occurs when our expenditures are greater then our revenues. International trade deficits occur when a nation imports more then it exports. The Decline of Smokestack America is when there is a change from an industrial to a post-industrial economy. Finally the conservation of energy is so that there are a sufficient amount of natural resources necessary to produce goods. General economic growth or stagnation also has an important influence on business within our society. Many factors can affect it?s condition such as war new inventions and technology political assassinations the discovery of physical and natural resources labor negotiations government action and many others. When the economy is strong and the demand is high businesses can prosper. Regardless of how great the economy may become businesses still must compete with other firms for scarce raw materials and labor.
A businesses environment creates many opportunities as well as problems for prospering businesses. The environment determines what a business can do by shaping and channeling its development. Businesses function within an environment by allowing entrepreneurs to raise capital and create profits freely. The supply of money available within a business as well as the economic stability through times of growth and recession have strong effects on businesses. Not only is the physical environment including natural resources pollution and energy as discussed previously important but many other aspects within the environment influence business. A business must adapt and overcome consumerism and ecology and it has a social responsibility to do so. Cultures surrounding businesses also play a major role. A business must adapt to a changing society with age lifestyle culture and location. When a business learns to adapt to these changes it will be profitable for both the business and consumers.
Economic systems can be classified into three categories. These include capitalism socialism and communism. Pure capitalism is an unrestrained freedom to buy sell and compete. Private enterprises allow entrepreneurs to run businesses without central government control and can operate within a free market. Capitalism is a system of true private enterprise. Some aspects of capitalism are free choice private ownership private profit and free competition. The only drawback of this type of system is that a company can operate with no competition thereby creating a monopoly unfavorable for consumers. Socialism on the other hand is a system where the production and distribution of industries are owned and operated by the government. Officials directly manage some or all of the extraction of raw materials manufacturing communication and transportation. This system is loosely regulated by the government. Finally communism replaces the operation of a free market almost entirely. Most of the rights enjoyed within the capitalist system are denied and private ownership is prohibited. Business are controlled by state planners and competition is almost completely eliminated. Today our economy is made up of a mixed economic system with each one contributing but no one dominating. Communist and socialist systems seem to be adopting many capitalists views and ideas. It is up to you to decide which system you prefer but the United States? system of capitalism seems to be working adequately and positively. It is based on the principles of private enterprise and modified capitalism.
There are many forms of business within our economic system but they are all arranged in three major categories. These three categories are sole proprietorships partnerships and corporations. Within a sole proprietorship one entrepreneur assumes all the risks of the business but at the same time keeps all of the profits. In just this one simple sentence we become aware of the obvious fact that along with it?s advantages come many disadvantages. A sole proprietor on one hand makes his own decisions and pays only one tax for himself and the business. In addition setting up a business for a sole proprietor is much simpler under the law compared to the other two types of businesses. However the sole proprietor has unlimited liability and complete responsibility to the business. He or she must assume all of the risks and often must contribute from his own savings in order to prosper or just simply exist. A sole proprietor must also bring the natural resources human resources and capital together by himself in order to run the business and produce goods and services. Because of it?s difficulty to raise funds and grow sole proprietorships very often suffer from impermanence. A partnership can also start with little difficulty under the law. They have a greater chance of growing and existing because partners can pool their assets talents funds and borrowing power. Similar to sole proprietorships partnerships also pay only one tax and create a high degree of satisfaction for the partners stemming from them being their own boss. Unfortunately however with a partnership comes unlimited liability and personal disagreements between the partners. In addition because of this single taxation the personal assets of the partners are frozen which often creates major problems. As a result partnerships also suffer from impermanence. A corporation in my opinion is the best option. Although filing for a corporation can become expensive and they are heavily regulated by the state they have the ability to raise large amounts of capital. They have a long term existence continuing to exist even when one of it?s officers dies or resigns large investment possibilities easy withdrawal power and a specialized management making production easier and quicker. Best of all corporations have limited liability holding only the corporation itself liable to any debts or obligations and freeing all officers and their personal assets from blame and liability. Although this may all be true owners within a corporation that being the shareholders must share the total investment and divide all profits made. Because of the generally large number of owners job satisfaction also decreases along with strong personal motivation. Shareholders have almost no privacy when it comes to their financial affairs. There is a higher taxation for corporations and the shareholders are taxed twice once for the corporations assets and a second time for personal assets. The role of the government in authorizing the operations of corporations creates still another disadvantage. They are often expensive to establish and complex to run because they are strictly regulated by the government. More government regulations are applied to corporations then any other form of business ownership. Just simply reporting to the government so that they know all regulations are being followed can be timely and complicated. Strict and detailed records and statements must always be kept for the government as well as for the shareholders of the corporation. It is obvious everything that comes with advantages must also come with disadvantages this is why the type of business ownership that is right for a person varies depending on the detailed aspects of each particular business. The advantages and disadvantages must be weighed within each situation. While the main forms of business ownership include the three subsequently discussed there are many other variations that can be used depending upon each situation. These include limited partnerships joint ventures joint stock companies cooperatives and franchises.
Small business are also widespread in our nation and are growing rapidly. They provide the most employment to teenagers immigrants and the elderly thereby employing a large percentage of the population. This fact is true because small business are more willing to adjust to their employees needs and responsibilities. The services industry is dominated by small businesses which require limited capital in order to establish them and run successfully. They have greater flexibility provide greater personal attention to consumers have lower fixed costs high innovation and greater motivation. Unfortunately the failure rate of small businesses is high due to poor management and inadequate financing. Therefore small business owners accept many benefits as well as burdens. The benefit of being your own boss and gaining greater work satisfaction is accompanied by the burden of working long hours and dealing with high amounts of stress. However these burdens are generally a result of many occupations regardless of whether or not you are your own boss. This is why small businesses are on the rise.
There are many aspects that go along with creating a successful business regardless of it?s size. These include networking planning environmental examinations internal control and resources. The problem is however that it is up to the sole proprietor of the business to bring all of these aspects together in working order which is harder for a small business then it is for a larger business or corporation. However there are several agencies of the federal government whose primary purpose is to offer support and guidance to small businesses. A major agency among these is the Small Business Administration. Specifically the Small Business Administration provides guidance in the form of special courses and workshops in management problems and skills. It publishes information on how to prepare a business plan start up and operate a business and helps a business obtain there fair share of governmental contracts. Of major importance to small business owners is the fact that the Small Business Administration assists sole proprietors in obtaining loans and capital necessary in order to create a business. While they can neither guarantee nor provide these funds they can be of great assistance.
People obtaining small businesses through franchising have a much higher success rates for obvious reasons. They are a good choice in order to avoid the many problems of creating a small business on your own. A franchise permits an individual to own his or her own business while benefiting from a trademark know-how and the reputation of an established firm. This enables an individual to acquire a business more quickly and receive profits rapidly. However the individual owner must pay the parent corporation a portion of the businesses? profits. This often becomes a problem because in some instances the financial rewards for the individual are sometimes low in relation to the time an effort that they put in to running the business. Therefore this a major disadvantage and often makes the idea unattractive to small business owners.
Since the government plays a major role in the operation of a business the two must learn to coexist. The main role of government has traditionally been to protect the rights of the country?s citizens. They follow this role by providing for the people police protection a judicial system and a national defense system. The government protects individuals within our economy by protecting fair competition consumer investments and general welfare promotes property rights and oversees certain administrations and industries. During the nineteenth century many businesses? strategy was to reach a monopoly position and many were successful. Finally the government stepped in and regulation has been a rule ever since. The right to own property is basic to a private enterprise and it is the ultimate responsibility of the government to enforce this right. The government must also enforce limitations on property rights one important limitation being taxation in order to benefit the public. It is responsible for establishing many agencies to protect consumers? health and safety. This of course being another benefit of taxation. Taxation is done in order to provide public service and promote the general well being for the people. The most important source of revenue for the federal government is a tax on personal and corporate incomes. Many states and some cities depend heavily on income taxes.
Noting gets done without management. Business management is central to running a business by handling resources and activities and accomplishing work through other people within the firm. A business can be looked at as a system of related parts working together and management is what integrates these parts to make up the system. Small firms usually have only one or two managers but large corporations have a staff of managers all working on different levels. The level of the manager is how he or she is ranked within the company. The top level consists of executives the middle level are known as the middle managers and finally the lower level are commonly known as the first-level supervisors. This is what I mean by the managers being ranked in the company. An executive will be known to have much more responsibility plan and implement strengths and have more control of the business than the lower level managers do. However all managers are trying to achieve the same goal regardless of the size of the company this goal being to work effectively with the employees and consumers in order to achieve the company?s
Cover Letter Essay, Research Paper To whom it may concern: I am writing to you because I am interest in a Software Engineer position. I heard about your opening through the career department at George Mason University. This position fits with my major, experience, and career interest.
√ Best Answer
1. Pick your major carefully. If your university doesn’t make you declare a major off the bat, don’t. Explore new things. Even if you must declare immediately, remember that you can always change your mind. Quiz people in programs you’re considering. Any regrets?
2. If you need help, ask for it. If you don’t understand something, ask your professor. Many will help you. Another place to find help is the library, where employees can show you how to format your citations or find articles in academic journals. If you’re ever accused of cheating, your student union can help explain your rights.
3. If you’re going to need an extension, ask early. If you ask early enough, many professors will grant extensions. But don’t annoy your prof by emailing and asking the night before it’s due.
4. Develop a rapport with your professors. Ask questions, contribute to the discussion, stay after class for a minute to clarify something that you don’t understand. In university, you’ll need to make some effort to get noticed. Professors who know and like you may help you find jobs, provide references for grad school and will say yes if you ask them to supervise your independent study.
5. Take care of your mental health. University is stressful, especially if you’re moving away from home for the first time. If you feel anxious or sad, don’t be ashamed to ask your friends for support. There’s also formal counselling from the school. Eating well and exercising can also help greatly.
6. Pick your roommates for second year carefully. Think about how you want to live. Your best friend won’t make the best roommate if he or she has different standards of cleanliness, a weird sleep schedule or a higher tolerance for noise. Talk about things like cleaning and splitting bills before you look for housing together. Read up on the laws before you sign a lease.
7. Get involved. If you’re in journalism, write for the school paper. If you’re in fine arts, get your work in student-run shows. If you’re in business, enter case competitions. Participating in degree-related extracurriculars is a great way to network with future colleagues and learn new things.
8. Don’t bring your laptop to class. Sure, you can type faster than you can write by hand. But Facebook is pretty tempting when it’s in front of you. Plus, when you type your notes, you’re trying to take down every word, which means you’re not really thinking. The secret to success isn’t to take the most notes, but to take the most thoughtful notes. This is easier achieved on paper.
9. Know how to manage your money. Drinking every night doesn’t only lead to failing grades, it also leads to debt. Eating out, buying prepared food and getting takeout coffee can also impoverish you, so learn to cook. Keep track of your spending for a month, to see where you’re overspending.
10. Learn to manage your time. This is the most important skill for university. Most of your assignments probably won’t be that difficult, but they’ll take longer than anything you’ve done before. Assignments for different classes will often be due at the same time. If you have several essays due in the last week of the semester, you won’t get them all done unless you start early.
PS: @Ann Are you Vietnamese?
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To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they'll turn on their computers or open their doors and start making money. only to find that making money in a business is much more difficult than they thought. You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to reach to achieve success.
To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you're not forgetting anything and you're completing all the tasks that are essential to the survival of your business.
2. Keep Detailed Records
All successful businesses keep detailed records. By keeping detailed records, you'll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.
3. Analyze Your Competition
Competition breeds the best results. To be successful, you can't be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.
4. Understand the Risks and Rewards
The key to being successful is taking calculated risks to help your business grow. A good question to ask is "What's the downside?" If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.
Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don't know everything and be open to new ideas and new approaches to your business.
The old saying that "Rome was not built in a day" applies here. Just because you open a business doesn't mean that you're going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.
7. Prepare to Make Sacrifices
The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else. In turn, you have to make sacrifices, such as spending less time with family and friends in order to be successful.
8. Provide Great Service
There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they'll be more inclined to come to you the next time they need something instead of going to your competition.
Consistency is key component to making money in business. You have to consistently keep doing the things necessary to be successful day in and day out. This will create long-term positive habits that will help you make money over the long term.
The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying.
Frexit – short for "French exit" – is a French spinoff of the term Brexit, which emerged when the United Kingdom voted to.
An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will.
A round of financing where investors purchase stock from a company at a lower valuation than the valuation placed upon the.
An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed.
A holding of an asset in a portfolio. A portfolio investment is made with the expectation of earning a return on it. This.
Recently I have read on the Neil Patel’s Blog “If you want to be a big corporation like Apple, Google, or even Microsoft, you have to think big, right? Wrong!”. But according to that’s not true. To be a successful in the life must have to think big. But think big only not works, for that everyone should work hard.
Many people want to achieve success in life, but it’s easier said than done. There are so many distractions that it can be challenging to discipline one’s self to accomplish a monumental goal. By keeping the following advice in mind, however, you can dramatically increase your chances of becoming successful in whatever you choose to pursue.
Check Out how these people get success in their life
Below are some steps to be successful.
Define the meaning of success as you see it. You cannot have success if you do not know what it means for you. Everyone views success differently. Set clear goals and be realistic. How will you know when you’ve achieved your goals? Your standards should be quantifiable, or else you could spend your entire life chasing after a vague goal. For example, let’s say you want to be good at your job. You get a promotion, you get a raise, but you still haven’t reached your goal because you could always do better, right? You could always get promoted even further, or make even more money. Whatever you have will never be enough. Instead, create benchmarks: “My goal is to increase my productivity by 30% and only be late for work five times per year, at the most.” These are quantifiable goals that when achieved, give you a sense of satisfaction and completion, making you feel successful and confident.
Study successful people. Look around–who has the success that you envision for yourself? What are they doing? How do they approach life? Become their apprentice. Ask them for advice. Spend time around them, if you can. Learn from them.
Take risks. Step out of your comfort zone. Successful people think big and act big. It can be a scary thing to do, but if you don’t, then will you ever be successful? Don’t wait for opportunities to fall in your lap. Sniff them out. Successful people make big investments (in their careers, in their businesses, in their education) and all investments involve risk. But don’t be reckless. Study your risks, make sure the odds are in your favor, then take a leap. Be bold.
Solve problems. People who are successful encourage progress by solving problems and answering questions. No matter where you are or what you’re doing, look around and try and think of ways you can contribute. What are people struggling with or complaining about? How can you make life easier for them in an effective way? Can you re-design or re-organize some aspect of the situation so that things run more smoothly? Can you create a product or provide a service that fills a critical gap? Be proactive and resourceful.
Be persistent. Don’t give up. If your first attempt didn’t work, don’t quit. When asked about his 10,000 failed attempts to develop a storage battery, the prolific American inventor Thomas Edison responded: “I have not failed, I’ve just found 10,000 ways that won’t work.”
Remember that success does not guarantee happiness. Success is equated with the achievement of a goal, but don’t assume it will always bring happiness. Many people make the mistake that if they accomplish this or that, they’ll be happier, but fulfillment and satisfaction have a lot more to do with how you approach life than with what you do in life. Keep that in perspective.
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About the author: Mann Patel is a young Entrepreneur and professional blogger from India. He writes about Blogging, Social media, WordPress, SEO, Technology and Make money online.