In this report, I will discuss what it takes to own your own business and what factors go into it. My overall dream some day is to own my own business and with this comes a great deal of responsibility. I will help you understand what you can to do to become a successful business owner.
Finding a consistent well paying job has been getting harder and harder in recent years. A number of new and great business opportunities are available to the public. These opportunities only cash in if you run a well rounded business plan. Anything from wholesaling vehicles to owning your own pizza parlor are great starts in business. Although, owning and operating a business is a great burden on a person, it can turn out to be very profitable.
While trying to choose a business to start up there are many different factors to think about. Staff is a big part of a business. In William Delaney book The 30 Most Common Problems in Management and How to Solve Them, he say with any business organization, jobs fall into two general categories, line functions and staff functions. Line functions have to do with the performance of a particular task or contract. Staff functions are support units such as accounting, personnel, legal, payroll, advertising, and quality assurance. The Line functions staff members are sometimes called the direct work because they deal directly related and charged to a client, contract, or customer. Staff functions are sometimes called indirect work because their charges come under overhead or general and administrative expenses. But what goes in to a good staff member? How do you know what staff members you will need in your business?
A cooperative person can do just about any job. Most jobs don’t require a genius mentality ...
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...n under an employment scenario
you have legal risk and exposures that you would not have had as an employee
There are significant risks in owning and operating your own business and it is a matter of assessing those risks.
Work Cited
Mullins, John. The New Business Road Test: What entrepreneurs and executives should do before writing a business plan? Great Britain: Henry Ling Limited, 2003.
Delaney, William. The 30 Most Common Problems in Management and How to Solve Them. New York: AMACOM, 1982.
Anderson, Paul. Technical Communication: A reader- centered approach. Fifth Edition. Canada: Heinle, part of the Thomson Corporation, 2003.
Kountze, Elizabeth. Six Steps to Starting Your Own Business. Kiplinger. Originally written 2006, Revised May 2008. Online. Available:
http://www.kiplinger.com/columns/starting/archive/2006/st0504.htm 21 October 2008.
Robbins, S. P., & Coulter. M. (2014). Management (12th ed.). Retrieved from: Colorado Technical University eBook Collection database.
George, Jennifer M. "Chapter 12." Contemporary Management. By Gareth R. Jones 8e ed.N.p.: n.p., n.d. 366-400. Print.
Robbins, S. P., & Coulter, M. (2009). Management (10th ed.). Upper Saddle River, NJ: Pearson
To be a successful entrepreneur, there are steps that one must follow when starting a new enterprise. These steps are termed as the process of entrepreneurial which is the systematic method of preparation of an enterprise that consists of four steps. The four steps are fundamental to the success of an entrepreneur venture. The four entrepreneurial processes includes discovering, assessing and opportunity, developing a business plan, establishing resource needs, and managing the resulting enterprise (Barringer & Ireland, 2010). Each individual step is vital for the start of an entrepreneur venture and for an entrepreneur to achieve their entrepreneurial goals. This paper will discuss the four steps of the entrepreneurial process,
When an individual decides to venture out on their own and become an entrepreneur they are taking a huge risk, one of the tools that can make the difference between being successful or failing is the Business Model Canvas (BMC). Osterwalder invented the BMC because he believed that a company’s first business plan always failed the minute it reached the customers, leaving the owners discouraged and deflated and feeling that they had wasted time, energy and money; so he wanted to create a more flexible business plan that owners can edit and make the changes needed to reach the customers needs "One Tool Startups Need to Brainstorm, Test and Win | First Round Review," n.d.). The canvas consists of nine elements or building blocks that create a visual template spelling out the business’s value proposition, infrastructure, customers and the finances (White, 2012). Breaking down the key elements that are vital to taking customers needs, wants or problems into a fruitful company
When talking about my own work place, generally the risk issues rise due to the following:
Robbins, S.P., & Coulter, M. (2009). Management (10th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.
For my future career I want to be a business owner or in other words an entrepreneur, business has always fascinated me to this day some of the key point of a business owner are the duties of a business owner, the salary, the training and education, how does someone succeed in this career field and, what my goals are for this career field. An entrepreneur is individual who, instead of working for a business, runs their own business and takes all the risks and reward of a given business venue, idea, or good or service offered for sale. The entrepreneur is mainly seen as a business owner of ideas and business processes.
There are many advantages and disadvantages when owning your own business. When you own you own business, it’s known as a sole proprietorship. But with any type of business, there will always be advantages and disadvantages.
The next purpose of the Business Plan is to allow the entreprenuer to view and evaluate the proposed businessventure in an objective critical and practical manner .The collpase of many business ventures can be attributed to the decisions and planning of thye entreprenuers who rely more on emotions and gut feeling rather than objective and rational considerations .With a Business Plan the entreprenuer has solid and well-grounded information to supplement the planning and decision making
The first step in any business is to think of or create a business idea. Without an idea, one cannot launch their business off the ground. A right direction is needed to create a business with a unique idea. However, other options include franchising or buying an existing business (1). Franchising allows an individual to run stores such as Burger King or McDonalds under the corporate name. It involves taking training classes and a heap of money in order to start a franchise. A Franchisee will have to buy products and services from the corporate entity they are franchising from, which is often required. Buying a franchise is like taking a piece of the pie from the company that is franchising and sharing that pie with everybody else. In addition having a franchise allows one to communicate and in essence become a big part of an added business opportunity (4). Franchising is far from easy to start and maintain for that matter. Starting a franchise involves a l...
Starting your own business can be exciting and it can become a well- rewarded experience. Being your own business includes great benefits, create your
When it comes to business, especially when it comes to starting one, I tend to think I know it all. Yet in reality, I don't really even know how to get started, enough to make a business efficient, or even get the doors open enough to make the first dollar. When I first think of working/operating a business, I think of no boss but myself, the rules are made by me and no one else, and that seems like a great plan in my eyes. As well as having all company profit coming directly to me, and I get to decide what happens with it. Although I know there is more to it than that, there is forming a budget, working with customers, knowing when to expand, and when to coast through. I also know that in the world of business, that if you aren't moving ahead, you are moving backwards.
I was always taught that if I ever want to own my own business that I needed to be dedicated to my business, skills I have that will help yours truly and love doing. I have thought about what business I want to start for a long time then it came to myself. I want to create a business that I can expand so it can grow into my vision. “See things in the present, even if they are in the future.” Said by Larry Ellison, Oracle co-founder. I continue planning details ahead so that I know where I’m going to proceed. My business will be a limit liability company called “True Love.”
What are the steps to be a good entrepreneur? Write your suggestion and recommendation based on your observation and experience in Malaysia.