You see the world of business industry, how it operates, the way it goes, and then you would consider walking into that world. Then you took that first step inside the industry and success is what you’d see. So you would wonder how everything turned to be a big thing. Different fields show achievement, may it be a clothing line, Fast Food Chains, even online shopping is on the hit. Then you realize, they are succeeding for a reason. What reason could that be? Hardworking that goes along in following right practices, right Accounting Practices.
Having said its success, the business industry is still growing and growing. As it was know, proprietors or entrepreneurs are the people behind business, they are the so called operators. It is the business to the relationship between customers and entrepreneurs. To where the entrepreneurs exchange productive goods and services for profit, which is out of the resources in the forms of capital, land, land, labour and technology. The business is originally from the word busy or engages that implies market ably feasible and viable, also a money-spinner.
As time passes by, it is as though many businesses got to establish. It maybe a sole proprietors, partnership, corporation and cooperative which are the four introductory forms of business. It also have nine classifications and they are namely, agriculture and mining, financial information, manufacturers, real estate, retailers and distributors, service, transportation, and lastly, utilities.
Many aspiring entrepreneurs are part of that growth. As you stand out your house, businesses are visible everywhere. As you look to your right, you could see small food stalls. Then you turn to your left, it is a new neighbourhood restaurant or “care...
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... in, how your market is changing, and on and on. You can't wait an accountant to tell you. Nor do you have to be an accountant. You do have to know enough accounting, however, to figure out which numbers are most important in your particular business, and then you should develop the habit of watching them like a hawk.”
References
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Ayllon, C. (2001). Mind Your Own Business. Philippines: A. Luna Press.
Medina, R. (1996). Entrepreneurship and Small Business Management (1st ed.) . Philippines: Rex Printing Company. Inc.
Maximiano, J (2001). Global Business Ethics For Filipinos In The New Millennium. Philippines: Anvil Publishing Inc.
10 things every entrepreneur needs to know. Retrieved February 25,2014, from http://www.inc.com.html
Hisrich, R.D. and Peters, M.P., (2004) Entrepreneurship, Fifth Edition – International Edition, McGraw-Hill Higher Education
This research is focused to examine the factors that will influence the performance of small and medium enterprises.
Management accountants use their skills to help with decisions that help a business make good decisions so they company will be valuable and in an ethical manner. They assess risk and implement strategy through planning, budgeting, and forecasting. Now managerial accounts have become critical with their analysis while managing a business. They do more than provide financial information they also have an active role in the business. Over the years managerial accountants has changed and now provide nonfinancial information. They can help a business achieve their goals. Today there is many things that is influencing how managerial accountants do their job with the emergence of e-business. They can use their knowledge to streamline the e-business (Hilton,2008). Now global competition has new challenges for managerial accounts because trade agreements can affect the way the business performs abroad. Gillet (n.d) said, “To be competitive, manufacturers must keep up
"What are the barrier to entry, inhibitors to growth, and detriments to the health of small business and entrepreneurship today?"
"Entrepreneurs who start and build new businesses are more celebrated than studied. They embody, in the popular imagination and in the eyes of some scholars, the virtues of "boldness, ingenuity, leadership, persistence and determination." Policymakers see them as a crucial source of employment and productivity growth. Yet our systematic knowledge of how entrepreneurs start and grow their businesses is limited. The activity does not occupy a prominent place in the study of business and economics.
...chindehutte, M., Allen, J. (2005) ‘The Entrepreneur's Business Model: Toward A Unified Perspective.’ Journal of Business Research, 58(6), pp 726-735.
An entrepreneur sees an open door which others do not completely perceive to take care of an unsatisfied demand or to profoundly enhance the execution of a current business. They have a ravenous, self conviction that this open door can be made genuine through diligent work, duty and the flexibility to take in the lessons of the business sector along the way. Much has been composed concerning entrepreneurs and entrepreneurship.
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
The success of a business is greatly dependent on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition.
Small businesses have been considered the mainstay in countries around the world. In many European countries for example, the small business has been considered crucial to the success and flourishment of the country in general. Most individuals start upon a small business venture in the hopes of realizing ownership, independent profits and personal success. Small businesses can prove extremely successful when planned properly. Studies suggest that several small businesses, however, close or fail within the first few years of operation. This failure suggests that a majority of small business owners may not have as yet realized the crucial success factors necessary for successful implementation of a small business.
The entrepreneur is the pioneer, the managers the applier of existing best practices. The entrepreneur engages in strategic activity, the managers need to focus on tactical or operational activity. The entrepreneur formulates a strategy, the manager implements that strategy. Business success will depend on the continuing renewal and application of the entrepreneurial spirits. Business success depends on the application and an efficient management team. The attrition rate of any new business is extremely high. In the US, the supporter of the entrepreneurial spirit, numerous new enterprises will fail each year. However in a long-term historical perspective, business success is short-lived. Only a handful of the largest companies with break even status existing in any country at the beginning of the twentieth century will exist today. Even those enterprises that is likely to be unrecognizable as the original creations. The causes of small-business failure depending on the study cited range from inadequate accounting systems to inability to cope. Finally Growth of underlying problem appears to be an overall lack of strategic management beginning with an inability to plan at strategy to reach the customer and ending with a failure to develop a system of controls to keep track performance.'
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
Entrepreneurs forever ought to begin any business by themselves if they one thing got to be done. They create the bounds and become dedicated towards achieving their goals, vision, mission and objectives. Businessmen are headworker, creative, positive minded and opportunities taker further. They are doing not anticipating someone to grant them permission.
The path to achieving great success is not easy. Whereas there are many shortcuts, the long and patient walk is what takes a person many miles ahead. This concept applies to any individual who aims at becoming a successful businessman. The process of becoming a successful businessman requires a person to attain several accomplishment levels. Each of the level takes energy and time, as well as the ability to recognize the things that make a person truly successful in the business world and life. Becoming a successful businessman requires measurements that take into account not only the monetary and material gains but also the greater scheme of things. Therefore, true success measure achieves in light of creating wealth and value. These factors are vital in the lifetime of success as they present an intangible worth and measurable profit. This essay discusses the way a person can become successful as a businessman.
Jones-Evans, D., Carter, S. (2006) Enterprise and Small Business: Principles, Practice and Policy with the Definitive Business Plan , 2nd Edition FT Prentice Hall. Pp 279-280