For my Employment research project I have done research on being a sole proprietor/entrepreneur and owning my own company. I have answered the following questions about my career choice.
1. My career and background
For over forty years the Thompson family has owned and operated small businesses. My grandparents are the owners of D&D Rentals, my father is the owner of D&D Transportation, and my maternal grandfather owned and operated Reed’s trucking. Growing up around a family of entrepreneurs I always wanted to have my own business, so in April of 2012 I opened D&D Lawn Services. It has been a challenge to start a business from scratch, but it has been rewarding and it is the only job I can see myself doing.
However there is always more to learn about the business field, so I came to South Hills and chose the BAMM major because it covers the main aspects of business. I have talked to my family and some other small business owners and asked them what they think they are doing wrong as a business owner and it was that they have had no education for it.
Skills
From speaking with my professors and small business owner Chris Taylor, owner of Allscape, I have learned that to be a sole proprietor I need many different skills. Being a business owner is one of the most demanding jobs for a variety of skills. I need hard skills and soft skills.
Some of the hard skills, technical skills, are horticulture, accounting, marketing, management, technical skills, and equipment operating skills. Being around landscaping all of my life I have gained most of my horticulture knowledge from experience and guidance from a relative that has taken classes. It is important to have a background in accounting when owning a business mostly to cut down o...
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IBS Trend’s article, "Landscaping Services in the US: Market Research Report." Landscaping Services in the US Market Research. N.p., n.d. Web. 19 Feb. 2014., in 2013 the industry has grown by 4 percent. As the industry continues to grow so will the demand for the services D&D Lawn Services offers. Being aware of the growth the industry is facing gives me the opportunity to expand and grow my business. Understanding the market size and the competition give me the information I need as a sole proprietor and keep a competitive edge.
In conclusion, researching this paper has provided me with useful information that will help me with my career chose. I will continue to keep up with the ever changing trends that occur when owning a small business. Although it will require a lot of work to be successful I am anxious to graduate and continue with my career.
I spent the majority of my childhood in the family's printing factory. Despite barely making ends meet ourselves, my father always cared for his employees' families by covering their healthcare and education. He taught me the purpose of business was to make a positive impact on your community, environment and to the world.
As with many small business owners they vision of their business usually only extends to their own abilities. They are driven and full of determination and believe their abilities will be able to sustain the business to success. Unfortunately, many small businesses lack the knowledge to be able to effectively be owners’ and leader’ to their organizations.
I decided on this due to the fact that I have always dreamed on opening my own business someday. Another reason why I claim this as my topic is because the world today if filled with business. Who would ever thought that coffee shop could make u a millionaire? The owner of Starbucks can answer you that question. I have always dreamed of owning my own clothing line. By doing my senior project on business management I can get a good perception of the requirements and obstacles that are in the industry of a successful business.
Today, many people, a career for life is no longer an option. Most people have jobs with various employers and move in different employment sectors through their working lives.
Our whole society depends on the development of businesses and management of these establishments. Growing up in a family of business developers and managers, I have been widely exposed to affairs concerning entrepreneurship and the skills needed in order to run an enterprise from a young age. So whilst everyone I knew dreamt of being a fashion designer or a doctor, I aspired to be a successful businesswoman who either worked at or owned a prosperous company. The idea of running a business has thrilled me for a very long time as I have seen so many people start with very little, and work their way up to the top. When I was younger, I wanted to be like them. And now, although I know more about the hardships that have to be faced, my aspirations have not changed. This is what I want to be.
Author also talks about her own institution where budding entrepreneurs or traditional business owners are guided and coached on how to sustain and develop the business.
Owning Your Own Business There are many advantages and disadvantages when owning your own business. When you own your own business, it’s known as a sole proprietorship. But with any type of business, there will always be advantages and disadvantages. Five advantages to owning your own business are: 1) The owner receives all profits, meaning that all earnings go to the sole proprietor, or the owner, and isn’t shared with anyone else.
Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests a formal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process of organizational renewal. Corporate Entrepreneurship has emerged as a much needed ingredient contributing towards the growth of any organization under a changing business environment.
As an aspiring entrepreneur, I realize that businesses face many issues and challenges. Where there are issues and challenges, there are risks. With this being a small business management class I’d like to put a twist on this essay and view the challenges and risks from an entrepreneurial perspective. As a 26 year old woman, I struggle with the fear of not being successful in the long run. I am slowly replacing the fear that I have with courage, perseverance, and ambition. I decided to go back to school for my Master’s degree to increase my chances of being successful. Along my journey thus far, I’ve learned that in the end, the Master’s degree will not define me, I will define the Master’s degree. I do not believe that there is an existing position that fits the mold for what I want to become. Henceforth, I’ve recently been
Starting up a business shows good potentials but nevertheless, being self-employed is not just about being in control, following your dreams nor choosing your hours of work but rather it carries greater responsibilities and challenges that you are not likely to face when working for a company, it important for an individual to understand this. Working for a company gives a better comparative advantage for the employees than being self employed. Why be self employed and pay higher taxes with less benefits?, when all these are of less disadvantage as an employee. For these reasons, it is better to work for a company because it serves better benefits in the area of financial compensation, responsibilities and time commitment.
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.
I am gratified to reflect on my Entrepreneurial Potential Self-Assessment. I have always enjoyed learning the concepts of running and managing a business. Personally, what I enjoy generally is implying these concepts in real life situations. Seeing the ‘real life’ effects are stimulating to me. I always saw myself running a stable/well- establish business; however, I never saw myself running my own business. For my part, I find that I do not have all the characteristics an entrepreneur should have. Therefore, the results are not surprising, but assuring of what my strengths and weaknesses are.
Businesses trying to survive the current economic crisis need to pursue competitive advantages and empower them. Competitive advantage results from matching core competencies to the opportunities. The entrepreneur that I interviewed uses her experience, quality, consistency and overall learned what the customers really need and demand. Jane’s skills and experience enable her to respond faster to market changes. Jane has remarkable negotiation and sales skills that make her a most competitive in the market. There are also questions that you need to ask yourself to determine if you are ready to take the next step. Are you able to think of new ideas? Can you imagine new ways of solving problems? Entrepreneurs should think creatively. If you have ideas learn how take advantage of new opportunities. Be your own boss also means that you are responsible for making difficult decisions. The business world involves uncertainty. Do you avoid the uncertainty in life at all costs? If so, owning your own business is not the best option. Do you enjoy the thrill of taking risks? Then you are ready to enter the world of
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.
Any entrepreneur who runs a small business will develop independence. They will have self determination to become their own boss, grow their own company and have financial freedom. But there are some disadvantages in running your own small business as well like creating a good reputation to enable to compete with other corporation.