Technology has enabled both consumers and producers to communicate across the world and exchange ideas and products. These advancements have led to the development of innovative collaborations that improve the quality of goods and services provided by businesses. Regardless, such successful business opportunities would not be possible without the practice of free enterprise. For one make-up junkie known as Jeffree Star, the practice of free enterprise has allowed an androgynous entrepreneur to grow a massive audience on YouTube and consequently construct a cosmetic empire with his own highlighters, blushes, lipsticks, and eye shadows. The system of free enterprise is also referred to as a free market. Remotely any single person can …show more content…
Businesses typically use three strategies to compete with other companies: creating lower prices for consumers, lowering risks for consumers, and creating new or improved products. On his YouTube channel, Jeffree provided his viewers with a variety of comparisons between both high-end and inexpensive brands and his own brand. In doing so, Jeffree justified the price of his products by displaying their superior quality and quality as his products offered a hefty amount of densely pigmented product. Moreover, Jeffree lowered the risks for his consumers by offering a 14-day return policy to all of his products, as well as a 24-hour customer service line which increased the reliability of Jeffree's brand in comparison to other brands, such as Elf or Sephora. His entire line of make-up products is vegan and cruelty-free, which serves to reinforce the idea that Jeffree is a compassionate and reliable producer with ethics and morals, directly claiming on his website that "[m]akeup is for humans, not animals" and even his manufacturers "don't affiliate or get ingredients from places that are not cruelty-free!" On the same token, Jeffree releases new make-up products every few months with new colors, intensities, and fragrances. His brand also contains the most unique color pallets, including green lipsticks and blue
Have you ever wanted to start you down business? Jennifer Lopez did, she has her business today, it may not be the greatest but, she did it. Today i will tell you about the free enterprise system, and how Jennifer made her dream happen.
Free enterprise is very important in an ever growing world. The idea of free enterprise, or capitalism, is that any individual has the opportunity to create a business and sell a good or provide a service with almost no government intervention. A capitalistic economy helps both the supplier of goods and the consumer of the goods. One of capitalism’s basic principles is that an individual works hard for incentives. Free enterprise means that businesses are directed by the laws of supply and demand. Capitalism also forces businesses to produce things in an efficient way. Another great aspect about free enterprise is that there is a lot of flexibility in the economy. These are just some of the many factors that make a free enterprise economy so important.
Free enterprise is a form of economy in which the government takes minimal control through regulation. In this form of economy the price and production of goods is decided by the consumers and producers and their wants and needs, and by considering how all of these can be met in the face of scarcity. While scarcity defines resources that are available against infinite wants and needs, it can also be used to describe the fact that future products do not yet exists and new markets have not yet been explored, and in order for consumers’ needs and wants to be met, entrepreneurs must invent new products and open new fields of study. Arguably, one of the most influential entrepreneurs in American history was Andrew
The free enterprise system allows individuals to make their own economic decisions without government restriction.Oprah Winfrey is just one entrepreneur who would have not been made successful without this system. This woman is a self-made billionaire with respect to her pursuance in acting, producing, television hosting, and as chairman of Harpo Inc. Many charities have been impacted from the donations of Winfrey and her actions. As a once poor and African American she is living proof that free enterprise allows anyone to become successful.
What is a free market really? By definition a “Free market” is a summary term for an array of exchanges that take place in society” (Econlib). However there is more to it than that, in fact there is much to be learned and understood from a free market. A free market is a place (physical or not) where a person(s) in a community are able to go and exchange goods based on supply and demand. A truly free market has no barriers to entrance or to exit, and many goods and services. In any case people within the market are able to distribute goods freely based on free choice in trade for whatever they have agreed upon whether that is government notary(s) or other goods or services. In this type of market there is a huge emphasis on property rights. Property rights are hypothetical constructs in economics used to determine how a resource is used and/or owned. These property rights allow resources to be owned by individuals, associations or governments, without ownership there would be no way for free trade to occur and thus no way for free markets to exist. In this way free markets are shown to be essential to freedom and vice versa. In his book Capitalism and Freedom Milton Friedman says, “Historical evidence speaks with a single voice on the relation between political freedom and a free market” (pg. 9). Friedman is right in many ways, there cannot be political freedom without a free market, and so as principle number five states “there is no better way to organize economic activity”, or “markets are the best way to organize economic activity.” Markets are not the only way or the most efficient way to organize economic activity but they are the best way, they allow for freedom in trade, dispersal of scarce resources and most of all th...
At the heart of any capitalist structure is the fundamental belief of economic freedom. This liberty focuses on two areas that are critical in order for any economy to survive and prosper. This economic theory refers to an individual’s freedom of choice and enterprise. By definition, freedom of choice refers to any person who is free to make his or her own economic decisions in a world of limited resources. This comprises various actors’, (consumers, savers, buyers, and producers) to behave in a purely voluntary manner. Freedom of enterprise on the other hand is a system in which governments place few restrictions on business activities and ownership. In this sense, businesses would be limited by competition and the forces of supply and demand in the marketplace. These two characteristics of economic freedom are the basics of constructing a capitalist system that promotes growth and a robust middle-class.
One advantage of a free market economy is that a free market “ensures the most desired goods and services are produced” (Amadeo). Furthermore, goods and services are produced efficiently because consumers determine demand as opposed to the government (Amadeo). Another advantage of the free market economy is the power to choose for the consumer. Without government limiting the number of sellers and or quantity of goods and services, buyers in a free market economy have the power to buy without fear of over regulation by the government (Amadeo). One negative aspect of the free market is there are “no mechanisms to care for those who are at an inherent competitive disadvantage”
MAC or Make-up Art Cosmetics is a professional makeup brand that prides itself on its diverse market. It was officially launched in Toronto, Canada in March 1984 by creators Frank Toskan and Frank Angelo. Since its acquisition by the Estée Lauder Companies in 1998, it is now sold in over 105 countries including the United Arab Emirates. Being part of the “innovative, and fast paced” cosmetic industry (Kumar et al, 2006) makes MAC’s prospective growth in the UAE challenging. Furthermore, the increasingly competitive nature of the beauty sector in the region heightens the significance of how a company’s marketing strategy adapts to or even shapes certain external forces. This essay explores where MAC lies in the context of the macro-environmental
For entrepreneurs whom are willing to accept the risk associated with starting a business, some have made themselves extremely wealthy. Although our economy is focused on capitalism as a means of promo...
Imagine waking up to an innovative business idea that, given the right circumstance, could net you a fortune beyond your wildest dreams. That “right circumstance” referred to above would be directly dependent on what economic system you live in and more specifically, being a free enterprise system. That very same free enterprise economic model is exactly what allowed a young boy born in Albuquerque, NM, to grow up and create a company that would grow to be a household name across the globe. That young boy’s name was Jeff Bezos. Bezos would grow up and graduate with degrees in both computer science and electrical engineering from Princeton University. Little did he know that eight years later in 1994, he would come up with the ingenious idea
In the novel, Stardust, written by Neil Gorman, there are many important quotes that pertain to the overall plot. Stardust, is a non-fiction novel that included elements of suspense, thrill, and romance. The overall theme of the novel is romance from a different element, a star. Tristran Thorn, had his heart set on his dream girl, Victoria Forester, however she had heart taken by someone else. A shooting star fell one day in the city of Babylon. Thristran made Victoria a promise that if he captured the star and bring it back to her she will marry him. Tristran set apart one day to go find the fallen star. Tristran ended up finding the star, however, instead of ending up with his sweetheart Victoria, he ended up with his
Andrea Jung is the CEO of Avon. She aims to breathe life into her giant cosmetics’ worsening sales. Indeed, after four cycles years of brawny vending intensification under her tactical supervision (Andrew Jung), the gigantic cosmetic’s corporation’s (Avon) take-home pay has gone unexciting and the go halves or share cost has defoliated further than thirty percent (Hill, 2014, p 405). Since, seventy percents of Jung’s company’s proceeds are in developing and underprivileged foreign countries markets, any lessening of growth emphasizes a huge lost for Avon in the beauty products competition. In so doing, the cosmetic company under Andrew Jung would, in due course, crumple if her management team cannot plan new strategy to enhance the sale. In
Around me, I find problems, every time my eye blinks. I extract the solution with observations and with innovation. Ever since a child of the mere age of 6, I found myself observing people and environments. Trying to figure out why people were displeased or happy. My entrepreneurial passion had resided within me and I had not discovered them until my last year of high school, when I was introduced to social entrepreneur and founder of microfinance, Muhammad Yunus. It was then, that I realized how much of an impact innovation and entrepreneurship has on the world. His role as a social entrepreneur gave me a role model to look up to. My deep passion for cultures, languages and global citizenship were the
The fourth force is the threat of new entrants (Scarborough, 2011). If the concept of customizing products to the individual is noticed by other crafters, their current business may be modified or inspire an idea in someone new to the industry to provide the same service (Scarborough, 2011). If the b...
Boone, L. E., & Kurtz, D. L. (2009). Contemporary Business (13 ed.). New York, NY: Wiley.