benefits of starting a business essay

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The Benefits of Owning Your Own Business

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

Independence and Control

Financial rewards, flexibility, directly helping people, opportunity for innovation, what to watch out for.

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There are plenty of challenges that come with operating your own business . For many people, though, the rewards of running a business far outweigh the difficulties. In fact, 76% of those who decide to run their own small business are "somewhat happy" or "very happy" with their decision, according to a 2020 survey conducted by Guidant Financial's Small Business Trends Alliance.  

This line of work isn't just for the entrepreneurial spirit, either. Running a business can prove exciting for many people and for many different reasons. Whether you are looking for a flexible lifestyle, are eager to innovate, or simply want more control over your work and earning potential, there are many benefits to running your own business. Here are just a few of the biggest.

Have you ever worked a job in which you felt you could do better if you had control over how the work was done? Let's face it, jobs can be constricting and sometimes don't allow you to maximize your knowledge and skill.

When you build your own business, you do what you want, how you want, when you want. You develop the product or service to the level you think is best. You have systems and routines that work best for you. And if you need a powernap in the late morning or afternoon to boost creativity and productivity, you can take one.

According to the Small Business Trends Alliance survey, 55% of small business owners started their own business because they were "ready to be their own boss."  

Granted, statistics on business success can seem grim. After all, roughly 50% of businesses survive to five years.   With that said, there is much you can do to improve your chances of success , and in fact, depending on your goals, opening a business might be a better financial option than working for an employer.

For one, with a business, you're more likely to earn what you're worth, especially if you're a woman. Instead of earning 82% of what a man earns, a woman can charge her value in a business.   As the business owner, you can set prices and grow your salary with the business. When you throw in the business tax perks , you could end up making more than you would in a job.

Running a business can work well for many different lifestyles. For women, especially, owning your own business can give the lifestyle flexibility necessary to raise a family and still have a successful career. Women-owned businesses have been showing up at a faster rate than new businesses in general—at 21% per year vs. 9%, respectively, from 2014–2019.   According to a series of case studies by the National Women's Business Council, flexibility was a major factor for many women who decided to pursue entrepreneurship.  

Millennials and Generation Z workers are known to look for flexibility in their workplaces, and running a business can work well for many of them.   Likewise, people who are close to retirement or already retired may find owning their own business gives them the chance to keep their hands busy while not demanding the same rigid schedule of a typical job. People who want to travel or live a particular lifestyle can benefit from entrepreneurship, plus you might be able to work from home —or anywhere else you like.

Many small business owners launch their own businesses to make a positive impact in their local communities. This can happen through the products or services they provide or through the local causes they support. Small businesses also account for nearly half of the private workforce in the U.S., so launching your own business is a great way to provide jobs for many in the local community.  

Established organizations can—and do—create great change and innovation. Often, though, the most powerful new ideas come from small business owners that venture out on their own when they can't get traction for their ideas in their current workplace.

Many business icons started with an idea that has changed the world. From Disney to Zuckerberg and Bezos to Gates, all of them had small ideas that turned into huge successes. Many of these entrepreneurs launched these companies from their garage .

If your current employer isn't interested in your ideas, it may be a sign that you should launch your own enterprise.

Despite the many benefits of running your own business, it's not right for everyone. Being your own boss comes with some major risks, including:

• Financial risk : If half of businesses fail within five years, then you're taking a 50% chance of losing some money on your own business. That's why it's critical to write a thorough, clear business plan and make sure you have a reasonable chance at success.
• Personal liability : Beyond merely losing the money you put into the business, you could put more of your personal assets at risk—from your car to your house—if you don't structure your business to protect them.
• Time commitment: The feeling that you're always on the job can be a drain for many business owners, according to a 2016 Bank of the West Bank Small Business Growth Survey. Many business owners work much more than a 40-hour workweek.  
• Stress : The West Bank survey also noted the fear of burnout as a major concern for many small business owners. This is particularly true in light of the ongoing public health and economic crisis, which saw daily stress rise significantly among small business owners.  

The Bottom Line

• Owning your own business brings some great benefits, and many entrepreneurs are satisfied with their decision after they make the plunge.
• The most common reason people launch their own business is to be their own boss.
• Other benefits include flexibility, financial rewards, the opportunity to innovate, and a chance to impact your community.
• Still, there are serious risks to launching your own business, and you should carefully consider and plan before you take the leap.

Guidant Financial. " 2020 Small Business Trends ." Accessed Sept. 23, 2020.

Bureau of Labor Statistics. " Table 7. Survival of Private Sector Establishments by Opening Year. " Accessed Sept. 23, 2020.

Center for American Progress. " Quick Facts About the Gender Wage Gap ." Accessed Sept. 23, 2020.

American Express. " The 2019 State of Women-Owned Businesses Report ," Page 3. Accessed Sept. 24, 2020.

National Women's Business Council. " Necessity as a Driver of Women’s Entrepreneurship: Her Stories ." Accessed Sept. 24, 2020.

Financial Executives International. " How Generation Z Is Transforming the Workplace ." Accessed Sept. 24, 2020.

U.S. Small Business Administration. " 2019 Small Business Profile. " Accessed Sept. 24, 2020.

SCORE. " How Hard Small Business Owners Work ." Accessed Sept. 24, 2020.

Gallup. " Stress and Worry Rise for Small-Business Owners, Particularly Women ." Accessed Sept. 24, 2020.

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Written by Jesse Sumrak | April 23, 2024

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Thinking of starting your own business? Congratulations. The entrepreneurial itch is just beginning.

You might have a reason for wanting to start your own business, like capitalizing on an opportunity or fulfilling a need in your community. Or you might have no idea why this sensation is pulling you. That’s OK.

There’s no right or wrong motivation for wanting to start your own business. Whether you’re trying to escape the 9-to-5 or just want to make more money, every reason is valid.

At Foundr, we’re passionate about inspiring entrepreneurs and giving you the tools and know-how you need to succeed. Below, we’ve compiled 20 reasons for you to start your own business. Consider this your justification (or community-backed excuse) for making your business-owning dream a reality.

Why Start Your Own Business?

Next time your in-laws and co-workers ask what the heck you’re doing, just send them a link to this page.

Table of Contents

1. Control Your Schedule

2. create your ideal workspace, 3. make more money, 4. pursue a passion, 5. feel alive, 6. escape the corporate rat race, 7. discover your purpose, 8. be your own boss, 9. build your own career, 10. learn new skills, 11. start from scratch, 12. tax incentives, 13. be creative, 14. solve a need, 15. build a team, 16. build a brand, 17. create job security, 18. give back ​​to the community, 19. leave a legacy, 20. because you want to, starting a business faqs.

Tired of being told what to do and when to do it? When you start your own business, you get to be as flexible as you want. Sleep in, stay up late, work half days, or take off every Friday—it’s up to you.

The early days of your business will be busy, but you’ll eventually gain more spare time as you scale and learn to delegate.

Need to make an important family event but swamped with work? Take off a weekday and replace it with a weekend. Feeling burnt out and needing some extra sleep? Work 12 to 8 instead of 9 to 5.

Eventually, you might feel comfortable with your income and scale back your time working. You may live comfortably off 20 hours of work and take the rest off.

The inverse is true, too. You might want to deep dive into your work and pour your heart and soul into it—you can do that, as well. You get to control your schedule.

More importantly, the flexibility of starting your own business means you’ll get out what you put in. If you want to build the next tech giant or simply create an agency so you can spend more time with your family, you’re in control. Every hour you spend on your business is valuable.

Don’t Skip:  How to Start a Business from Scratch (Step-By-Step Process)

Don’t be constrained by the fluctuating rules (and trends) of workspace policies. Small businesses and corporations alike often require you to work in determined locations. Even “remote” policies often have red tape that demand you live in specific geographic areas.

When you’re the business owner, you can work from your home, a co-working space, an office, or even the local coffee shop. You can take your work with you on the go, whether that’s the stereotypical beachside resort (please don’t get sand in your laptop) or the back of an RV on a nationwide road trip.

What’s your dream workspace? Is it a loft space with a ping-pong table? What about a giant corner office? Or maybe, it’s working at a collaborative coworking space or incubator?

You get to decide.

Unless you’re on commission, there’s likely a cap to your full-time income. You’re given a salary (regardless of your input or performance), and the only way to get beyond that is maybe with an end-of-year bonus. Plus, the time it takes to get to mid-level management, even in the most progressive of organizations, can take years of loyalty and corporate-culture assimilation.

When you start your own business, you get to decide how much money you make. Need more cash? Work longer hours or charge higher prices. Want more free time? Scale back your work and make less income.

It’s all up to you. Here are examples of how you can increase your earning potential as a business owner versus a traditional job:

• Start an agency and set your own hourly rates >  Asking your manager for an annual salary bump
• Sell your solution and get credit > Solving a problem for someone else’s business
• Become an expert in an industry under your brand > Move up the corporate ladder under one organization

There’s no cap on your salary as a business owner. You can always make more money and scale your business .

Do what you really want to do. Pursue something that makes you happy or something you care about. There’s no wrong passion.

Want to fulfill your dream of being an artist? It’s a long road ahead of you, but it’s your dream to chase. Want to become a ski mountaineering guide? Take the risk and go for it.

Starting your own business lets you create fulfillment rather than find it.

More than 60% of Americans work in jobs they dislike . You can avoid this fate by doing something you genuinely care about. And once you get to that place, is it really “work” anymore?

Use the Ikigai method to turn your passion into profit:

• What are you good at?
• What do you love?
• What does the market need?
• How do you extract that value?

When you’re the boss, you get to decide when to take risks and when to lay back. You’re going to have “high highs” and “low lows,” but you ultimately get to decide whether it’s going to be a dull day. Instead of punching in and punching out, you’re truly living each day to the fullest.

Starting a business is exciting and nerve-wracking . You’re going to lose sleep at times, and other nights you’ll sleep soundly after an adrenaline-packed day.

For better or worse, there’s a bit more on the line every day when you’re fully responsible for your income. Mediocre performance isn’t good enough anymore, and there’s something downright rewarding about that.

So, how do you know if you’re feeling alive in your current career? Here are a few indicators we’ve learned about what it means to feel alive as a business owner:

• On Friday evening, you look forward to going to work on Monday morning.
• Your skills are being used to the best of your abilities.
• You’re excited when someone asks, “what do you do?”
• Every day you learn something new.
• You’re the best version of yourself.

If this doesn’t sound like your career right now, then it might be time to take the first step toward feeling alive.

Ditch the corporate bureaucracy and get out of the game. No more cheesing up to bosses while you gain tenure, and no more following a career path that’s leading you nowhere. For many, starting their own business is a means to escape the rat race. In this case, you’re starting a business not to get something (money, passion, freedom) but to get away from something (the rat race).

True security doesn’t exist when you’re beholden to a corporation whose priority is keeping shareholders happy. As a business owner, you always get to show that you’re in control of your life and career—not the economy, a pandemic, or the unemployment rate. Losing your job can be catastrophic, so it’s no wonder that millions upon millions are now turning to side-hustles and startups to keep their finances afloat during uncertain times.

Read this article to learn how Hala Taha left her corporate career to build a media empire.

Ever feel like you have no purpose at work? Are you grinding day in and day out for a paycheck? Starting a business can bring fantastic meaning and purpose to your life—and that’s different than becoming a workaholic.

When you discover your purpose and build a business around it, you’re not working anymore—instead, you’re fulfilling a dream.

Freedom, pride, excitement, and commitment collide to make meaning—that sense of purpose, of drive, of overwhelming worth. We can all agree that a life full of meaning is a desirable outcome (and it doesn’t have to live as a daydream).

You call your own shots. You get to set the rules. You get to choose everything:

• Who do you work with
• Prices you charge
• Marketing strategies
• Who you hire
• Who you fire
• Where you operate
• When you operate
• How you operate

You never have to worry about someone making poor or insensitive decisions that hurt you. However, you’re now in the position where all the responsibility sits on your shoulders. When you are your own boss, it can be a heavy load to bear, but it’s one worth bearing.

Set your own career trajectory instead of letting your manager or human resources team tell you where you’re headed. Sure, you’ll start at the top of the chain (hello, CEO), but you can shift your direction as time goes on.

For example, you may decide to hand over the day-to-day operations to a manager or you might hire a CEO to run your business while you fill a role you’re more passionate about.

It’s not uncommon for founders to give up the mantle of CEO to another individual so they can pursue another passion. The best part about starting your own business is that you get to decide if you even want to consider that option. Here are some ways a business owner can grow their career:

• Be a lifelong founder and CEO with complete control
• Handoff day-to-day responsibilities to a CEO but still make major decisions
• Build your business so you can exit for a major payday
• Sell your business and start a new business

There are no limits on your career as a business owner. Read how Marc Lore navigated his career as a serial business owner and why he plans to never stop.

Your original corporate job likely wanted you to do one thing exceptionally well—whether that’s headhunting, email marketing, sales, or product road mapping. When you start a business, you get to do it all.

Over time, you’ll begin to delegate these responsibilities. However, on day one, you’ll likely wear all the business hats—and there’s a lot you’re going to learn .

It’ll feel a bit overwhelming at times, but you’re going to learn and grow quickly. You’ll acquire new skills and discover innate talents, and you’ll learn what you never want to do again.

In this position, you’ll get to rapidly explore career opportunities and dive into foreign subjects. You may discover that Search Engine Optimization is your new passion, and you might find sales is your worst nightmare. You’ll get a taste of all of it, and then you’ll get to decide which responsibilities you keep and delegate.

There’s something rewarding about building a business from the ground up. Sure, it’d be nice if you could start with a profitable business that’s raking in 6-figure revenue numbers, but where’s the challenge and fulfillment in that? Here are the benefits of starting a business from scratch:

• Create a unique brand identity
• Become a disruptor in a market
• Create a business that aligns with your values
• Reach a new audience

When you start your own business, you start with a blank canvas. You get to decide everything from the business name to the brand voice to the core product. It’s a rollercoaster of a ride, but you’re the one in the driver’s seat.

Taxes likely won’t be a reason to start a business, but it’s definitely a notable perk. As a small business owner, you may be able to get tax benefits that help your business–and even tax breaks that ultimately help you as an individual.

You’ll have the opportunity to deduct things like magazine subscriptions, phone services, travel mileage, membership in professional organizations, and even part of your rent. And if you need anything to run your business, there’s a good chance it qualifies as a deduction.

The IRS also helps mitigate risk for American entrepreneurs. For example, you can write off any losses from your business, which means that a side business could help your tax return.

Tax laws vary between countries and states, so do your research and talk to a professional accountant.

There’s no single right way to run a business. Yes, there are proven techniques and strategies, but that’s not to say they’re the only way to be successful.

Be creative. Explore new ideas. Do something that no one has ever done before.

Creativity could be in the products and services you deliver or in the company culture you build . It could be in your work policies, or it could be in how you give back to the community.

Don’t take yourself too seriously—have some fun here and there.

Many entrepreneurs begin their journey so that they can solve a need they recognize . For example, Brian Chesky and Joe Gebbia founded Airbnb because they struggled to afford rent in New York City and decided to rent out their floorspace to conference attendees.

What needs do you want to solve? They could be as big as climate change or as tiny as a lack of chicken wing options in your town—each is an opportunity to build a business. Here’s a list of needs and problems you can solve through a business:

• Improve a system in workflow management or manufacturing.
• Create a product that hacks everyday problems.
• Create a product that is specialized for a niche audience.
• Start an agency that helps other businesses in marketing, advertising, or design.
• Build a brand that offers unique content experiences.
• Start the first coffee shop in your small town.

Most importantly, find a problem that you’re passionate about solving. Check out this story about how Samantha Brett created an SPF skincare solution that could be sprayed over makeup without getting sticky or runny.

Have you ever asked, “how did that person get hired?” Say goodbye to those questions.

When you work for someone, you don’t have control over who your co-workers are. As a business owner, you can build a team that you want to work with.

Put your “Moneyball” hat on and start building the ultimate startup team . You’ll get to decide who you work with every day, and you’ll also have the privilege (and responsibility) of providing for these individuals’ livelihood.

There’s no right or wrong way to go about building your team. You might start with your little sister and cousin, or you might jump straight to hiring a web developer you’re never met.

Add teammates to the team when it makes sense, and cut those who are hurting the business. As the CEO and coach, you get to decide who joins the team.

When you work at an agency or large corporation, you often become another cog in the machine. Your name is detached from your work, and your personal brand plateaus while you contribute to building another person’s dream.

Starting your own business puts your name back on the map. As your business grows, so will your personal brand—and vice versa. Getting recognized might not be the reason you start a business, but it sure beats getting a meaningless certificate for another quarter of balanced budgets.

Take Elon Musk. His personal brand transcends Tesla or SpaceX. If those businesses went under tomorrow, he could start a brand-new successful business with his name alone. That’s the power of personal branding .

Climbing the corporate ladder is a path full of unknowns. Due to no fault of your own, you could lose your job tomorrow due to downsizing, a shift in the economy, or a grumpy manager who just doesn’t like you.

When you start your own business, you’re in charge of these life-altering decisions. Yes, your business still has a chance to tank, but you’re not a helpless bystander—you’re the one investing in its future. Your destiny is in your own hands.

Plus, once you’ve built a business, you’ll have acquired a whole new suite of valuable skills. You’ll be in an even better position to start another successful business. And if worst comes to worst, you’ll have new talents that’ll make you a more marketable employee for any company.

We live in a world rife with problems, and often a lack of funding causes those problems. A successful business would put you in a place to do something about the issues you see and care about.

You could even embrace social entrepreneurship and focus your efforts away from market value and toward social value.

Start a business to help young people through challenging times or launch a startup to assist single parents. When you focus on doing good instead of making money, everyone usually wins.

Your business doesn’t have to be built around doing good, though—that can just be a byproduct. For example, one could argue that Facebook doesn’t do a whole lot of good. However, the business donates millions of dollars to charities worldwide, and that’s definitely doing some good.

Human life is finite, but a business can live on for generations. If you want to leave a legacy, why not build a lasting business?

A generational family business will create stability and structure for your children and beyond. While family businesses are typically associated with mom-and-pop shops, plenty of iconic brands started as legacy ideas for families.

Look at Walmart, Ford, Samsung, Ferrari, Chase, Amway, and The Hershey Company as examples of how a business can leave a legacy that impacts not just a family but multitudes of families and communities for decades.

Your legacy starts with you. Are you ready to build the next generational dynasty?

And that’s a good enough reason. You could write a book about all the reasons you should start a business, and someone else could probably write another one with all the reasons you shouldn’t.

That’s just the way life goes.

In the end, if you feel the pull to head out on your own and start a business, it’s never a bad idea to accept the call. You can always start a side hustle without quitting your 9-to-5 and build out the concept with little-to-no risk.

Just wanting to start your own business is reason enough—never discount that.

We get a lot of questions about starting a business. Here are some of the most common ones we hear from our foundr family.

Will I make money if I start my own business?

It depends on the type of business you start. For example, if you build a patented device for electric vehicles, your business will take lots of time and money to launch. In contrast, if you work at a company as a digital marketing specialist and want to start an agency, it will only cost a new website on Squarespace. Part of the risk of starting your own business is that it will have a high potential to win and fail. Ask yourself if the risk of not trying is greater than failing.

Should I start a business by myself or with a cofounder?

Do you want to start a business for complete autonomy? Are you sick of answering to a manager or team member? If yes, then working with a cofounder might not be the best idea. Cofounders usually find each other organically, but if you're seriously worried about going it alone, make sure you find a cofounder who compliments your strengths.

Is it better to start a business as a side hustle?

To answer this question, you'll have to include your situation. Critically you need to understand 2 factors in deciding whether to rip off the Band-Aid and go all-in on your business. One, is how much time do I have? Two, how much financial flexibility do I have? If your evenings are typically free, there's plenty of time to work on your business outside your 9-to-5. Or, if you've been saving for 2 years to start your business, put in your 2 weeks notice and get started. Most of us have limitations on time or finances. It's up to you to figure out what levers you need to pull to get your business going. The best time to start your business with yesterday. Don't get stuck on the first step. Take it.

How can my business be successful?

Only YOU can answer this. Define success for your business and decide what you are willing to do to reach it.

Keep Learning:  What Is an Entrepreneur and What Makes a Successful Entrepreneur?

Starting Your Own Business? Here’s What You Need

Excited about starting your own business? You’re in the right place. We have all the resources you need to get started, and they’re all in one place.

Check out our catalog of free masterclasses. You can learn everything from launching a successful side hustle to growing a massive Instagram following. These courses are taught by professionals who’ve been there, done that. They’re not gurus teaching elusive secrets of the trade—they’re doers sharing real-life advice from lessons learned along their own journeys.

Peek at what’s available , and take the first steps to start your own business. Your future self will thank you later.

About Jesse Sumrak

Jesse Sumrak is a writing zealot focused on creating killer content. He’s spent almost a decade writing about startup, marketing, and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped business. A writer by day and a peak bagger by night (and early early morning), you can usually find Jesse preparing for the apocalypse on a precipitous peak somewhere in the Rocky Mountains of Colorado.

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How to Write a Business Essay for Impactful Communication and Analysis

So, you've got a business essay coming up, and you're feeling a mix of excitement and a tad bit overwhelmed, right? Totally get it. Writing a business essay might sound boring, but trust me, it's a skill that's gonna come in handy when you're out there in the real world.

In this article, we're dishing out some awesome tips just for you if you have question on how to start a business essay. Think of it as your secret weapon to tackle those business essays like a pro. We'll keep it real, easy, and super practical – no fancy jargon or complicated theories. Let's dive into the world of business essay writing, where your words can make a big impact. In case you lack time or motivation to finish your assignment, use our business essay writing service to streamline the process.

What Is a Business Essay

Business essays are written pieces that explore and analyze various aspects of business-related topics, often focusing on management, marketing, finance, or entrepreneurship. They provide a platform for students and professionals to articulate their understanding of business concepts, theories, and real-world applications. Typically written in a formal and structured manner, a business essay requires critical thinking, research skills, and the ability to communicate ideas effectively. Whether delving into case studies, discussing industry trends, or evaluating business strategies, the essay aims to provide insights, draw conclusions, and contribute to a deeper understanding of the dynamic world of business.

How to Write an Introduction for a Business Essay

A business essay introduction sets the tone for the entire paper and captures the reader's attention. Here are some steps and tips to help you write an effective introduction for a business essay:

• Understand the Purpose of the Introduction

Clearly understand the purpose of your essay. Are you providing an overview of a business concept, analyzing a case study, or arguing a specific point? Tailor your introduction accordingly.

• Start with a Hook

Grab the reader's attention with a compelling hook. This could be a relevant quote, a surprising fact, a rhetorical question, or a thought-provoking statement. The goal is to make the reader want to continue reading.

• Provide Context

After the hook, provide some background or context related to the topic of your essay. Help the reader understand the significance and relevance of the subject matter in the business world.

• Thesis Statement

Clearly state your thesis or the main argument of your essay. This should be a concise and focused statement that outlines what the reader can expect from the rest of the essay. Make sure it is specific and reflects the purpose of your writing.

• Outline the Scope

Briefly outline the main points or areas that your essay will cover. This gives the reader a roadmap of what to expect and helps them understand the structure of your essay.

• Use Clear and Concise Language

Keep your introduction clear and concise. Avoid unnecessary jargon or complex language that might confuse the reader. Aim for clarity and precision.

• Be Relevant

Ensure that every sentence in your introduction is directly related to the topic of your essay. Avoid going off on tangents or providing excessive information that doesn't contribute to the main points.

• Consider the Tone

Choose a tone that is appropriate for your audience and the nature of your essay. Business essays can vary in tone, from formal and academic to more conversational, depending on the context.

Are You a Business Student with a Hectic Schedule?

 Try our professional writing service – it can do wonders for your curriculum!

Business Essay Introduction Example

Here’s an example of an introduction for an essay titled “The Rise of E-commerce: Shaping the Future of Retail”:

The retail landscape is undergoing a seismic shift as e-commerce continues to redefine the way consumers shop. In this essay, we explore the profound implications of this digital transformation on traditional retail models and analyze the key strategies businesses are employing to thrive in this dynamic environment. From changing consumer behaviors to the strategic use of technology, the impact of e-commerce on the retail sector is undeniable, prompting businesses to adapt or face the risk of obsolescence.

How to Write a Business Essay

Working on a business essay might seem daunting, but it doesn't have to be. In this guide, we'll break down the process into simple steps to help you navigate through it smoothly. In this next section. We’ll be breaking down the essentials of drawing up a business essay from start to finish. From defining your main argument to structuring your points effectively, let's explore the key strategies that will set you on the path to success. 

Analyze the Prompt

Start by carefully reading and understanding the essay prompt. This involves breaking down the question to grasp what it's asking for, identifying the main topics, and recognizing any specific tasks or points to cover. This step helps you set the stage for a focused and relevant essay by ensuring you address all aspects mentioned in the prompt. You can hire a business essay writer to expedite the process if you want.

Think of a Thesis Statement

When writing a business essay, think of the thesis statement as the essay's compass. It should be a concise, strong sentence that lays out your main argument or viewpoint on the topic. Your thesis guides the entire essay, so make sure it's specific, debatable, and gives readers a clear idea of what to expect in your writing.

Create an Outline

We’ve already shared tips on how to write an introduction for a business essay, so let’s move on to the next stages. Organize your thoughts by outlining the main points and structure of your essay. This doesn't have to be too detailed; just a roadmap that helps you see how different ideas connect. An outline ensures a logical flow in your writing and prevents you from going off track. By the way, have you already picked business essay topics ? If not, here’s a list of great ideas you can use!

Provide Topic Background

Before diving into your main points, the business essay writing format implies giving your reader some context about the topic. Briefly introduce the key concepts, relevant facts, or historical background that will help readers understand the importance and relevance of your essay.

Write the Main Body

Start developing your essay by expanding on the main points outlined in your thesis. Each paragraph should focus on a specific idea or argument supported by evidence or examples. Be clear and concise, ensuring a smooth transition between paragraphs. It’s the most difficult part of the assignment, meaning you can use our college essay service to simplify it.

Write a Conclusion

Summarize your key points and conclusively restate your thesis. The conclusion should tie up the loose ends and leave a lasting impression on the reader. Avoid introducing new information but rather reinforce your main argument. For more details about how to write a conclusion for an essay , please refer to our guide.

Add a Bibliography

List all the sources you used in your research. Be meticulous about citing your references properly, following the chosen format (APA, MLA, etc.). This adds credibility to your essay and avoids plagiarism issues.

Edit and Proofread

As you’ve learned how to write a business essay, it’s time to master the art of self-revising. Review your essay for clarity, coherence, and grammatical errors. Editing ensures that your ideas flow smoothly, and proofreading catches any overlooked mistakes. It's a crucial step to polish your essay and present a professional piece of writing. Do you have another assignment on business management ? This guide will help you!

Choose the Writing Format

Reiterate the importance of selecting and adhering to the chosen writing format throughout the essay. Consistency in formatting, citations, and other style elements contributes to the overall professionalism of your work.

Business Essay Example

Business essay examples offer practical assistance to students tackling assignments by showcasing the application of essential writing principles in a real-world context. As a tangible reference, it demonstrates an effective essay structure and how to formulate a clear thesis statement and provide coherent arguments. By examining examples, students can glean insights into research techniques, proper citation practices, and overall essay organization, empowering them to approach their business assignments with increased confidence and proficiency.

Example 1: “The Impact of Technological Advancements on Modern Business Operations”

This essay explores the multifaceted impact of technology on operational efficiency, innovation, customer relations, and global connectivity. From integrating automation and artificial intelligence for streamlined processes to facilitating global expansion through digital platforms, technology emerges as a driving force shaping the success and sustainability of contemporary enterprises. While acknowledging the numerous benefits, the essay also highlights the challenges and ethical considerations inherent in adopting these technologies, emphasizing the need for businesses to navigate these complexities responsibly for long-term growth and competitiveness.

Example 2: “Sustainable Business Practices: A Strategic Imperative for Corporate Success”

This essay explores the pivotal role of sustainable business practices as a strategic imperative for corporate success in the contemporary entrepreneurship scene. Addressing environmental concerns, social consciousness, and economic viability, the essay delves into the multifaceted benefits of adopting sustainable approaches. It discusses how businesses can align profitability with responsible practices, emphasizing environmental stewardship, social impact, and community engagement. The essay underscores the importance of regulatory compliance and risk mitigation in business by examining the economic advantages and innovation opportunities arising from sustainable initiatives.

Final Considerations

Students engage in writing business essays to develop essential skills and knowledge crucial for success in the professional world. These essays serve as a platform for honing critical thinking, analytical, and communication skills, allowing students to articulate and analyze complex business concepts. Through the process of researching, organizing thoughts, and constructing coherent arguments, students gain a deeper understanding of business principles and practices. Business essays also cultivate the ability to synthesize information, evaluate various perspectives, and present well-reasoned conclusions. If you find with task troublesome, you can always tell us, ‘ write my research paper ,’ and one of our wordsmiths will fulfill the assignment quickly.

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What is the most important part of a business essay, how do you start off a business essay, related articles.

How to Write a Business Essay: an Ultimate Guide

Table of Contents

Writing an essay can be boring. A lot of essays are basically the same thing over and over again. You write an introduction, then you write your supporting paragraphs, and then you create a conclusion. Overall, the process is not a lot of fun, and you can often feel as though you are simply going through the motions for the sake of churning out extra work. But since you have to write an essay, it’s worth considering the many ways that you can make the process faster and easier. In this ultimate guide, we’ll discuss the best way to write a business essay so you can get through the process faster and with relatively little trouble.

It might seem obvious, but the first thing you need to do when you write an essay is to read the essay question. You need to be sure you understand each part of the essay question and how the parts of the question work together. You would be surprised how many students only glance at the question and then write a paper that only partially addresses the assignment. You don’t want to lose points because part of your paper isn’t on topic. If you find any parts of the paper that you don’t understand or that require explanation, be sure to contact your instructor for clarification before you start writing.

Read the essay rubric

These days, most essays have a grading rubric included with the question. A grading rubric is like a cheat sheet for writing your essay. When you review the essay rubric, you’ll see exactly how your instructor will grade your paper and what your instructor will be looking for. When you write your paper, you will therefore know exactly what to include and how to write about it in order to maximize your points—and you’ll also see what you can spend less time on because it won’t contribute to your overall grade.

Make friends with your library

Many students automatically turn to search engines like Google in order to research their papers, but this is not the most effective way to find high-quality business sources for your paper. Instead, take advantage of your library’s databases. Your college or university library will likely have dedicated business databases that collect high-quality academic articles on business topics. Using these resources in your paper will make your essay stronger and more effective, and it will put your paper on a solid academic footing.

Compile your sources before you write

Many students use the start-and-stop method to write their papers, composing a sentence or two and then stopping to look up more information in order to keep going. This, however, is an inefficient way to work. A better way is to read through your research sources before you start and copy into a separate file a series of quotations and facts that you might use in your paper, creating in-text citations and reference list entries for each before you start. Doing so will make sure that you don’t have to stop for research and have a ready bank of pre-cited material to work with as you write.

Outline before you write

Outlining is an important skill that will both save you time and improve the quality of your essay. Take time before you write to lay out your paper from beginning to end. Start with your thesis statement and carefully lay out the body paragraphs with a topic sentence, supporting details (including research, quotes, and citations ), and a closing paragraph . Plan your transitions to link paragraphs together. Any amount of outlining can be helpful, but the more effort that you put into outlining at this stage, the easier it will be to write your paper, and the less likely it will be that you get stuck in a tangent that goes nowhere or meander into a point that requires you to change your thesis and revise you whole essay.

Remember to revise and proofread

When you finish the draft of your paper, you aren’t done yet. The first draft is rarely the finished product. You should always set aside time to read your work back and to make revisions to make it clearer. You also need to carefully proofread for mechanical grammar, punctuation, and syntax issues to ensure that your paper is as close to perfect as possible. You don’t want to leave points on the table because your paper had easy to fix minor spelling or grammar errors.

Consider professional writing help

Another great way to get your paper done quickly is to seek out custom professional help from an essay writing service with academic experts. An online writing company such as this can create business papers for college students and deliver them fast. When you utilize professional writing assistance, you can receive a custom-written essay that can serve as a great model to help you understand how a professional would approach your business topic and organize and develop an essay to address your assignment. Using a model such as this can save you time and effort as you work on your own paper, allowing you to focus on the learning process more than the mechanics of academic essay writing.

Join the thousands who have sharpened their business writing skills with our award winning courses.

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Business Essay and the Best Way of Its Writing

• Academic Writing Tips

• Social Science
• Political Science

Business is an essential aspect of today’s evolving world. It is a lucrative industry that impacts many sectors, including education. Business-related courses are popular as many students are pursuing the programs. There are many branches in the business field, from business management to finance. College tutors often give students different business papers to test their knowledge as part of the assessment.

A business essay is an academic assignment that involves writing a paper that responds with a strategic and analytical approach to specific situations occurring in the market. Each business essay has a different topic that students tackle. However, the primary purpose of such essays is to collect relevant facts that align with the research question and analyze the data to get solutions.

Writing a business essay might seem simple, but it requires impressive writing skills and extensive research. You must be familiar with the topic to know the paper’s direction. Topic selection is a tricky section that affects the entire writing process. It is essential to identify a relevant topic to assist you in crafting a remarkable paper. You have to write a well-structured and compelling paper to get good grades. Presenting accurate arguments with supporting examples from reliable sources is an essential research aspect. Thus, a business essay must follow the required academic standards and theoretical frameworks.

However, writing is not everyone’s cup of tea, and incorporating logical arguments can be challenging. If you are stuck, you can check any business essay example online to understand the format. You will know how to structure the paper and relate it to the relevant themes.

That is why our writing service is here to help needy students craft exceptional essays. We will connect with a proficient business essay writer to help with the research and writing process. Get flawless documents from us and earn the best score in your class.

Business Essay Format

Most learners often overlook the importance of having a business essay format. It is imperative to use a format to help you outline your work. Proper thought organization and articulation are essential aspects that translate into a well-written business essay.

Below is an example of the format:

• Introduction
• Background information
• Introduce main topics
• Thesis statement
• Topic sentence
• Research explanation
• Restate points
• Significance of the study

The above outline is a map that will guide you to know what to include in each section. In addition, you will understand what the assignment requires you to do from the introduction to the conclusion.

If you still find it challenging to get the proper format, you can study a relevant business essay example from our site and jumpstart your paper. Whether you need a business school essay or a business plan essay, we have you covered.

Write Business Essay In 5 Steps

While writing might seem challenging, with the proper format and topic familiarity, you are on the right track. It is imperative to understand the writing process before composing your business essay. You need to read the prompt carefully to know what you are supposed to research and write about.

Here is an overview of the writing process in 5 simple steps:

• Topic Selection

Choosing a good topic is mandatory in crafting an excellent paper. You must select a theme that aligns with the research question. Additionally, ensure you select a familiar topic you are passionate about to avoid writing mistakes and illogical paragraphs.

• Extensive Research

Conduct extensive research to get facts and supporting evidence. Narrow down your theme and include only good points. Avoid broad topics because you will waste time during research.

• Essay Outline

Make sure you use a proper outline to organize your thoughts and line of arguments. Follow the format essay

Start writing your paper while using the required academic format. Organize your work and include the introduction, main body paragraphs, or conclusion.

• Editing and Proofreading

Finally, edit and proofread your essay to eliminate grammatical and spelling mistakes.

The above steps will help you during business essay writing to craft remarkable papers. It would be best to plan your time adequately to avoid rushing through the process. However, you must select an appropriate topic for your paper. It could be a business management essay or a marketing paper. No matter the subject discipline, ensure you follow the correct procedure.

Business Essay Topics

Our experts have compiled a list of different business essay topics to inspire your writing:

• Discuss the importance of bookkeeping in a business.
• Evaluate the impact of value addition in products.
• An analysis of income and expenditure transactions.
• Analyze the supply-chain industry.
• The effects of product promotion in business growth.
• How to develop an effective marketing strategy.
• Impact of policymaking in enhancing company productivity.
• What is multilevel marketing?
• Impact of technology in the business world.
• Discuss the challenges affecting entrepreneurship.
• Significance of human resource management.
• Explore the importance of budget analysis.
• How does technology impact advertising?
• The importance of a financial strategy.
• How to start an online business.
• How can organizations profit from sustainable practices?
• How to develop a positive organizational culture.
• The importance of employee diversity in an organization.
• Effective ways of fraud prevention in a company.
• Explore the communication channels in an organization.

Let us look at interesting argumentative business essay topics

• Discuss the influence of cultural differences on international companies.
• A comprehensive analysis of cryptocurrencies.
• Discuss the ethical dilemmas in international organizations.
• The influence of globalization on the business community.
• Should large organizations have a social media presence?
• Causes and effects of economic recession.
• Impact of politics on business growth.
• Discuss the effective strategies of negotiating cross-cultural business deals.
• Explore the integrity of online entrepreneurship.
• The impact of corporate social responsibility in an organization.

The field is quite diverse with various course programs. You can derive different topics from these programs to get logical arguments. So, get inspiration from the compelling business school essay examples and craft exceptional papers.

How To Start A Business Essay

Knowing how to start a business essay is essential for academic writing. The first step entails topic selection because it will determine the essay’s direction. Identifying a relevant topic is vital, and you need to ensure you get the suitable theme. It will also help save you time during research and simplify the writing process.

When it comes to essay writing service , business papers are among the assignments that require extensive research and analysis. Read the essay prompt carefully to understand the tutor’s expectations. Then, make sure you conduct a comprehensive brainstorming session to get the major points for your paper. Having the right points will help you compose logical arguments in a flawless manner.

Moreover, it would help to read previous essays and publications from reliable essays widely. You will get essential data to support your arguments. Besides, the sources will help you cite your essay correctly.

Start your essay with an insightful introduction and include your perspective regarding the topic. Incorporate a powerful thesis statement that informs your readers of the paper’s direction and the major points you will discuss.

Proceed to write the body paragraphs with a topic sentence that captures all significant arguments. Each paragraph should have well-explained arguments that flow logically.

Finally, conclude your business essay by restating your main points and the significance of the study.

Still, need help with your paper? Worry no more. Our competent business essay writers are on standby, ready to assist you with any academic paper. Stop wasting time and reach out to us. We will help you score top-of-the-class grades within no time.

The paper “Enterprises Resource Planning Success and Failure” is an outstanding example of a business essay. An Enterprise resource planning (ERP) system according to Aslan et al. (2012, p.693) is a management system within an organization that has sets of connected inclusive software, which may be used when espoused and put into practice effectively, to oversee and connect every organizational function. Basically, ERP systems may be employed as a tool for helping to improve the supply chain network as well as the level of performance by helping in decreasing cycle times.

Besides that, ERP systems have been utilized routinely in capital-intensive industries like building, construction, manufacturing, as well as defence. Latterly, ERP systems have advanced further and nowadays they are prevalent in industries such as education, health care, finance, hospitality, and telecommunications. Fundamentally, the benefits of ERP systems are hard to realise not unless a strong disposition, as well as participation, is established within the organisation; so, the article seeks to critically analyse ERP success and failure experienced by organisations.

BodyAs mentioned by Hellens et al. (2005, p.283), ERP systems are built upon a single database and application, as well as a coordinate that is unified in the whole organization. For that reason, every application serving different departments such as HR, accounting, and supply chain are integrated firmly under a single ERP system. Al-as observed by Al-Masha et al. (2003, p.354), ERP systems are useful when successfully implemented because they accelerate the process of decision-making. So, the success of ERP systems depends on the ability of an organisation’s managers to efficiently oversee the operation of a business, given that ERP systems can help them reduces operation costs.

Success drivers of ERP systems can be categorised into two: operational and technological drivers. In this case, operational drivers are associated with ways of improving organisational performance, supporting business strategies, as well as cutting production costs. On the other hand, technological drivers are predominantly associated with compliance with existing rules and regulations. The notion of success varies as the process of implementation continues, in that for planning and implementation (the first two stages of the cycle) success is mainly rooted in completing the ERP project to the standards that are acceptable within the budget as well as a time limit.

As pointed out by Hanafizadeh et al. (2010), stabilization as well as Improvement (the last two stages of the cycle) success is founded on the seeming impact of the ERP system on the performance of the organization. As indicated in Hanafizadeh et al. (2010) study, there are scores of factors vital for the success of ERP systems; support is top management one of the factors, and it involves encouraging commitment, positivity, and support of top management in the ERP project. Another factor is the utilization of knowledge as well as experience of system and technology consultants.

Additionally, the balanced project team is crucial for the success of ERP systems because it includes the integration of employees and information technology with the broad knowledge of the processes in the organization. As evidenced in Hellens et al. (2005) study, the accuracy of the information is crucial to the success of ERP project, so, data loaded from accessible legacy systems must at all times be of high quality. ERP project cannot succeed if the project management teams do not have a well-defined, detailed project plan related to the goals of the project.

Change management is also a success factor in the implementation of ERP project; so, careful attention has to be offered to this, considering that several changes in business processes are experienced during ERP systems implementation. Training and education are also important given that technical expertise regarding the ERP system, its reference model, and facts regarding its working are useful in the process of implementation. Other factors crucial for success consists of, availability of experts who aside from being in top management will frequently help the organization realize ERP system benefits.

Failure of ERP projects has been prevalent, and this has continued to bite worldwide across all business platforms. As pointed out in Xue et al. (2005, p.279) study, ERP poise substantial benefits like improving customer service, reducing manufacturing costs and boosts productivity, but these benefits are only realised after successfully implementing the ERP systems. Nevertheless, statistics show that implementation of ERP systems is still a failure amongst scores of companies. Statistically, 90 per cent of ERP systems implementations in Asia countries, especially China are either completed late or use more money and resources than those stipulated in budget.

In Xue et al. (2005) study, where they differentiated implementation success of ERP system in China as well as western countries, they noted that China had a higher percentage of failure which was attributed mainly to lack of support from top management as well as data inaccuracy. Other factors that led to ERP failure include poor participation, education and training, insignificant time ensuing from a minimal understanding of cross-operational organisational processes (Dechow & Mouritsen, 2005, p.691). Furthermore, ERP systems are exceedingly expensive, and also the need for the organisation to hire consultants to assist in the configuration as well as implementation, results in further escalation of price; thus, creating a high possibility of failure.

The cost used on consultants is almost thrice the cost of an ERP system; this negatively affects the productivity of the company and can lead also to the failure of the ERP system. ConclusionIn conclusion, it has been argued that ERP systems are beneficial because they improve the flow of information between every function of the company and also manages the connections to external stakeholders. Currently, the key basis of competitive advantage is the capability of a business to improve the processes of the supply chain.

This necessity has created the need for more advanced information systems like ERP systems. The articles have heightened numerous factors critical to the success of ERP, and which have allowed companies to efficiently plan their resources resulting in business efficient functionality and increased productivity. Failures as discussed in the article are caused by lack of support from top management, data inaccuracy, and lack of sufficient education and training.

The paper “New iPhones Show a Hit For Apple as Quarterly Profit Fluctuate 13 Percent” is an outstanding example of a business literature review. Yao (2014) explains that China is expected to provide information about its weakest growth since the occurrence of the global financial crisis within the third quarter while the property downturn is assessed based on manufacturing and investment. As a result, more pressure has been put on Beijing to unveil new stimulus measures. According to Yao (2014), the market assumes that the Communist Party leader will be able to adjust to the gradual slowdown. This will happen only in circumstances where there are no possibilities of experiencing a potentially destabilizing fluctuation in unemployment. However, anything weaker would lead to more speculations of key stimulus measures, for instance, an interest rate cut. Although the leadership has consistently provided steady aid specifically to vulnerable sectors of the economy, it has been noted that several stimuli have been ignored because China is still struggling to pay a huge local government debt (Yao 2014).

Article 2: New iPhones show a hit for Apple as quarterly profit fluctuate 13 percent

Due to strong demand for APPLE’s new larger-screen iPhones released in September, its quarterly profit increased by 13 percent. This also enabled APPLE to overcome the sluggish iPad sales (Jones 2014). Despite the more intensifying competition felt by Samsung Electronics as APPLE’s leading Smartphone competitor, Jones (2014) points out that the iPhone is attracting more consumers who are also ready to pay high prices particularly for cutting-edge handsets. Through its latest phones, Apple is profitably catching with its major competitors, such as, Samsung that have from time to time managed to post attractive sales of larger phones. It has also been noted that the marketing strength that iPhone has gained stands in contrast to sluggish iPad sales and the issues affecting Samsung’s Smartphone business (Jones 2014).

Article 3: Coal not the solution for poverty

Couchi (2014) examines that cheap coal-fueled electricity is highly considered by miners and politicians as the best alternative way out of poverty, particularly for developing nations. However, Africa has not considered this. In the business report provided by Couchi (2014) about the U.S financial group Citi, it can be noted that the booming market for African electricity has been a result of the coal approach. In the attempt to reinforce coals bearish outlook, Couchi (2014) reports that Citi discovered that a new International Energy Agency (IEA) outlook on the commodity is in contrast with the idea of BHP, the US coal producer Peabody as well as the Minerals Council of Australia which maintains that coal would play an integral role in minimizing energy poverty, particularly for developing countries. Despite its metallurgical and thermal forms, coal is considered the second-biggest mineral exported from Australia after iron ore (Couchi 2014).

Article 4: Ebola could be in the headlines, but tobacco is yet another killer in Africa

Research conducted by The Guardian (2014) shows that although Ebola dominates the headlines, there is yet another killer pandemic of great importance that continues to kill many people in the African continent unnoticeably. It is has been noted that tobacco kills at least one between two long term smokers. Currently, it is anticipated to kill 1 billion people globally before 2100. This is relatively more compared to the current number of people who die of Ebola. The Guardian (2014) terms this global issue as injustice and inequality because Transnational Tobacco Companies (TTCs), such as UK-based British American Tobacco (BAT) earn humungous profits yet they cause economic damage worthy over half a trillion dollars each year. Besides, TTCs contribute more to environmental degradation and thus create risks that compromise the health as well as the sustainability of populations. To earn more profits, TTCs are currently shifting and expanding their business to untapped markets in regions with unrestricted opportunities for growth (The Guardian 2014).

Article 5: NAB, ANZ lead pack in building home-lending share

The home loan is still considered the major driving force in recovering credit growth for banks. In this case, National Australian Bank (NAB) and ANZ are on the frontline to encourage the big banks in taking the advantage of the mortgage market, while home and business lending are sustainably becoming strong. Therefore, NAB and ANZ have put on media their fastest growth out of the big in all the past three months (Yeates 2014). Despite the faster growth and expansion made by NAB compared to their rivals in home lending, Yeates (2014) notes that analysts see business lending as a bigger concern because the bank has lost shares and faced more pressure, particularly on its margins. Generally, the home loan market is considered a major driving force that enables banks to recover from credit growth regardless of the risks associated with life specifically in business lending (Yeates 2014).

The paper “Globalization and Culture” is an outstanding example of a business essay. Today, it is common to hear people refer to the world as ‘a global village’. This has been a result of the process of globalization. This process has opened up and improved trade across regional and national borders. Not only has globalization enhanced economic interactions across nations but also improved access to information and uplifted the fight for human rights, among other benefits. Recent technological and communication developments along with improved road networks have been the key drivers of globalization. However, critics of globalization say that these benefits have been realized at a very high price: that of surrendering regional and national cultural values, mainly, for Western morals (Kwame, 2007).

Regarding this debate, two key schools of thought emerge. From one angle critics argue that globalization spreads out any and every culture all over the realm, leading to cultural heterogeneity and deeper understanding between diverse groups. This is mainly defined through the global production and distribution of commodities such that people in different parts of the world have access to commodities they would otherwise have never seen. A case in point is the cultural interaction between the United States and Japan. Teens in the U.S interact with the Japanese culture through their comic books, animations and video games, while teens in Japan interact with the American culture through watching TV shows and Hollywood movies produced in the U.S (Kwame, 2007).

On the flip side, critics argue that globalization erodes the regional and national cultural identity through cultural homogeneity. This leads to a cohesive global culture constituting diluted varieties of regional and national cultural nuances. For instance, French pastries, ‘American’ fried chicken, and Japanese sushi can be eaten in almost any part of the world. Restraint chains such as MacDonald’s and Starbucks have influenced traditions and behaviors in different countries. Even though champions of globalization claim that this merely affects consumer goods and media broadcasting, critics contend that it deteriorates customary culture ((Kwame, 2007; Czinkota, 2003).

Culture is a prevalent aspect in business whether it is in marketing, production, or human resource management. It is a key variable in the function of success in new markets (Czinkota, 2003). People’s purchasing decisions are based on a product’s design, style or color that supports their religious beliefs and practices. Empirical evidence shows that the success or failure of a company, especially, in a foreign market is reliant upon the effective managerial exercise of local religious beliefs and practices. Therefore, managers ought to be on familiar terms with their market’s religious differences given that religion influences people’s attitudes. For instance, Asians have a different attitude toward authority and women that differs from Western beliefs and practices. Whereas many parts of the world, including Asia, South America, and Africa, value collectivism very much, Americans are more individualistic. Chinese, Latin Americans and Koreans take time casually even as Americans are more proactive.

Failing to appreciate the religious beliefs and practices of the market will often lead to lots of inadvertent mistakes, such as being socially violent, cultural mix-ups, tarnished interpersonal relations, poor negotiations. As a consequence, the company’s future performance dwindles as profits decline. Lack of religious competence, or religious dogmatism, can easily put at risk millions of dollars through fruitless negotiations, lost purchases or sales, and pitiable customer relationships (Czinkota, 2003).

Cultural Literacy

Culture is a broad system that includes traditions, beliefs, attitudes, values, institutions and social interactions. This system reflects the global crunch facing the human race, and so it is a cultural catastrophe (UNESCO 1997). Dealing with such a cultural diversity calls for an important skill referred to as cultural competence. Chrisman (2007) defines cultural competence as ‘attitudes, practice skills, and system savvy for cross-cultural conditions’. The key force in work involving cultural competence is the people’s flexibility and ability to appropriately consider and treat the general public politely and in a proper way fitting their culture. Cultural literacy takes account of cultural competence plus the capacity to analytically mirror, and if needed institute change in, one’s a specific culture. Cultural literacy also comprises the capacity to examine the actions of central cultures measured against other cultures. This becomes very much useful in business. A case in point is the understanding of the effect of globalization or cross-cultural businesses on indigenous cultures all over the world.

Cultural literacy has been likened to an iceberg, through the iceberg model of culture. This is due to the expanse contextual material one requires to understand the culture. Cultural literacy often involves much more than the information essentially spoken. In other words, to understand the meaning of a cultural term, one has got to have much information that is not revealed by the bare meaning of that term. The clear cultural meaning of the term is like the ‘tip of an iceberg’ meaning that the deeper understanding lies below the casual meaning of the term and it constitutes a person’s own applicable information. It is known that 15 per cent or less of an iceberg can be seen above the water surface, 85 per cent or more of the iceberg is submerged below the water surface. This means that there is quite a different picture depicted shallowly from that which is the actual translation in the literature, giving the imprint that implied information comprises relatively tiny bits and pieces of information, left out by the correspondent due to dismissal or suitability (Hawkes, 2001).

Figure 1: Iceberg Model of Culture

It has been stated earlier that culture is a broad system that among other aspects involves religion. The world is very diverse in terms of culture as well as religion. Each culture embodies a creation in itself and yet it is not closed. Cultures give religious convictions semantics, and religions provide decisive connotation to each culture. Religion is a way of life for numerous cultures saturating every one human action. In other cultures, it characterizes the utmost ambitions of human life, and for others, religion is an institution that claims to convey a meaning of deliverance (Hawkes, 2001).

The paper “The Different Communications ” is an outstanding example of a management assignment. Phone: 23 rd August: the communication was made to remind that the bill for the mobile phone is outstanding and if not paid within the date will have a fine imposed on it. The communication was successful as it helped to fulfill my need and acted as a reminder. Further, the call also ensured that it was complete and all the details like outstanding amount, due date, late fine, and other details were provided. The call was complete and highlighted the important aspect which if ignored could have an impact on my usage.

Radio: 24 th August: The communication was made regarding the areas which are having huge traffic and showed the roads which should be avoided. The communication was successful as it helped to fulfill my requirements by highlighting the different roads which need to be avoided and which need to be used. The communication was further clear and loud regarding the different roads and path which should be avoided. This method acted as one where proper guidance was provided and acting in the correct way was highlighted so those correct decisions can be taken.

Communications that were unsuccessful

Television: 24 th August: The communication was made regarding the sale of women’s garments. The communication was ineffective because in the first instance it didn’t meet my needs and requirements as I was not looking to shop. Secondly, the message was not constructed properly as it didn’t speak about the brands which were available on sale, the different garments which were available, and also didn’t highlight the date when the sale would end.

Phone: 25 th August: The communication was made regarding the mobile bill payment which has already been made. The call was ineffective because it was not required as the payment has been made and I had the required receipt. The call was instead a wastage of time. In addition to it, the call was not constructed properly and required to focus on areas through which a message would have been enough as a source of communication to ensure that the payment was correctly entered.

Reasons for communication not to be successful

The communication process can be improved in the following ways

Firstly, ensuring that the communication which is made is required and is addressed properly so that the person who receives the communication gains from it (Nicholas, 2013)

Secondly, providing complete information is essential as it will serve as a benchmark to evaluate the manner in which different information is passed (Anne & Bochner, 2007). It will also help to understand the important matter which has been spoken and will help to highlight the manner in which changes can make so that proper communication and message is passed

Thirdly, the targeted audience was wrong and it is important to correct the audience (Mehrabian and Susan, 2007). This will help to improve the validity and reliability of the communication and will ensure that the process of communication becomes effective and is directed towards the correct person

Fourthly, the process of communication needs to be improved and changed so that the message is correctly interpreted and passed with the same intention (Imahori & Lanigan, 2012). This will help the listeners to evaluate the message in the correct form and will help to ensure maximum response.

Fifthly, the media which are used needs to be chosen wisely as the usage of a message instead of a phone call for bill paid confirmation would have been more helpful and could have caught the attention of the audience in a better way. This would have multiplied the effectiveness of communication and would have helped to understand the important points and issues.

The process of communication thereby requires working on the smaller and important aspect so that the overall process of communication improves and helps to provide the required dimensions through which effectiveness can be gained in the manner messages are passed.

The paper “Why Did Telefonica Initially Focus on Latin America” is a perfect example of a business assignment. Based on Telefonica’s objectives of rapidly increasing shareholder value, profits and achieving growth, it had to take advantage of location economies. Hence, the company initially focused on Latin America, as it must have perceived FDI to be a means for circumnavigating trade barriers. Indeed, the reasons why Telefonica initially focused on Latin America are perceivable through the lens of the Uppsala Model Theory.

According to the theory, the internalisation of a company across many foreign markets is correlated to psychic distance, where the first entry is to foreign markets that are familiar and closer in regards to the psychic distance of the host country, before making subsequent entries in foreign markets with greater psychic distance. Psychic distance comprises the differences in culture, language and political systems (Falvo & Parshad 2005).

Within the perspective of Uppsala Model Theory, it should be argued that companies tend to gradually increase their activities in international markets through a series of incremental stages, where the succeeding steps are anchored in learning and adapting to foreign markets (Pandian & Sim 2002).

This implies that the firms fast gain experience from the markets, where they have closer cultural ties before expanding to foreign markets. For instance, Telefonica had to first gain experience as a telecoms operator in Latin America, since the region has deep cultural ties with Spain, where it is headquartered.

Strategic competitive advantages

The company’s decision to slowly expand to Europe appeared opportunistic as well as strategic. Europe had initially possessed trade barriers that lowered the chances of successful entries. Essentially, there is a correlation between culture and national competitive advantage, where countries that are likely to impose trade barriers, in terms of competition are bypassed in preference to those that are less competitive (Enu & Attah-Obeng 2010). This argument is based on Dunning’s Eclectic Theory, which hypothesises that a company will always seek to leverage their specific advantages, including marketing, knowledge, skilled personnel, technology and information (Dunning 2001).

In this case, the Latin American markets were growing rapidly. They also experienced an increased high adoption rate and usage of mobile phones and internet connections. Additionally, after the Spanish government privatised Telefonica and deregulated the Spanish telecommunications market, the company’s core objective became increasing shareholder value, profits and achieving growth.

This implies that profit maximisation is a major drive to foreign direct development; through the use of particular advantages the company has (Glesem et al. 1990). It, therefore, had to select a region that would enable it to achieve higher profits. The company selected Latin America over Europe. Latin America had few entry barriers, such as competition and government regulations, while Europe had greater barriers due to more competitors. This implies that imperfect competition within the marketplace is a key incentive for expanding abroad. Besides, European mobile telecommunications operators had agreed they would not invade each other’s markets. However, after the entry of America Movil into Latin America, Telefonica faced a stronger competitor, forcing it to expand to Europe.

Commenting on other student’s post:

Why did Telefonica initially focus on Latin America?  Why was it slower to expand in Europe, even though Spain is a member of the European Union?

While the student hinted at the growth of multinational enterprises, a brief outline detailing why the company expanded and reasons for expansion could have provided a more relevant backdrop. Additionally, the reference to the Socialist Party by Popular Part in the general election of 1996 was irrelevant and out of context. The student’s decision to link the factors for the European Union to the opening of the telecommunications sector was misplaced. Rather, the student should have selected reasons why Telefonica selected to begin operating in Latin America before making headway to Europe. However, reference to high competition in the sector in Europe was justified.

Accordingly, the student should have explored the close cultural ties between Spain and Latin America, as the major drivers that triggered Telefonica to first launch in the region before expanding to Europe. In supporting the argument, a reference to a relevant theory, such as the Uppsala Model Theory could have pointed to the reasons why internationalisation of a company across many foreign markets is correlated to psychic distance (Uhasselt. be 2005). This includes why the initial entry is mostly made in foreign markets that are familiar and closer in regards to the psychic distance of the host country. Afterward, an explanation of what this meant to Telefonica based on the theory could have been appropriate (Gustafsson & Zasada 2011). For instance, the student should have stated that firms get to fast gain experience from the markets where they have closer cultural ties before expanding to foreign markets.

The student should have based his arguments on Dunning’s Eclectic Theory, which proposes that firms tend to use their peculiar advantages such as marketing, knowledge, skilled personnel, technology and information (Rugman 2010). Further, he should have stated that companies view FDI as a means to circumnavigate trade barriers before going forth to describe the correlation between culture and national competitive advantage, where countries that are likely to impose trade barriers in terms of competition are bypassed in preference to those that are less competitive.

While the student was also justified in arguing that the company sought to maximise profitability and to increase shareholder value, no basis was provided to support the argument, based on the case study. At this stage, the student should have suggested a theory to support his argument (Morgan & Katsikeas 1999). Later, the student should have provided examples from the case study to defend the choice of the theory he selected. However, the student provided examples outside the case study, such as “Telefonica has been able to establish footprints in 24 countries and having an average of 120,000 professionals with consolidated revenues of 24,957 million euros in January-June 2014 and more than 315.7 million customers at June 2014”

Additionally, the reasons the student outlined as the likely motivators for Telefonica to launch first in Latin America before making entries in Europe cannot be justified, as they have not been argued appropriately. For instance, in suggesting political developments, taking policy advantage and the fact that the markets shared a common language, the student should have discussed the concept of psychic distance and the related theory, such as the Uppsala Model Theory.

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Business Insights

Strategies for success: 8 tips to craft a winning business essay, april 20, 2023.

In this article, we will explore eight key tips that will guide you toward success in creating a winning business essay . From understanding the nuances of the subject matter to presenting your ideas with clarity and conviction, these tips will empower you to craft a remarkable piece of written work. 

8 great tricks for writing a winning business essay

When it comes to writing a winning business essay, using effective strategies can make all the difference. By implementing the following eight tips, you can enhance your essay’s quality and increase the chances your business writing has a maximum impact on your target group of people.

Choose a topic

The first step in writing a great college assignment is choosing the right topic. Often students are given topics to work with, simplifying things as they only need to ensure that their content aligns with the subject and the project’s scope. When handed the freedom to choose, however, you have to make sure that your business topic is relevant, interesting, and narrow enough to be covered in the length indicated. For the best topic, review available evidence through preliminary research, ensuring that there are enough sources to support your writing. 

Brainstorm and outline

Once you have understood what is expected, brainstorm ideas and create an outline. Outlining saves you time and ensures you stick to the topic. It includes your main points and allows you to gather evidence and examples for your essay. Write down what you can think of relating to the topic for a good outline.

You can develop these ideas further in readiness for the writing process through research. Sure, you will need to create a thesis statement to guide you with the outline. A thesis is a statement or two at the end of your opening paragraph, presenting your primary argument and telling readers what to expect from the writing. 

Follow the right format

Use the conventional format to create your essay, opening with a good introduction before going into the body paragraphs. Only have one idea in each paragraph, explaining it in detail using evidence before moving to the next idea. Use transition phrases and sentences to tie your writing together. 

Stick to the right note

Your tone of voice, when you write a business document, matters as it helps you establish and balance your brand. Experts indicate that business writing demands consistency across all written communications. It means creating a unique voice to maintain in all your documents, allowing audiences to identify with your material.

When prospects and potential clients view the material, they should instantly associate it with your product. It is ok if you need to learn how to create an outstanding paper; you can always hire a reliable service like EssayUSA to work on your task. 

Get to the point quickly

There is no place for small talk in business writing. Readers will have limited time to consume your content; you cannot spend it going through unnecessary information. So, to create exceptional writing for business. Ensure that you get to the point as soon as possible. You don’t want to distract your readers before they get to listen to your main message.

Your safest bet is ensuring your content is scannable, allowing readers to find the most crucial information in your essay easily. If possible, include headings and subheadings in your writing, making sure the structure of your document is easily accessible to your readers. 

Be clear and concise

One of the vital things you can do when writing a business document is to ensure clarity and conciseness. Experts recommend using plain language to write business papers. There is no need for lengthy and distracting paragraphs. You need to keep your writing short and clear, articulating your points in as few words as possible.

Expert writers also use specifics to highlight their points, avoiding being vague in their business writing. Always keep the goal of your writing in mind throughout the process.

Avoid clichés and jargon

Read and understand the instructions.

When writing a business essay for an academic project, there will be a set of instructions you are expected to follow. These indicate what the student will achieve within the project’s scope and outline elements like formatting, citations, length, and the number of sources. Before writing your assignment, ensure these guidelines are clear by reading them multiple times. Ask your professor to clarify elements that seem vague or complicated. 

Crafting a winning business essay requires a combination of skill, knowledge, and creativity. By implementing the eight tips discussed in this article, you can create an impactful essay that will impress your professors, colleagues, or clients.

With practice, persistence, and dedication, you can achieve success in the world of business essay writing. So, start writing, and let your words inspire and captivate your readers.

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7 Real Reasons Why Entrepreneurs Start Their Own Business

Posted april 5, 2022 by kody wirth.

Why do people want to start their own business? What drives them to strike out on their own?

If you’re considering becoming an entrepreneur , understanding your answer to this question is critical. Honestly, assessing your motivations can tell you a lot about your likelihood of success. Will you be able to navigate a financial crisis? Invest the extra hours to rework your strategy even when you’d rather go home? 

If you don’t have an answer to that question, it may be helpful to explore why you want to be an entrepreneur further. Let’s take a look at some of the most common reasons why entrepreneurs start their own businesses—which are probably leading you to do the same.

1. Freedom to pursue your passion

You’ve had this talent, skill, or hobby for years, maybe even since childhood. Now, you see a potential opportunity to develop a business structure and monetize it. So you decide to use your passion to start a business. 

However, you may want to take a moment to assess the potential of your passion. Yes, it makes you happy, but can it pay the bills?

When you set aside emotion and focus strictly on dollars and common sense, does your passion-fueled business idea truly have the potential to be financially successful? Don’t forget, with ongoing record inflation, you’ll need continuously increasing income to support yourself and your business. Can your passion keep you afloat? 

If the answer is yes, start writing a business plan and go for it. If not, then you should likely rethink using your passion and explore other small business ideas. Consider another talent or hobby that can bring emotional fulfillment, as well as a tangible financial reward. 

Or, do further market research into other opportunities outside of your core interests. You may find that there is another reason for being an entrepreneur is really what’s driving you.

Recommended Reading: 12 Types of Entrepreneurs Explained

2. Create generational wealth

Many people are fixated on the idea of creating wealth that can be enjoyed by their families. For some, it’s an ambitious financial planning goal derived from witnessing living examples of absurdly wealthy families. People who’ve been able to pass down highly successful businesses from generation to generation. Others simply want their kids and grandkids to be spared from the financial hardships they were forced to overcome. 

Yet, only a handful of businesses are able to survive the passage of time. Yes, building a prosperous foundation for your descendants is a worthy cause. However, there is no guarantee that they’ll have the work ethic or discipline necessary to maintain an existing business. Much less position it to remain competitive in an ever-evolving global marketplace.  

Therefore, your focus has to be on how this endeavor will improve your life right now. Yes, your hard work could benefit your great-great grandkids, and you can teach your children to appreciate your business. You can’t force them to have the same passion you do. You can only set them up for success and hope for the best.  

3. Support community, non-profits, and other social efforts

Many new entrepreneurs have a deep desire to use their businesses as vehicles to help the less fortunate. These noble souls see starting a small business as a means to effect change.

Social entrepreneurs aren’t driven by money but rather by a desire to create a better world. In our 2021 State of Small Business Study , we found that 12 percent of respondents identified giving back to their community as the primary reason for starting a business. 

If you’re one of these generous individuals, you must never forget that business remains business. Even though you have the best intentions, this doesn’t remove the responsibility to serve the needs of your target market. To provide competitively viable products and services for your customers. Failure to do so will result in your customer base taking their hard-earned money elsewhere, leaving you and your cause, out in the cold.

4. Turn a side-project into something more

Many successful businesses were once the side-gigs of nine to five employees who were simply trying to earn extra money. One thing led to another, word got around, and after a while, that side-project earned enough to replace the nine to five job, and boom: A business was born. 

As of 2022, we found that 23 percent of entrepreneurs were either starting a side gig or trying to turn a side gig into a full business. In fact, for most people, having a side gig is just a necessary part of survival. 

Yes, it is possible to turn your side project into a full-fledged business that becomes your primary source of income. However, it’s often difficult to know when it’s the right time to step away from your full-time position. 

When should you begin to promote your business? Should you invest in business insurance? Get the necessary licenses and permits to become a sole proprietorship?

These are just some of the questions you’ll need to answer when turning a side gig into your full-time pursuit. You don’t need to immediately make it your primary work; just take steps in that direction to see how viable it can be.

Remember, this can take months or years to gain traction. Just like a seed that you plant, you need to water it to see growth. With enough time and “watering,” that little side-gig seed can become a huge tree that becomes a profitable business. 

5. Challenge the status quo

Have you ever felt like there’s a better way to do something? This is a sentiment often held by game-changers. The employees and dreamers who feel the job or industry they’re in isn’t doing something right, and it’s up to them to change the status quo. 

Disrupting current norms can be a powerful incentive for new entrepreneurs. It can also be extremely beneficial for consumers wanting higher quality products or more efficient service. Nevertheless, disruption shouldn’t be based on personal feelings or experience. Instead, it must be centered solely on customer wants and expectations. 

Will consumers actually be interested in the innovation you provide? If you truly want to shake up the status quo, it’s up to you to find out if the solution you see truly benefits others.

6. Flexibility and balance

Having more personal and family time is one of the most powerful motivations for many new and prospective entrepreneurs. Nothing beats working on your own time and not having to worry about someone else’s standards. 

It’s time to make your own clock and choose your own hours. The harsh reality, as many new small business owners discover, is that work hours tend to increase, not decrease, after launching your own business. 

This is your project, your idea, and your customers, so it’s your responsibility. Reasoning such as “I’m not feeling well” or “that’s not in my job description” no longer applies to you. When you’re an entrepreneur, you’re always on duty.

Sure, you have “absentee owners” who simply hire people and leave them to run a business. But take a look at the most successful entrepreneurs. There is one common thread—they are hands-on. Oftentimes, their level of micromanagement is borderline psychotic. 

No, you don’t have to follow in the footsteps of Steve Jobs to be a successful entrepreneur. You don’t have to spend every waking hour to ensure your business succeeds. But you must care deeply about your business and, yes, sacrifice a great deal of time to make it a success.

7. Being the boss

One of the greatest driving forces for people starting a business is taking on the title of “Boss.” 47% of new entrepreneurs surveyed said that their main reason for starting a small business involved wanting to be their own boss. 

There’s a certain aura, a distinctive swagger, that many entrepreneurs have. Unlike top-level executives or even appointed CEOs, entrepreneurs garner a great deal of respect for being the ones who took the initial risk . They’re the ones whose vision enabled them to see an opportunity and whose determination made it happen. 

Entrepreneurship is a medal worn with pride, which most onlookers cannot ignore. Why do people start their own businesses? Because many want the respect and admiration that comes with starting a business. 

If that’s your main reason, make sure you’re totally prepared for the responsibility that comes your way. You owe it to yourself, your employees, and your customers. 

Recommended Reading: 6 Requirements of Successful Entrepreneurs

How to successfully start your own business

Whatever your reason, there is one thing you absolutely must do in order to be successful— plan . This is especially true when starting and attempting to grow a business. For an entrepreneur, being prepared is often the difference between success and failure. 

If you’re seriously considering starting your own business, then you can’t afford to leave anything to chance or be surprised by any eventuality. With powerful planning and management tools available such as LivePlan , there’s no excuse for prospective entrepreneurs not to have a solid course of action. Your planning should incorporate regular forecasting and preparing contingencies for likely scenarios.

Confirm and test your reason for starting  

Effective planning not only helps you identify the reasons you want to start a business but also allows you to assess if your business truly has the potential to be sustainable. There’s no need to waste precious time or money pursuing an idea that won’t work. By taking the time to plan properly, you’ll be able to see clearly if your business idea is worthwhile and figure out the necessary steps you’ll need to take to bring it to fruition. 

Turn hard work into strategic work

After you have developed a plan, it’s time to act. That means dedication, hard work, and the willingness to plan. Make no mistake, if you’re not prepared to put in the hours toward your entrepreneurial dream, then you should reexamine if starting a business makes sense. 

Nothing in entrepreneurship is guaranteed, and it’s driven by strategic risk. This is why effective planning, reviews, and revisions are so vital for business owners. It can help streamline time-consuming work, eliminate unnecessary risk, and ultimately help you know more about your business.

Gain the confidence of a successful entrepreneur

Now that you’ve been reminded of just how difficult starting a business can be, there is one more requirement necessary for you to succeed—self-confidence. No one is going to fully

believe you can do it until you actually turn your idea into a successful business. First and foremost, you must believe in yourself. Without this critical element, your new business is almost certain to fail.

Why would anyone support a business whose owner doesn’t believe in its future? People are attracted to winners who showcase the capability to maintain that success. Possessing this attitude, combined with thorough, objective planning , will empower you to aggressively pursue your goal and find success as an entrepreneur. 

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9 Benefits of Owning Your Own Business

November 9, 2023

View all blog posts under Articles

When people think of entrepreneurs in America, names like Mark Cuban, Jeff Bezos, and Mark Zuckerberg come to mind. However, for every Elon Musk, there are hundreds of thousands of business owners trying to carve out a slice of the marketplace, and that number is on the rise. Nearly 5.4 million new business applications were filed in 2021, a record high, according to the U.S. Census Bureau.

Small businesses made up more than 99% of all businesses in 2021 and employed nearly 59 million Americans, according to the U.S. Small Business Administration. Rather than signing on with an existing company, these small business owners bet on themselves and their own ideas.

The benefits of owning your own business are many, including the ability to follow your passion and be your own boss. If you’re drawn to the idea of one day becoming a business owner, you may want to consider investing in your education. An Executive Master of Business Administration (EMBA) degree can help prepare you for the rewards — and challenges — of entrepreneurship .

What Is a Business Owner?

As the title implies, a business owner oversees all monetary and operational aspects of a business. Regardless of the type of business, the most common aspects of running a business involve the following:

• Strategic planning
• Finance and accounting
• Compliance and legal
• Sales and marketing
• Customer service
• Human resources

Typically, a business provides either goods or services. Things like sports equipment, consumer electronics, and clothing are considered goods. By comparison, car repair, dentistry, and massage therapy are considered services. However, some businesses provide both goods and services. For example, a tanning salon provides tanning bed services along with goods such as bronzer lotion and tanning goggles.

The Four Types of Business Ownership

The precise role of an owner is different from business to business. Business ownership generally falls under one of the following four types:

• Sole proprietorship: In a sole proprietorship, a person owns an unincorporated business by themselves.
• Partnership: In a partnership, two or more people own the business and share the profits ; partnerships don’t have to be equal.
• Corporation: Sometimes referred to as a “legal person,” a corporation is a legal entity that’s both distinct and separate from its owners; a group of vested individuals known as shareholders run corporations.
• Limited liability company (LLC): An LLC is a business structure that protects owners from personal responsibility involving liabilities and debts; owners of an LLC are referred to as members.

What Are the Benefits of Owning Your Own Business?

If you’re considering becoming an entrepreneur, you may wonder what some of the benefits of owning your own business are. Some of the most notable advantages include:

1. Following Your Passion

Business owners have the luxury of being able to select the industry they wish to work in and the types of goods or services they wish to provide. People who are passionate about what they do often have a greater drive to succeed.

2. Providing for Your Community

Being a business owner means being able to fill a need in the community. Whether it’s doing hair at the local salon or making sure that suits look their best via dry cleaning services, local business owners are staples in thriving communities.

3. Being Your Own Boss

Few things are more empowering than being your own boss. For business owners, this means setting their own schedule, deciding which tasks to undertake and which to delegate, and having control over the company’s big decisions.

4. Ownership Equity

Being a business owner typically means reaping the highest reward when it comes to the business’ profits. The reason is that business owners have something the traditional employee doesn’t—equity. Equity is the value of a business, taking into account items such as stock price, company assets, and product inventory. When a business owner decides to sell a business, the percentage of equity determines the payout.

5. Taking Advantage of Tax Breaks

Another perk of being a small business owner is the assortment of tax breaks that may be available to you. The most common include the following:

• Qualified business income
• Advertising and marketing materials and services
• Rent on an office or storefront
• Office supplies
• Business-related travel
• Business-related meals

6. Establishing Core Values and Mission Statement

Salary and benefits may attract employees , but the values and mission are what define company culture and win over their hearts and minds. A business owner has the unique ability to determine a company’s moral direction and what it stands for.

7. Choosing a Target Market

Business owners can craft their marketing and advertising to a specific market or gear their services toward a specific community, region, or age group.

8. Selecting a Team of Associates

Being the boss means being able to build and develop a successful team of coworkers. Business owners often have a clear vision of the skills and experience they’re looking for and can apply ideals of diversity and inclusion to produce an equitable company culture that creates loyal employees.

9. Opportunities to Innovate and Be Creative

One of the biggest benefits of owning your own business is that operations don’t have to be “business as usual.” Business owners are free to pursue innovative ideas. They can take risks and experiment with their products, marketing, or store layout.

What Are the Challenges of Owning Your Own Business?

Although owning a business has numerous benefits, the work is far from easy. Being a business owner is often rife with challenges. Only 55% of businesses survive 5 or more years, while only 35% make it past 10 years, according to data from the U.S. Bureau of Labor Statistics. Additionally, business owners face many of the following challenges:

• Potential income instability and financial risk
• Uncertainty and work-related stress
• Long working hours, including weekends
• Lack of guidance or mentorship
• The pressure of being responsible for employees’ livelihood

Fortunately, a time-tested way to overcome these challenges exists: preparation. Understanding the challenges ahead and the best ways to overcome them is crucial for business owners to keep their companies going, particularly in the first few years of running a business.

One of the best ways to prepare to be a business owner is with a formal education in business.

Become Your Own Boss with an EMBA Degree

Small businesses play a vital role in the American economy, with advantages for both entrepreneurs and their customers. Owning a business is an opportunity to innovate and be creative and to provide a valuable product or service to the community—and these are just a few of the many benefits of owning your own business.

Investing in an education, such as Online Executive MBA program, can help aspiring entrepreneurs develop the skill set and knowledge base they need to run a thriving business. With courses such as marketing management, business analytics, financial management, and administrative control all laying the groundwork for a career as an entrepreneur, WSU’s Online EMBA offers students a foundation that can help them succeed in their business ventures.

Pursue your dreams of becoming a business owner with WSU.

Recommended Reading

How the EMBA Program Positively Impacted My IT Career

How You Can Become a Leader Through EMBA Studies

Advice for Running a Small Business

Enterprise League, “19 Benefits of Owning a Business to Awaken Your Entrepreneurial Spirit”

Indeed, “10 Pros and Cons of Being a Small Business Owner”

Investopedia, Corporation

Investopedia, Partnership

Investopedia, “ Top 6 Reasons New Businesses Fail ”

Investopedia, “What Is an LLC? Limited Liability Company Structure and Benefits Defined”

IRS, Sole Proprietorships

Joint Economic Committee Democrats, “ New Businesses Boomed Across the Country and Reached Record Highs in 2021 Under President Biden ”

Shopify, “Starting Your First Venture? Here’s What You Need to Become a Business Owner ”

The Balance Small Business, “The Benefits of Owning Your Own Business”

U.S. Bureau of Labor Statistics, Survival of Private Sector Establishments by Opening Year

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Pros and Cons of Being a Small Business Owner

Table of Contents

Starting a small business is no small feat. You must be resilient and dedicated if you want to build a business that makes a profit and stands the test of time. According to the Bureau of Labor Statistics , roughly 20% of new businesses don’t make it past the first year. What’s more, opening a small business during a major economic crisis (e.g., the COVID-19 pandemic) can make your chances for survival even slimmer.

Although entrepreneurship can be a challenge, it’s not all doom and gloom: There are currently 31.7 million small businesses in the U.S., which accounts for 99.9% of all businesses nationwide. Small businesses are the cornerstone of the American economy, and for good reason. If you have a great business idea and want to try your hand at entrepreneurship , weigh the pros and cons first.

Benefits of owning a small business

Being a small business owner may be one of the toughest jobs, but it’s also one of the most rewarding. There are many benefits of small business ownership, and they often far outweigh the negatives.

Independence

When you own the business, you are the boss. You do not have to rely on others or discuss decisions with them. The independence that comes with entrepreneurship is great for those who like to work autonomously.

Flexibility

Entrepreneurship gives you the flexibility to decide your own hours. It may seem like you are working all the time while you are first building your business, but eventually, you will be able to decide when and where to work – no more 9 to 5. This flexibility is ideal for anyone who operates more efficiently outside of regular office hours.

Power and control

Another benefit that many entrepreneurs enjoy is having power and control. As the head of the organization, you make the rules. You get to establish your company culture and determine what is and isn’t acceptable in the workplace. When you hire employees , they will all ultimately report up to you. This control is ideal for people who don’t like working under authority or reporting back to a boss.

Passion and creativity

Another important benefit of owning a business is the satisfaction of knowing you are the creator of whatever product you put out. You are the vision behind it, and you put it in motion. You get to do what you love in a field you enjoy. You no longer have to drag yourself to a job you hate every morning. Many business owners also love that they can build their business on their beliefs and values .

Financial gains

Although owning a business comes with financial risks, you also reap the financial rewards. If you do not have a business partner or employees, you don’t have to worry about paying them. If you have only a few employees, that means fewer people take a cut of your earnings.

Once you start making money, you can start paying yourself a salary . However, experts advise paying yourself a modest salary or taking periodic owner’s draws to meet your expenses.

Challenges of owning a small business

Entrepreneurs face many challenges on a daily basis. By understanding what common challenges you may face, you can prepare yourself to overcome them.

Diversifying customer bases

Of course, if you are selling a product or service, someone must purchase those from you for you to make money. You should make your customer base as diverse as possible to balance your revenue.

Managing cash flow

Managing cash flow is another large challenge for small business owners. Of course, you need money to make money. You typically need a way to make capital and to access cash reserves quickly. Small businesses don’t typically have this, so entrepreneurs typically have many sources of income. This way, when one source of income slows down, there is still money coming in .

Maintaining legal compliance

You’ll have to jump through many legal hoops when starting a business. Federal, state and local government regulations are constantly changing, which can make it difficult to maintain compliance. For example, understanding your small business tax obligations is a common compliance challenge. You’ll also need to comply with a litany of HR rules and regulations once you hire your first employees .

Sustaining quality while scaling

You may get to a point where your business expands suddenly – intentionally or not. Demand for your product or service may explode, and if you aren’t properly prepared, you may experience a decrease in the quality of what you are offering, which is never a good thing.

It can be a challenge to always think one step ahead when you are focused on day-to-day operations. However, as a business owner, you should keep this potential challenge in mind as much as possible. Plan ahead to strategically scale your business as soon as demand for your products or services increases.

Avoiding burnout

Entrepreneurs work long hours and get little rest. In many cases, until you begin to make money, you will have to do all the work yourself. There is a large potential for fatigue, which can lead to poor decisions and the desire to give up. A healthy work-life balance , even for early-stage entrepreneurs, can give you the motivation to build your business for the long haul.

If you are struggling with workplace burnout, check out our article on how to combat burnout .

Weighing the pros and cons of entrepreneurship

Although starting a business requires great sacrifice, it can also come with great rewards. Evaluate these pros and cons to assess whether entrepreneurship is the right path for you. How much weight each of these benefits and limitations carry will be unique to you. For example, one person might place high importance on independence and flexibility, whereas another might not want to give up the stability of working for someone else.

Another factor to consider is whether your business idea is financially feasible. Some business types have hefty startup costs. In this case, you can either consider another business idea that has fewer startup costs or explore creative ways to obtain funding . You should also test your business idea before fully launching to ensure its viability.

Chad Brooks contributed to the writing and research in this article.

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Business Essay Examples

13 Business Essay Examples for Students

14 min read

Published on: May 1, 2023

Last updated on: Jan 30, 2024

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Are you struggling to figure out the structure, research, or data required to make your essay stand out? Or frustrated by the lack of inspiration and ideas for your essay?

But don't give up yet! We have a powerful solution that will make your essay writing a breeze. Our list of business essay examples is here to help! 

We have compiled expertly written business essay examples that will illustrate how to write a striking business essay.

With our examples, you'll be able to see how to structure your essay and generate creative ideas for your topic. And our tips will help you make the most of these examples.

So, let's dive in and get ready to learn!

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What is a Business Essay?

A business essay is a type of academic writing that focuses on business-related topics and issues. These essays can cover a wide range of topics such as marketing, finance, management, entrepreneurship, and more.

The importance of business essay lies in presenting a well-researched and informed analysis. To do this effectively, writers need to conduct extensive research and analysis on the topic at hand.

Referring to examples of business essays can help you gain insight into the structure, tone, and content of a well-written essay.

Business Essay Examples For Students

Here is a list of business writing examples

Business Essay Examples Pdf

Business Essay Example Grade 10

Business Essay Example Grade 11

A Level Business Essay Examples

University Business Essay Examples

International Business Essay Examples

Short Essay About Business

College Essay About Starting A Business

Types of Business Essay with Examples

When it comes to business essay writing, there are several different types that you might encounter. 

Here's a brief overview of each type, including their characteristics and an example of each.

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Case Studies

A case study is an in-depth analysis of a specific business situation or problem. It involves extensive research and data analysis to provide recommendations.

Case studies often showcase the application of theory to real-world business scenarios.

Research Papers

Research papers involve a more academic approach to business writing. They typically require an extensive literature review, data analysis, and original research. 

Business research papers aim to contribute new knowledge to the field of business. These often involve a hypothesis or research question.

Argumentative Essays

Argumentative business essays aim to persuade the reader to adopt a particular point of view or take a specific action. They present an argument and use evidence and logic to support their claims. 

Argumentative essays can address various business topics such as management practices, ethical issues, or market trends.

White Papers

A white paper is a document that provides a detailed explanation of a particular issue or problem, often with recommendations or solutions. 

White papers are typically used to educate stakeholders about a specific topic. These are often used in the business-to-business (B2B) context.

Comparative Essays 

Comparative business essays compare and contrast two or more topics or ideas. They typically analyze the similarities and differences between the topics to evaluate their pros and cons. 

Comparative essays can focus on various aspects such as products, companies, markets, or strategies.

How to Structure Your Business Essays

As you begin writing your business essay, it's important to structure it in a clear and organized way. 

Here's a step-by-step guide with business essay samples to help you do just that:

Executive Summary

The executive summary is a brief overview of your entire essay. It should summarize your main points and highlight your recommendations. 

This section should be written after completing the essay, as it gives a clear picture of what the essay covers. 

Here is how you start a business essay sample:

Introduction

The introduction sets the stage for the rest of the essay. It should introduce the topic, provide background information, and explain the purpose of the essay. 

Here is a business essay introduction example:

Industry Analysis

In this section, you'll conduct a thorough analysis of the industry in which the business operates. You should examine factors such as competition, market trends, and customer behavior. 

Here is a sample industry analysis

Key Issues or Problems

This section should identify the main issues or problems faced by the business. You should provide evidence to support your claims and analyze the impact of these issues. 

Here is an example paragraph:

Solutions or Recommendation

Here, you'll provide solutions or recommendations to address the issues identified in the previous section. Your solutions should be well-supported and feasible. 

For instance:

Implementation Plan

For this part, you'll outline a plan for implementing the solutions or recommendations you've proposed. This is sort of a description of the business model you suggest. 

This section should be detailed and include specific action steps. 

For example:

Finally, you'll wrap up your essay by summarizing your main points and reiterating your recommendations. 

This section should be clear, concise, and impactful. 

By following this structure, your business essay will be well-organized, coherent, and easy to follow for your readers.

Tips for Using Business Essay Examples Effectively

Now that you have quite a few business essay examples at hand, you should know how to use them effectively:

• Use them as a guide, not a template : While it's great to learn from examples, you should never copy them outright. Instead, use them as a starting point for your own research and writing.
• Analyze the strengths and weaknesses of the essay : Take note of what works well in the example essay, as well as any areas that could be improved. This will help you understand how to make your own essay even better.
• Use them to inform your own research and writing : Pay attention to the research methods, sources, and evidence used in the example essay. This can give you ideas for your own research and help you strengthen your arguments.
• Avoid plagiarism and ensure proper citation: Whenever you use ideas or information from an example, make sure to cite your sources. This will help you avoid plagiarism and maintain academic integrity.

You now have a plenty of business essay examples on different topics to help you get started!

By following our tips and studying the sample essays, you can confidently write your own essays that are clear, concise, and impactful. 

However, if you still find yourself struggling with your business essays, just reach out to our professional business essay writing service . 

We have the best online essay writing service and are ready to provide you a high-quality business. Our writing service has subject specialist writers who can tackle any business essay topic.  

So why wait? Contact us today and let our AI essay writer take your business essays to the next level!

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Entrepreneurship in college: advantages and keys to success.

BY MELISSA BURNS

When you’re busy studying for finals, writing essays, and worrying about next semester’s classes, the last thing on your mind is becoming an entrepreneur. But starting a business in college can be a real opportunity for college students—and it’s more feasible than you might think. At worst, you’ll walk away with a significant experience that you can put on a resume, and at best, you can growth hack your way to the status of brands like Spotify, YouTube, or Facebook (the latter of which was actually started by a founder still in college).

Advantages of College Entrepreneurship

So why is starting a business in college advantageous over simply waiting until you graduate?

• Sheer connection potential. In college, you’ll be surrounded by hundreds to thousands of other students, all of whom are energetic, eager to learn, and motivated to find a future career for themselves. If you’re looking for partners, employees, or interdisciplinary contacts, you’re never going to find a better time and place.
• Advice from professors and counselors. You’re surrounded not only by peers, but by people far more experienced and knowledgeable than you are. Depending on the nature of your business, you may be able to find seasoned experts in your field teaching classes, or at the very least, be able to contact advisors who can connect you to those resources outside the university.
• Extra free time. Being a full-time college student is demanding, and on top of that, some students even have part-time or full-time jobs. However, most students aren’t juggling full-time work, overtime, family responsibilities, and other obligations the way most graduated adults are. You’ll almost certainly have more free time now than in the future, so it’s a prime opportunity to invest more hours in a potential business.
• Business world connections. Even if your business isn’t a success, as you develop your business, you’ll make valuable connections in the business world. For example, if you start wooing potential investors, working with other business partners, or finding new suppliers, you’ll build yourself an extended network of contacts you can use for references or opportunities down the road.
• Entrepreneurial experience (while you’re young). Finally, and most importantly, you’ll gain the experience of starting and running your own business, which will teach you invaluable lessons about leadership, creative problem solving, critical thinking, and communication–all of which are valuable to learn while you’re still young.

How to Succeed

Just because there are major advantages to college entrepreneurship doesn’t mean it’s easy or straightforward; you’ll need these strategies to find success:

• Choose the right idea. Not all business ideas offer the same degree of feasibility for college students; for example, you’ll likely need an idea that won’t require much upfront capital, and one that won’t demand an intensive investment in infrastructure. Opt for more inexpensive, nimble options for your first foray.
• Start slow. Don’t start sacrificing everything for your business. It’s a good thing to be passionate about your business and invest yourself fully in it, but not at the expense of your other responsibilities. Start working on your business slowly, and gradually scale up as you become more comfortable and familiar with the process.
• Listen to advice. You may have a great idea, but you’re still young and inexperienced. You don’t have to take the advice of everyone who offers, but you should at least listen. Absorb as much information and as many different perspectives as you can during this experience.
• Prioritize your studies. Your business does have a chance to become successful, but it’s still a good idea to complete your education. Even if you’re more excited about your business idea, try to prioritize your academic studies. Think of it as hedging your bets for the future.
• Be careful with your money. You’re likely facing a large sum of student debt, without much personal capital available to fund your venture. Accordingly, you’ll need to be frugal and judicious about how your business financially operates. The last thing you want is to accrue a secondary source of massive debt before you graduate.
• Remain flexible. Finally, understand that few paths to success in the business world are straightforward and unbent. Your business will likely take a course of development that you wouldn’t expect and can’t predict, so remain flexible enough to allow that development.

Starting a business while still in college is certainly a massive undertaking, but it’s both possible and beneficial to do so—regardless of your business’s ultimate fate. Put your fears of failure to the side and start taking advantage of the resources and opportunities that surround you.

Melissa Burns graduated from the faculty of Journalism of Iowa State University in 2008. Nowadays she  is an entrepreneur and independent journalist. Her sphere of interests includes startups, information technologies and how these ones may be implemented.

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Entrepreneurship: Making a Business Plan

A business plan is regarded as an entrepreneurs’ ‘road map’ to realize a successful business. It describes the current status, future needs, and expected outcomes of the venture. It includes multiple parts, starting from project overview and finishing with financial strategy and timetable. Despite being rather extensive in size, it holds various benefits and is essential for those who consider initiating a new business.

A business plan aims to explain its marketing strategy, research & development, management issues, possible risks. The effective plan presents a comprehensive business development model with detailed descriptions of its main facets (Kuratko, 2016). The description of the business processes is merely a part of it. The plan’s central focus is realizing the proposed models and the firm’s transformation into a prosperous company.

A business plan is a document that performs the operational and managerial functions of the venture. Its main benefit is that it allows the entrepreneur to avoid some of the problems that can potentially arise during its implementation (Kuratko, 2016). There are other advantages of a business plan for the entrepreneur; for example, he gains an objective and clear understanding of his venture due to the amount of time and effort spent conducting research and analyzing the business critically. Besides, the entrepreneur conceives all assumptions about the venture’s success (Kuratko, 2016). And, finally, a business plan is a mechanism that helps communicate with investors and lenders and receive financial support.

Overall, a business plan is fundamental for creating and developing a business. Considering that starting a business resembles a lottery, preparing a business plan raises the odds. If planned carefully, it is advantageous for owners because it ensures critical analysis of their venture, reduces the risks, states assumptions, and serves as a communication tool for outside financing.

Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice . Cengage Learning.

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Business Essay Writing: How to Start Your Own Business Essay

Table of Contents

Most people believe that launching a small business is the best way to achieve freedom. Even though this claim has some merit, it is debatable.

Why do people choose to launch their businesses? They yearn to be on their own. One can better manage his time by operating a small business. You can create the products and services he desires, attempt to be thoughtful and responsible.

The economy of any state relies heavily on small enterprises. Small business owners make significant contributions to the state budget.

One could argue that the complex of small and middle-sized businesses brings the nation the same profit as big enterprises. Simply put, a prosperous state cannot exist without small businesses.

Without small businesses, poverty cannot be eradicated. Allow me to discuss some factors that should be considered when starting your business.

Factors to Consider When Starting Your Own Business

1. starting up is difficult.

It’s not simple to launch a small business . Whether you own a construction company or a business, you must be financially and mentally prepared for hurdles.

Additionally, having a basic understanding of management, marketing, and business is essential.

You should first familiarize yourself with the industry and market. Use trustworthy education websites to learn.

The most essential component is researching the market to determine what products and services consumers want.

If a product is needed, but no one is making it, you have the best chance of dominating the market.

2. the Cost and Caliber of Your Product

The cost and caliber of your product are the second things you should consider. Two choices are available.

The creation of pricey, high-quality products that will last a long time is a choice to make. The second choice has to do with consumption. You make cheap, subpar items and draw customers by offering the most affordable pricing.

Sadly, selecting the ideal solution might be challenging. Many people are willing to spend much money to own a high-quality item. Others steer clear of high prices and favor affordable goods. Consider requesting a title loan if you require title cash to launch your company.

3. Business Plan

You should write your business plan, which will include all of the details about how your company will operate. Consider the client’s target markets, production, distribution, storage, and retail.

It would appear that you should create and keep your stuff somewhere. Then, problems like revenue and expense would come up.

You will need to hire a few staff to run your firm profitably. To bring the appropriate people into your company, you will need to be picky, demanding, and careful.

You will eventually run into issues with rent, taxes, etc. A business is similar to a family. Pay attention to the slightest problem, question, or misunderstanding to enhance your income and build your small business.

The Peaks and Valleys of Starting Your Own Business

Starting a small business involves a lot of benefits and drawbacks, as one might anticipate. Independence is the strongest side. You are not required to labor for another person.

You can decide what to do and how and work to benefit yourself. If you don’t feel recognized and valued at work, you can implement your unique and entertaining ideas in your own company.

Ambitious people always attempt to launch a small business if given a chance. When you are late, you do not have to heed the advice and warnings of your boss. You will eventually start to make more money. The entire profit belongs to you because you are the boss.

However, there are a lot of things that can be problematic for a new business owner. Keep in mind that independence comes with responsibility.

You are accountable for your business’s success, your employees’ well-being, and both. Additionally, you are responsible for the well-being and lives of those who use your products.

You must understand how to build and enhance your small business profitably. You should be aware of how to act in emergencies and unforeseen circumstances.

To handle crucial issues and employee disagreements, you must be willing to work nights and weekends. You should be a skilled educator, psychologist, and negotiator who can settle disputes and inspire his team.

Starting a small business is a challenging but worthwhile endeavor. You can open your shop, café, restaurant, or bakery and implement your brilliant and eccentric ideas there. To protect and build your firm, you must face many challenges and work hard.

Abir Ghenaiet

Abir is a data analyst and researcher. Among her interests are artificial intelligence, machine learning, and natural language processing. As a humanitarian and educator, she actively supports women in tech and promotes diversity.

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Benefits Of Starting A Home Based Business Essay

The advantages of starting a home based business outweigh the time and small expense involved in setting up a viable business. For the long term, the overhead costs for starting a business in your home are very low. The government provides several tax incentives for individuals who have businesses set up in their home. There are some strict rules and regulations that must be met to qualify for the home-based business deduction but once confirmed, the tax refunds for having a home based business are very lucrative. In addition to the tax advantages, home based business owners have no daily transportation expenses. home based business owner has unlimited flexibility in balancing work and family commitments. Using technology for communication and business processes makes working from home a sensible and practical solution to the high price of gasoline, commuting time and costs of buying new clothes. Home-based businesses play a crucial role in the free enterprise system. These entrepreneurs contribute to the overall economy as well as the financial viability of their families. The ultimate dream of a home based business is to provide financial independence for the owner, their family and the community at large.. Some of the most widely recognized software retailers and cosmetic companies had their beginning in a garage. Companies like Apple Computer, Hewlett Packard, Dell, Microsoft, Lotus and even the cosmetic giant, Mary Kay, were initially started as home based business

Wgu Lit1 Task 2 Essay

| A sole proprietorship is easy to create; there is minimal creation cost and time.The single owner has autonomy in decision making; sole owner makes all decisions related to the business and has complete ownership of business’s finances.

The Importance of Small Enterprises in the United States

Many people want to live the “American Dream”, and what better way to do that than to start a small business. Small businesses are incredibly important to the United States economy. Small businesses have been around from the beginning of the history of the U.S. and remain a large portion of the business community today. Small businesses are the driving force for job creation. Small businesses struggle to meet regulations set in place by the government and at the same time stay afloat in the U.S. economy. There are strict size standards set in place that make small business owners weary of expanding the amount of people they employ. Small business owners also struggle with offering healthcare to their employees. Small businesses try to stay ahead by introducing new and unique products. In an ever-changing economy, it is important to understand the impact of small businesses in the United States.

Milestone 3 Case 6-1 By Susan Westerh

The individual owner is limited to personal money and loans when it comes to funding the business.

Mentor Interview

If you start your own business there are many benefits but if you do not know what you are doing, you will fail. You must have a motif, a passion and be willing to sacrifice in order to do what you have to do. Having a business has many benefits like having the ability to fluctuate your hours, building relationships, sharing your knowledge or products. But managing a business is not easy it takes a lot of hard work, dedication, and consistency. A business could make millions one year then be bankrupt the next because the economy is not always the same. You must be able to manage your money well because you must have capital to buy inventory whenever needed, while maintaining a budget to support your family, and to put money away for retirement. Because you could have one really good month but then next month could have no consumers. So your business must be your

Lit 1 Task 1

SOLE PROPRIETORSHIP: Has only one owner. Easy to start up. Some of the advantages are: owners may do whatever they want to with the business and if they want to go on vacation they can. One of the disadvantages they cannot bring in another person to help run the business. This business form is particularly common.

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The purpose of this report is to investigate the challenges of setting up a business and the difference between the major forms of business; particularly, niche markets as compared to the larger mainstream markets.

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Also, to wrap things up, trust me, heaps of people own homes however their records are a disaster area! Home proprietorship can be a quick whole deal move, on the other hand you have to perceive what you're getting

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Having a sole proprietorship has many advantages and disadvantages for PODS. Some advantages to having a sole proprietorship would be the ease and cost of formation, having more flexibility and control, able to make quick decisions, minimal legal costs, closing business distribution and use of profits (Ferrell, Hirt, and Ferrell,2014) This is a wonderful option for someone who is just starting out and wants an easier way conduct business. Sole proprietorship also can have some disadvantages such as only having access to limited funds, lack of continuity due to investors not wanting to invest their money into something that has little or no history (Ferrell, et al., 2014). Most new business owners are not able to hire employees which have the qualified skills needed to get the company up and going successfully.

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Numerous large businesses that are operating today were once started as small businesses. A new business is established to create a good or service that no other businesses have ever created or simply a product of higher quality than existing products, with the purpose of meeting customers’ needs and earning profits. Due to the technological advances at the present time, starting and operating a new business is less laborious. Nevertheless, would-be entrepreneurs should be familiar with the proper approaches to start their businesses.

The Major Sub Areas Of Finance

The advantages to the sole proprietorship are single control over the business and its decisions, easy to start up, less regulations and paperwork burden that the other types of business. The disadvantages are unlimited liability for their company debts and actions. The law does not recognize any distinctions between the owner’s business assets and personal assets. Banks are very skeptical about lending to these types business because there is only one person to hold liable for repaying the debt.

Start A Business Essay

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

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Despite being an intimidating prospect for most people, there are millions of entrepreneurs in the US. Some of them turn out to be very successful, others, not so much. There are many steps to starting and running a business, but many of them can be easily accomplished simply by filling out some forms, and several small fees.

Essay on Owning Your Own Business

All you need is money and a realistic vision. 4) Another advantage of a sole proprietorship is that you pay lower taxes. This happens because as you own your own business, the earnings are considered as the owner’s personal income. Because of this, the sole proprietor may be subject to lower taxes than other forms of businesses, such as a partnership or corporation. 5) In addition to all the other advantages listed, another advantage of owning your own business is that you, the owner determines how much you want your firm or company to grow. You decide if you want to stay a small business or expand, whether it be locally or nationally. This can be advantageous because the owner can determine whether it’s better to stay small or grow. If you’re business is successful, you may want to expand to reach more and more clients, helping you make more money and to establish your firm as a successful one. Or you might think that it might be better to stay small and local, because you might not want to take a chance because you might not want to mess with a good thing. Whatever the situation, the owner decides what suites the company.

Assignment 1: Sole Proprietorship

The biggest advantage of doing business under a sole proprietorship is that it is extremely easy to form since the individual creating the sole proprietorship is the business. They are fully responsible for all aspects of the business including making good on

Working from Home Essay

some, this can mean making a few adjustments to make the situation more tolerable. For others,

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4 Benefits of Starting a Business as a Teenager

Starting a business can be a rewarding experience at any age. As a teenager, it can teach you valuable skills that put you ahead of the pack after graduation. Statistics  show  that around 54% of young adults aged 16 to 24 are employed. That means half of the young adults aren’t working, and although this may give them valuable time to spend elsewhere, it’s time they aren’t spending on firsthand business skills. If you dream of being an  entrepreneur  and don’t want to wait, here are four benefits of being proactive.

1. Learn Financial Skills

Most schools don’t teach essential  finance skills , and many families avoid the subject altogether. Becoming financially literate at a young age is one of the most important things you can do. Building a business inevitably teaches you all kinds of  money management  abilities that are useful for you personally and professionally. If you find you have a knack for it, you can look at investing and other financial opportunities that pay off significant dividends in the long run.

2. Enhance Time Management

Time management is an essential talent that keeps you on track in all areas of your life. If you’re balancing work, school, and extra-curricular activities, you’ll need to stay  organized  and know how much time to commit to each. A key to excellent time management is getting your priorities in order. Make sure you list tasks by level of importance and estimate how long it will take you to accomplish each. Then, schedule them, so you know exactly when they will be done. 

 One great way to do this is by using a template to generate a monthly planner . This will help you get an overview of your entire month and let you place  tasks  accordingly. In addition, if you look for a customizable template, you can add sticky notes, graphics, and videos, so you have everything you need in one place.

3. Express Your Creativity

Being a teen means learning about yourself and expressing that to the world. This can often be difficult in spaces like school, but starting a business allows you to explore your interests your way. One major benefit of being your own boss is working in an area you genuinely enjoy. 

 In addition, finding your niche lets you develop  creative solutions  to gaps in the market. Whether you want to start a writing business or sell products that you create, remember to let your wildest ideas flow so you can work toward a fulfilling work life.

4. Develop Grit

One of the most reliable indicators of success is grit. Grit is the amount of  resilience  a person has and their ability to overcome problems and persist. These skills are often even more important than intelligence or knowledge because even the smartest person in the room won’t be successful without determination. Running your own business helps you become a problem-solver. It shows you how to overcome obstacles and take responsibility for your work. The skills you will learn as a young entrepreneur will be valuable for a lifetime, and that alone makes starting a business worth it.

Hopefully, the benefits listed above will inspire you to become a business leader. Many people are brought up to believe that life begins after school, but many successful business people start young. There’s no need to wait. Remember, you can start small and continue to expand as you become more comfortable. Find out how Leangap Education can help.

Jason Kenner is just a dad who loves sports and adores his kids, who's trying to be a good parent. The thing he realized as he started researching challenges he was facing with his own children, is there are a lot of similarities between sports and parenting. So with On-Par Parent, he'll share his best advice about both, but he won't pretend to be a pro in either. And he promises to go easy on the sports puns!

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Transformations That Work

• Michael Mankins
• Patrick Litre

More than a third of large organizations have some type of transformation program underway at any given time, and many launch one major change initiative after another. Though they kick off with a lot of fanfare, most of these efforts fail to deliver. Only 12% produce lasting results, and that figure hasn’t budged in the past two decades, despite everything we’ve learned over the years about how to lead change.

Clearly, businesses need a new model for transformation. In this article the authors present one based on research with dozens of leading companies that have defied the odds, such as Ford, Dell, Amgen, T-Mobile, Adobe, and Virgin Australia. The successful programs, the authors found, employed six critical practices: treating transformation as a continuous process; building it into the company’s operating rhythm; explicitly managing organizational energy; using aspirations, not benchmarks, to set goals; driving change from the middle of the organization out; and tapping significant external capital to fund the effort from the start.

Lessons from companies that are defying the odds

Idea in Brief

The problem.

Although companies frequently engage in transformation initiatives, few are actually transformative. Research indicates that only 12% of major change programs produce lasting results.

Why It Happens

Leaders are increasingly content with incremental improvements. As a result, they experience fewer outright failures but equally fewer real transformations.

The Solution

To deliver, change programs must treat transformation as a continuous process, build it into the company’s operating rhythm, explicitly manage organizational energy, state aspirations rather than set targets, drive change from the middle out, and be funded by serious capital investments.

Nearly every major corporation has embarked on some sort of transformation in recent years. By our estimates, at any given time more than a third of large organizations have a transformation program underway. When asked, roughly 50% of CEOs we’ve interviewed report that their company has undertaken two or more major change efforts within the past five years, with nearly 20% reporting three or more.

• Michael Mankins is a leader in Bain’s Organization and Strategy practices and is a partner based in Austin, Texas. He is a coauthor of Time, Talent, Energy: Overcome Organizational Drag and Unleash Your Team’s Productive Power (Harvard Business Review Press, 2017).
• PL Patrick Litre leads Bain’s Global Transformation and Change practice and is a partner based in Atlanta.

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More From Forbes

Beyond The 9-To-5: Exploring The Real Benefits Of Side Hustles

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These days, the traditional 9-to-5 job is often not enough to meet the financial, professional, and personal aspirations of many people. As a result, side hustles are becoming increasingly popular. Not only do they provide a financial cushion, but they also offer numerous other benefits that can enhance your career and life.

Let’s explore the real benefits of side hustles and why venturing beyond the typical 9-to-5 can be a rewarding endeavor.

Financial Freedom and Security

The most obvious benefit of having a side hustle is to make more money . In an era of rising living costs and economic uncertainty, extra earnings can help cover daily expenses, pay off debt, or increase savings. This financial buffer can bring you peace of mind and reduce stress, allowing you to enjoy a better quality of life without constantly worrying about money.

Skill Development and Diversification

Side hustles provide a unique opportunity to develop new skills or hone existing ones in a real-world setting. Whether it's learning digital marketing for an online business, practicing public speaking through a coaching service, or mastering coding for freelance projects, these skills can make you more versatile and attractive in the job market.

Diversifying your skill set can open up new career paths and opportunities that may not be available through your primary job alone.

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Packers complete safety overhaul with georgia’s javon bullard, sopranos star on james gandolfini s caring reaction to her ms diagnosis, networking and professional opportunities.

Engaging in side hustles can significantly expand your professional network. You’ll meet clients, collaborators, and mentors from various fields and backgrounds. These connections can lead to new opportunities, partnerships, or even offers of employment.

Networking through side hustles often leads to unexpected doors opening, providing you with growth opportunities that you might not have encountered otherwise.

Testing Entrepreneurial Waters

For aspiring entrepreneurs, side hustles serve as a low-risk testing ground for business ideas and concepts. It allows you to experiment with business models, marketing strategies, and other aspects of running a business without quitting your day job. This can be an invaluable learning experience, giving you insights into what does and doesn’t work, thus better preparing you if you decide to go full-time into entrepreneurship.

Personal Fulfillment and Passion Projects

Many people choose side hustles that align with their passions or interests, which can lead to greater personal fulfillment. Working on something you are passionate about can be incredibly rewarding and can counteract feelings of burnout from your day job.

The success of a passion-driven side hustle can boost your confidence and overall happiness, contributing positively to your mental health.

Work-Life Balance and Flexibility

Unlike traditional jobs, most side hustles offer flexible schedules that can be tailored to fit around your lifestyle and commitments. This flexibility allows you to control how much time you devote to your side hustle and when you do it. For parents, students, or those with demanding careers, this can mean the difference between earning extra income and not being able to do so at all.

The rise of side hustles is more than just a trend; it's a reflection of the changing dynamics in the workforce and a shift towards more flexible and diversified career paths. From financial benefits to professional development and personal satisfaction, the advantages of having a side hustle are manifold.

The bottom line is as you continue to navigate through economic fluctuations and changing job markets, side hustles not only offer a viable financial backup but also a rewarding avenue for growth and self-expression. Whether you're looking to ease financial stress, explore new career possibilities, or pursue your passions, a side hustle can provide the resources and opportunities to achieve your goals.

Melissa Houston, CPA is the author of Cash Confident: An Entrepreneur’s Guide to Creating a Profitable Business and the founder of She Means Profit . As a Business Strategist for small business owners, Melissa helps women making mid-career shifts, to launch their dream businesses, and I also guide established business owners to grow their businesses to more profitably.

The opinions expressed in this article are not intended to

replace any professional or expert accounting and/or tax advice whatsoever.

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The US is now allowed to seize Russian state assets. How would that work?

Calling it “a good day for world peace,” President Joe Biden signed into law the $95 billion war aid measure that includes assistance for Ukraine, Israel, Taiwan and other allies, marking an end to the long, painful battle with Republicans in Congress.

President Joe Biden speaks before signing a $95 billion Ukraine aid package that also includes support for Israel, Taiwan, and other allies, in the State Dining Room of the White House, Wednesday, April 24, 2024, in Washington. (AP Photo/Evan Vucci)

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White House national security adviser Jake Sullivan speaks during a press briefing at the White House, Wednesday, April 24, 2024, in Washington. (AP Photo/Evan Vucci)

WASHINGTON (AP) — The big U.S. aid package for Ukraine and other allies that President Joe Biden signed Wednesday also allows the administration to seize Russian state assets located in the U.S. and use them for the benefit of Kyiv.

That could mean another $5 billion in assistance for Ukraine, coming from Russian Central Bank holdings that have already been frozen in the United States. The seizures would be carried out under provisions of the REPO Act, short for the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act, that were incorporated into the aid bill.

But it’s not likely the U.S. will seize the assets without agreement from other members of the Group of Seven nations and the European Union.

WHAT IS THE DIFFERENCE BETWEEN FREEZING AND SEIZING?

The U.S. and its allies immediately froze $300 billion in Russian foreign holdings at the start of Moscow’s invasion of Ukraine. That money has been sitting untapped — most of it in European Union nations — as the war grinds on. But roughly $5 billion of it is located in the U.S.

The frozen assets are immobilized and can’t be accessed by Moscow — but they still belong to Russia. While governments can generally freeze property without difficulty, turning that property into forfeited assets that can be sold for the benefit of Ukraine requires an extra layer of judicial procedure, including a legal basis and adjudication in a court.

For more than a year, officials from multiple countries have debated the legality of confiscating the money and sending it to Ukraine.

HOW QUICKLY COULD THIS HAPPEN?

The new U.S. law requires the president and Treasury Department to start locating Russian assets in the U.S. within 90 days and to report back to Congress within 180 days. A month after that period, the president will be allowed to “seize, confiscate, transfer, or vest” any Russian state sovereign assets, including any interest, within U.S. jurisdictions.

But the U.S. wants to keep consulting with global allies and act together, which is likely to slow down the process.

National security adviser Jake Sullivan said Wednesday the issue would be an important topic when leaders of the G7 countries meet in Italy in June, adding that “the ideal is that we all move together.”

WHAT CAN THE US DO WITH THE MONEY?

Biden is given leeway to determine how the money can be spent for the benefit of Ukraine — but he must confer with other G7 members before acting.

The legislation states that “any effort by the United States to confiscate and repurpose Russian sovereign assets” should be done alongside international allies, including the G7, the 27-member European Union and other nations as part of a coordinated effort.

Policymakers, including Treasury Secretary Janet Yellen, have said the U.S. is not likely to act without the support of G7 allies.

Yellen said after the passage of the bill that “Congress took an important step in that effort with the passage of the REPO Act, and I will continue intensive discussions with our G7 partners in the weeks ahead on a collective path forward,” Yellen said.

WILL EUROPE ALSO SEIZE RUSSIAN ASSETS?

The European Union already has begun to set aside windfall profits generated from frozen Russian central bank assets. The bloc estimates the interest on that money could provide around 3 billion euros ($3.3 billion) each year.

“The Russians will not be very happy. The amount of money, 3 billion per year, is not extraordinary, but it is not negligible,” EU foreign policy chief Josep Borrell told reporters in March .

Still, some European leaders have expressed hesitation about moving forward with a plan to formally seize Russia’s assets in Europe.

European Central Bank President Christine Lagarde said at a Council on Foreign Relations event earlier this month that confiscating Russian assets “is something that needs to be looked at very carefully” and could “start breaking the international legal order.”

WHAT ARE THE RISKS?

Critics of the REPO Act say the weaponization of global finance against Russia could harm the U.S. dollar’s standing as the world’s dominant currency.

To confiscate Russia’s assets could prompt nations like China — the biggest holder of U.S. Treasuries — to determine it is not safe to keep their reserves in U.S. dollars.

The conservative Heritage Foundation has criticized Russian asset seizure for, among other things, undermining the dollar-denominated global finance system, saying “it would expose an already fragile economy to unintended consequences and risks for which the United States is unprepared.”

Russian authorities have warned that the new law will undermine the global financial system.

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The following outline provides a high-level overview of the FTC’s proposed final rule :

• Specifically, the final rule provides that it is an unfair method of competition—and therefore a violation of Section 5 of the FTC Act—for employers to enter into noncompetes with workers after the effective date.
• Fewer than 1% of workers are estimated to be senior executives under the final rule.
• Specifically, the final rule defines the term “senior executive” to refer to workers earning more than $151,164 annually who are in a “policy-making position.”
• Reduced health care costs: $74-$194 billion in reduced spending on physician services over the next decade.
• New business formation: 2.7% increase in the rate of new firm formation, resulting in over 8,500 additional new businesses created each year.
• This reflects an estimated increase of about 3,000 to 5,000 new patents in the first year noncompetes are banned, rising to about 30,000-53,000 in the tenth year.
• This represents an estimated increase of 11-19% annually over a ten-year period.
• The average worker’s earnings will rise an estimated extra $524 per year. 

The Federal Trade Commission develops policy initiatives on issues that affect competition, consumers, and the U.S. economy. The FTC will never demand money, make threats, tell you to transfer money, or promise you a prize. Follow the  FTC on social media , read  consumer alerts  and the  business blog , and  sign up to get the latest FTC news and alerts .

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