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So You Want to Be an Entrepreneur?
- Emily Heyward
One founder’s advice on what you should know before you quit your day job.
Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.
When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.
- EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc. magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.
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- Building Your Business
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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.
svetikd / Getty Images
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 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.
Don’t Skip: How to Start a Business from Scratch (Step-By-Step Process)
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 courses. 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 for $1, 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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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, you can’t afford to leave anything to chance. Consider investing in a business plan builder software and performance dashboard solution like LivePlan to stay on top of your business and avoid unnecessary issues.
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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50 Reasons to Start Your Own Business If you're considering becoming an entrepreneur, don't forget all the benefits that go along with it.
Edited by Dan Bova Feb 23, 2015
Some people are destined to be entrepreneurs. From the time they get through school, or maybe even before that, they're hungry to start a business and lead it to success, and they'll stop at nothing to make that dream a reality .
Related: 3 Steps to Eliminating the Barriers to Becoming Self-Sufficient
For others, starting a business is a scary, intimidating notion . There are too many unknowns to take the plunge. But if you're considering becoming an entrepreneur, don't forget all the benefits that go along with it:
1. Flexibility. Work your own hours.
2. More spare time (eventually). Spend more time with your family and friends. But note : This is only applicable once your business is established and you have employees handling the majority of necessary responsibilities. Don't expect to have more spare time until you reach this point. In fact, expect to have much less.
3. Call the shots. Nobody else is going to set the rules. You are.
4. Set your own deadlines. No more last-minute rushing unless you want to do it.
5. Sell how you want to sell. Online? In person? Inbound? Outbound? It's your call.
6. Create your own environment. You can set the formality and culture of your organization.
7. Pursue your passion. You can do what makes you happy.
8. Create something from scratch. Watch your organization grow from start to finish.
9. Meet new people. Network with other entrepreneurs and professionals.
10. Build a team. You decide who to hire and bring into your company.
11. Create jobs. Improve the economy with new job opportunities.
12. Help people. Use products and services to improve people's lives.
13. Become an expert. Learn the ropes of your industry through first-hand experience.
14. Invest in yourself. You take the risk, and you'll gain the rewards.
15. Make more money. If you want a pay raise, you can give yourself one.
16. Financial independence. No one else is signing your paychecks.
17. Tax benefits. Write off your biggest expenses Note: while you do get to write off lots of expenses as an entrepreneur, beware the " self employment tax ."
18. New challenges every day. Find new ways to stimulate your mind.
19. Get exposed to new cultures. Discover new perspectives and approaches.
20. Discover new fields. Delve deeper into your industry.
21. Create an asset. Give yourself something sellable to hedge your bets.
22. Connect with your clients. Forge real, personal connections.
23. Delegate boring tasks. Don't do anything you don't want to.
24. You can stop working. Work you enjoy doing can't be described as "work."
25. The power to give. Have the power and flexibility to donate time or money to worthy causes.
Related: The 8-Step Battle Plan to Succeed as an Entrepreneur
26. Get involved in the community. Participate actively in your neighborhood and region.
27. Improve your industry. Push your industry forward with new innovations and ideas.
28. Get a mentor. Meet valuable, insightful mentors and learn from them.
29. Become a mentor. Take your own knowledge and experience, and mentor someone else.
30. Learn new skills. Branch out in new departments.
31. Attend new classes and seminars. Constantly refine your skillset and stay updated.
32. Have a big office. If you want the biggest office in your workplace, it's yours.
33. Work from anywhere. Work from home, an office or a beach if you so choose.
34. Have the option for multiple ventures. Start another business when you're done with this one.
35. Gain entrepreneurial experience. Being an entrepreneur makes you a better professional in almost any position.
36. Get recognized. Start earning name recognition and build a reputation.
37. Get things done faster. Set your own efficiency rates.
38. Build a personal brand. Take the time to develop your personal brand, and tie it into your business's.
39. Get more creative. Create your own opportunities and your own solutions.
40. Inspire others. Serve as an example for other people to follow their dreams.
41. Reduce your commute. Find an office space closer to your home.
42. Have more job stability. Never worry about being laid off or fired.
43. Find pride and fulfillment. Finally start taking pride in the work you're doing.
44. Reach your dreams. If you've ever dreamed of being wildly successful, this is your chance.
45. Learn to embrace failure. Even if you fail, you'll walk away with new skills and more experience you never had before.
46. Have a great story to tell. It will be a fun story for your grandchildren one day, win or lose.
47. Leave something behind. Pass the business down to your children and grandchildren.
48. Change the world. It may seem like a lofty goal for you right now, but your business really could change the world.
49. Resources are plentiful. With the dominance of the Internet, it's easier than ever to find resources you need, including startup capital, loans, grants and even mentors.
50. There's nothing stopping you. What's really keeping you from being an entrepreneur? Of course there are risks, but there's nothing forcing you not to take them .
If you want to become an entrepreneur, there's nothing really holding you back. Take the leap, and lead the company you've always wanted.
If you decide to take the leap, be sure to grab my ebook to help with your growth, The Definitive Guide to Marketing Your Business Online .
Related: 10 Reasons Why 2015 Will Be the Year to Start Your Business
Want to be an Entrepreneur Leadership Network contributor? Apply now to join.
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How to Start a Business Essay: Full Explanation with an Example
Starting a business is like setting off on a wild adventure. It's thrilling, full of ups and downs, and it's up to you where you want to go. But let's face it: it's also confusing! With so much to think about, it's easy to feel lost. That's where this essay comes in. We're here to break it all down for you, giving you the lowdown on turning your business dreams into a solid action plan. So, grab a cup of coffee and get ready to dive in!
What Is a Business Essay?
An essay on business is a written composition that explores various aspects of the business world, ranging from theoretical concepts to practical applications. Typically, it analyzes specific topics within the realm of business, such as management practices, marketing strategies, financial analysis, or entrepreneurship. Business essays often provide insights, arguments, and recommendations supported by research, data, and real-world examples. They aim to inform, persuade, or educate readers about key issues, trends, or challenges in the business environment, fostering a deeper understanding of the subject matter and stimulating critical thinking. Our business essay writing service supports such types of assignments, so if you need help – feel free to request a quote.
What Is a Startup Business Concept?
A startup business concept is essentially the seed from which an entire venture grows. The initial spark of inspiration sets the foundation for everything that follows. This concept typically arises from identifying a gap or inefficiency in the market or recognizing an unmet need or problem potential customers face. Entrepreneurs then conceptualize innovative solutions to address these challenges, whether a new product, service, or approach.
The concept defines the startup's unique value proposition, outlining what makes it stand out in a crowded marketplace. For example, a startup concept might involve developing a mobile app to streamline a tedious process, creating a sustainable alternative to an existing product, or offering a niche service tailored to a specific audience.
Once a startup concept is formulated, it undergoes refinement and validation through market research, feasibility studies, and prototyping. This stage involves gathering feedback from potential customers, testing assumptions, and assessing the concept's viability in the real world. Entrepreneurs analyze market trends, competitive landscape, and consumer preferences to fine-tune their concept and ensure it aligns with market demand.
Additionally, they evaluate the concept's scalability and potential for growth, considering factors such as market size, revenue potential, and scalability. Through this iterative process, the startup concept evolves into a robust business model that serves as the blueprint for the startup's operations, guiding decisions related to product development, marketing strategy, and resource allocation.
How to Start a Business Essay?
Starting a business involves several key steps. Firstly, it's essential to identify a viable business idea that aligns with your passion, expertise, and market demand. Research your target market, competitors, and industry trends to refine your concept. Once you have a solid idea, develop a comprehensive business plan outlining your goals, strategies, and financial projections. This plan will serve as a roadmap for your venture and help secure funding or investment.
Next, you'll need to choose a legal structure for your business, such as a sole proprietorship, partnership, corporation, or LLC. Register your business name and obtain any necessary licenses or permits. Set up your business finances, including opening a business bank account and obtaining any required insurance. Finally, develop a marketing strategy to promote your products or services and attract customers. Building a strong online presence, networking with other businesses, and utilizing social media can all be effective marketing tactics. With careful planning and execution, you'll be well on your way to launching a successful business. Now, let’s review a basic business essay outline:
Introduction
- Grab the reader's attention with an interesting fact, quote, or anecdote related to the topic.
- Provide context and background information on the topic.
- State the main argument or purpose of the essay.
Body Paragraphs
- Paragraph 1: Describe the current business landscape, including trends, challenges, and opportunities.
- Paragraph 2: Discuss the significance of developing a comprehensive business plan for startups and established businesses.
- Paragraph 3: Outline the essential components of a business plan, such as market analysis, competitive analysis, marketing strategy, operations plan, and financial projections.
- Paragraph 4: Explore different sources of funding available to entrepreneurs, including bootstrapping, loans, venture capital, and crowdfunding.
- Paragraph 5: Discuss effective marketing strategies for promoting products or services, building brand awareness, and attracting customers.
- Paragraph 6: Highlight the significance of delivering exceptional customer service and building strong relationships with customers.
- Paragraph 7: Emphasize the importance of adaptability and innovation in responding to market changes and staying competitive.
- Summarize the main argument or purpose of the essay.
- Review the main points discussed in the body paragraphs.
- Leave the reader with a thought-provoking idea, question, or call to action related to the topic.
Business Paper Format
The business essay format typically follows a structured outline, including the following sections:
- This page includes the paper's title, your name, the name of your institution (if applicable), and the date.
- A brief summary of the paper's main points, usually around 150-250 words, providing an overview of the topic, purpose, methodology (if applicable), and key findings or conclusions.
- This section introduces the paper's topic, provides background information, and states the purpose or objective of the study.
Literature Review
- A review of relevant literature and research on the topic, highlighting existing theories, studies, and findings related to your research question or problem statement.
Methodology
- If applicable, this section outlines the research methods and techniques used to collect and analyze data, including any tools, procedures, or sampling techniques.
- Presentation of the findings or results of your study, often including tables, charts, or graphs to illustrate data and statistics.
- Interpretation and analysis of the results, discussing their significance, implications, limitations, and relevance to the research question or problem statement.
- A summary of the paper's main findings and key points, restating the purpose and significance of the study, and offering recommendations for future research or practical applications.
- A list of sources cited in the paper, formatted according to a specific citation style (e.g., APA, MLA, Chicago).
- Optional supplementary materials include additional data tables, survey instruments, or detailed methodology descriptions.
How to Write an Introduction for a Business Essay?
Writing an introduction for a business essay requires capturing the reader's interest while setting the stage for the topic you'll be discussing. Here's a guide to crafting an effective introduction:
Start with a Hook
- Begin with an attention-grabbing opening sentence to pique the reader's curiosity.
- This could be a surprising fact, a compelling statistic, a thought-provoking question, or a relevant quote from a business leader or expert.
Provide Context
- After the hook, provide a brief overview of the topic you'll address in the essay.
- Give the reader some background information to understand the significance and relevance of the subject matter.
- Explain why the topic is important and matters in the business world.
State Your Thesis
- End the introduction with a clear and concise thesis statement that outlines your essay's main argument or purpose.
- This statement should provide a roadmap for what the reader can expect to learn or discover in the essay.
- Make sure your thesis is specific, debatable, and supported by evidence you'll present in the body paragraphs.
Transition to the Body
- Use the end of the introduction to transition smoothly into the essay's main body.
- Briefly preview the key points or arguments you'll discuss in the subsequent paragraphs to give the reader an idea of what's to come.
How to Write a Business Essay?
Let's kick things off with a solid step-by-step guide that sets the stage. We're about to dish out some awesome business essay writing tips to make your essay shine like a beacon in a sea of words. So, buckle up, grab your pen (or keyboard), and let's get started on crafting an introduction that'll hook your reader from the get-go!
Understand the Business Assignment
Take the time to carefully read and understand the assignment prompt or guidelines provided by your instructor. Pay attention to any specific requirements, such as the length of the essay, formatting style, or particular topics to address. If you have any questions or uncertainties about starting a business essay, don't hesitate to seek clarification from your instructor to ensure you're on the right track before you begin researching and writing.
Research and Gather Information
Start your research by consulting various credible sources relevant to your topic. Utilize academic journals, books, reputable websites, and industry reports to gather information and evidence to support your arguments. Take detailed notes while conducting your research, recording key ideas, quotes, statistics, and their corresponding sources. Keep track of your sources to facilitate proper citation later on. Consider how you will engage readers in the business essay introduction – an anecdote, interesting quote, or relevant statistics.
Outline Your Essay
Create an outline for your how to start a business essay to organize your thoughts and structure your essay. Begin by outlining the main sections of your essay, such as the introduction, body paragraphs, and conclusion. Within each section, outline the main points you want to cover and the supporting evidence you'll use to support your arguments. Consider the logical flow of information and how each section relates to the overall thesis of your essay. Your outline serves as a roadmap for writing your essay and helps maintain coherence and clarity.
Write the Essay
With your outline in hand, start drafting your essay. Begin with a strong introduction that provides context for your topic, grabs the reader's attention, and clearly states your thesis or main argument. In the body paragraphs, develop each main point outlined in your outline, providing evidence, examples, and analysis to support your arguments. Ensure you cite your sources accurately and consistently throughout the essay according to the chosen citation style. Conclude your essay by summarizing the main points discussed in the body paragraphs and reinforcing the significance of your thesis. Leave the reader with a memorable closing thought or call to action related to the topic.
Revise and Edit
After writing a business essay, take the time to revise and edit it thoroughly. Review your essay for clarity, coherence, and logical flow of ideas. Check for grammar, punctuation, spelling errors, and any inconsistencies or gaps in your argumentation. Consider your essay's overall structure and organization, making adjustments as needed to improve readability and coherence. Seek feedback from peers, tutors, or instructors to gain fresh perspectives and identify areas for improvement. Make revisions based on the feedback received, and refine your essay until you are satisfied with the final draft. Finally, proofread your essay one last time to ensure it meets all the requirements and is ready to be submitted.
Startup Business Ideas
- A meal prep delivery service.
- An online marketplace for handmade goods.
- Mobile car wash and detailing.
- Virtual tutoring platform.
- Dog walking app.
- Farm-to-table food delivery.
- Outdoor gear rental.
- Virtual event planning.
- Home repair matchmaking.
- Maternity wear rental.
- On-site beauty services.
- Freelance photography booking.
- DIY crafting workshops.
- Mobile bike repair.
- Sustainable flower delivery.
- Virtual fitness training.
- Plant-based meal kits.
- Urban parking rental.
- Houseplant subscription.
- Fresh produce delivery.
- Mobile car maintenance.
- Gift concierge service.
- Virtual cooking classes.
- Errand running assistance.
Business Essay Topics
- Social media marketing's impact on small businesses.
- Improving employee engagement strategies.
- E-commerce: Challenges and opportunities.
- Customer relationship management success.
- Sustainable business practices and benefits.
- The gig economy: Pros versus cons.
- Workplace diversity and inclusion.
- Technology's influence on operations.
- Managing remote teams effectively.
- Corporate social responsibility in ethics.
- Entrepreneurship: Challenges and successes.
- Globalization's impact on SMEs.
- Leadership in organizational change.
- Workplace wellness programs.
- Business ethics in the digital age.
- The power of branding: Identity creation.
- Crisis management strategies for resilience.
- Efficient and sustainable supply chain management.
- Future of work: Trends and implications.
- Business innovation: Creativity and adaptation.
- Financial management for small businesses.
- Data privacy and security.
- Effective time management strategies.
- Emotional intelligence in leadership.
- Company culture: Retention and satisfaction.
Do’s and Don’ts of Business Essay Writing
There are certain rules for writing a business essay that you must follow and particular don’t-do-this issues that you should avoid.
- Clearly understand the essay prompt and adhere to any guidelines provided.
- Conduct thorough research using credible sources to support your arguments.
- Create a well-organized outline to structure your essay effectively.
- Craft a strong introduction that grabs the reader's attention and states your thesis clearly.
- Provide evidence and examples to support your arguments, using proper citations.
- Maintain a formal and professional tone throughout the essay.
- Use clear and concise language, avoiding jargon or overly complex terminology.
- Proofread your essay carefully to eliminate errors in grammar, punctuation, and spelling.
- Conclude your essay by summarizing key points and restating your thesis.
Don'ts:
- Don't plagiarize or use someone else's work without proper attribution.
- Avoid going off-topic or including irrelevant information in your essay.
- Don't rely solely on personal opinion; support your arguments with evidence and analysis.
- Avoid using informal language or slang in your writing.
- Don't rush through the writing process; take the time to revise and edit your essay thoroughly.
- Avoid making unsupported claims or assertions without evidence to back them up.
- Don't forget to cite your sources properly according to the chosen citation style.
- Avoid overloading your essay with too much information; focus on quality over quantity.
- Don't neglect the importance of formatting and presentation; ensure your essay is well-structured and visually appealing.
Business Essay Example
Here’s an example of a business essay that will be an excellent source of inspiration and formatting hints. If you want a new paper of similar quality, feel free to leave a quote.
Business essays serve as invaluable learning tools for students, providing them with a platform to apply theoretical concepts to real-world scenarios and develop essential skills for success in the business world. Students hone their critical thinking, problem-solving, and communication abilities by learning how to set up an essay , research topics, analyze facts, and write eloquently about various business topics. Business essays also encourage students to stay updated on current trends and developments in the business landscape, fostering a deeper understanding of industry dynamics and challenges. Moreover, writing business essays cultivates students' ability to formulate well-reasoned arguments, articulate their ideas effectively, and present information in a structured and persuasive manner, all of which are crucial competencies in professional settings.
Frequently asked questions
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Don't Sell Yourself Short
By Manya Whitaker
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One of the joys of being a scholar in an applied field like psychology or education is the ability to work on the ground with “real people.” In other words, as an educational developmental psychologist, my work happens to easily skip out of the Ivory Tower. Though I am trained as a developmental psychologist, my research is situated firmly within education. Largely construed, I investigate the sociocontextual factors that affect low-income students’ academic achievement. More simply put, I work with teachers, admin, and families to improve academic outcomes for marginalized students. For many years, this took the form of teacher in-service workshops focused on parental involvement. Because schools serving underrepresented demographics struggle with facilitating meaningful parental participation in children’s schooling, I help them figure out how to access, communicate with, and engage “hard-to-reach” parents.
As an off shoot of that work, I was often asked to hold workshops at small conferences or to sometimes attend open houses and speak to parents. Once word got out that a young Black woman was working with families in urban schools, I received more requests to give keynote addresses, tutor, or come speak to first generation hopefuls at area high schools. I ended up spending so much of my free time doing such things, I had no choice but to cut way back. But, in cutting back I realized how much I missed engaging with people in ways that affect immediate change. There is something special about sitting in a family’s home, at their kitchen table, speaking with the very people who constitute the “subject” of your research. I enjoyed hearing their stories and brainstorming ways to help their children. I liked being an advocate for families who may not have the time, energy, or information to effectively advocate for themselves.
While talking to a good friend who has much more of an entrepreneurial mind than me, it dawned on me that I could start an educational consulting business. Like a good researcher, I did some investigation into what it meant to run a small business. I spoke with my father who has successfully run his own small business for over a decade. I spoke to friends with all kinds of businesses in varying stages of businessdom. While the initial work seemed intense, the service itself was no more work than I’d been doing for free. And as my father always says “don’t sell yourself short”…so I decided not to.
Before I got into the nitty gritty of starting my business, I paused to consider the implications for my full-time career as a tenure track professor. Was this even ethical? Was I violating some implicit agreement between myself and the Academy? Did my knowledge and skills belong solely to the institution and its concomitants? No, surely not. That’s absurd….right?
The fact that I paused to think about this quandary more than once speaks to the ways in which academics are inculcated into academia in a sometimes unhealthy manner. I’m not sure what it is about graduate school that makes one’s intellectual property feel like the property of others. It might be the fact your advisor or committee has so much control over what you actually produce, that it indeed feels as though your words aren’t your own. Or maybe it’s the publish or perish mantra that really means “ it is your duty and obligation to publicly share your thoughts for the good of the public .” I find it odd that in other professions, people are paid well for the knowledge and skills they spend years acquiring and refining. But academics are expected to share their assets solely for the glory and grandeur of it? Yes, tenure is a huge benefit that is often directly correlated with the amount and quality of one’s scholarly contributions; however, other professions have this too. They call it a “promotion” or a “raise.”
Getting Started
I decided that I, too, deserved a promotion and a bonus for all the extra work I do to translate my research into practice. I therefore brainstormed company names (of course that was my first task—it was by far the most fun), chose colors, hired an artist to create a logo, and filed my business as an S-corporation with the federal and state government. Then the school year started.
Being realistic, I knew that starting a small business in August was not the best timeline. I knew once school started my efforts would be 100% devoted to a successful first year on the tenure-track. I made plans to reengage with my business in June of the following year, and I did just that. This past June, I conducted market research on types of services, prices, and timelines of most interest to my target demographic. I also asked them about the possibility of utilizing consulting services via social media and other popular forms of technology in lieu of face-to-face interactions. I was surprised to see that most participants in my pseudo-study were more concerned with the price of services than the mechanism through which they would be delivered.
After creating a list of services and running my pricing models by other entrepreneurs in similar fields, I created marketing materials. Besides business cards, I also ordered rack cards, folders with my logo on them, and printed a “menu” of services with accompanying fees. I considered creating a Facebook page, but that didn’t seem like it would be worth my time and effort. If I know anything about education, I know that information spreads through word of mouth, not written materials. To help spread the word about my business, I did two things: the first was becoming an affiliate member with the gym where I am a member. The second was offering a 20% referral bonus. The latter is how I secured clients 2 and 3. I considered advertising my services in the newspapers of the local colleges, but the cost would offset the potential financial gain, so I decided against it.
I’ve been in business a few short months, but so far it’s going well. The academic year started a few weeks ago and I admit that it’s tough coming home from a full-time job to do more work. But it is very much worth it. My clients are extremely appreciative and more than willing to refer me to their family and friends. That’s more than can be said of the outcomes of publishing in academia.
For the professors who think that maybe they too want to start a business, I have a few bits of advice:
- Be clear in why you want to start a business. Writing a mission statement should be one of the first things you do. I referred to the Small Business Administration for help in creating a business plan, deciding my business structure, and learning about the legalities of owning a business.
- Research your market. Ask them what services are of interest, how much they would be willing to pay, and any other information necessary to execute your idea.
- Apply for grants to help fund your business. There are dozens of grants for women and people of color specifically for small business owners.
- Similarly, make a budget. And make sure your budget includes the taxes you pay on your earnings. This will also help you decide appropriate price points for your services/products.
- Be realistic in your timeline for development and growth. Starting a business takes a lot of time and thought. Decide if this is the appropriate time in your life to start such an important endeavor. Once you have clients, it is unlikely they will care as much about your tenure clock as you.
- Start small. Offer your services/products for free or at a reduced cost for a while. Then, have those clients write reviews and help spread the word about your business.
- Grow slowly. As you gain clients, it will be tempting to hire more people to help you meet the demand; however, remember that like being a professor, owning a business is a learning process. Consider the pros and cons of having employees and/or business partners. Always refer back to your mission statement as your guiding rule.
- Continue to improve your product. It is not only articles that benefit from a good R&R (revise & resubmit).
To other professors for whom owning a business is not desirable, I encourage you to find other ways to utilize your talents. Perhaps you could write a blog, or better yet, children’s books! Perhaps you can volunteer in community organizations providing services to those who will not get to meet you within the economically discriminatory walls of academia. Or perhaps you can just talk to whomever you please about whatever you please, without the pressure of “perishing” after the conversation. The knowledge is yours to do with what you choose.
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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.
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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.
Writing Business Essays Doesn’t Work for You?
Here’s an alternative – an expert writer with relevant experience and proper skills.
How Many Paragraphs Does a Business Essay Have?
What is the most important part of a business essay, how do you start off a business essay.
Annie Lambert
specializes in creating authoritative content on marketing, business, and finance, with a versatile ability to handle any essay type and dissertations. With a Master’s degree in Business Administration and a passion for social issues, her writing not only educates but also inspires action. On EssayPro blog, Annie delivers detailed guides and thought-provoking discussions on pressing economic and social topics. When not writing, she’s a guest speaker at various business seminars.
is an expert in nursing and healthcare, with a strong background in history, law, and literature. Holding advanced degrees in nursing and public health, his analytical approach and comprehensive knowledge help students navigate complex topics. On EssayPro blog, Adam provides insightful articles on everything from historical analysis to the intricacies of healthcare policies. In his downtime, he enjoys historical documentaries and volunteering at local clinics.
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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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
While there are plenty of reasons entrepreneurs love owning a small business, it isn't all glamorous. Weigh the pros and cons of entrepreneurship before launching your business.
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 percent 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 more than 33 million small businesses in the U.S., which accounts for 99.9 percent 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; eventually, though, 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.
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 it 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; if you aren’t properly prepared, you may experience a decrease in the quality of what you’re offering. This 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.
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 a low-cost business idea or explore alternative financing options . You should also test your business idea before fully launching to ensure its viability.
Tejas Vemparala and Chad Brooks contributed to this article.
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Entrepreneurship: Making a Business Plan
- To find inspiration for your paper and overcome writer’s block
- As a source of information (ensure proper referencing)
- As a template for you assignment
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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Top 10 Reasons to Run Your Own Business
Ten reasons why 2011 should be the year you finally start your own business.
There must be some reason why some 600,000 new businesses are founded each year, right? Well, based on an informal survey conducted by Inc.com, there are plenty of good reasons to run your own small business. Nearly 500 (462 to be exact) small business owners responded to the survey in which they were asked to name some of the reasons why they prefer to own their own small business as opposed to working as an employee for a larger company. What follows is a list of the 10 most common responses along with thoughts from some of the entrepreneurs who sent them (along with thanks to everyone who participated). 1. You Control Your Own Destiny Many entrepreneurs consider themselves "Type-A" personalities, folks that like to take control and make decisions. In other words, owning a business saves them from having to work for anyone else. "One reason to own a small business is the ability to direct the culture of your company," says Kasey Gahler, a certified financial planner in Austin who left a big company to start his own business Gahler Financial three years ago. "When you're in the driver's seat, you are making the decisions on how best to steer your company into the future. This might be overwhelming for some and one must know when and how best to delegate. However, when you are able to make your own decisions about how best to operate day-to-day, this leads to creating a culture, a brand and an organization."
2. You Can Find Your Own Work/Life Balance One of the most oft-cited benefits of owning your own business is the flexibility that comes with it, whether that be working from wherever you want, setting your own hours, wearing a nightgown or even sitting next to your pet while you work. "I get to carry a knife, drive a pickup truck and hang out with my dog a lot more – what can be better than that?" says David Winters, who owns a mobile screen repair business called Screenmobile in Charlotte, North Carolina. Just as important, entrepreneurs say that owning their own business lets them set their priorities. "I make my own schedule, allowing me to spend time with the most important purpose in my life and the inspiration behind my company--my son, Zachary," says Yamile Jackson, whose company, Nurtured by Design , makes ergonomically designed products for babies and toddlers. "He went from having such a traumatic experience at birth (weighing less than two pounds and losing power to his life support equipment) that his story was featured in the TNT movie 14:Hours. He is now my company's CIO (Chief Inspirational Officer) and my healthy 9-year-old boy."
Dig Deeper: 10 Ways to Improve Your Work-Life Balance 3. You Choose the People You Work With When you work for someone else, you rarely get to choose whom you work with. If you don't like your co-workers you'd better start sending our resumes. That's not the case when you own your own business, since you get to make the decisions about who to hire (and fire). "Over the years, I've hired dozens of personal friends, family members and former business colleagues to work with me in different capacities," says serial entrepreneur Christine Clifford, whose Eden Prairie, Minnesota-based businesses include The Cancer Club and Divorcing Divas . "Why? Because they care about me. Surround yourself with positive people who give you the confidence and optimism you need to keep moving forward. Weed out the people that put out negative vibes. The smaller your organization, the larger choice you have about who you work with." 4. You Take on the Risk – And Reap the Rewards There's no question that owning your own business is a risky proposition. But, with risk comes reward. Said another way, the better you are at managing risk, the more rewards you can reap. "The thing I enjoy most about the company is playing the 'game' of business," says Mark Dinges, who owns a Tustin, California-based business called California Creations that makes sophisticated windup toys called Z Windups . "It's like combining high stakes poker with the greatest strategy game ever. There are an unlimited number of variables in almost every aspect of the company, and as soon as you think you have things under control in an area, everything changes. Specifically, I like having my own money at risk, then having to live with the consequences of my decisions (good or bad). Like every other great game, the more you play, the better you get. You learn to recognize good opportunities from bad ones. You learn how to look like you are committed to new products, without actually financially committing to it until you have feedback and orders from your customers. You also learn to create exit strategies for bad situations and how to maximize the good ones. The most fun is to work on a project for several years with your team, overcoming all of the obstacles, and then millions of people enjoy it around the world."
Dig Deeper: How to Make Six Figures, Part 3 5. You Can Challenge Yourself Some people thrive on the routine of their job – performing the same tasks day after day. As an entrepreneur, you can bet that each day will be filled with new opportunities to challenge yourself, be creative and learn something new. "The great thing about owning a small business is I rarely experience the same day twice," says Michael Wilson, co-founder of Mad Dancer Media , a web design and brand management firm in Franklin, Tennessee. "Because every day, I learn something new about the act of owning a business. Whether its something about taxes, about accounting, or the plethora of other things that go into running a company, I am always fascinated by the parts and pieces of knowledge that I learn every day just to keep the business on track." 6. You Can Follow Your Passion Many entrepreneurs say the long hours they invest in growing their business doesn't feel like work because they're actually having fun in what they're doing. "For me, it was a very conscious choice to make a living doing what I love," says Trish Breslin Miller, who started her craft retail store This Little Gallery in 1989 at the age of 27. "I figured I'd spend more hours of my life working than anything else I'd ever do, so why not make it my passion? I enjoy the satisfaction of promoting and supporting something I truly believe in; American crafts handmade in the USA."
Dig Deeper: 7 Ways to Socialize With Your Employees (Without Getting in Trouble) 7. You Can Get Things Done – Faster Entrepreneurs as a whole seem to have an allergy to red tape. Rather than wait for approval – or for the guidebook to be written about how to do something – small business owners salivate at the chance to get things done. "Most large companies are too busy being big to be proactive," says Darren Robbins, who owns a screen-printing business in Austin called Big D Custom T-Shirts . "The best that most can do is react quicker than the other big companies when the wave comes at them. My company, on the other hand has the flexibility to be proactive, to run new things up the flagpole and be at the forefront of new products, techniques, or promotional strategies. Never underestimate the ability to truly be proactive." 8. You Can Connect With Your Clients There are few things that get entrepreneurs as excited as when they get to interact with their customers. Rather than hiding behind a series of automated greetings, small business owners thrive on dealing one-on-one with their best clients – or making the decision to get rid of those customers they don't like. "You don't have to deal with customers who are jerks - you can even fire them," says Brett Owens, whose software company Chrometa makes time-tracking applications. Seriously, we did this once. Back when I did customer service related stuff for larger companies, I had to abide by the mantra of, 'The customer is always right' and there are some rare instances where that is complete BS!"
Dig Deeper: 10 Ways to Support Your Best Customers 9. You Can Give Back to Your Community Many entrepreneurs love the idea that in building their business, they can give back to the community or communities they operate in the form of the products and services they offer, by donating to charities and especially the ability to create jobs, which is particularly important these days. "I take great pride in knowing that I'm solving a problem others have and creating opportunities for people to have jobs that they love," says Chris Brusznicki, founder of a sports vacation rental business called GamedayHousing . "There's nothing more American than that." 10. You Feel Pride in Building Something of Your Own One of the biggest differences in owning your own company as opposed to working for someone else is the sense of pride you establish in building something of your own. "There is nothing like being successful through your own leadership, abilities, ideas and efforts," says Peter Leeds, who coaches investors through his business, the Penny Stock Professional . Not only are there benefits from such self-actualization – you also get to brag about what you do. "One really cool thing about owning a small business is that people are interested in you and your story," says Steve Silberberg, who owns a weight-loss backpacking adventure firm called Fatpacking . "Not that I have some egomaniacal need to talk about the business or myself all the time, but it's still nice that people are interested." Dig Deeper: How to Get Employees Excited About Your Business Vision
A refreshed look at leadership from the desk of CEO and chief content officer Stephanie Mehta
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Top 10 Reasons to Start Your Own Business
Running your own business offers many perks. Here are ten reasons to start your own business today!
Deciding to start your own business is a leap of faith. It requires pushing out of your comfort zone and trying something new. If that idea excites you, why wait around? You’re ready to take the leap and be the CEO of your OWN COMPANY. It’s a lot of work and there are some risks, but the potential for rewards is huge. If you’re not convinced yet, here are 10 of the best reasons for starting your own business.
1. Each day at the office will be motivating.
When you’re working for someone else, it can be tough to find the motivation to do the best possible work. No matter how much work you put in, the owners of the company will get the ultimate rewards.
When you’re your own boss , you’ll find motivation at work every day. Following your dreams is exciting, and you’re in control of your own success. The day-to-day vitality of your business depends on you, so you’ll be driven to make each day as productive as you can. You’ll know that your own hard work and drive will help you reap the rewards, and that’ll keep the fire burning in your belly to make each day count.
2. You’ll be following your passions.
Many entrepreneurs start their own business to follow their dreams and fulfill their passion . Following your dreams will fulfill you in a way that working for someone else may not do. You are in charge of creating your business from the ground up, so you can shape your company to be something you’re proud of and that you may even be able to pass on to your children as your legacy.
3. You can pursue social justice or support non-profits.
One of the most fulfilling parts of becoming an entrepreneur is setting up your company for social gain . You can opt to support non-profits, charities, or community efforts with your profits. Or you can set up your business to solve a problem in your community or in the world at large – whatever your passion may be.
For example, consider Snowday , a company started by teach-turned-entrepreneur Jordyn Lexton. It’s a food truck, but it’s doing more than just filling the hungry bellies of passersby. Snowday employs young people that have been incarcerated (which makes it harder for them to find work) and helps them gain valuable skills and experience on the job. Starting your own business gives you a unique opportunity to make the world a better place.
4. You can achieve financial independence.
Many people commit to starting a business with the dream of financial comfort. While it’s true that getting your company off the ground can take grit and result in some lean times while you’re getting started, the ultimate goal of being your own boss is cultivating financial independence . With determination and hard work, there’s no cap on how lucrative your own business can be. If you aspire to build wealth, there’s no reason why you can’t achieve that goal.
Starting your own business has several financial benefits over working for a wage or salary. First, you’re building an enterprise that has the potential for growth – and your wallet grows as your company does. Second, your business itself is a valuable asset. As your business grows, it’s worth more and more. You may decide to sell it or you may hold on to it and pass it down to your heirs. Either way, it’s valuable.
5. You can control your lifestyle and your schedule.
Perhaps you’ve spent years in the corporate world and you feel ready to turn over a new leaf after years of reporting to a superior. Starting your own business can give you a more flexible lifestyle and schedule so you don’t feel like you’re running in circles on that corporate hamster wheel. You can opt to schedule meetings around your family schedule or you can opt to work from home – the sky’s the limit when you’re the boss. You still have to get the work done, but nobody’s looking over your shoulder making sure you do it their way on their time.
Starting a business is hard work, and that flexible schedule may not happen right away. Even if you’re working long hours, however, you know that you’re doing it for yourself and your family and not for a distant boss or shareholder.
6. You can start from scratch.
This is your business! You make the rules. You’re not restricted by the standards and procedures of your boss or corporate culture. You can offer a product or a service that fits your vision. You can also build your company according to your own ideas. Maybe you’ve thought of a way to make processes more efficient. Maybe you want to make sure your employees get fair wages and family leave time. Whatever problems you’ve encountered in the working world, you have a chance to do something different with your own business.
Many entrepreneurs say that once they’ve sampled the freedom of being their own boss and calling the shots at running their own company, they’d never want to work for someone else again.
7. You’ll get tax benefits.
Starting your own business takes funding and it may take some time to turn a profit, but you can start taking advantage of some substantial tax breaks right off the bat. Government programs support small business entrepreneurship and seek to reward these endeavors with impressive tax incentives. You’ll want to work with a financial planner or an accountant to make sure you’re setting up your business in a way that will allow you to get the benefit of these government programs.
Note that there are also a variety of programs aimed specifically at business started by women and minorities, so you may be able to get grant funding and other benefits to get your business off the ground.
8. You’ll have true job security.
The stress of climbing the corporate ladder is real. You never know whether you’ll be promoted or whether you may be handed a pink slip – these life-altering decisions are in someone else’s hands and beyond your control. When you start your own company, you know you’re investing in your future and in your own job security. Moreover, should you choose to start a family business, you could be providing jobs for other members of your family, as well. Your destiny is in your own hands – no more layoffs in your future.
9. You’ll become an expert at a broad range of skills.
Part of running your own business is learning to wear a lot of different hats, especially early on. You’ll have to pick up a lot of new skills, from HR decisions to inventory management to customer service. You’ll soon become a pro in your own industry, as well as a pro at a variety of new skills you’ll learn on the job. As your business develops, you’ll continue to pick up new knowledge and abilities. You’ll know how every tiny aspect of your operation works. You can’t get that kind of experience anywhere else.
As your business grows, you may opt to continue manning the helm for those tasks you enjoy – whether that’s graphic design or accounting – but you can outsource those tasks that you dread. You can also turn those skills to new tasks. Who knows? You may even want to start another business!
10. You can be creative.
It’s up to you to decide what your business will produce, sell, or which services it will offer – that’s exciting! Rather than following the formula of those who came before you, you’re looking at a chance to develop a concept or an idea that nobody else ever has. Even if you stay mainstream with your product or service, each day as an entrepreneur allows you to find new, outside-the-book ways to problem solve. Innovation and creativity are necessary traits for a successful entrepreneur, and you’ll hone those skills daily.
Knowing that each day brings new challenges, exciting opportunities, and a chance to engage your passion is reason enough to start your own business. Knowing that you’ve decided to take control of your own future is empowering. What are you waiting for? The time is now!
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How To Start A Business In 11 Steps (2024 Guide)
Updated: Jul 29, 2024, 8:15pm
Table of Contents
Before you begin: get in the right mindset, 1. determine your business concept, 2. research your competitors and market, 3. create your business plan, 4. choose your business structure, 5. register your business and get licenses, 6. get your finances in order, 7. fund your business, 8. apply for business insurance, 9. get the right business tools, 10. market your business, 11. scale your business, what are the best states to start a business, bottom line, frequently asked questions (faqs).
Starting a business is one of the most exciting and rewarding experiences you can have. But where do you begin? There are several ways to approach creating a business, along with many important considerations. To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business. We’ll walk you through each step of the process, from defining your business idea to registering, launching and growing your business .
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The public often hears about overnight successes because they make for a great headline. However, it’s rarely that simple—they don’t see the years of dreaming, building and positioning before a big public launch. For this reason, remember to focus on your business journey and don’t measure your success against someone else’s.
Consistency Is Key
New business owners tend to feed off their motivation initially but get frustrated when that motivation wanes. This is why it’s essential to create habits and follow routines that power you through when motivation goes away.
Take the Next Step
Some business owners dive in headfirst without looking and make things up as they go along. Then, there are business owners who stay stuck in analysis paralysis and never start. Perhaps you’re a mixture of the two—and that’s right where you need to be. The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may take minutes while others take a long time. The point is to always take the next step.
Most business advice tells you to monetize what you love, but it misses two other very important elements: it needs to be profitable and something you’re good at. For example, you may love music, but how viable is your business idea if you’re not a great singer or songwriter? Maybe you love making soap and want to open a soap shop in your small town that already has three close by—it won’t be easy to corner the market when you’re creating the same product as other nearby stores.
If you don’t have a firm idea of what your business will entail, ask yourself the following questions:
- What do you love to do?
- What do you hate to do?
- Can you think of something that would make those things easier?
- What are you good at?
- What do others come to you for advice about?
- If you were given ten minutes to give a five-minute speech on any topic, what would it be?
- What’s something you’ve always wanted to do, but lacked resources for?
These questions can lead you to an idea for your business. If you already have an idea, they might help you expand it. Once you have your idea, measure it against whether you’re good at it and if it’s profitable.
Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Instead, you can take an existing product and improve upon it. You can also sell a digital product so there’s little overhead.
What Kind of Business Should You Start?
Before you choose the type of business to start, there are some key things to consider:
- What type of funding do you have?
- How much time do you have to invest in your business?
- Do you prefer to work from home or at an office or workshop?
- What interests and passions do you have?
- Can you sell information (such as a course), rather than a product?
- What skills or expertise do you have?
- How fast do you need to scale your business?
- What kind of support do you have to start your business?
- Are you partnering with someone else?
- Does the franchise model make more sense to you?
Consider Popular Business Ideas
Not sure what business to start? Consider one of these popular business ideas:
- Start a Franchise
- Start a Blog
- Start an Online Store
- Start a Dropshipping Business
- Start a Cleaning Business
- Start a Bookkeeping Business
- Start a Clothing Business
- Start a Landscaping Business
- Start a Consulting Business
- Start a Photography Business
- Start a Vending Machine Business
Most entrepreneurs spend more time on their products than they do getting to know the competition. If you ever apply for outside funding, the potential lender or partner wants to know: what sets you (or your business idea) apart? If market analysis indicates your product or service is saturated in your area, see if you can think of a different approach. Take housekeeping, for example—rather than general cleaning services, you might specialize in homes with pets or focus on garage cleanups.
Primary Research
The first stage of any competition study is primary research, which entails obtaining data directly from potential customers rather than basing your conclusions on past data. You can use questionnaires, surveys and interviews to learn what consumers want. Surveying friends and family isn’t recommended unless they’re your target market. People who say they’d buy something and people who do are very different. The last thing you want is to take so much stock in what they say, create the product and flop when you try to sell it because all of the people who said they’d buy it don’t because the product isn’t something they’d buy.
Secondary Research
Utilize existing sources of information, such as census data, to gather information when you do secondary research. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research.
Conduct a SWOT Analysis
SWOT stands for strengths, weaknesses, opportunities and threats. Conducting a SWOT analysis allows you to look at the facts about how your product or idea might perform if taken to market, and it can also help you make decisions about the direction of your idea. Your business idea might have some weaknesses that you hadn’t considered or there may be some opportunities to improve on a competitor’s product.
Asking pertinent questions during a SWOT analysis can help you identify and address weaknesses before they tank your new business.
A business plan is a dynamic document that serves as a roadmap for establishing a new business. This document makes it simple for potential investors, financial institutions and company management to understand and absorb. Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems. When writing a well-rounded business plan, include the following sections:
- Executive summary: The executive summary should be the first item in the business plan, but it should be written last. It describes the proposed new business and highlights the goals of the company and the methods to achieve them.
- Company description: The company description covers what problems your product or service solves and why your business or idea is best. For example, maybe your background is in molecular engineering, and you’ve used that background to create a new type of athletic wear—you have the proper credentials to make the best material.
- Market analysis: This section of the business plan analyzes how well a company is positioned against its competitors. The market analysis should include target market, segmentation analysis, market size, growth rate, trends and a competitive environment assessment.
- Organization and structure: Write about the type of business organization you expect, what risk management strategies you propose and who will staff the management team. What are their qualifications? Will your business be a single-member limited liability company (LLC) or a corporation ?
- Mission and goals: This section should contain a brief mission statement and detail what the business wishes to accomplish and the steps to get there. These goals should be SMART (specific, measurable, action-orientated, realistic and time-bound).
- Products or services: This section describes how your business will operate. It includes what products you’ll offer to consumers at the beginning of the business, how they compare to existing competitors, how much your products cost, who will be responsible for creating the products, how you’ll source materials and how much they cost to make.
- Background summary: This portion of the business plan is the most time-consuming to write. Compile and summarize any data, articles and research studies on trends that could positively and negatively affect your business or industry.
- Marketing plan: The marketing plan identifies the characteristics of your product or service, summarizes the SWOT analysis and analyzes competitors. It also discusses how you’ll promote your business, how much money will be spent on marketing and how long the campaign is expected to last.
- Financial plan: The financial plan is perhaps the core of the business plan because, without money, the business will not move forward. Include a proposed budget in your financial plan along with projected financial statements, such as an income statement, a balance sheet and a statement of cash flows. Usually, five years of projected financial statements are acceptable. This section is also where you should include your funding request if you’re looking for outside funding.
Learn more: Download our free simple business plan template .
Come Up With an Exit Strategy
An exit strategy is important for any business that is seeking funding because it outlines how you’ll sell the company or transfer ownership if you decide to retire or move on to other projects. An exit strategy also allows you to get the most value out of your business when it’s time to sell. There are a few different options for exiting a business, and the best option for you depends on your goals and circumstances.
The most common exit strategies are:
- Selling the business to another party
- Passing the business down to family members
- Liquidating the business assets
- Closing the doors and walking away
Develop a Scalable Business Model
As your small business grows, it’s important to have a scalable business model so that you can accommodate additional customers without incurring additional costs. A scalable business model is one that can be replicated easily to serve more customers without a significant increase in expenses.
Some common scalable business models are:
- Subscription-based businesses
- Businesses that sell digital products
- Franchise businesses
- Network marketing businesses
Start Planning for Taxes
One of the most important things to do when starting a small business is to start planning for taxes. Taxes can be complex, and there are several different types of taxes you may be liable for, including income tax, self-employment tax, sales tax and property tax. Depending on the type of business you’re operating, you may also be required to pay other taxes, such as payroll tax or unemployment tax.
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When structuring your business, it’s essential to consider how each structure impacts the amount of taxes you owe, daily operations and whether your personal assets are at risk.
An LLC limits your personal liability for business debts. LLCs can be owned by one or more people or companies and must include a registered agent . These owners are referred to as members.
- LLCs offer liability protection for the owners
- They’re one of the easiest business entities to set up
- You can have a single-member LLC
- You may be required to file additional paperwork with your state on a regular basis
- LLCs can’t issue stock
- You’ll need to pay annual filing fees to your state
Limited Liability Partnership (LLP)
An LLP is similar to an LLC but is typically used for licensed business professionals such as an attorney or accountant. These arrangements require a partnership agreement.
- Partners have limited liability for the debts and actions of the LLP
- LLPs are easy to form and don’t require much paperwork
- There’s no limit to the number of partners in an LLP
- Partners are required to actively take part in the business
- LLPs can’t issue stock
- All partners are personally liable for any malpractice claims against the business
Sole Proprietorship
If you start a solo business, you might consider a sole proprietorship . The company and the owner, for legal and tax purposes, are considered the same. The business owner assumes liability for the business. So, if the business fails, the owner is personally and financially responsible for all business debts.
- Sole proprietorships are easy to form
- There’s no need to file additional paperwork with your state
- You’re in complete control of the business
- You’re personally liable for all business debts
- It can be difficult to raise money for a sole proprietorship
- The business may have a limited lifespan
Corporation
A corporation limits your personal liability for business debts just as an LLC does. A corporation can be taxed as a C corporation (C-corp) or an S corporation (S-corp). S-corp status offers pass-through taxation to small corporations that meet certain IRS requirements. Larger companies and startups hoping to attract venture capital are usually taxed as C-corps.
- Corporations offer liability protection for the owners
- The life span of a corporation is not limited
- A corporation can have an unlimited number of shareholders
- Corporations are subject to double taxation
- They’re more expensive and complicated to set up than other business structures
- The shareholders may have limited liability
Before you decide on a business structure, discuss your situation with a small business accountant and possibly an attorney, as each business type has different tax treatments that could affect your bottom line.
Helpful Resources
- How To Set Up an LLC in 7 Steps
- How To Start a Sole Proprietorship
- How To Start a Corporation
- How To Start a Nonprofit
- How To Start a 501(c)(3)
There are several legal issues to address when starting a business after choosing the business structure. The following is a good checklist of items to consider when establishing your business:
Choose Your Business Name
Make it memorable but not too difficult. Choose the same domain name, if available, to establish your internet presence. A business name cannot be the same as another registered company in your state, nor can it infringe on another trademark or service mark that is already registered with the United States Patent and Trademark Office (USPTO).
Business Name vs. DBA
There are business names, and then there are fictitious business names known as “Doing Business As” or DBA. You may need to file a DBA if you’re operating under a name that’s different from the legal name of your business. For example, “Mike’s Bike Shop” is doing business as “Mike’s Bikes.” The legal name of the business is “Mike’s Bike Shop,” and “Mike’s Bikes” is the DBA.
You may need to file a DBA with your state, county or city government offices. The benefits of a DBA include:
- It can help you open a business bank account under your business name
- A DBA can be used as a “trade name” to brand your products or services
- A DBA can be used to get a business license
Register Your Business and Obtain an EIN
You’ll officially create a corporation, LLC or other business entity by filing forms with your state’s business agency―usually the Secretary of State. As part of this process, you’ll need to choose a registered agent to accept legal documents on behalf of your business. You’ll also pay a filing fee. The state will send you a certificate that you can use to apply for licenses, a tax identification number (TIN) and business bank accounts.
Next, apply for an employer identification number (EIN) . All businesses, other than sole proprietorships with no employees, must have a federal employer identification number. Submit your application to the IRS and you’ll typically receive your number in minutes.
Get Appropriate Licenses and Permits
Legal requirements are determined by your industry and jurisdiction. Most businesses need a mixture of local, state and federal licenses to operate. Check with your local government office (and even an attorney) for licensing information tailored to your area.
- Best LLC Services
- How To Register a Business Name
- How To Register a DBA
- How To Get an EIN for an LLC
- How To Get a Business License
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Open a Business Bank Account
Keep your business and personal finances separate. Here’s how to choose a business checking account —and why separate business accounts are essential. When you open a business bank account, you’ll need to provide your business name and your business tax identification number (EIN). This business bank account can be used for your business transactions, such as paying suppliers or invoicing customers. Most times, a bank will require a separate business bank account to issue a business loan or line of credit.
Hire a Bookkeeper or Get Accounting Software
If you sell a product, you need an inventory function in your accounting software to manage and track inventory. The software should have ledger and journal entries and the ability to generate financial statements.
Some software programs double as bookkeeping tools. These often include features such as check writing and managing receivables and payables. You can also use this software to track your income and expenses, generate invoices, run reports and calculate taxes.
There are many bookkeeping services available that can do all of this for you, and more. These services can be accessed online from any computer or mobile device and often include features such as bank reconciliation and invoicing. Check out the best accounting software for small business, or see if you want to handle the bookkeeping yourself.
Determine Your Break-Even Point
Before you fund your business, you must get an idea of your startup costs. To determine these, make a list of all the physical supplies you need, estimate the cost of any professional services you will require, determine the price of any licenses or permits required to operate and calculate the cost of office space or other real estate. Add in the costs of payroll and benefits, if applicable.
Businesses can take years to turn a profit, so it’s better to overestimate the startup costs and have too much money than too little. Many experts recommend having enough cash on hand to cover six months of operating expenses.
When you know how much you need to get started with your business, you need to know the point at which your business makes money. This figure is your break-even point.
In contrast, the contribution margin = total sales revenue – cost to make product
For example, let’s say you’re starting a small business that sells miniature birdhouses for fairy gardens. You have determined that it will cost you $500 in startup costs. Your variable costs are 40 cents per birdhouse produced, and you sell them for $1.50 each.
Let’s write these out so it’s easy to follow:
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Starting a business gives an entrepreneur freedom from the desires and whims of superiors. A person will not be worried by thoughts of whether he/she will be fired tomorrow or not. An entrepreneur will not be delayed wages, not pulled out of the weekend or vacation, and will not worsen working conditions.
The method involves simply adding up the value of benefits and then dividing with the costs involved in order to know how long it should take before the business breaks even (Nas, 1996). Example: A business man is deciding whether to start a business of importing French beans from Africa.
So You Want to Be an Entrepreneur? One founder's advice on what you should know before you quit your day job. by. Emily Heyward. July 23, 2020. joSon/Getty Images. Summary. Starting a business ...
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.
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 ...
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.
8. Create something from scratch. Watch your organization grow from start to finish. 9. Meet new people. Network with other entrepreneurs and professionals. 10. Build a team. You decide who to ...
Here are some findings. Freedom and passion, not money, is the main motivation. A Cox Business survey found that more than half of small business owners start their own businesses to be their own ...
Paragraph 3: Outline the essential components of a business plan, such as market analysis, competitive analysis, marketing strategy, operations plan, and financial projections. Paragraph 4: Explore different sources of funding available to entrepreneurs, including bootstrapping, loans, venture capital, and crowdfunding.
Starting a business takes a lot of time and thought. Decide if this is the appropriate time in your life to start such an important endeavor. Once you have clients, it is unlikely they will care as much about your tenure clock as you. Start small. Offer your services/products for free or at a reduced cost for a while.
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.
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. ... 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 ...
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.
9- Financial Risk. Entrepreneurs are indeed risk-takers; however, the risk levels differ from one individual to the other. A business can go scarily wrong, and you may lose all your investments. If you invest your life savings or go into debt for your seed capital, you could lose all of it from bad business decisions.
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 ...
Pros and Cons of Starting a Business VS Buying a Franchise. PRO: Cheaper and Faster to Start. The primary advantage of starting our own business versus purchasing a franchise is that it will be much cheaper and quicker to get started on our own than buying into an established franchise system.
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 ...
2. You Can Find Your Own Work/Life Balance. One of the most oft-cited benefits of owning your own business is the flexibility that comes with it, whether that be working from wherever you want ...
First, you're building an enterprise that has the potential for growth - and your wallet grows as your company does. Second, your business itself is a valuable asset. As your business grows, it's worth more and more. You may decide to sell it or you may hold on to it and pass it down to your heirs.
Register Your Business and Obtain an EIN. You'll officially create a corporation, LLC or other business entity by filing forms with your state's business agency―usually the Secretary of ...
Here is how you start a business essay sample: This essay provides an in-depth analysis of the marketing strategies employed by Coca-Cola and PepsiCo. The essay highlights the similarities and differences between the two companies' approaches to product development, distribution, and advertising. ... This essay will explore the benefits of ...
Advantages of Starting up a Business Advantages of starting your own small or medium business can include: Being your own Boss - You can make your own decisions, keep your own time and not have to answer to "The Boss" Hard Work & Know How - If you are a hard worker and / or have immense industry know how, you may want to benefit from the long hours you do or the knowledge that you have ...
Here are five reasons to seriously consider keeping your small business small. More From Brennan Nevada Johnson 5 Signs It's Time to End a Business Relationship. You Can Build a Niche. Being the founder of a small business allows me to choose the companies I want to work with and the people I want to represent.
Donald Trump and his children unveiled a new cryptocurrency business Monday in a virtual address from his Mar-a-Lago estate, the latest venture that stands to benefit the former president as he ...
Under Subhadra Yojana, each eligible woman enrolled in the scheme is entitled to receive a total sum of Rs 50,000 over a span of five years, starting from the fiscal year 2024-25.