Besides setting the two main aims and objectives, Luke has to set some short-term objectives or aims as well. This will also help him to come out with different business strategies to attract more customers. Considering the profit gained for the first year needed to cover up the investment spent during the opening of the business, gaining RM50 profits by the end of second year will be a challenge for Luke.
This challenge will help him strives to achieve his aim. Therefore, the aims and objectives will act as a motivator to help him in sustaining and running of the business. Based on the case study, I would recommend Luke to take up partnership if he is going to form a business with Eric. There are various reasons to support my suggestion on why Luke should form a partnership business with Eric. Among the reasons, include:. Luke who has a qualification in Information Technology might lack of business knowledge to run certain areas in his business.
Although the business he wanted to set up very much related to the Information Technology field, he still requires some knowledge in the business field to run his business efficiently. In order to overcome this, he should take Eric who has a qualification in Business as his partner in the business.
A business which is owned and run by two specialists, each has extensive knowledge in respective field will ensure the business to run more efficiently and successful. As a fresh graduate, Luke will certainly have very little capital to start his business.
He wants to start his business immediately once he finishes his degree and he is left with very little time to save up for his business. Therefore, taking a business partner will help him solve this problem as each partner will contribute and invest on the business. Luke will have enough funds to start his business if Eric becomes his partner and contribute fund to the business. A partnership business is considered as the best solution for a young entrepreneur like Luke to start up his business.
This is because, if the business suffers any losses, it is shared among the partners and each partner does not need to face a high risk of bankruptcy. Even though a partnership has unlimited liability, the risk has been lowered down as each partner is responsible towards the business and shares the losses.
Hence, it is safer for a new entrepreneur to start up his business with partnership. Another reason why Luke should form a partnership is that he can enjoy the benefit of reduced taxation.
A partnership business will only be taxed with individual tax and not corporate tax. This can help Luke's business to maximise its profits by avoiding the corporate tax. On top of that, the individual tax is shared among the partners, which further reduces the amount a partner has to pay. Therefore, Luke and Eric should form a business partnership to enjoy the taxation advantages. There are numerous forces in the business environment that could possibly affect Luke's new business.
No matter they are internal or external environment, they still pose a challenge or problem to Luke's business. Some of them include:. As a new entrepreneur, Luke will face a challenge in gathering financial resources or capital to start his business. If he manages to gather enough capital to run his business, he still has to manage his financial resources carefully to avoid unnecessary loss and risk.
Planning must be done in advance so that the business will have enough savings for immediate and future uses. Hence, financial resources will affect Luke's business. To start his business, Luke has to determine the exact or approximate equipment and materials he has to use to run his business. All the equipment and materials purchased must be useful for the business itself and sufficient for the customers to use during each lesson. Insufficient of equipment might project a negative image to the potential customers and affect the business.
Therefore, Luke has to consider his equipment and materials needed carefully to prevent negative impact on his new business. The technological environment is changing rapidly and drastically. After this leadership experience, I was able to see my potential as a leader.
I can communicate effectively with all members of a group and help connect them with one another to make a larger picture. I protect my business discernment even against an upset crowd, and am able to properly persuade others to understand other perspectives.
Through learning more about leadership every day with my work in Zoelle, I hope to continue to strengthen these abilities and witness the success they can bring to media production. In this essay, the applicant was asked to detail her leadership abilities through the application of a relevant example.
She was asked to do this in approximately words, using concise language and proper grammar and punctuation. I looked across my celebratory cheesecake and beamed up at my new coworkers. I couldn't believe I had finally landed my dream job. All of the senior editors were having lunch in the cafe across the street from the bakery where the finance team and marketing team shared dessert. I had been hired as a budget analyst at my favorite magazine.
My job was to work alongside the business manager to help create a more healthy marriage between the finance and marketing departments, thus improving our sales and workplace environment. On my way home, I reflected on my relief in finally having an exciting and secure career. Just three months later, we met at the same bakery where I had celebrated my new job. Every department from our small, close-knit staff was present.
As the publication manager began to tell us the news, I remember how our faces fell. Our publication company was going out of business, and every publication was to be shut down. She explained that they had tried to find another publishing company without success.
Not only did I feel as though I failed the company, I also knew that I, as well as the other 17 employees, was out of a job. We went back to our offices and packed up our things. Writers and designers were frantically calling around, asking for open positions.
An employee from the finance department began tweaking his resume, and the marketing department apologized to the publication manager and editor-in-chief, who responded graciously. I had to leave my apartment not long after losing my job.
I stayed with a friend on the north side of town as I tried to find a job in a shrinking economic suburb. It took six months to find a position, and though I had to move and leave behind my dream, I found a new way to work toward my new dream. From this experience, I learned the importance of adaptability.
Only through my ability to embrace the change happening around me was I able to find a new job and start a new life with new visions and goals. Applying for my MBA would have sounded bizarre to the disheartened, homeless idealist who lost her dream.
But now, after finding in me the strength to persevere, I am able to take what I learned from my previous job and pair it with what I learn from the university. This knowledge will help me ensure that the future companies I work with will not have to endure a similar fallout. However, if there comes a time when I am again involved in a lost company, I know how to repair. I know how to restore. In this essay, the applicant was asked to recall a challenging situation to which the writer overcame the boundaries.
The writer was asked to do this in approximately words, using concise language and proper grammar and punctuation. Sign in to Your Account Done. Don't have an Account? Here are our top five tips for writing a business school admissions essay: Use real life examples in your essay. This will help to bring your essay to life. Business schools appreciate those who are unafraid to take risks.
Thoroughly research your target schools in order to have a clear idea of how to appeal to each of them. Every school is looking for something different in their students. Use that space to talk yourself up, instead.
met at a job in which they work for someone else. "Nearly one million individuals start. their own business every year (Ludden and Maitlen1)." This paper will describe the. things that are elemental to starting your own business. Starting a business takes more. than an idea. It takes certain kinds of people and proper planning. It takes financial/5(17).
When starting a new business, there will be many important decisions to make as well as rules and procedures that must be addressed. The following information below, Is chronologically in order. They are the simple steps in beginning a new business. The first step in starting a new business is the development of an idea.
Starting a Small Business essays Small businesses benefit both the economy, by creating new jobs and industries, and consumers, by providing innovative specialized goods and services to . 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.
Starting a small business is a challenging but beneficial idea. You are able to establish you own store, café, restaurant or bakery and embody your offbeat and splendid ideas there. On the other hand, you should be ready to resist numerous challenges and work hard for the protection and development of your business. Starting or running your own business is a very big task,running your own business is also challenging,interesting,rewarding, exiting and.