Factors for Consideration when Starting a Business

Factors for Consideration when Starting a Business Below are some reasons why a person would like to set up his /her own business. Control If a person has its own business; it gives them more control over how much money they make and how much they will work to gain more. When a person starts his business it is solely dependent on the person how to start and maintain it in future. In short the control comes in the persons hand and there is no one elses control over him. Choice When a person starts his/her own business, it gives him/her freedom to whatever they want to do. For instance, it gives you a choice whether you want to do business and job together or deal in various products of your own choice. Moreover, being a freelancer or an independent contractor gives a person freedom regarding which jobs they choose to take. Business Decisions If a person has his own business the success or failure of the business solely depends on your business decisions. For example, having your own business means you make the choices instead of having them made for you by an employer and the choices made decides if u fail or succeed, which in turn tells whether your decision was worth for a business. It gives you motivation to improve yourself in future and makes you a better businessman. Satisfaction Some people start their own business for themselves because they have a skill or a product to offer. They enjoy being obsessive about what they do. Moreover, starting your own business gives a person satisfaction as whatever they do they do for themselves and they can work hard to earn as much money as they want and there is no fixed salary. Job loss When a person loses his job, he may take his work experience and professional contacts and start his own business to make him less vulnerable to risks. Get creative Starting up a new business, provides and entrepreneur to bring his creativity out. If a person has considered going it alone, he will have thought out how you would do things your way. Being an entrepreneur gives him the freedom to express himself and develop his concept in any way he chooses. Of course, there are always financial constraints, but the ability to be as creative as you like is far more appealing than a one-dimensional job. Very profitable If you think that its just large corporations that make big profits, you would be wrong. There are countless stories of entrepreneurs hitting on a great idea, exploiting it well and being well on their way to their first million by the end of the year. Although the start-up process can be tough, with long hours and little money not uncommon, if you run your business well, the rewards can be huge. And, from a purely selfish point of view, you will get most of the profits yourself. Unfortunately, many of the businesses are more likely to fail in its initial years because of the difficulties that commonly plague struggling companies suffer from. These difficulties occur in every business in its early years as the business is new to everyone even to the management itself. Some of these reasons are elucidated below. Insufficient Capital A common fatal mistake for many failed businesses is having insufficient operating funds. Business owners underestimate how much money is needed and they are forced to close before they even have had a fair chance to succeed. They also may have an unrealistic expectation of incoming revenues from sales. It is imperative to ascertain how much money your business will require; not only the costs of starting, but the costs of staying in business. It is important to take into consideration that many businesses take a year or two to get going. This means you will need enough funds to cover all costs until sales can eventually pay for these costs. Lack of planning Successful businesses just don not happen instead they need planning to make it happen. They are the outcome of deliberate and well-executed business plans. Many businessmen are so eager to get started that they neglect business planning and start a business with a dream and an idea. That might motivate you to get it started but not necessarily to succeed. If a person wants to setup his business it is necessary to have a business plan first and then start. Overspending Many startups spend their seed money before cash has begun to flow in at a positive rate. This often happens because of misconception about how business operates. If youre just starting out in business, seek out seasoned veterans you can bounce your ideas off of prior to making big financial commitments. Inadequate funding Another common reason for small business failure is a absence of adequate funding, especially during the critical start-up period. Inadequate funding severely limits the capacity and looms the ability to grow beyond the initial stage of life. One should resist himself from the urge to start until he have attained all of the funding which they know they need to do it right. Bad marketing Quite often a person creates a business that sells the best product at the best price but still fails because no one knows it exists. Marketing about the product is critical if the business is going to have any chance of becoming the flourishing venture. Unreliable suppliers The ability to maintain proper levels of inventory is directly relative to the quality of a persons relationships with reliable suppliers. Developing effective supply channels can take some time but it is quite necessary in a business as whatever you sell should be good enough to attract customers to buy it. Staffing imbalances Labour is the biggest expense for most businesses. Therefore, it only makes sense that its worth your time to make sure that your company employs the right amount of people. For example, employing too many employees will have a bad effect on the business capital and employing very few employees will result in performance will. Making the perfect balance is not easy, but the rewards are well worth the effort. Ineffective sales performance Sales are a key element in the success of any businesses. Poor sales, on the other hand, are an indication that your business might be in jeopardy. A person should maintain a close eye on sales patterns and trends, and hire the best sales staff, which they can afford to keep the money regularly coming in. 1.3 The important factors which are necessary to start up a business are:- Knowledge/Expertise Any business needs some amount of basic knowledge and experience. It is very essential that the owner is aware about the business he plans to start. Knowledge and expertise about the product or service are keys to a successful business. Moreover, if a person has limited knowledge the owner may not be able to sustain the business and can be fooled by the vendors, suppliers and competitors. Expert knowledge is especially required if the field of business is a niche field. For instance, the construction or software industry would require more knowledge as against a retail business selling a particular brand of clothes or shoes. Location Deciding an ideal location for the business is a strategic and an important one. A good location goes a long way in making the business successful. The location needs to be carefully chosen. Some places have advantages over the others. A location should be explored on the basis where the raw materials can be easily sourced, the manpower would be easily available and it is easy to save on transportation costs. Moreover, choosing a location depends upon the nature of the business. For instance, a retail business should to be located in a well-populated area and one which is easily accessible. Competition Before entering new business, information about market competition needs to be found out. In case a product is a monopoly then the competition will not matter. Otherwise the success of the business will depend upon the demand and supply gap. Thus if there is a huge demand then you can enter the business in spite of the market competition. Otherwise you will need to be stronger than the competitors to gain an entry. Normally existing firms will always have an advantage due to the experience they have and because they may be well equipped. The question which needs to be answered is What is unique about the product / service which will be offered to survive the market competition? Information such as who are the competitors, what is their market strategy and what factors are required to compete with them are important. Financing/Capital After identifying the initial costs required for starting the business, it is necessary to look for the sources of funding like bank loan or sponsors. It is very essential to have adequate funds to start a business as lack of funds will have a bad impact on the business which may lead to the failure of it. Laws, Rules, Regulation Setting up a new business would require compliance with various laws regulations. Each country is governed by separate laws and regulations which require that any new business be registered with certain authorities and meets certain compliance. Thus registration of the name of the company may be required with Ministry of Commerce for instance. Further details need to be provided regarding the workforce and certain deductions may be required from the staff (such as tax) which would need to be deposited with the respected Government bodies. Awareness is required of such rules and regulations. It is always better to consult a lawyer before setting up a new business in an unknown environment. There are certain accounting / consultancy firms which would have a division giving advice on legal and statutory compliance. In case of lack of expertise it is better to approach a lawyer / accounting / consultancy firms. 1. 4 The heart of the issue with Human Resources is the skills-base of the business. What skills does the business already possess? Are they sufficient to meet the needs of the chosen strategy? Could the skills-base be flexed / stretched to meet the new requirements? An audit of human resources would include assessment of the following factors: Existing staffing resources Numbers of staff by function, location, grade, experience, qualification, remuneration Existing rate of staff loss (natural wastage) Overall standard of training and specific training standards in key roles Assessment of key intangibles e.g. morale, business culture Changes required to resources What changes to the organisation of the business are included in the strategy (e.g. change of location, new locations, new products)? What incremental human resources are required? How should they be sourced? (alternatives include employment, outsourcing, joint ventures etc.) 1.5 1.6 A business finance source is a way a business can obtain funding, either for start-up or operating expenses. There are many different types of sources like sales, loans, and investors. Each has different terms, benefits and disadvantages. Business owners tend to use two or more different sources in order to fund their business. Business finance sources fall into two main categories:- Internal funding Internal funding comes from the profits made by the business by sale of products or assets. These are the funds which the company has on its own like the income of the company, the money they have of their own etc. External funding External funding comes from lenders and investors. The most common external finance sources are loans. Short and long-term loans require borrowers to repay funds at an interest rate for a set period of time. Overdraft loans allow a borrower to spend a certain amount of money, and the lender charges interest on the overdraft amount. Before deciding which method is best for a company, business owners should consider a variety of factors. The cost of the business finance source usually is the most important factor considered. Owners look at the interest rates and payment plans to determine the profitability of obtaining a certain funding source. Businesses that have a history financial stability may want to consider an internal source of revenue before opting for an external source. Its also important to determine how long the business will need additional funding. A short-term loan would be best for projects that would only take a short time to complete. Business finance start-up generally refers to the cost to start a new business. It includes determining, calculating, and obtaining start-up costs, as well as managing those finances effectively to ensure the profitability of a new business. The first steps to business finance start-up are to determine and estimate the amount of funds needed to open a business. These start-up expenses may include one-time fees, such as permits and licenses needed to operate the business. Initial costs may also include on-going fees, such as rent and utility payments. Business owners usually only include the necessary expenses when determining the total cost to start-up. In order to estimate the amount of funds needed for the business, owners should set up worksheets that list each expense and how much it costs. 1.7 The advantages of setting up a business under private limited company as opposed to sole trader ship are:- Liability The principal benefit of trading via a limited company has always been the limited liability given to the companys officers and shareholders. As a sole trader or other non-limited business, personal assets can be at risk in the event of a failure of the business, but this is not the case for a limited company. As long as the business is operated legally and within the terms of the Companies Act, directors or shareholders personal assets are not at risk in the event of a winding up or receivership. And as often happens on occasion, such events are not always under our own control. There is no obligation for a limited company to commence trading within any set time period after its incorporation. The principal benefit of trading as a limited company has always been the limited liability of the companys officers and shareholders. As a sole trader or other non-limited business, personal assets can be at risk in the event of a failure of the business, but this is not the case for a limited company. Gives confidence- Operating as a limited company often gives suppliers and customers a sense of confidence in a business. Larger organisations in particular will prefer not to deal with non-limited businesses. Also, many of the costs associated with managing and operating a limited company are not much more than with a non-limited business. Tax advantages- If you trade as a sole trader, partner or partnership, your income will be taxed as proprietors income, regardless of how much profit is retained as working capital. Interest on loans to the business is also taxed as income. Furthermore, partners are personally and jointly liable for partnership tax and if a partner dies, the surviving partners are responsible for partnership tax. Creditors can claim all your property to satisfy debts, and if this is insufficient, you may be declared bankrupt. An undercharged bankrupt is forbidden to start another business or to become a director of a limited company. Separate Entity Due to its very nature, a limited company is deemed to be a separate legal entity from its owners. This has several advantages, including the fact that the company will exist beyond the life of its members. If they retire or die, the company will continue to exist and operate. This ensures security for employees and other members and also is an advantage which other legal forms of business are not subject to. Ownership and Control In the case of Private Limited Companies, the Directors are also usually the main shareholders of the Company. Thus both the ownership and control of the business remain in their hands. Decisions can be made quickly and easily, with little fuss, allowing for a more successful business management platform. Company Name Part of registering a Limited Company, includes the registration of a Company name. This name will help identify the business in the marketplace, separating it from other Companies and protecting it. 1.8 A sole trader is a business form that allows one person to be solely responsible for the financial transactions of the business. The benefits and disadvantages of this responsibility are numerous and should be weighed carefully. Another term for a sole trader is a sole proprietor. Precisely, it refers to the person responsible for the daily organization of the firm and for its profits and losses. Being a sole proprietor as it in legally known in the U.S.is a benefit to many people who are looking to start their own business. It is one of the most common types of businesses that can be formed and involves only one person as the responsible entity of the businessholding that person completely accountable for any debt or liability that the business might incur. Although sole traders have many advantages, they also have many significant disadvantages. Liability The main disadvantage to being a sole trader is the liability that the business owner yields. Being held responsible for any lawsuits or potential damages is not only dangerous to the sole traders business, but it can be detrimental to her personal life as well. Unlike modern business corporationssuch as LLCswhich allow the business to be a separate entity, preventing anyone from holding your personal assets responsible for your business, sole traders are personally responsible for their business. Responsibility One of the main disadvantages to many people for running a sole proprietorship is the complete responsibility that the sole trader has. Completely variant from business to business, since each business has its own type of operations, sharing responsibility takes a huge burden off of most business owners. That is one reason for the popularity of Limited Liability Corporations, Limited Liability Partnerships, and partnerships. These businesses each allow some owners to share or take less responsibility, leaving them to grow and improve their businesses more thoroughly than if they did not have complete responsibility. Lack of Investors When it comes to being a sole trader, the business owner can have a difficult time for growing. Not only because of the lack of time that she has because of her tremendous responsibility, but due to investors lack of interest in a sole proprietorship. Companies are more apt to invest in corporations that have the potential to expand. They also prefer the other benefits of corporations, such as their legal structure and lack of personal accountability. Lack of investors can mean lack of growth for many companieswhich can leave many sole traders running a stagnant business.

Wellness assessment

My overall state of my wellness wheel is pretty well. It was about half and half with my assessment. The lowest my average assessment went down to was a two. That was in the social area which is my weakest. My weakest areas are vocational, social, and Intellectual. I scored really low In social area because I don't get out much, I keep to myself and I am too busy Juggling sports, school and work. I really don't have much time for anything else. My strongest areas were physical, emotional, and spiritual.I was not surprised with the results of the assessment; I knew I wasn't going to score very high In the social area. In the emotional area I knew I was going to score high because If I did something wrong I wouldn't say someone else did It, I would own up to what I did and take responsibility for whatever I did wrong. The reason for this Is the more you lie about something the more It will come back and bite you In the butt harder than Just saying something In the beginning. My emotion al well-being right owe is pretty good.I accept all opinions even if I don't agree with it. I listen to everyone around me because someone may just want someone to listen to what they have to say and get whatever it is off their shoulders. I however, sometimes have a hard time opening up to people because if I do they might think the wrong thing. My stress level is very high right now because of certain twists and turns my life has taken. The major stresses in my life would be family issues and relationships, finances, work and school.These things take a major part in my stress level. The first two are the major impacts right now. I relieve stress by working out, or working. There isn't really anything to manage my stress right now. In a year or less my stress level will go down hopefully. I am managing my stress level very well from what everyone tells me. Wellness assessment By movement and intellectual. I scored really low in social area because I don't get out much, I keep to my self and I am too busy Juggling sports, school and work.I really don't have much very high in the social area. In the emotional area I knew I was going to score high because if I did something wrong I wouldn't say someone else did it, I would own up to what I did and take responsibility for whatever I did wrong. The reason for this is the more you lie about something the more it will come back and bite you in the butt harder than Just saying something in the beginning. My emotional well-being right everyone around me because someone may Just want someone to listen to what they

Strikes in the Early 1930’s

Strikes were common place in the early 1930†³s in all industrial and manufacturing corporations. They were used to win power away from the corporate giants, and put it in the hands of the working class. Labor used strikes for a variety of reasons, some for higher wages, some for working conditions, some for safety on the job, and still others for recognition. In a book entitled, â€Å"I Remember Like Today: The Auto-Lite Strike of 1934† Philip A. Korth and Margaret R. Beegle compile an oral history account of this fight for the rights of the working class. To gain the knowledge acquired for this book, the authors searched high and low to ind the living survivors of this turning point for organized labor in Toledo. After discovering the individuals who could help, the investigators interviewed and then recorded the men and women†s accounts of the strike. Then they transcribed the interviews verbatim. This method provides for a more personal approach to learning what had happened in the strike. It allows the reader to see what actually happen through the The book is a collection statements, stories, and feelings of the men and women involved in the strike. Each individual tells their story based on headings, and that is what complied the chapters. In this method, the reader gets to hear all sides of the story because Korth and Beegle get some who were union supports, union organizers, some who were strike breakers, management. Certainly no critic can say, this book only tells one All of the forth-coming events, activities, and problems took place in Toledo, Ohio at the Electric Auto-Lite Company. The Electric Auto-Lite Company was a part of the automotive assembly industry. It used mainly unskilled workers to operate the machinery, and the machinery was that There were two separate strikes at Auto-Lite. The first was used to orce the company into recognizing the union; that was the first step towards collective bargaining†¦ recognition. It stared on February 23, lasted only four days, and resulted in the reinstatement of the 15 workers who walked out, and an agreement. The workers won the battle but that was a long way from winning the war. Auto-Lite gave the union a 30-day contract, which basically stated the company would recognize the union for thirty days, but even in that thirty days the company refused to recognize the union as a bargaining representative of the workers. When this thirty ays reached its conclusion, the union was no better off then when it started. In fact in those thirty days the company was preparing itself for a strike. They started mass hiring new workers, so they could keep running the company if the labor walked out. The second strike began on April 13, and consisted of some 400 Auto-Lite workers. The strike seemingly divided the work force equally, as many went in as picketed. Then on May 3, a court injunction restricted the number of picketers at one time to a minuscule twenty-five. This rallied the surrounding men and women in the area to unite and break this injunction hat limited all of their freedom. On May 21, 22, and 23 more then 6,000 men and women united in front of Auto-Lite to hear speakers and to protest the company, along with protesting the court injunction. This is when the real trouble started for the company and the picketers. On May 23, A young women by the name of Alma Hand was stuck by a steel bracket which caused a riot among the crowd, and which initiated a raid on the building. The deputies fired tear gas at the would be invaders to stop them from storming the facility. That night a raging crowd refused to allow the scabs off the premises. After this episode, the Ohio National Guard was called in to restore the peace. These guardsmen only worsened the situation. On the next day, May 24, they charged the crowd wounding 12, then firing their rifles and killing one, then later that same day, they fired once again wounding two more picketers. By the 26th of May, with demands that the plant be closed and the Guard withdraw, another tragic confrontation occurred. The crowd attacked the Guard, 200 were injured and 50 were arrested. The plant remained closed for the following week and did not reopen until June 5. At this point, the strikers had emerged victorious. After all the hardships, injuries, and deaths, the union had been established and recognized. This was a shallow victory at first due to a number of circumstances. First of all, the old workers who remained at work throughout the strike had preference during the rehiring process. Secondly, betrayers who associated themselves with management formed their own bargaining organization called the Auto-Lite Council. This organization acquired for them preference in rehiring. The Auto-Lite Council soon diminished in numbers, while Local 18384 was increasing dramatically. This was due to the realization that the strikers were the ones who had won them collective bargaining, not the Auto-Lite Council. Therefore, their loyalties lied with the organization that had created the situation in which they had more power, respect, and The Auto-Lite strike is a perfect example of how the labor movement has advanced. The first strike only involved a mediocre 15 men. The second strike reached out to about 50% of the work force. The men and women of Auto-Lite had embraced their union and made it their own. This represents the labor movement because at the start only about million workers were unionized. At the pinnacle of the movement nearly 50% of the work force was organized, the number was in excess of 10 million individuals. Workers saw how the union could help them. They saw solidarity and unity, which when combined produced a force to be reckoned with. The union provided for higher wages, more benefits, and better working conditions. This idea is what attracted more members and this belief is what united the men and women at Auto-Lite. The strike also represents the risks and hardships accepted by the organizers who take on the challenge of forming a union. The 15 who went out in the first Auto-Lite strike took the chance of losing their jobs and hampering their families welfare to form a union just to help every worker in the plant. The men also accepted that they were going to lose their jobs and would have to fight for reinstatement. But all the risks taken, and all the brief hardships felt were well worth it considering the ends. Their union was recognized. Not to the extent they wished, but nonetheless they won recognition, which catapulted them to eventual complete victory. This result was not always the case. In some strikes the union failed nd the workers lost big. To the credit of the workers, their supporters, and their organizers the men and women of Auto-Lite were triumphant and won the fight of all fights; to gain respect, power, and recognition. This event was the turning point in labor relations in the city of Toledo. It gave confindence and self worth to the working class, and stripped the company management of their unimpeded omnipotence. The Auto-Lite Strike of 1934 changed the entire way that company operations were run, and for that, those who work in Toledo should be applauded, and recognized for the achievements they accomplished.

Poverty And Exclusion From Accessing Quality Education

Poverty and Exclusion From Accessing Quality Education Poverty, which is a barrier to quality educational attainment for the marginalized children, is a high leveraged problem of practice that needs attention. Poverty is beyond financial scarcity, as it leads to the inability to contribute in the public production (UNESCO, 2009 Arbour, 2006). Lack of enough education implies â€Å"poverty.† Poverty deprives human dignity, excludes the poor from fundamental human rights including freedom. It creates barriers parallel with the inability for the poor to petition their human rights to â€Å"civil, cultural, economic, political, and social rights.† Hence, exclusion of human rights creates poverty (Arbour, 2006 p.III). A complete â€Å"poverty† which is living without enough income generates barriers to education, causes hunger, inability to learn, and scarce learning tools in schools. Similarly, poverty prompts teenage early pregnancy; hence, wiping out girlsâ€⠄¢ dream for education. Education is one of the pivotal tools for poverty eradication (UNESCO, 2010). As its magnitude, skillful people would determine techniques to improve their lives through employment or self-employment (UNESCO, 2010; Haughton, Khandker, 2009. Educated people incline to be creative, hence improve their living income contrary to the uneducated ones. Actually, Hartwig, (2013) found that a slight number of families with extra education, improved their living circumstances as opposed to their colleagues who did not.Show MoreRelated Social Work Essay1632 Words   |  7 Pagesdiscuss social divisions; social exclusion and social inclusion, of which there are many definitions and interpretations. Social divisions and Social exclusion has been around for many years. Social exclusion was first noticed in France in 1970s in relation to people who fell outside the range of the social insurance system, such as disabled people, lone parents and the young unemployed (Towns end and Kennedy, 2004). 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