Owning A Business Essay

Owning a business Essay
OWNING YOUR OWN BUSINESS WITH EMPHASIS ON CHILD CARE CENTERS
INTRODUCTION
This paper will discuss ways in order for you to become a business owner as well as how to start your own child care center. Owning a business is not
an easy job. There is actually a very complicated and long process to become a small business owner. Before you start to think about what you want to
do, you need to ask yourself if you will be committed to this venture. If you are then proceed on with your business however, if you are not then
owning a business is probably not for you. With owning your own business, your going to have less personal time then you had previously. Here are
some reasons people become entrepreneurs. Many...show more content...
The cons: Businesses are a large financial risk, long hours and less vacation time, incomes may not be steady, unpleasant tasks, such as not hiring a
friend or firing someone. There are some pros and cons for home based businesses alone. Pros: Start–up costs are lower, shorter commute, more
flexible schedule. Cons: more vulnerable to interruptions, you may have trouble finding qualified employees, and you may be less accessible to
suppliers.
Location and Financial Assistance
To get your business up and running you need money. Initial capital helps you get you business set up and running and working capital is what
you have to keep your business going until the business begins to pay itself off. There are many means of getting the money. You can use your
own funds, get a loan from a bank, small business investment corporations, and even stocks. Wherever you get the money, it will not be a cheap
investment. After you get your business going you will have many liabilities, or debts to pay back. Location also plays a big part in your business.
To maximize your profits you will want a high population looking for your service or who have a need for your product. You can choose to rent and
renovate an existing building or opt to have a new place built for
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Beehr, T., Drexler, J., Faulkner, S. (1997). Working in Small Family Businesses: Empirical Comparisons to Non
–Family Businesses. Journal of
Organizational Behavior, 18(3), 297–312. Retrieved from http://0–www.jstor.org.helin.uri.edu/stable/3100146 This article looks at the differences
between family and non–family owned businesses. The article states that much literature on this topic focuses on the negative aspects and problems in
working within the family business and, as a result, helps also identify some of the benefits of such a position. The authors focus on the disadvantages
of working within the family business first, moving on to discuss the advantages later. After presenting this analyses, they further go on to present six
hypotheses to readers based on preliminary interviews they conducted. The hypotheses they propose center around two specific conflicts. The first
focuses on behavior–based interrole conflict and the second on interpersonal conflict, both of which come from working with one's family in the family
business. Through studying and analyzing their hypotheses, using the interviews to ascertain the validity of their claims, the authors come to the
conclusion that more benefits come out of the dual status that comes with working in the family business than problems. As the article states, "this is
the first known study of this potential problem

Small Business Essays
Numerous large businesses that are operating today were once started as small businesses. A new business is established to create a good or service
that no other businesses have ever created or simply a product of higher quality than existing products, with the purpose of meeting customers' needs
and earning profits. Due to the technological advances at the present time, starting and operating a new business is less laborious. Nevertheless,
would–be entrepreneurs should be familiar with the proper approaches to start their businesses.
The first step to starting a business is to create a business plan. A business plan is a document that outlines the overall strategies of a new venture and
how those strategies will be implemented (Ebert &...show more content...
However, the business owner can also attempt to operate his/her business by bootstrapping, which refers to the operation of an entity by using limited
sources of capital (Gregory, n.d.). In addition, the financial factors should also include financial planning. Financial planning normally refers to the cash
flow and income statement, balance sheet and breakeven analyses. Therefore, there are three major sections to an ideal business plan that are the
organizational goals, the sales forecasts, and the financial factors.
After the creation of a business plan, the next step to operating a business is the selection of an appropriate business structure. Different legal forms of
business ownerships affect different managerial and financial factors from the business names to the tax obligations (Gregory, n.d.). The most common
forms are sole proprietorship, partnership, cooperatives, and corporations. There are different types of corporations in the business world, but the two
most general corporation types are S Corporation and Limited Liability Company (LLC) (Ferrell et al., 2013). The sole proprietorship is the easiest
and most basic form of business ownership. It is owned and run by one individual, which is the proprietor. The individual is entitled to all profits and
is responsible for all the business's

My Business Essay
Personal Assessment:
After doing comprehensive research I come to the conclusion, that by opening a Restaurant with Bosnian food would be very good business venture.
By opening a restaurant with authentic Bosnian food within the Bosnian community of fifty thousand people would be very profitable. In a way risk
free. My only concern is that this is my first time investing a large amount of money. Bosnian Food is very unique. Most Bosnian people have very
busy schedules and they don't have time to cook. My restaurant would feature traditional Bosnian food and atmosphere to make people feel as if they
were in Bosnia. By opening this restaurant, families would be able to come to dine or to take food home that would make them feel at home and...show
more content...
This restaurants is located in the heart of the Bosnian community and other businesses.
Site Map
The location of my business would be in the Lincoln square area on the Northwest side of Chicago. I would be renting the space. My restaurant is
in a very good location and very accessible. It is in center of the Lincoln Square area and is also very close to four major streets: Lawrence Ave.,
Wilson Ave., Western Ave, and Lincoln Ave. and has public parking nearby for customers. The Building in which I am planning to open my restaurant
is very appealing. Building was recently remodeled and has very good visibility. Next door to the restaurant is a old antique store, gift shop and
doctors office.
There is a no competition for my business at all. There are other restaurants in the area that offer different kinds of food like American, Mexican, and
German, but I am targeting the Bosnian community and my restaurant would be the only traditional business in this area.
Legalities and Insurance
Business that I am planning to open it will be a service oriented business.
Legal form for my business will be Sole Partner Proprietorships. Sole Proprietorship has number of advantages. As a Sole proprietorship you have

My Family With Business Background Essay
I grow up in a family with business background. Most of my family, in Iran, has their own business firms. Following my father 's footsteps, I also
developed an interest in starting and running my own business. When I was 13 years old, with help from family and friends, I started my first business
on the internet. It didn 't take long that the website became famous and profitable. After two years, I sold my business and looked for another
opportunity to invest my money.
I always had a dream to study abroad and get a degree in business. I consider myself fortunate as I was selected to participate in a program in the
United Kingdom called Bossiness Foundation allowing me to move to the United Kingdom and study business in high school. When I was seventeen
years old, I moved from my home country of Iran to the United Kingdom pursuing a better education and future opportunities.
It wasn 't easy to say goodbye to my family and friends and move to a country with a different culture, language, weather and lifestyle. I moved to
Brighton UK, a Small city in the southern UK, where my high school was located. For the first time in my life, I was on my own. I had to grow up
quickly and start making decisions, for my life and my future, on my own while learning and integrating into to a new society. I took on this challenge
head on and started learning what it takes to survive on my own. The most important skill that I learned was time and money management. There was
no one around to

Family Business Essay
Management Issues In The Family Business
MGT–6340
Dominique Swaffin–Smith
Word count:
2650
Submitted by E Pahlsson
Content
1. Theory of discussion 2. Corporate governance 3. Family governance 4. Social responsibility 5. Philantrophy 6. Financial performance 7. Berry Bros
& Rudd limited 8. Conclusion
Introduction
This report is intended to provide the reader with a discussion of the core areas of interest in terms of assessing a family companies performance. We
have selected, Berry Bros & Rudd Limited to assess the family governance, corporate governance and social responsibility. The report starts with a
brief illustration of interesting areas of the family business continuing with an overview of...show more content...
3. Attending to family organizations, or setting a framework that enables the family to share deciions and communicate effectively and build trsut. 4.
Setting family ownership policy and right and responsibilities of shareholders. 5. Resolve conflicts within the family and provide methods to help
family members in need 6. Fostering family education and make sure that memebers of current and successor generations have he knowledge and
understanding necessary to play their chosen business and family roles ad to achieve shared goal. 7. Coordinating family civic, political and
philanthropic roles and manage the family relationship with the outside world. 8. Nurture family relationships that provide shared endeavors.

Social responsibility
According to Kotler and Lee (2005) Corporate Social responsibility is a commitment to improve community well–being though discretionary business
practices and contributions of corporate resources. Discretionary practices refer to the voluntary commitment a business chooses to implement these
practices and making these contributions to the society. Community–well being refers to the human conditions and environmental issues.
Sustainability management of entreprises has become of an increased importance. Stakeholder such as consumers, local communities, interest groups,
governments, regulatory agencies and all other entities

Family Business
Family business are businesses that are created from their founding fathers of that era, if may evolve from small businesses into big enterprises.
Family business is playing a very important part in the economy of Malaysia; the reason is that more than half of the Gross Domestic Product of
Malaysia is from the family businesses that are conducted in Malaysia. For example The Genting group and The Berjaya group are two of the most
famous family businesses that are conducted in Malaysia. The following are the issues and challenges that are faced by family businesses in Malaysia.
The first challenge and issue that affects family businesses in Malaysia is succession planning which is choosing the next successor for the business
after the...show more content...
The fourth challenge and issue that affects the family businesses in Malaysia is leadership which is basically the compass for the direction of the
family business. It is very hard for family business to have good leadership because it involves leading, involving, and also motivating the people
in the family business so that they share the same goal. So, if the leader of the family business is strong, then the chance of the business to succeed
will surely be very high. The first thing is that the good leader must have the stamina and the passion to lead. Besides that, the leader must have a
wide knowledge of the economy and also the industry itself so that he or she can direct a most beneficial way for the family business to approach and
also giving a sense of common purpose. Lastly, the leader must have power to control the people in the family business and tell them what is the plan
and what they need to do.
The last challenge and issue that affects the family businesses in Malaysia is fair compensation which also includes fair treatment to the people
involved in the family business. The reason why this is a common issue in family business is because that the family members always tend to treat
their own family member better and they also make bias decision most of the time. The most common problem is the payment and the salary of the
people in family business. People who are the family member often

Family Relations : Family Relationships Essay
Introduction Family relationships are complicated, even more if it is regarding family business. Negotiations between family members are different
from negotiations between non–family members. The relationships between brothers lead them to stronger sensitivity and loyalty. Family relationships
have developed over years of interacting. Sometimes family members struggle over the appropriate role to play in this negotiation process. There is
increased opportunity for misunderstanding and conflict if negotiation style and approach will be wrong. In the case of family relationships all family
members are affected. Family members' support may be critical for reaching a negotiated outcome. One wants to be winner in any negotiation, but it
does not nessesarily mean that conterpart will lose. There should be right common ground and mutually acceptable outcome. In this essay I will talk
about family conflict negotiation. Brother's relationships will be used as an example in this report. In an age of booming technology, running a
business without computers is like trying to breathe without lungs. Computer system will make business easier. It will help to increase the efficiency
and productivity of work. In this case the negotiation process is about explaining the value of computers to the brother. In this analysis next points will
be considered: Understanding other's needs and motivations Credibility Common ground Joint problem solving Outcome Emotions and basic instincts
These

Starting a business is a difficult task for anyone, despite their age. Different ages come with distinct entrepreneurial skill sets and traits that are unique
to their demographic. Many of the most prominent business people in our society today started off as entrepreneurs at varying ages. Being an
entrepreneur is not confined to a single age, however, some ages are more successful than others.
When the term entrepreneur comes to mind one usually will picture a Bill Gates or Steve Jobs type, never a child or even a teenager. However, the
number of child entrepreneurs is growing everyday. Around 77 percent of students say they want to be their own boss, and 45 percent say they want to
start their own business. Nearly half of American students desire to be entrepreneurs, and many of them have the skills and the drive to achieve it.
Children are naturally imaginative, energetic and willing to take risks – all traits that are essential to entrepreneurship. Kids have the ability to think
outside the box and be unrestricted in their thinking. They are able to see the world unobstructed by adult troubles and practicality, which can often
smother the best ideas. Not to mention they have the least amount to lose, no bills to pay or family to take care of. If their idea, fails they can simply
move on to the next one. Children are often underestimated due to their youth, but they truly can be the most creative and most successful in the field
of entrepreneurship.
Children are the

My Family Essay
No one can't meet a family like mine's. My family is well diversified. Every family member plays an important role in all my family's lives. In my
family, there are four people: my father, my mother, my little brother and me. My father is one who brings money home and is also responsible for
organizing and planning family trips. My mother is the one who is in charge for making meals and makes sure everyone eats at the appropriate times.
My little brother is the pet of the family. He actually doesn't have any responsibilities, for he's the pet. I am the rock of support in my family. I always
go beyond my parents' expectations. I also support my younger cousins and little brother, by being a role model that they can look up to. Another...show
more content...
Doing what my parents tell me to do is just one of many reasons why I am a rock of support for my family. Not only do I support my parents, but I
also support my younger cousins and brother. As an eldest brother and cousin, I feel I must be a good example for the young ones. There are
numerous methods of showing my cousins and brother support. One main way is by providing advice on making the right choices. For example my
brother had a problem at school with one of his classmates. As a mature and responsible older brother, I advised him to use the non–violent approach. I
told him to go discuss the problem and try to resolve it peacefully. My brother then asked me why he shouldn't fight his classmate. I explained how
violence is the answer to anything. I advised him to first talk to his classmate in a professional manner. If then things get out of hand, I told him to
let the teacher know the situation. In the end, my brother didn't need to get the teacher involved. In fact, their conflict was resolved by talking
through with each other. I also am very supportive of my little cousins. One way I help them out is by tutoring them once in a while. They come
over to my house and I assist them with their school work. Not only I help my cousins with their homework, but I also support them recreationally. I
play various sports and activities with them. As their older cousin/brother, I feel I should be a good role model to follow. I am also known for being there

My Business Experience From My Family
The majority of my business experience originated from my family. My parents own a business, so growing up, I was constantly surrounded by the
logistics of running a company. One day, I asked my father a question about our company's prices and revenue. I expected an answer of two numbers:
one for price and the other for revenue. But, he quickly responded with a bombardment of spreadsheets stored with company data. I quickly realized
that running a business is much more challenging than I thought. As I learned about my father's management techniques, I fell in love with the fact that
there aren 't any set guidelines to create a successful business. Sure, there are certain economic principles to follow, but businesses need to add their own
...show more content...
In regards to the layout of the website, I wanted the website to be easily navigable to avoid frustrating any customers. Underneath the banner at the top
of the website, I created tabs that, once clicked, would lead the customer to a certain page of information. For example, the "About Us" tab would lead
to information on the history of the company. For the information on each page, I did not want the customer to feel overwhelmed, so I simplified the
information into bullet points and short paragraphs and highlighted important phrases in light blue to make key pieces of information stand out.
Not only did my website benefit the family business, but it also introduced me to ideas behind marketing. A website is more than just accessible
information, it is the face of the company, so it is vital that it looks good. Everything on a website, from logos to text fonts, should appeal to the
audience you are trying to capture. Our original website appealed to the audience in the early 2000's when websites were more basic and bland. My
website, however, creates a more energetic and vibrant environment, which appeals to the modern consumer.
While my family's company gave me a strong background in business management and marketing, I also learned many lessons about the trading
through my parents and their involvement in the stock market. As I overheard their conversations about their portfolios and returns, I wanted to

An Introduction to Business Essay
An Introduction to Business
Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By
satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living.
It is a way for individuals to provide goods and services to consumers, and at the same time, produce a profit for themselves. Businesses are not only
important because they provide goods and services for consumers, but they also improve the economy and increase jobs for people within society
which is an additional fact producing a higher standard of living. To measure our societies standard of...show more content...
International trade deficits occur when a nation imports more then it exports. The Decline of Smokestack America is when there is a change from an
industrial to a post–industrial economy. Finally, the conservation of energy is so that there are a sufficient amount of natural resources necessary to
produce goods. General economic growth or stagnation also has an important influence on business within our society. Many factors can affect it's
condition, such as war, new inventions and technology, political assassinations, the discovery of physical and natural resources, labor negotiations,
government action, and many others. When the economy is strong and the demand is high, businesses can prosper. Regardless of how great the
economy may become, businesses still must compete with other firms for scarce raw materials and labor.
A businesses environment creates many opportunities as well as problems for prospering businesses. The environment determines what a business can
do by shaping and channeling its development. Businesses function within an environment by allowing entrepreneurs to raise capital and create profits
freely. The supply of money available within a business as well as the economic stability through times of growth and recession have strong effects on
businesses. Not only is the physical environment, including natural resources, pollution and energy as discussed previously, important, but many other

The Family's future vision should always be in mind when establishing and running a business. It is important that each member be involved in this
process. This process should include making strategic business plans for the future that reflect God's teachings, and where the family wants the
business in a given time frame. Utilizing democratic capitalist frame of mind, families believe in hard work. This model is often ideal for small
businesses starting up. Those individuals in the family that are able to demonstrate their hard work are rewarded by various benefits. This encourages
continued hard work, and those individuals not demonstrating this are often left out. This system allows everyone to show just how dedicated to the
commitment...show more content...
Succession planning is a very important part in identifying problems faced in the future of the business. Succession can be defined as identifying critical
management positions from manager and supervisor extending up to the highest position in the organization. Succession planning isn't often planned or
thought of until something happens to the owner. In these situations it is often too late for that person to identify individuals to succeed them. Failing
to consider or name a successor in the initial planning of the future for the company usually results in a conflict developing between remaining family
members.
The process allows the opportunity to describe management positions to provide maximum flexibility in lateral management moves. (Effective
Succession) Business operations are often subjected to interruption, and possible loss of clientele as a result of failing to consider these issues. It takes
a great deal of observation, and thought to name those that will take on leading the business forward in the future, and this is often the cause of failure
to name a successor.
As the family business continues to mature over the years it also has the opportunity to grow in size. This allows the ability for younger members of
the family to eventually enter in to the business or encourage them to start their own. This is something that the family as a whole should want to
encourage. Developing a family

What Is A Family? Essay
For most of us, the family is considered as a well–known and comfortable institution. The perfect model of the 'ideal' family is still mostly considered
to be consisted from two different sexes' parents, and one or more children. Until quite recently, the sociology of the family was mostly functionalist
and just in the last few decades has been challenged from various directions. There are many different definitions about what the family is. Different
theoretical positions influence these variations. For example, the functionalist sociologist George Peter Murdock defines the family as "a social group
characterized by common residence, economic co–operation and reproduction. It includes adults of both sexes, at least two of whom maintain...show
more content...
An early functionalist George Murdock argued that the family plays the main role in the society by performing three main functions– пЃ¶Stabilisation
of the sexual behaviour and reproduction. пЃ¶Providing the basic economic requirements. пЃ¶Serving the function of socialisation of the next
generation. G. Murdock claimed that without family serving these three functions the society would disappear. He considered these functions as
universal, although he agreed that they could develop. Talcott Parsons argues this statement, by saying, that there are two broad functions of the
family– primary socialisation and stabilisation of the adult personality 'throughout the emotional security, including sexual expression, provided by
marriage' (O'Donnell, 1997). In these days, when society is changing, the functionalistic statements lose their strength. For example, the sex outside
the marriage, in these days of easily available contraception, is no more the taboo. Margaret Mead argues Murdock's and Parsons imply that nuclear
family is biologically necessary and natural. She stated that the nuclear family is based on culture, not biology. Marxist views on the family Marxists
have very critical view of the family and society. They adopt a structural perspective, but put it in the class nature of the society. The starting point for
the most Marxist analyses of gender and the family is Friedrich Engels' (1820–1895) The Origin of the

Sibling Rivalry within the Family
It is always good to be home, where anybody found their own happiness. Nothing feels better than to have a quality time with family, bonding with our
siblings and having a sharing session with all of the family members while watching the television. And nothing feels better than to have a harmonious
family without dealing with a family quarrel. But the fact is, not every family felt this. Sometimes parents are too busy and do not have a time for
their partner and affected to a fight, or maybe an older child feels uncomfortable whenever they saw their parents holding their younger brother or sister
and affected a sibling rivalry. At the beginning maybe parents would just underestimate this problem and thinking that this is just a jealousy between
them, whereas if they did not teach very well this could be a big problem between them later.
Sibling rivalry commonly starts after the birth of the second child. It is common when a baby first came to the family; the whole family will give all
the attention to him. And the elder who at first was the star of the family would feel that everybody is now do not care about him and think that their
younger brother or sister are stealing their attention from him. And then the elder will start to act differently to get attention, or if they still do not get
what they want, they will start to act annoying until everybody sees him again. When their baby brother or sister grew up, they will start to pick up a
fight so their parents notice

Business Analysis : Family Business
Introduction Family business, as the oldest and most common model of economic organization, is often overlooked by people. However, family firms
are all around us–from neighborhood mom–and–pop stores, millions of small and midsize companies that form the basis of many economies to
well–known multinational corporations such as BMW, Samsung, and Wal
–Mart Stores. One–third of all companies in the S&P 500 index and 40
percent of the 250 largest companies in France and Germany are defined as family firms. In each family firm, a family owns a significant share and
can influence important business decisions, particularly the election of the chairman and CEO. Compared to non–family firms, family members as
managers and/or owners of a business are often more loyal and dedicated to the family firms, which can strengthen the company. However, as the
family firm and the owner's family get larger and stronger, problems may occur because the dynamics of the family system and the dynamics of the
business systems are often not in balance. Firstly, the interests of a family member may not be aligned with the interest of the business. If owners' son
wants to be CEO, but he is not as competent as a non–family member, the interest of owner's son and the well–being of the business is in conflict.
Secondly, the interests of the entire family may not be balanced with the interests of their business. A family may need its business to distribute funds
for living expenses and retirement which the

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