Sibelthrasher

Situations such as the dismal housing market and soaring gas prices are certainly real problems for everyone. These you can see frequently on top news. This makes a lot of people wonder, Is the business sector really falling? According to a study made in March 2008, small business owners say no. The study which sampled 751 small business owners claims that the entrepreneur is still thriving. It is fighting against these adversities posed before them, and they should take offense. One senior vice president of a small business even said that “They think fast [small business owners]. They’re much more in a position to move very quickly in terms of how they align their resources. They’re used to doing that anyway, in good times and bad. It goes back to the reason they got into it in the first place—passion”. Other entrepreneurs have managed to thrive in a slow economy by combining the usual innovation with a healthy dose of good karma, a very marketable commodity in any economy.

Entrepreneurship is the practice of opening or creating new organizations or revitalizing mature organizations or even establishments, particularly new businesses generally in response to identified opportunities such as the present economical condition and the current trends. Many who have been in the business claim it to be a difficult responsibility, as a vast majority of new businesses fail. Activities regarding Entrepreneurship vary depending on the type of organization being started. It can range in scale from solo projects to major undertakings creating many job opportunities. Entrepreneurship may also be part-time, depending on the person. Entrepreneurs are similar to leaders. They are often drawn to a distinction with managers and administrators who are said to be more methodical and less prone to risk-taking. Every successful entrepreneur brings about benefits not only for himself but also for the municipality, region or country as a whole.

There are many types of businesses. Because of this, these businesses are classified in many ways as well. Manufacturers are those that produce products from raw materials or component parts which they then sell at a profit. Companies that produce kitchen wares or other physical goods such as car parts are considered as manufacturers. Service Businesses provide intangible services or goods where they charge for labor instead. Designers may fall under this classification. Retailers and Distributors are intermediaries in providing goods produced by the manufacturers to the intended consumer. Small retail outlets can be seen randomly around the country. Agriculture and mining businesses are concerned with the production of raw material, such as plants or minerals which are being used by the manufacturers. Financial businesses include banks and other companies that generate profit through investment and management of capital. Information businesses sell intellectual properties which include movie studios, publishers and packaged software companies. Utilities are those that provide public services, such as heat, electricity, or sewage treatment, and are usually contracted by the government. Real estate businesses take place from the selling, renting, and development of properties, homes, and buildings. Transportation businesses deliver goods and individuals from location to location.

A business broker is a person or firm who/which acts as an intermediary between sellers and buyers of small businesses. Also known as Business transfer agents, their main purpose is through assisting the consumers and the sellers of small businesses that are owned privately in the process. Typically, they are the ones who estimate the value of the business, a physical good or a service which they then present to a variety of consumers. Brokers advertise it for sale with or without disclosing its identity through mediums such as television, radio, cinema, magazines, newspapers, video games, the Internet and billboards. They are the ones who handle the initial potential buyer interviews, discussions, and conference with eventual buyers as well as facilitate the progression of the due diligence investigation and generally assist with the business sale.

A Business, as defined from an investor’s view point, is a commercial activity engaged in as a means of livelihood or profit, or an entity which engages in such activities. It is also known as a Firm or Enterprise. It is a legally recognized organizational entity designed to provide goods and/or services to consumers or corporate entities such as governments, charities or other businesses. Most of businesses nowadays are privately owned where the owners and operators have as one of their main goal and objective to produce and receive a financial return in exchange for work or in accepting risks. As its name implies, it relates to the state of being busy either as an individual or society as a whole, doing commercially possible and beneficial work.

I have heard a lot of stories which tell of people starting small, some even considered as poor, who turn out to become millionaires in the end. And then I think, wow. How could they have possibly done that? Well, as many have said, some of the best business ideas happen almost by accident. It is true; in order to succeed at a business what you need is determination, the willingness to succeed in what you do. Giving up should never be an option. Also, you should learn to love your business and everything that comes along with it. Don’t just think about money making and your profit goals. Be pro-consumer. There’s nothing like acting like a consumer to know a consumer. And lastly, you should always pray. Nothing works best without prayer. And when that opportune accident finally comes your way, with all these in mind, surely your business will be at its peak.

Funny thing, I was watching television at the moment. On the tube is Late Night with Conan O’Brien. He was featuring advertisements. He actually had a contest for advertising his show, asking the viewers to submit a video copy for him. As the comic that he is, most of his submissions were hilarious; some even to the point of senseless. And then I remembered studying about Advertising and its importance in business. What it does is it typically attempts to persuade potential customers to purchase or to consume more of a particular brand of product or service, such as in this case: watching his program. Many are designed to produce an increasing number of consumption of those products and services by reinforcing “brand image” and “brand loyalty”. For these purposes, advertisements sometimes embed their persuasive message with factual information or even enjoyment for the consumers. Maybe I should try submitting one for Conan myself.

I am planning to open up a business of my own. I’d like to start small and with a minimal monetary withdrawal. At first I thought coffee shops, but was eventually discouraged due to expensive equipment that usual coffee shops use. I am at a tight budget since I cannot afford to lose much. I am however aware that taking risks can reveal very satisfying results. So I, once again, suggested to myself computer shops. But I am not sure since if given the chance to start up that business, I’d prefer a shop proximal to schools and universities since my target customers would be students. And then I realized that I might just start up a small boutique. I find it feasible for my budget and my customers would then be random. I also think it would be best since I, too, am fond of clothes so I will be able to empathize with the desires regarding the quality of my supplies.

With the escalating prices of general consumables today, money is becoming one of the major topics in the country. More and more people are being included in the poor sector at a daily basis. It is a fact, the cost of living nowadays become harder for people living simple lives. Due to these conditions, it is important to find jobs to aid in the family’s financial crisis. Some students even resort to working while studying, others take up summer jobs. However, news today reveals that some 3,200 applicants in a neighborhood in Brooklyn face long odds for fewer than 1,200 jobs. The job market for teenagers suffers along with the rest of the economy. Poor teenage applicants are at a higher difficulty since wealthier teens are more likely to have the family and school connections that help them land summer jobs. One person even stated that “the kids who need work the most are those who get it the least”.

I am a proud graduate of Business Management in a small university here in our province. As I have observed, while most of the students today apply for courses like Nursing, or Engineering, I stand firm in choosing my own profession apart from the likes of many. My parents and I even came to the point of arguing. Well anyways, the thing I like about business is your independence and dependence at the same time. You become independent in a sense that whatever happens, you will always be the boss of your own business. You don’t have to depend on someone else’s word giving out all the directives on what you should do. My decisions will always be my own and my business’. It becomes dependent, however since even if I may have the last say in every decision, I still need others for advice and help. I must admit, I am not the person who has the luxury of experience to know everything about my line of work. It also becomes dependent since I rely on others, my customers, for my business to succeed. It is a give and take situation. I please and I am pleased. That’s all that matters.