Preview

Building Blocks of a Business

Powerful Essays
Open Document
Open Document
2619 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Building Blocks of a Business
Chapter I
Introduction
Business itself is broad,so to make it simple,the researcher only focused on the challenges and the requirements needed in starting a business.She discussed the meaning of business and the forms of it.The researcher also emphasized that it is important to have a business plan in starting a business.She also stated some of the most important requirements in putting-up a business. The researcher also mentioned the most famous challenges that an owner of a business can face. This research helps to answer the questions of the reader and the researcher herself about business. The importance of this research is to know if a simple individual have it all to own a profitable business. The aim of this research is to further explain the essence of business and to know the different forms of business that will be applicable in the business. Also, its purpose is to give some ideas on how to start a business and it also emphasizes on the challenges to face and the requirements in starting a new business to ready the upcoming business owner. In doing this research, the researcher had a hard time finding some information’s in a book because its not a common topic to discuss in any book.But she manages to get some info’s needed in a book. So, to be able to make this possible,the researcher scanned every periodic that is related to business available in the school library. The author of this research also surfed the internet to get most of the needed facts and informations. She also looked in a dictionary for some help.
I. What is Business??
There are many definitions of business but here are some of the most basic and important definitions that must be known before starting a new business…According to Ditablan and Abad(2009), “Business is a commercial or mercantile activity engaged in ,as a means of livelihood.” And also business has been defined by many as an organization of the people with varied skills to

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Business: An organised effort of individuals to produce, sell, for a profit, the products that satisfy consumer needs and wants.…

    • 314 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Emt Strategic Plan

    • 4183 Words
    • 17 Pages

    There are several processes involved in starting up a new business. The first thing a person or team must do in order to start their business is decide on a product or service. This paper will define the business the author has chosen by developing a mission statement. This paper will also show the vision of the organization, what it wants to become in the future. The guiding principles of this business will be defined considering culture, social responsibility, and ethics. The vision, mission, and values will be evaluated to guide the business’s strategic direction. Finally this paper will evaluate how the organization addresses customer needs and critique how the competitive advantage is achieved.…

    • 4183 Words
    • 17 Pages
    Powerful Essays
  • Powerful Essays

    Buss5000 Lecture Note

    • 1325 Words
    • 6 Pages

    ›Business is: -‘Any activity that seeks to provide goods and services to others while operating at a profit’…

    • 1325 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    Many householders as well as companies are still constructing and growing attempting to improve today’s economic climate. Opening up a small concrete organization and dealing with the general public and building clientele might earn potential income. When opening a business several expenditures occur and difficult jobs are required. In order to begin a company factors require to be analyzed for example workers, material, vehicles, factories, and funds. When the company investment is thought and prepared nicely the organization will grow to become lucrative along with an achievement.…

    • 876 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    FM 116 term paper

    • 2184 Words
    • 8 Pages

    Business: Individuals or organizations who try to earn a profit by providing products that satisfy people’s needs.…

    • 2184 Words
    • 8 Pages
    Powerful Essays
  • Satisfactory Essays

    The purpose of this report is to investigate the challenges of setting up a business and the difference between the major forms of business; particularly, niche markets as compared to the larger mainstream markets.…

    • 1132 Words
    • 5 Pages
    Satisfactory Essays
  • Good Essays

    For many Business students their main goal is to one day own and run their own businesses. During this assignment I would like to break down the initial steps needed to start a business. Starting a business involves planning, making key financial decisions and completing a series of legal activities. Below are the steps that could help you plan, prepare and manage your business.…

    • 494 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Chapter 1

    • 3284 Words
    • 14 Pages

    2. A business is any organization that is engaged in making a product or providing a service for a profit.…

    • 3284 Words
    • 14 Pages
    Good Essays
  • Satisfactory Essays

    ACCT 200 Ch 1 Notes

    • 781 Words
    • 4 Pages

    Business: An organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers.…

    • 781 Words
    • 4 Pages
    Satisfactory Essays
  • Satisfactory Essays

    BUS 101

    • 2844 Words
    • 12 Pages

    A business is any organization that tries for profit by providing goods and services that meet customer needs. It deals with exchange of products and services in exchange of money.…

    • 2844 Words
    • 12 Pages
    Satisfactory Essays
  • Good Essays

    Running a business can be a good thing but at the same time be the worst. There is so much to consider because the life of your business is consumers. You must create a business plan that will attract consumers and bring them in. Sounds easy? Not quite. Reason being, there is a lot of competitors out there. You have to make others believe that your products is better and why they should come to you verses the others. Also, you have to consider your approach as to reaching out to the potential clients. This is the phase in which you begin to build your clientele. Some…

    • 700 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    When starting up a small business you will face many challenges. Every business starts small but in time and with hard work it will grow into a bigger enterprise. The challenges when setting up a business makes themselves felt intensely. I am going to discuss three challenges you will face when setting up a business. Capital is one of the most difficult challenges when sitting up a business. A small business usually runs into a lot of difficulties when getting loans from an external source, and that is why some people have to usually depend on their own savings or end up borrowing money from friends. Limited funds have a direct effect on the growth of your business because there are not enough funds to expand your business immediately and there is pressure to pay off your debts. Many people who get into starting up a small business do so without having any experience and skills to start the business. They don’t research the business strategies nor the…

    • 1049 Words
    • 5 Pages
    Powerful Essays
  • Best Essays

    This

    • 2547 Words
    • 11 Pages

    What is a business? “If we want to know what a business is we must start with its purpose… There is only one valid definition of business purpose: to create a customer. What business thinks it produces is not of first importance – especially not to the future of the business or to its success. What the customer thinks he is buying, what he considers ‘value’ is decisive – it determines what a business is, what it produces, and whether it will prosper.” Peter F. Drucker, The Practice of Management, 1954.…

    • 2547 Words
    • 11 Pages
    Best Essays
  • Powerful Essays

    Paper

    • 1394 Words
    • 6 Pages

    Starting a new small business can be tedious and time consuming. When starting one’s own small business it is important to know what type of business organization one wants to open and what type of business it will be. Here one can find information regarding the four types of business organization, financing statements with each type, consequences associated with each type, and the type of business that Penny Garriott and Jim Lucas want to open in the near future. Along with an explanation of the business Penny and Jim want to open there will be an inclusion of information pertaining to what type of business organization they chose and the rationale for doing so.…

    • 1394 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    Most new businesses fail within the first five years of starting. Some people mistake a business for a hobby; just because you love something doesn't mean you should convert it into a business. Too often businesses fail because the owner feels their passion is shared by others. Other businesses plan poorly; yes, you must have a business plan. It can be a simple three page plan or a huge 20 page plan. The point is that you've looked at all the aspects of your business and are prepared to handle problems when they arise. Your business plan helps you to focus on your goals and your vision, as well as setting out plans to accomplishing them. Often businesses are very slow to get off the ground, you have to create and use a realistic business budget, and not constantly drain the business income on personal spending. There are so many roles to play when running a business, from marketing and selling in order to run a business effectively. On top of that, you have to understand the industry your business is in, the skills required to offer your products and services, and the trends in that industry. I think the main cause of businesses going under is poor customer service. Once you have a customer, you have to keep them. There are two key points to customer service make sure you pay attention to what the customer wants (and how these wants can change over time), and make sure you provide quick return of phone calls and emails, proper billing, problem solving and an overall pleasant demeanor. Competition will kill a new business, almost as quick as poor customer service. Customers will go where they can find the best products and services. It's important to know who your competition is, what they have to offer, and what makes your own products or services better. Putting off tasks that you don't enjoy will sink…

    • 459 Words
    • 2 Pages
    Satisfactory Essays