business venture essay

Business Ventures: The Main Principles Essay

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In the contemporary highly competitive business environment, business ventures should strive to create a relationship of trust with their existing customer base to retain and attract new clients. Companies with a reputation for being dependable and treating their customers and employees fairly have a substantial competitive advantage over their direct competitors. It can be argued that transparency, corporate citizenship and responsibility, and follow-through are the main principles a company should adhere to in order to become more trustable and successful.

Transparency in a venture’s business operations is key to creating trust with the customers and becoming efficient. According to Fraser and Van der Ven (2022), being transparent about their practices helps companies secure a more beneficial reputation. Furthermore, transparency can serve as means of reaching new target markets and increasing revenue and efficiency (Fraser & Van der Ven, 2022). For example, transparency in supply chain operations can help detect unnecessary expenditures through communication with the community, reduce costs, and improve the public image. In addition, customers trust companies that are actively involved in social issues and positively impact the economy, environment, and society. Yohn (2020) notes that corporate citizenship and responsibility are expected of modern businesses. It helps build a stronger organizational culture, create shared value, and manage the employee experience, resulting in a more effective organization (Yohn, 2020). Furthermore, the principle of follow-through is crucial in creating trust with the public. If a company fails to perform its obligations and follow through on its pledges, it is unlikely to build a strong relationship with its customers, partners, or employees.

In summary, business ventures should follow the principles of transparency, corporate citizenship and responsibility, as well as follow-through to secure the public’s trust and become successful in the modern competitive environment. By being honest about its operations and business practices, contributing to society in a meaningful way, and consistently following through on its promises to consumers, collaborators, and employees, any organization can create trust with the public.

Fraser, E., & Van der Ven, H. (2022). Increasing Transparency in Global Supply Chains: The Case of the Fast Fashion Industry . Sustainability , 14 (18), 1–24.

Yohn, D. L. (2020). Brand authenticity, employee experience and corporate citizenship priorities in the COVID-19 era and beyond. Strategy & Leadership , 48 (5), 33–39.

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Business Studies Essay On Business Ventures

Current visions about your potential business venture Regina Murphy-Moore Southern New Hampshire University Operating a company is a stimulating, resourceful, and adaptable way to plan one’s opportunity and come to be an entrepreneur. Apart from making a living, it is about building a new way of life. Becoming an entrepreneur takes foresight, determination, and courage. Some of the characteristics to have when becoming an entrepreneur are: Self-confidence, believing in your business venture, focus on your strengths, being a decision maker, and being leader.

Essay Example on About Business Venture

Self-confidence You need to have incredible self-belief. If you lack that crucial element of confidence in your mental character, then going into business is not for you. Believing in yourself is what gives you the self-confidence that you need to be a good entrepreneur. Bear in mind that many successful entrepreneurs started out with nothing or very little, apart from self-esteem and confidence. Believing in your business venture Question yourself whether you openly believe in the business you are starting interested in.

If you find that you are not entirely convinced about it, you need to continue looking until you can pinpoint one that you feel you will be ready to be committed to it. TO be successful in any business venture, you will have to be attentive nearly 24 hours a day. You will have to continuously shaping it, modifying it, and designing it. Focus on your strengths People have their own strengths, as well as weaknesses. In order to be an efficient entrepreneur, you will want to identify your strengths and concentrate on them.

Proficient in: Communication

“ She followed all my directions. It was really easy to contact her and respond very fast as well. ”

You will be able to attain further achievement by outing your strives into the fields of your importance. For instance, if you have human management skills as a strength, you would need to control the know-how, and initiating complete use of it in the business. Being a decision maker When it is time to hire personnel, speak to shareholders, and request for credits, will have to adopt the responsibility of a leader. If you don’t have the skill to lead, you will not be able to be reliable staff. As the head of your company, the people you hire will look to you for support and guidance.

The ability to give the suitable encouragement and management will be the source of your merit to a great extent. Lessons learned from Jack Ma A new business owner should limit the number of business partners and always keep majority of the business. When he did a joint venture with China Telecoms, which had five board seats, and he had only ;o seats (Fanning, R. , 2009). When he tried to suggest things and would get turned down. When he selected employees he spent time telling them his vision of the company.

This makes the more invested than just being employees. Making a team that has value, innovation, and vision (Fanning, R. , 2009). Not giving up, and always having hope. When selecting a name for his company, he selected a name that meant something for him and that was easy to remember for future consumers. The three reasons why he survived where, he had no money, no technology, and no plan. However, these reasons can also be negatives. When starting a new business venture those things are very important in establishing and succeed in your business.

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Example Of Essay On Successful Funding Of A Business Venture

Type of paper: Essay

Topic: Business , Finance , Information , Taxes , Internet , Website , Company , Customers

Words: 1900

Published: 03/28/2020

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A good and innovative entrepreneurial business idea only be productive when it is put into action, and the business plan rolled out in a well set and sequential flow of activities without which the project may tumble and collapse (Amit & Zolt, 2012). RunandPlay. Com is an exclusive online company that targets to excel in the provision of internet based sporting entertainment, equipment and costumes for the various respective game programs offered. In setting up, an online business various concepts need to be put in place, and the entrepreneur is well conversant with the necessities required for the operational system so as to be sure the hired personnel is working on the right program. For an online company to take off on a business platform, it must have a domain identification name as the first step in making official the operation (Sweeney & Sweeney, 2011). In this case, the company would be identified as RunandPlay.Com that is a top level domain (TLD) and is mostly preferred worldwide. It is sufficient and well-developed for global businesses operation. This is very essential since it is the address and the words the customer will search from their browser so as to visit the company’s website. In order to avoid customers’ mix up, the company would register www.runandplay.com.au as an alternative domain alongside the main domain www.runandplay.com (Sweeney & Sweeney, 2011). Following the creation of a domain, it is the designing of a dynamic hosting provider that contains all the available information and acts as server-store for the domain created. This is usually known as the website information (Sweeney & Sweeney, 2011). The hosting also ensures the information is made available to all the possible browsers of the internet that key in the name of the domain. Furthermore, it provides a platform to interact by the customers for instance, leaving their opinions on the page and signing in their own personal profile under the company’s name. The software does not require a content management system to manage the hosting website since it updates itself automatically. This ensures there is an efficient and most proficient method of directly interacting with the customers (Sweeney & Sweeney, 2011). The third step in making official the business involves the use of a File Transfer Protocol (FTP) in conveying all the data to the website of the company or the domain. This one of the most secure way of transferring data as it ensures the domain has a security code or password hence is not at all prevalent to hacking or to edit by unauthorized persons. It avails all the information that is configured to the company’s domain to all the internet browsers so as the customers who view the website access the information and interact on the page (Tobin, 2012). Exploration engines commonly used by browsers who are the customers is the yahoo and Google tool. The next step in officiating a business thereafter, transferring the information is initiating is configuring the company’s domain to these search engines to identify and receive traffics within the shortest timeframe (a week) rather than a month as the case with others that have not (Tobin, 2012). This is integrated with an optimizer report (OR) which capture all the information as pertained in the company’s site. It ensures it identifies how the website information is interpreted by the search engines and makes the necessary recommendations (Tobin, 2012). An online business venture would only excel if proper online marketing is done so that the domain is not overlooked by the browsers. Marketing is a very critical step in initiating an online business operation (Amit & Zolt, 2012). The company runandplay.com initiated an SEO (Search Engine Optimizer) that serves as a traffic accelerator in conveying the information to the company’s domain when the search tools key in the main company address. It also ensures the domain has a dominant position on the initial pages so that it can be instantly recognized by the web user. This gives the company a high profile in the market amongst its chief competitors and optimizes its sales since the traffic is received almost instantly. The above stated are the major initial steps in initiating an online business and once it is done there is need to maintain and improve the company’s profile so as to ensure a good rapport is maintained between the customers and the company through its domain. This is done most effectively through initiating an email room (Tobin, 2012). An email room does the role of posting adverts and email marketing through instant sending of newsletters to potential clients hence maintains a positive interaction without the customer having to revisit the website. The email room has the capacity of managing a huge database of addresses used by all the clients that visits the company website leaving behind their comments and profile on the site. The organization structure for Www.runandplay.com Company comprised of the chief executive officer at the top most position which is the main entrepreneurial in initiating the idea and putting it into action. The CEO’s office is the top senior organ in decision making. He is, however, assisted by a chief operating officer and a chief financing officer (Amit & Zolt, 2012). The chief operating officer does the supervisory role and ensures competency is maintained across the three main departments. The chief financing officer, on the other hand, has a responsible for planning of finance and management of the organization. He also assists in policy making and standardizes the company’s progress against the best performing businesses (Amit & Zolt, 2012). In-store operations refer to all the activities that are undertaken by the company so as to make sure their product and programs are made available in the market. It involves mailing off newsletters by the mailroom, designing and posting of adverts on the company’s domain and continuous reviewing of the website by the webmaster (Tobin, 2012). This ensures the manner in which the users view the company’s profile is always up to date. The catalog system of RunandPlay Company lists all the services and products with their respective costs offered by the company. This is mandatory as it enables the customer to compare the prices and hence could resolve to buy with www.runandplay.com Online-outlets are the various alternatives the company provides in delivering its products to the respective customers (Sweeney & Sweeney, 2011). The major sources of income and funding systems for Www.runandplay.com Company include the following: - Through advertisement and web banner integration on the company’s domain – Advertisers who use www.runandpay.com for their banner ads as well as articles that feature in the form of placed links within the content would pay a service fee. This would, therefore, source revenue or income to the company. Furthermore, is most preferred because it also boosts the company’s profile and makes it be identified easily by the search tools on various browsers. - Revenue from commissions allied to the product integrated adverts- This is mostly reached by clicking of the integrated advert by merchants who are usually allied to the purchases that are joined. RUNandPLAY.com would then obtain the preferred transaction and click through entitlement commissions. - Commissions from e-commerce fees in payment of product sponsorship. This was opted for because it is one of the greatest escalation engines and because most of the customers prefer offline purchases. The service charge that would originate from the e-commerce is considered as a major source of income to the RunandPlay Company. - Other sources of revenue will be comprised of elite based sponsorship and customized packages to an elite sponsor grouping. This is in addition to the payment returns in form of monthly fees. Sponsors will receive fixed charges as premium on the online business transaction platform on all the adverts and integrated content services. - Concerning syndication of content or programming RUNandPLAY.com premium content would be sold in association with allies in the re-publishing and exposure of co-brands. On the other hand, service value, addition is revenue earning avenue with RUNandPLAY.com. This offers services to its sponsors for instance live casting on the online platform in addition to moderation of chat rooms as well as hosting. Intellectual property is another aspect that is very critical in starting a business. This protects the company’s resources, assets and products ensuring the company uphold high competition standards in the market without being intimidated by other companies (Amit & Zolt, 2012). The company, www.runandplay.com, protected its trademark, patents, copyright and trade secret protection. This involved creation of the company’s intellectual property (IP) by the laws governing the region under which the company operates. This is always done in line with the intellectual property law (IP) of the state enacted under the rule of law. The company, must after the realization of its vision and full achievement of its strategic plan in the world markets, improve its operational services to suit the social needs of its esteemed customers in return get more profit. The company therefore, has resorted to a purely virtual manner of doing its transaction and delivery of its entertainment programs and equipment to its customers. In order to achieve this, the company restructured its funding sources by seeking other alternatives that included the equity and debt investments. Seeking finance through the equity and debt technique for a company involved borrowing from investors (debt) and issuing of stock to investors (equity) without them claiming possession of the company (Amit & Zolt, 2012). Equity finance generation technique mainly constitutes withholding of salary, paychecks and any other outgoing capital, and issuance of the company’s stock to investors. Debt financing of funds, on the other hand, comprises of borrowing capital to fund the project from an investor who would not claim for the membership of the company. RunandPlay.com opted for these funding sources mainly because the company would retain its financial state without running into a crisis and comfortably finance the new improvement scheme (Amit & Zolt, 2012). After actualizing a business operational plan, a company must evaluate its progress to be able to determine if its capital input corresponds with the output and if it balances the returns (Amit & Zolt, 2012). RunandPlay.com, therefore, evaluated their hypothetical need for capital change over a period of five years. The company’s need for capital progressively increased over time from the minimal starting cost and assets value to a very high value in assets and liquid cash. On a yearly basis, the company’s demand in running its costs and expanding its services and products would increase by a significant percentage of about 10%. Cumulatively, for the five years of full operational the company capital change stood at about 53% from the initial startup cost. This indicates a positive trend in the rise and growth of the company. The funding sources, thus differed greatly from the initial since much of new projects were venture into for the betterment of the company.

Reference List

Amit, R. Zolt, C. (2012).Value creation using innovative business models.MIT Sloan Management Review .53(53310), 41-49. Sweeney, S., & Sweeney, K. (2011). 101 Internet businesses you can start from home: How to choose and build your own successful Internet business. Gulf Breeze, FL: Maximum Press. Tobin, L. (2012). How to start up your online business: How to start on online business. Chichester: Capstone.

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FET Grade 10 Business Studies Core Notes: Business Ventures

2020 FET Grade 10 Business Studies Core Notes: Business Ventures

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Business ventures - University of Michigan Application Essay #1

Business ventures.

• Subject: Business
• Type: Essay
• Level: College
• Pages: 8 (2000 words)
• Downloads: 0

Extract of sample "The Viability of a Business Venture"

Opportunity Analysis: Caribbean Restaurant in Sutton Coldfield

Introduction

Starting a business venture is never an easy task; a lot of decision-making is involved beginning with identifying the sector in which the investment is to be made, arrangement of the investible capital and building of required infrastructure (Gyamfi, 2007). The viability of a business venture is dependent on many things, customers being one of the most important factors who are going to buy the products (Botha and Robertson, 2014). The selection of target customer is an important decisive factor because that creates the required market space for a new entrepreneur to enter market and reduces risk burden (Bressler, 2012).

The city of Sutton Coldfield offers a great place to open a Caribbean restaurant. There has a significant growth of Caribbean cuisine all over UK but people of Sutton Coldfield are still waiting for their first Caribbean restaurant in the vicinity (Independent, 2014). Sutton Coldfield is one of the most prestigious locations in Birmingham (Visit Birmingham, 2016). There are many restaurants offering various cuisines like Greek, Indian, Thai, Italian, Mediterranean and other Asian cuisines in Sutton Coldfield (Town Centre, 2016). However, this will be the first outlet offering West Indian cuisine and not just from a particular type but customers will be able to have a taste of all the delicacies from 28 Caribbean islands.

A survey in the form of questionnaire was done in order to gauge the response of the people towards this business idea and a detailed analysis of the market and viability of the business has been presented in this paper. It also focuses on the opportunity analysis of opening a Caribbean restaurant in Sutton Coldfield.

Business details

The restaurant will be serving authentic West Indian cuisine and would be a family restaurant with separate counter for serving liquor. The target consumer group will thus be people belonging to the age group of 18-64years of age. Sutton Coldfield consists of a number of restaurants but there is no outlet offering Caribbean cuisine. The owner can take it as an opportunity of introducing a specialised product which has no immediate competition. This will be highly beneficial for the variety loving population of Sutton Coldfield to get the taste of delicious Caribbean food. It will be three storey establishments with rooftop banquet for parties, office conference and other social gathering.

The entrepreneur needs to provide customers an opportunity to get a glimpse of Caribbean culture differentiating it from its competitors. Hence, the ambience will be aligned to coastal setting with West Indian reggae music playing in the background or band performance on Sundays.

The ground floor and basement will be reserved for parking, the first floor will be available for serving food and the second floor will have the bar. The owner has left a spot for take away but the final decision is yet to be taken.

The restaurant is going to be situated in central Sutton Coldfield. The one-stop eatery will cater to the desire for great food, drinks and cultural bonding. This will not only pull in families, but will also offer a place for business gathering, expanding the revenue source. The location has been chosen so that not only it is close to the rich residential area but also is in close proximity to corporate offices.

Industry and Market Analysis

Product/ Services: The visitors of this restaurant will be able to taste the food from all 28 Caribbean islands. The bar will consist of liquor from beer to premium liquors. Cocktails will be served along with food, but for other alcoholic drinks the customer will have to visit to the bar. The availability of parking gives the restaurant an added advantage to cater more customers because other restaurants in the area have open parking space allowing customers limited time to enjoy their meals. However, covered parking offers more security, so that the customers can enjoy their food in a relaxed manner.

Target market: The restaurant targets people belonging to the age group of 18-65 years. The bar serves as an added feature since customers will not have to go to a separate place for consuming alcoholic drinks. The restaurant will offer a great place for family gathering because of a large dining hall and for privacy the restaurant offers separate booths. The people of UK have over the years developed a taste for spicy food which has resulted in the growth of West Indian restaurants in many parts of UK. This has encouraged the entrepreneur to invest in a Caribbean restaurant. The place of Sutton Coldfield has been chosen, since the place consists of people with high standard of living and there is no Caribbean restaurant in the area. Sutton Coldfield is also a tourist attraction and has a number of prestigious hotels. This offers a great opportunity for the entrepreneur to exploit relatively less competitive market, since it will associate with a greater revenue earning.

The market segmentation will be same as the target market, individuals, families and offices holding conferences.

Industry attractive analysis: Porter’s five force analysis

Michael Porter has devised five criteria to evaluate an industry’s competitiveness. The effective strength of each force determines the intensity of competition in a market (Schermerhorn Jr, 2009). As the competition gets intensified, it acts as a hindrance relating to an entrepreneur’s power to increase prices of products (Harris, 2005). Once the entrepreneurs decide upon which industry to enter managers are required to analyse how strong or weak is the competitive industrial environment (Lee, Kim and Park, 2011)

Figure 1: Porter's Five Force Model

(Source: Author’s creation)

• Buyer’s power: The restaurant will buy its supplies from the local market which consists of large number of suppliers ensuring that the purchase of its requirements is done at a competitive price.
• Suppliers’ power: The local market caters to a large population of buyers ranging from individuals to other restaurant owners. Hence, the suppliers can exert a power over customers. However, the competition among themselves prevents them from charging exorbitant rates from the purchasers.
• Rivalry: There is no Caribbean restaurant in the area although Sutton Coldfield has a number of restaurants offering varied cuisines causing the rivalry to be low. This offers an opportunity to the owner to create its own brand by engaging in a niche market operation. The fast food centres also adds to the competition, but the health conscious people of UK know about the effects of junk food. Hence, they form a weak rival. Limited competition ensures more profit as this will be a Blue Ocean strategy for the entrepreneur. This strategic move will create a new market for the restaurant with a specialised cuisine.
• Barriers to entry: This venture will result in building of the largest restaurant in the area and its specialisation in exotic West Indian cuisine gives a moderate protection against new entrant. This will be one-stop solution for people who are in search of great food in a fresh ambience.
• Market Potential: SWOT analysis

A SWOT (Strength, Weakness, Opportunity and Threat) analysis is undertaken by a company or business enterprise irrespective of size to analyse its internal strengths and weaknesses against the company’s external market opportunities and threats so that the management can formulate strategic decisions (Gretzky, 2010). It is an integrated approach to assess a firm’s capability in its chosen market environment (Böhm, 2009).

Figure 2: Components of SWOT Analysis

(Source: Mello, 2010)

• Strength: The survey done in Sutton Coldfield to gauge the reaction and preference of people are in favour of a restaurant serving authentic Caribbean cuisine. This shows an opportunity for the entrepreneur to exploit a high market demand.
• Weakness: The setting up of the Restaurant will take time and requires skilled Chefs and employees to attract more customers.
• Opportunities: The entrepreneur should exploit the chance of entering a market where there is no other similar business enterprise. The market offers very little competition with people’s inclination towards having a specialised West Indian eatery. The new restaurant offers one-stop solution where people can enjoy their food and drinks. The restaurant being centrally located, offers great connectivity across people living in Sutton Coldfield. This place is the home of many rich and sophisticated people, so a classy restaurant with difference has a great scope of earning increased revenue.
• Threat: The indirect completion from fast food outlet and other restaurants forms a threat to the business. However, once the popularity of the restaurant gets established, threatening forces will become weaker.

Survey results

The population of Sutton Coldfield is around 96, 000 out of which 59, 000 belong to the age group of 16-54 years (Birmingham City Council, 2015). The survey was conducted across 1000 individuals from households and offices. Survey was conducted by distributing questionnaires that were asked to be returned in a ‘white box’ labelled as “Caribbean restaurant in Sutton Coldfield” placed outside each establishment which were chosen for the survey. The questions consisted of information such as whether they prefer to eat at home or restaurants, how frequently they visit the restaurants in a week/month and lastly they were asked to select ‘yes’ or ‘no’ respectively for answering the question if they wanted to have a Caribbean restaurant in the vicinity.

These responses showed that around 85% people like to visit a restaurant on a weekly basis and it is a part of relaxation to them after their tiresome day in the workplace. This also provides an opportunity for people to spend some quality time with their families. People of Sutton Coldfield prefer to enjoy different types of food and are eager to try something fresh and different. Almost 89% of the people have expressed their liking towards non-vegetarian food and 8% have selected vegetarian food with only 3% being eggetarian. Hence, this shows that restaurant needs to emphasize on adding more non-vegetarian items on the menu. The question about their favourite restaurant was directed to understand which restaurant was occupying a leading position in the market. However, the answers were diverse and proved that people here like to try variety of food. Hence, under the given circumstances, all restaurants are able to run their respective businesses while earning profits.

People of Sutton Coldfield prefer to visit restaurants with their families and friends. Having a bar is definitely an added feature to them, since most of the restaurants do not serve alcoholic drinks with food. 96% were of the opinion that there should be an outlet serving authentic West Indian Cuisine. Majority of people have suggested incorporating a take away counter as it helps them to get meals while travelling.

Technical Requirements

Apart from finance and governmental permissions, in order to open restaurants there are a number of requirements like, hiring of skilled staffs, chefs, and managers. Purchase of furniture, training of the hired staffs, selection of the band and bringing the feel of Caribbean island not only requires finance but also requires research and planning. The scale of the restaurant requires at least 6 well trained chefs and 3 managers to look after the customers’ orders. The floor would need 15 waiters to assist customers and serve their order along with a cashier and cleaning staff. The managers will be responsible for checking the restaurant’ stocks and take the required decisions. Special care needs to be taken so that the customers are able to enjoy fresh food. Service and quality are the main things that ensure prosperity of a business venture (Sithole, 2015). The dining hall will accommodate 20 tables, each with four chairs and corner tables will have options of more chairs, in case of big families. There will be 6 private booths having seating arrangements for 2 people.

Financing is one of the most important parts of a start-up business and the estimated return from a business informs the entrepreneur whether to undertake the risk of investment in the venture or not (Ayyagari, Demirgüç-Kunt and Maksimovic, 2008).

Figure 3: Estimated Cost of Setting the Restaurant

(Source: Author’s Creation)

Figure 4: Means of Financing

Figure 5: Estimated Profit after Restaurant Opening

Figure 6: Profit Curve

This paper analyses the viability of opening a Caribbean restaurant in Sutton Coldfield. This decision is backed by the survey conducted through questionnaire, which was distributed among 1000 individuals. Since this restaurant will be the first Caribbean restaurant, it will able to utilise the advantage of less competition. Growth in popularity of the restaurant will help it to exploit the opportunities of expanded market.

The industrial and market conditions are also in favour of the business venture. However, the entrepreneur should consider incorporating the take away section. The survey question that asked for additional suggestions reflected that people want a take away section, which could help them to eat their favourite food at home as well.

• Reference list

Ayyagari, M., Demirgüç-Kunt, A. and Maksimovic, V., 2008. How important are financing constraints? The role of finance in the business environment. The world bank economic review, 22(3), pp. 483-516.

Birmingham City Council, 2015. Sutton Coldfield Constituency Economic and Employment Profile. [PDF] Available at: < https://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0ahUKEwjm1PLgxvXNAhWBOI8KHWqTBesQFggjMAE&url=http%3A%2F%2Fwww.birmingham.gov.uk%2Fcs%2FSatellite%3Fblobcol%3Durldata%26blobheader%3Dapplication%252Fpdf%26blobheadername1%3DContent-Disposition%26blobkey%3Did%26blobtable%3DMungoBlobs%26blobwhere%3D1223582953631%26ssbinary%3Dtrue%26blobheadervalue1%3Dattachment%253B%2Bfilename%253D678987Sutton_Coldfield_Profile_2015.pdf&usg=AFQjCNGT_zxMETT4QD_N6nUKvE4-Dk9a3g > [Accessed 15 July 2016].

Böhm, A., 2009. The SWOT Analysis. Munich: GRIN Verlag.

Botha, M. and Robertson, C.L., 2014. Potential entrepreneurs' assessment of opportunities through the rendering of a business plan. South African Journal of Economic and Management Sciences, 17(3), pp. 249-265.

Bressler, M.S., 2012. How small businesses master the art of competition through superior competitive advantage. Journal of Management and Marketing Research, 11, p. 1.

Gretzky, W., 2010. Strategic Planning And SWOT Analysis. [PDF] Available at: < http://www.ache.org/pdf/secure/gifts/Harrison_Chapter5.pdf > [Accessed 15 July 2016].

Gyamfi, Y. O., 2007. Business Planning Process in a new venture Development. [PDF] Available at: <https://www.diva-portal.org/smash/get/diva2:3477/FULLTEXT01.pdf> [Accessed 15 July 2016].

Independent, 2014. Caribbean cuisine is becoming increasingly popular in the UK ... and there's more to it than jerk chicken at carnival. [online] Available at: < http://www.independent.co.uk/life-style/food-and-drink/features/caribbean-cuisine-is-becoming-increasingly-popular-in-the-uk-and-theres-more-to-it-than-jerk-chicken-9698009.html > [Accessed 9 July 2016].

Lee, H., Kim, M. S. and Park, Y., 2011. An Analytic Network Process Approach to Operationalization of Five Forces Model. Applied mathematical modeling, 36(4), pp.1783-1795.

Mello, S., 2010. Customer Centric Product Definition. Charlottesville: PDC Professional Publishing.

Schermerhorn Jr, J.R., 2009. Exploring management. New York: John Wiley & Sons.

Sithole, M.L., 2015. The relationship between service and product quality, and SME success in South Africa. [PDF] Available at: < http://wiredspace.wits.ac.za/bitstream/handle/10539/18234/Leon%20final%20clean%20copy.pdf?sequence=1 > [Accessed 9 July 2016].

Town Centre, 2016. Sutton Coldfield: the Restaurant Quarter. [online] Available at: < http://www.suttoncoldfieldtowncentre.co.uk/restaurant-quarter/ > [Accessed 9 July 2016].

Visit Birmingham, 2016. Sutton Coldfield. [online] Available at: < http://visitbirmingham.com/birmingham-areas/wider-birmingham/sutton-Coldfield/> [Accessed 9 July 2016].

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Challenges of Funding a New Business Venture, Essay Example

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Introduction

The impact of the financial markets and related instability of the mortgage industry has had significant impact on the Southern California real estate market (Laker, 2009). Add massive population growth and uncontrolled congestion and pollution, and marketability will come into consideration when vying against competitors. From capital investment to capitalization on resources, building developers are in a pinch to meet the intense demand of stakeholders. Much like the start-up standard, the construction industry is virtually forced to reconfigure itself toward new market models of doing business. As Robert Kibble, managing partner of San Diego-based Mission Ventures points out, “people are a lot less forgiving today” when companies do not meet prescribed goals called milestones (Allen, 2008). While this is particularly true of start-ups, it also applies to older corporations in industries perceived to be volatile such as the housing industry, because the past several years have shown that even companies that were formerly able to rely upon the consistency of their own formula for high performance in benchmarking have faced some of their biggest struggles retaining and/or replacing investors whom have lost confidence. As traditional investment pockets shrink, developers will be looking for alternative market models, and in particular momentum measures drawn from trend analyses on new ‘start up’ opportunities for future capitalization and sustainability in the housing sector (Lee, 2010).

One of the obvious consequences of the retracted economy is a reluctance to invest. Since 1957, KB has built more than a half a million homes since founded (Hoovers, 2010).  In order to raise capital and downsize operations since implosion of the mortgage industry, in a fairly radical measure to stem the drain on assets, the company sold its 49% stake in its French subsidiary Kaufman & Broad to PAI Partners for approximately $800 million in 2007 which led to closure of all international operations.  The upside to the sale is that the company was able to reduce its outstanding debt by about $1 billion (Hoovers, 2010). Continued financial risk mitigation will be a priority (Lee, 2010).

KB Home Corporation Comparison Data (www.hoovers.com)

In order to attract finance to forthcoming projects, KB will find it incumbent to develop change business strategies that include streamlined operations, strict management of fiscal waste, and continued prioritization of the following factors: 1) implications of the financial markets, and especially the affect of the mortgage industry on the real estate market; 2) local and other competitors; 3) demographic changes in existing customer profile; 4) uniqueness of the product line; and 5) suppliers and their ability to bid under market on KB’s “reverse auction” site. The foregoing analysis looks at how KB Homes Corporation in Los Angeles might reposition the company to maintain customer loyalty and appeal to investors savvy to the complications in the regional real estate market.

At present, the greater Los Angeles region is still struggling to recuperate from the global economic crisis of 2008 (Duchan, 2008). With over 12 million residents and rising, the labor market continues to ebb and flow at the highest unemployment rate within contemporary history. Despite the glamour of Hollywood, Los Angeles remains largely working class, with double the unemployment rate of equivalent metropolises in the South American hemisphere (i.e., Buenos Aires, with similar population size). As the demographic of the urban environment increases, and grows younger accordingly, KB Homes Corporation will be forced to market to a new demographic with distinct financial positions and lifestyle choices. Gentrification of formerly impoverished areas is also a trend, but Los Angeles is vast, and so are its poor and working class neighborhoods. The sensitivity of local contractors to these realities, as residents prefer to rehabilitate their cities, as well as reduce the carbon footprint under California regulatory law AB32, traditional developers such as KB Home Corp. must find new and creative ways to respond to the disappearance of the former development model.

The aging and retirement of the existing customer base indicates that KB must invest in adequate market analysis of the population in order to retain those buyers (Kowitt and Lidner, 2010). Responsive retention of customers will also rely upon uniqueness of the product line, as baby boomers change lifestyles. KB may find that expansion of the small condominium units designed to ensure privacy may include different price points within the line, rather than price point according to size. The majority of the baby boomers were in their 40s in the 1990s, they are moving toward retirement at present. Logically speaking the market demand for substitutes for single family homes will most likely increase with this population, as adult children live on their own and the boomers look for ways in which to offset fixed income finances. However, since KB Homes Corp. is Los Angeles based, and the general demographic of Southern California is increasingly younger due to a massive influx of youth, whom are children of large immigrant households, the market niche of the boomers is not likely to do anything but retract as boomers look for cost of living offsets in less expensive areas, and in particular regions (or even extra-national locations) with healthier options outside of the congestion and pollution of the Greater Los Angeles region. KB Homes Corporation has indeed followed the path of the boomers, and their communities are now spread across the Sunbelt of the United States (Kauffman and Broad, 2010).

From a global perspective, some companies have shown their fortitude by taking risks in brand identity and type of project; most with ‘green’ development in mind (Skanska, 2010). Sustainable building means sustainable growth, and this holds true in Los Angeles Headquartered, KB Home Corporation’s home markets as well. The increased interest in LEED certification of contractors, for example, has certainly accelerated some new growth in the area of environmental construction, and reinstated consumer and investor faith in the industry in a general sense. At present the company is a complete development corporation; offering finance, mortgage assistance, title, and insurance through its KB Home Mortgage in joint venture with Bank of America. Finally, suppliers and contractors continued ability bid within budget may be affected according to product line and location.

If KB Home Corp. has found that its construction results in brand loyalty amongst baby boomers, and their demographic has moved to surrounding regions, a market analysis of where they are relocating may have potential. Assessment outcomes most likely have revealed that “following the market” is the answer to continuance of return buyers. Traditional retirement communities in near proximity, such as the Palm Desert area, or Baja, Mexico offer an existing market of boomers who may be particularly interested in scaling down to the less expensive line of condominiums. In the context of the collapse of the sub-prime lending industry, where widespread foreclosures of mortgages has resulted in a spiraling and unpredictable real estate market, the traditional retirement communities may continue to offer sustainable growth opportunities where others may not. The challenges of such opportunities, which are most likely already pursued by KB Homes Corp. are the obvious: water and distribution of supplies to location. Nevertheless, the flexible labor market of the construction industry, and the especially low cost labor in Baja, Mexico would enable the corporation to control costs.

Works Cited

Allen, M. (2008 11 August 2008). Venture Funding Tightening Up, Especially for Startup Firms. San Diego Business Journal , Monday, August 11 2008. Retrieved from: http://www.allbusiness.com/banking-finance/financial-markets-investing/11583618-1.html

Duchan, R. et al. (2008). Costly external finance, corporate investment, and the subprime mortgage credit.  Journal of Financial Economics, Sep2010, 97 (3), 418-435. DOI: 10.1016/j.jfineco.2009.12.008

KB Home Corporation (2010). Hoovers. Retrieved from: www.hoovers.com

KB Home Corporation (2010). Kauffman and Broad . Retrieved from:  http://www.kaufmanandbroad.com/

Kowitt, B. and Lindner, M. (2010 14 June). 5 Great Places to Retire. Fortune, 161 (8), 14 June 2010, 132-133.

Laker, S. (2009). Recovery Position . Money Marketing, 29 October 2009, 38.

Lee, C.F et al. (2010). Handbook of Quantitative Finance and Risk Management. London, UK: Springer. Skanska (2010). Retrieved from: www.skanska.com

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Business Studies Grade 12

Business studies grade 12 essays questions and answers for paper 2.

On this page, you will find Business Studies Grade 12 Essays Questions and Answers for paper 2. Memos are in a pdf format.

• 1.1 Question 1: Business Ventures
• 1.2 Question 2: Ethics and Professionalism
• 2.1 Question 4: Forms of Ownership and Investment
• 3.1 Questions and Answers for Business Studies Grade 12
• 4 Answers and more questions can be found on the pdf documents below:
• 5 Take a Quiz
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List of Business Studies Grade 12 Essays Questions and Answers

Question 1: business ventures.

Peter and Teko are partners in P & T Consultancy. They are considering investing their surplus funds in the RSA retail savings bonds/Government retail bonds and also in preference shares of companies listed on the JSE.

• Keeping the above scenario in mind, write an essay on investments and forms of ownership in which you include the following aspects:
• Outline the functions of the JSE.
• Describe FOUR types of preference shares.
• Evaluate the impact of the RSA retail savings bonds/Government retail bonds on investors.
• Legislation

Question 2: Ethics and Professionalism

According to the King Code principles, businesses are expected to conduct their operations in an ethical and professional manner. Many businesses develop strategies to address unethical business practices remain competitive and sustainable.

Write an essay on ethics and professionalism in which you address the following aspects:

• Elaborate on the meaning of ethical behaviour.
• Unfair advertising
• Pricing of goods in rural areas
• Taxation/Tax evasion
• Advise businesses on how they could apply accountability and transparency as King Code principles for good corporate governance.
• Suggest ways in which professional, responsible, ethical and effective business practice should be conducted.

Question 3: Essay on human rights, inclusivity and environmental issues

Businesses are required to respect the economic rights and safety of their employees in the workplace. The health and safety representatives play an important role in protecting the workplace environment. Adherence to human rights enables businesses to deal with diversity in the workplace.

Write an essay on human rights, inclusivity and environmental issues in which you include the following aspects:

• Outline the economic rights of employees in the workplace.
• Explain the roles of the health and safety representatives in protecting the workplace environment.
• Discuss the benefits of diversity in the workplace.

Question 4: Forms of Ownership and Investment

The criteria for the success or failure of private companies are more appealing than that of partnerships. Many partnerships convert to private companies so that they can benefit from these criteria. Some businesses consider the investment factors before investing in fixed deposits.

Write an essay on forms of ownership and investment in which you include the following aspects:

• Outline the disadvantages of a partnership.
• Discuss FOUR factors that should be considered when making investment decisions.
• Advise businesses on the impact of fixed deposits as a form of investment.

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Entrepreneurship : Unique Business Venture

Entrepreneurship is not merely about starting a business; it's about embarking on a journey filled with challenges, risks, and opportunities. Each entrepreneurial venture is unique, shaped by the vision, passion, and innovative spirit of its founder. In today's dynamic business landscape, entrepreneurs are constantly seeking new ways to disrupt industries, create value, and leave a lasting impact.

At the heart of every successful entrepreneurial endeavor lies a compelling idea. Whether it's a groundbreaking product, a disruptive service, or a novel approach to solving a problem, the foundation of entrepreneurship is built on innovation. Entrepreneurs are adept at identifying unmet needs in the market and devising creative solutions to address them. This ability to think outside the box and challenge the status quo is what sets them apart from the crowd.

Moreover, entrepreneurship is not just about making money; it's about making a difference. Many entrepreneurs are driven by a desire to create positive change in the world, whether it's through sustainable business practices, social impact initiatives, or community engagement efforts. These entrepreneurs view business as a vehicle for achieving both financial success and societal benefit, demonstrating that profit and purpose can go hand in hand.

In addition to innovation and social responsibility, resilience is another hallmark of successful entrepreneurship. The path to building a thriving business is rarely smooth, and entrepreneurs must navigate through setbacks, failures, and uncertainties along the way. What sets them apart is their ability to persevere in the face of adversity, learn from their mistakes, and adapt to changing circumstances. It is this resilience that enables entrepreneurs to turn challenges into opportunities and setbacks into stepping stones towards success.

In conclusion, entrepreneurship is a unique business venture that requires a combination of innovation, social responsibility, and resilience. It is about turning ideas into reality, creating value for customers, and making a positive impact on society. While each entrepreneurial journey is different, all successful entrepreneurs share a common commitment to pushing boundaries, challenging conventions, and pursuing their dreams against all odds.

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Social Entrepreneurship : How Conscious Capitalism Is Changing Business

Social Entrepreneurship: How Conscious Capitalism Is Changing Social entrepreneurship represents a dynamic approach to addressing societal challenges by leveraging business strategies to create positive social impact. At its core, social entrepreneurship aims to reconcile profit-making endeavors with altruistic motives, challenging traditional notions of capitalism. One prominent movement within this sphere is conscious capitalism, which advocates for businesses to prioritize not only financial gains but also ethical and social considerations. This essay explores the transformative impact of conscious capitalism on social entrepreneurship, highlighting its key principles and tangible outcomes. Central to conscious capitalism is the belief that businesses should serve a higher purpose beyond profit maximization. Rather than viewing profitability as the sole measure of success, conscious capitalists emphasize the importance of stakeholder orientation, which encompasses the interests of employees, customers, suppliers, and the broader community. By adopting a stakeholder-centric approach, social entrepreneurs can cultivate stronger relationships with all stakeholders, fostering trust and collaboration that extends beyond transactional exchanges. This emphasis on interconnectedness and mutual benefit distinguishes conscious capitalism from traditional business models, aligning with the ethos of social entrepreneurship. Moreover, conscious capitalism emphasizes the significance of conscious leadership in driving organizational change and fostering a culture of integrity and accountability. Conscious leaders prioritize empathy, authenticity, and mindfulness, recognizing the interconnectedness of all stakeholders and the broader ecosystem. By leading with purpose and integrity, these leaders inspire their teams to embrace a shared vision of creating value for both society and the business. Through their actions and decisions, conscious leaders cultivate a culture of trust, innovation, and social responsibility, laying the foundation for sustainable growth and impact in the realm of social entrepreneurship. One notable outcome of the conscious capitalism movement is the proliferation of businesses that prioritize environmental sustainability, social justice, and ethical practices. From B Corporations to impact investing funds, there has been a surge in initiatives aimed at harnessing the power of business to address pressing social and environmental issues. These enterprises demonstrate that profitability and social impact are not mutually exclusive; rather, they can be mutually reinforcing. By embedding social and environmental considerations into their business models, these organizations not only generate financial returns but also contribute to positive change in their communities and the world at large. In conclusion, conscious capitalism is reshaping the landscape of social entrepreneurship by promoting a more holistic and values-driven approach to business. By prioritizing stakeholder interests, nurturing conscious leadership, and embracing sustainability and social responsibility, conscious capitalists are redefining success in business and paving the way for a more equitable and sustainable future. As the movement continues to gain momentum, it holds the promise of driving meaningful change and ushering in a new era of socially conscious entrepreneurship....

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Canada's Unique Business Culture Essay

Canada boasts a business culture that reflects its diverse population, unique geography, and historical influences. This essay will explore the key characteristics that define Canada's business culture, including its emphasis on diversity, innovation, and collaboration. Additionally, it will analyze how these factors contribute to Canada's economic success on the global stage. **Diversity as a Strength** One of the defining features of Canada's business culture is its celebration of diversity. With a population comprised of individuals from various cultural, ethnic, and linguistic backgrounds, Canadian businesses have learned to harness this diversity as a competitive advantage. Inclusive hiring practices and multicultural workplace environments foster creativity, problem-solving, and a deeper understanding of global markets. Moreover, Canada's commitment to multiculturalism promotes tolerance and respect, creating an environment where individuals feel valued and empowered to contribute their unique perspectives. **Innovation and Adaptability** Canada's business culture places a strong emphasis on innovation and adaptability, qualities that are essential for success in today's rapidly changing global economy. From pioneering research in industries such as technology, healthcare, and renewable energy to fostering a thriving startup ecosystem, Canadian businesses are constantly pushing the boundaries of innovation. Moreover, Canada's government policies, such as generous research and development tax incentives and support for entrepreneurship, provide the necessary framework for businesses to thrive and innovate. **Collaboration and Partnership** Another hallmark of Canada's business culture is its emphasis on collaboration and partnership. Canadian businesses recognize the value of working together to achieve common goals, whether through strategic alliances, joint ventures, or industry associations. By pooling resources, sharing knowledge, and leveraging each other's strengths, Canadian companies can compete more effectively in the global marketplace. Furthermore, Canada's commitment to free trade and open markets has enabled businesses to forge international partnerships and expand their reach beyond domestic borders. **Economic Success on the Global Stage** Canada's unique business culture has played a significant role in its economic success on the global stage. With a stable and well-regulated business environment, access to a highly skilled workforce, and a reputation for innovation and reliability, Canadian businesses are sought after by international partners and investors. Moreover, Canada's strong ties to both the United States and emerging markets in Asia and Latin America position it as a bridge between different regions, facilitating trade and investment flows. As a result, Canada continues to attract foreign direct investment and remains a competitive player in the global economy. In conclusion, Canada's business culture is characterized by its emphasis on diversity, innovation, and collaboration. By harnessing the strengths of its multicultural population, fostering a culture of innovation, and promoting collaboration and partnership, Canadian businesses have achieved remarkable success on the global stage. Moving forward, it is imperative that Canada continues to nurture these key characteristics to maintain its competitive edge and drive sustainable economic growth....

Core Elements Of Business Franchise Ventures Essay

Franchising has become a popular business model for entrepreneurs looking to expand their businesses without taking on the full risk and responsibility of opening new locations themselves. There are several core elements that are essential for a successful franchise venture. These elements include a strong brand, a proven business model, and ongoing support from the franchisor. One of the most important core elements of a successful franchise venture is a strong brand. A well-established brand can attract customers and help drive sales for franchisees. Customers are more likely to trust a brand they are familiar with, which can lead to increased foot traffic and repeat business. Franchisees benefit from the brand recognition and marketing efforts of the franchisor, which can help them grow their business more quickly than if they were starting from scratch. Another essential element of a successful franchise venture is a proven business model. Franchise systems that have a track record of success are more likely to attract potential franchisees. A proven business model includes everything from marketing and operations to training and support. Franchisees should be able to follow a set of guidelines and best practices that have been proven to work in other locations. This can help them avoid common pitfalls and increase their chances of success. In addition to a strong brand and proven business model, ongoing support from the franchisor is crucial for the success of a franchise venture. Franchisees should have access to training, marketing materials, and operational support to help them run their business effectively. Franchisors should also provide regular communication and updates to franchisees to keep them informed of any changes or new initiatives. Ongoing support can help franchisees navigate challenges and stay competitive in their market. In conclusion, the core elements of a successful franchise venture include a strong brand, a proven business model, and ongoing support from the franchisor. These elements work together to help franchisees grow their business and achieve their goals. By choosing a franchise system that offers these core elements, entrepreneurs can increase their chances of success and build a profitable business....

• Entrepreneurs

Entrepreneurship Project: Business Feasibility Analysis

Entrepreneurship Project Business Feasibility Analysis Entrepreneurship is the backbone of economic growth, innovation, and job creation in societies worldwide. Embarking on an entrepreneurship project requires a comprehensive feasibility analysis to determine its viability and potential success. This essay delves into the crucial aspects of conducting a business feasibility analysis for an entrepreneurship project, highlighting key factors that entrepreneurs need to consider before initiating their ventures. Firstly, market research forms the foundation of any business feasibility analysis. Entrepreneurs must assess the demand for their products or services in the target market, identify their target audience, and analyze the competition. This involves gathering data on consumer preferences, purchasing behavior, and market trends to understand the market dynamics comprehensively. By conducting thorough market research, entrepreneurs can gain insights into the feasibility of their business idea and make informed decisions regarding market positioning and strategy. Secondly, financial feasibility is a critical aspect of assessing the viability of an entrepreneurship project. Entrepreneurs need to estimate the initial investment required to start the business, including costs related to equipment, inventory, marketing, and personnel. Additionally, they must project the expected revenues and expenses over a specified period to determine the potential profitability of the venture. Financial feasibility analysis involves conducting break-even analysis, calculating return on investment (ROI), and assessing the availability of funding sources. By evaluating the financial aspects of the business, entrepreneurs can ascertain whether the project is financially viable and sustainable in the long run. Furthermore, conducting a technical feasibility analysis is essential to evaluate the feasibility of implementing the proposed business idea. This involves assessing the technical requirements, resources, and capabilities needed to develop and deliver the product or service effectively. Entrepreneurs need to consider factors such as technology infrastructure, production processes, and regulatory compliance to determine the feasibility of their venture from a technical perspective. By addressing potential technical challenges and constraints upfront, entrepreneurs can mitigate risks and enhance the chances of project success. In conclusion, conducting a comprehensive business feasibility analysis is imperative for entrepreneurs planning to embark on entrepreneurship projects. By evaluating market, financial, and technical feasibility, entrepreneurs can assess the viability of their business ideas and make informed decisions regarding their ventures. A thorough feasibility analysis not only helps entrepreneurs identify potential risks and challenges but also enables them to capitalize on opportunities and maximize their chances of success in the competitive business landscape....

Consequences of Successful Business vs Unsuccessful Business: Linking Business Success to Management

In the dynamic landscape of the business world, the outcomes of ventures vary greatly, leading to divergent paths for successful and unsuccessful businesses. The consequences of these outcomes reverberate throughout the organization, impacting stakeholders, employees, and the broader economy. Successful businesses enjoy numerous benefits, including profitability, growth opportunities, and enhanced reputation, while unsuccessful ventures often face financial losses, reputational damage, and operational challenges. Successful businesses thrive on a multitude of advantages that stem from effective strategies, innovation, and adaptability. One of the primary consequences of success is financial prosperity. Profitable enterprises generate revenue streams that enable them to reinvest in their operations, expand their market reach, and pursue new opportunities. This financial stability provides a cushion during economic downturns and allows successful businesses to weather challenges more effectively than their struggling counterparts. Additionally, success breeds confidence and attracts investment, fostering a cycle of growth and prosperity. Moreover, successful businesses often enjoy enhanced reputations and brand recognition. By delivering high-quality products or services, maintaining strong customer relationships, and upholding ethical standards, these ventures build trust and credibility within their industries. Positive word-of-mouth and favorable reviews further bolster their standing, attracting new customers and strengthening brand loyalty. Consequently, successful businesses can command higher prices, attract top talent, and forge strategic partnerships, positioning themselves for long-term success in competitive markets. In contrast, unsuccessful businesses face a myriad of challenges and repercussions that can have far-reaching consequences. Financial instability is one of the most immediate and critical issues for struggling ventures. Cash flow problems, mounting debt, and declining revenues can quickly spiral out of control, leading to bankruptcy or insolvency. The fallout from business failure extends beyond the balance sheet, affecting employees, suppliers, and investors who may suffer financial losses or job insecurity as a result. Furthermore, the reputational damage incurred by unsuccessful businesses can have lasting effects on their ability to rebound and regain trust. Negative publicity, product recalls, or ethical lapses can tarnish a company's image, erode customer confidence, and alienate stakeholders. Rebuilding trust and repairing a damaged reputation is a challenging and time-consuming process that may require significant resources and strategic interventions. In some cases, businesses may never fully recover from the fallout of failure, leading to permanent closure or dissolution. In conclusion, the consequences of successful and unsuccessful businesses are profound and multifaceted, encompassing financial, reputational, and operational dimensions. While successful ventures reap the rewards of profitability, growth, and recognition, unsuccessful ventures grapple with financial distress, reputational damage, and existential threats. Understanding these consequences is essential for entrepreneurs, investors, and policymakers seeking to navigate the complexities of the business landscape and foster sustainable growth and prosperity....

Business Education: The Business Philosophy And Philosophy Of Business

In contemporary academia and professional spheres, the intersection of business education, philosophy, and business philosophy has garnered increasing attention. This essay delves into the nuanced relationship between these domains, elucidating how philosophical principles inform business education and shape the development of business philosophies. Philosophy in Business Education: Philosophy plays a pivotal role in business education by providing a framework for critical thinking, ethical reflection, and strategic decision-making. Within business schools, courses in ethics, logic, and philosophical inquiry are integral components of the curriculum. These courses equip students with the intellectual tools to navigate complex moral dilemmas, evaluate competing perspectives, and articulate coherent arguments. Moreover, philosophical concepts such as utilitarianism, deontology, and virtue ethics serve as guiding principles for ethical leadership and corporate governance. Furthermore, philosophy fosters interdisciplinary perspectives within business education, encouraging students to draw insights from diverse intellectual traditions. By integrating philosophical inquiry with disciplines such as economics, sociology, and psychology, business education cultivates well-rounded professionals capable of grappling with multifaceted challenges in the global marketplace. Business Philosophy: Business philosophy encompasses the foundational beliefs, values, and principles that underpin organizational behavior and decision-making processes. It reflects an organization's ethos, guiding its strategic direction, corporate culture, and stakeholder interactions. Philosophical frameworks such as utilitarianism, social contract theory, and stakeholder theory inform the formulation of business philosophies, shaping how companies perceive their responsibilities and pursue their objectives. Moreover, business philosophy extends beyond mere profit maximization to encompass broader societal concerns, including environmental sustainability, social justice, and corporate citizenship. In an era characterized by increasing scrutiny of corporate conduct, businesses are compelled to adopt ethical business philosophies that prioritize long-term sustainability and stakeholder well-being over short-term gains. The Interplay Between Business Education and Business Philosophy: The relationship between business education and business philosophy is symbiotic, with each informing and enriching the other. Business education instills students with the knowledge and skills necessary to navigate complex organizational environments, while business philosophy imbues them with a sense of purpose and ethical clarity. Furthermore, business schools serve as incubators for the development of innovative business philosophies that challenge conventional paradigms and embrace social and environmental imperatives. By fostering a culture of critical inquiry and moral reflection, business education empowers future leaders to articulate and enact visionary business philosophies that reconcile economic imperatives with ethical considerations. Conclusion: In conclusion, the integration of philosophy into business education and the formulation of business philosophies underscores the profound interplay between academic inquiry, professional practice, and ethical reflection. By cultivating a deep understanding of philosophical principles, business education equips students with the intellectual acumen and moral discernment to navigate the complexities of the modern business landscape. Moreover, by grounding business practices in robust philosophical frameworks, organizations can foster a culture of integrity, responsibility, and sustainability, thereby advancing the collective interests of society and stakeholders....

• Ethics and Moral Philosophy
• Philosophical Movements

Pro Business Or Anti Business

In today's society, the debate between being pro-business or anti-business is a contentious one. On one hand, there are those who argue that supporting businesses is essential for economic growth and job creation. On the other hand, there are those who believe that businesses prioritize profits over people and the environment. Both sides have valid points, and it is important to consider the implications of each perspective. Supporters of being pro-business argue that without a thriving business sector, the economy would suffer. Businesses create jobs, generate tax revenue, and drive innovation. By supporting businesses, governments can stimulate economic growth and provide opportunities for individuals to succeed. Additionally, businesses often give back to their communities through charitable donations and sponsorships, further benefiting society as a whole. However, those who are anti-business raise valid concerns about the negative impacts of unchecked corporate power. They argue that businesses often prioritize profits over the well-being of their employees, customers, and the environment. This can lead to exploitative labor practices, environmental degradation, and unethical behavior. Critics of big business also point to the growing wealth inequality and the influence of corporations on government policies as reasons to be wary of unchecked corporate power. Ultimately, the debate between being pro-business or anti-business is a complex one with no easy answers. It is important to strike a balance between supporting businesses for economic growth and holding them accountable for their actions. Governments can implement regulations to ensure that businesses operate ethically and responsibly, while also providing support for small businesses and entrepreneurs. By fostering a business environment that values both profit and social responsibility, we can create a more sustainable and equitable economy for all....

• Cybersecurity and National Security

Assignment 2: Business Torts And Ethics In Business

Business Torts And Ethics Paper In the realm of business, the intersection of tort law and ethics is a critical area that demands attention and scrutiny. Torts refer to civil wrongs that result in harm or injury to individuals or entities, often leading to legal liability. Within the context of business, torts encompass a wide range of wrongful actions or omissions, including negligence, fraud, defamation, and intentional interference with contractual relations, among others. The ethical implications of these tortious behaviors further amplify the complexity of navigating legal and moral obligations in the corporate world. One significant aspect of business torts is negligence, which occurs when a party breaches its duty of care owed to another, resulting in harm or damage. For instance, a company may be held liable for negligence if it fails to maintain a safe working environment for its employees, leading to workplace injuries or accidents. From an ethical standpoint, businesses have a moral obligation to prioritize the well-being of their workers and stakeholders, making negligence a breach not only of legal duty but also of ethical responsibility. Fraud is another prevalent business tort that raises profound ethical concerns. Fraud involves intentional misrepresentation or deception for the purpose of gaining an unfair advantage or causing harm to others. In the corporate setting, fraudulent activities may include financial misstatements, insider trading, or deceptive marketing practices. Beyond the legal repercussions, engaging in fraud undermines the trust and integrity essential for meaningful business relationships and societal trust. Defamation, both slander and libel, presents yet another dimension of business torts with ethical ramifications. When businesses make false statements that damage the reputation of individuals or competitors, they not only risk legal liability but also violate ethical principles of honesty and fairness. Upholding reputation and credibility is paramount in the business world, as it influences consumer trust, investor confidence, and overall brand perception. Intentional interference with contractual relations is a business tort that highlights the delicate balance between competition and fair play. This tort occurs when a party knowingly and unjustifiably interferes with another party's contractual rights or business relationships, causing economic harm. While healthy competition is integral to a thriving marketplace, businesses must refrain from unethical practices that undermine the legitimate interests of others, such as engaging in predatory pricing or inducing breach of contract. In conclusion, business torts and ethics are intricately intertwined, shaping the conduct and culture of corporations in today's global economy. As businesses navigate legal obligations and moral imperatives, it is imperative to recognize the profound impact of tortious behaviors on stakeholders, communities, and society at large. By upholding principles of integrity, accountability, and social responsibility, businesses can mitigate the risks of tort liability while fostering a culture of ethical excellence....

• Cyber Ethics and Digital Citizenship
• Social Issues

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Successful Funding of a Business Venture

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Introduction

There are several reasons as to why people start business ventures. However, the most common reason as to why people engage in entrepreneurial practices is the desire to have better lives through increased revenues. Fr a business venture to be successful and fulfill the desire of the investors, it is important to consider several factors that will lead to a success story. Several questions such as the kind of business, source of funds and location of the business are some of the critical issues that must be addressed before engaging in any enterprise (Awe, 2012). In this chapter, we will discuss at length on these and other critical issues necessary in a successful business venture.

Steps in a business venture

In order to come up with a perfect business venture, it is important to have a clear picture in mind of what exactly you want to fulfill. This can only be achieved through developing a good business plan. A business plan is an essential component in business venture as it provides a roadmap to the intended business (Ochtel, 2009).   The business plan introduces the kind of business one intends to venture. Crucial information regarding the location, product, ownership and competitors are well discussed in the business plan. The business plan also defines the organizations vision and mission statements of the business which defines the short term and long term objectives of the organization.

The type of business ownership is another important consideration essential before venturing in any business activity. An entrepreneur must make decisions on whether to operate as a sole proprietor, as partners or as an incorporated body (Ochtel, 2009).  It is essential for the entrepreneur to understand the difference between the different types of business ownership and make the informed choices. For instance, a corporation is the best among the three since it is a separate entity from the owners and has access to more capital. The business plan must also declare the financial requirements of the business as well as the projected growth in the coming years. It is also paramount that one describes the operational and marketing plans intended to steer the company to desired levels. In essence, the entrepreneur must have a clear conviction of what they want to achieve in the business.

Sources of business funding

After determining the kind of business to invest in, the next step involves getting the necessary startup capital. Finances are critical to the success of any business venture and are one of the hardest hurdles especially in new businesses. Entrepreneurs must derive funds for running the business and ensure annual growth (Leong & Tan, 2014).   Sources of finances vary with the form of business ownership and the size of the business. It is also imperative that one understands the amount of monies needed and for what purpose that the organization needs the money. Lack of enough financial muscles is one of the pitfalls that result in business failure. For this chapter, we will analyze the different sources of finances available for a limited company.

Equity financing

This is a source of finance where the owners of the business contribute to the business with aspirations of getting profits in future. In case of a limited company, the investors make their contribution in form of shares with the hope of getting dividends at the end of accounting period. For a startup company, there are both ordinary and preference shares. Ordinary shares are the kind of investment where the shareholder can get return on investment only when the company makes profits (Awe, 2012). On the other hand, preference shareholders are entitled to fixed amount of dividend regardless of the financial position of the company.  Venture capital is another source of financing and equity financing where venture capitalists invest huge sum of money in exchange for equity in the company.

Advantages of equity financing

• Most of equity financed funds are not repayable but only earn profits and dividends.
• Financiers have interest in the business venture and thus provide credibility to the organization.
• No interest payments on the money used to finance the business.

Disadvantages

• Equity investors are owners of the business and have influence on the daily operations of the company.

Debt financing

The other common source of financing is the debt financing. This involves borrowing   money for the business from outside with a promise of repaying the sum plus agreed interest. In most cases, the money is repaid at agreed monthly installments. The borrower is also expected to provide collateral for such loans to safeguard the creditor just in cases of default. The moist common source of debt financing for limited company is the bank (Ochtel, 2009). Other forms of debt financing include loan stock, debentures and convertible debentures that are paid at maturity.

• The investor or the creditor is not an owner of the company and thus there is no interference with the daily operations of the organization.
• Debt financing offers tax advantage to the company. This is because the interest paid n such loans is tax deductible.
• Timely payments results in increased ratings thus making it easy for future financing.

Disadvantage

• Debt financing is at times difficult to get especially for startup companies.
• Dept repayment is fixed obligations despite the financial position of the organization which could be detrimental especially during hard economic times.

Lease is another equally important source of financing for a startup company. This refers to a situation where the organization has the right to use an asset without debt or equity financing. This is a situation whereby there is a legal agreement between two parties on how tangible resources such as building or land will be used for a pay usually paid annually (Leong & Tan, 2014).   The startup company may get into an agreement with a leasing or the financing organization on the annual payment for use of an asset with an option of renewing the lease term after expiry.

• It gives an organization an opportunity to utilize an asset that would otherwise be unaffordable.
• The initial payment is usually a lump sum which may be difficult for a start up to raise.

The best source of finance

The best source of finance for a startup company is equity financing. This is because it is easily acquired and there are no chances of further loss apart from the initial investment. Debt financing is a bureaucratic process and the collateral required may not always be available (Ochtel, 2009).  In case of default, the company may be liquidated to recover the loan thus leading to massive loss. It is also worth noting that startups have no guarantee for success and thus it would be risky to depend on debt financing.

Forms of Intellectual property

Intellectual property (IP) is a legal concept that aims at protecting creations of mind. There various examples of business inventions that should be protected under the property laws. It is the obligation of the entrepreneurs to have a clear understanding of the property protection law to protect their hard earned creations and ideas from unfair competition (Waelde & Laurie, n.p.). IPs is intangible assets to the company and is therefore essential for the overall performance of the organization. The following are the different forms of intellectual property commonly protected under the intellectual property law.

This is a form of protection whereby the works of authorship is protected. Computer software, literature and musical works are the most protected items under the copyright protection laws. When one has a copyright, he or she has exclusive rights of reproduction, adapt and distribute the creation of mind. It is important to note that the life of a copyright begins at registration and for the whole life of the copyright holder and additional seventy years after demise.

This is a form of intellectual property that grants rights on inventions. The patent holder has the absolute right to prevent others from interfering with the invention either through, duplication, selling or using the invention in any way that hurts the holder. Patents rights are usually of three types namely; design, utility and plant (Waelde & Laurie, n.p.). In a business set up, utility patent is the most common type and covers any machine, process, article of manufacture, composition of matter and any new useful improvement in the daily operations of the business.

The other type of patent is the design patent. This form covers any new, original and ornamental design for an article of manufacture. In most cases, a design patent last for 14 years. Additionally, a plant patent covers any new variety of a sexually produced plant. The most notable aspect of a plant patent is that it lasts for twenty years.

Trademarks refer to symbols, design or phrases that distinguish a form of business from the competitors. In most cases, the trademark in a business tries to create attention to consumers and plays a significant role in the success of the business venture (Waelde & Laurie, n.p.).  Before registering for a trademark, the entrepreneur must carry out an intensive research to ensure that there no such rights that existed before.

Trade secrets

This refers to a device, formula, process or other business information that a company keeps secret for a competitive edge against the competitors. Unlike the other forms of intellectual property, trade secrets are not registered and are only valid for the time that the business entity is capable to control the disclosure and use of such important information.

Plan to intellectual property protection

As earlier indicated, intellectual property is an essential asset of the organization. it is therefore imperative to ensure that all the necessary measures are put in place to ensure successful protection of the rights. For those which are registered, it is the obligation of the management to ensure timely registration and follow up exercise to ensure that no one infringes with the organization’s rights (Waelde & Laurie, n.p.).  For the trade secrets, the organization must put I place non-disclosure agreements, restricted access to confidential information and post employment restrictive covenants essential to prevent vital trade secrets. Other security measures must also be enhanced.

Revamping the product

There is a time during the course of business that an entrepreneur may decide to revamp the product for better performance and increased profitability of the business. During such moments, the entrepreneur must reconsider some of the critical factors considered in the initial stage of business development (Ochtel, 2009).  For instance, the business must re-think its intellectual property for the new product. This new creation must be protected at all costs to ensure that the profitability of the organization is not at stake. Additionally, the entrepreneur must reconsider the current financial position of the organization and determine whether or not the organization financial status can guarantee the intended change of product (Awe, 2012). Just like in the startup capital, the source of financing in an operating company also include debt and equity financing but with additional elements and ease of obtaining finance.

For instance, the company may decide to re-invest some of the business retained earnings. If the company has over the years made some significant profits, the shareholders may decide to re-invest some of these profits in the business for growth injection (Ochtel, 2009).  The company may also decide to go public through an Initial public offer (IPO) or right issues which are also fundamental source of fiancés for an organization.

On the other hand, debt financing can also be another important source of finance. At this junction, the company has already proved its creditworthiness and thus making it easy to get bank loans and any other form of borrowing. The company has also acquired new assets which can be used as collateral for loan. It is also worth noting that the organization has the capability to float debentures and other sources of securities to increase their creditworthiness. Capital ventures are also likely to increase since the business venture will be evaluated based on the previous performance. In essence, the business funding of a business enterprise that is operational is much easier as compared to a start up.

As earlier stated, business venture is a vital aspect that needs clear conviction of the short term and long term objective of the enterprise. This conviction is guided by a business plan that outlines the intention of the business, financial requirements, marketing and operational plan as well as the nature of industry that the enterprise will operate (Awe, 2012). In most cases, many businesses fails at the planning stage and it is for this reason that any entrepreneur must be very cautious on the planning process.

Issues such as sources of finance, intellectual property and market analysis must be dealt with accordingly. The decision on choice of finance requires extensive evaluation of the merits and demerits off the various sources at the disposal of the company. Failure to make informed choices of business financing can be detrimental to the business growth and development. Heavy financial obligation is not advisable especially for new ventures and debt financing is only viable at later stages of the business (Leong & Tan, 2014).  It is also worth noting that debt financing is also not an easy option for startups due to the strict restrictions involved in debt financing.

A business venture must also take care of the intellectual property since it is an essential asset of the organization. Any new development either in terms of product, process or trade secrets should be accorded maximum protection for the overall development of the company.

Awe, S. (2012). The entrepreneur’s information sourcebook charting the path to small business success (2nd ed.). Santa Barbara, Calif.: Libraries Unlimited.

Leong, K., & Tan, W. (2014). Venture Capital How to raise funds for your business. Singapore: Marshall Cavendish.

Ochtel, R. (2009). Business planning, business plans, and venture funding: A definitive reference guide for start-up companies . Carlsbad, Calif.: Carlsbad Technology Group.

Waelde, C., & Laurie, G. (n.d.). Contemporary intellectual property: Law and policy (Third ed.).

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Report: Teena’s Business Venture

Works Cited

Appendix 1: task 1 calculations, appendix 2: task 3 calculations, appendix 3: task 4 calculations.

The first task included two questions that required calculations (all the calculations are presented in Appendix 1). The first question of the task was to complete the table about the demand and total revenue using the information provided in the case study. Thus, the price of 20AED was inserted into the demand curve equations for coffee and sandwiches. The results are presented in Table 1 below.

Table 1. Demand and revenue at AED20.

The second question was to explain the terms of economic and accounting profit. In order to compute the accounting profit, production (explicit) costs should be deducted from the total revenue (Hargrave). The economic cost was calculated by subtracting both production and opportunity(implicit) costs from the total revenue (Hargrave). The results are presented in Table 2 below.

Table 2. Current accounting and economic profit.

The economic profit is always lower than the accounting profit, as it includes the implicit costs (Hargrave). In Teena’s case, she fails to make AED8,000 as a teacher because she dedicates her time to the venture. Thus, the economic cost is lower by AED8,000 than the accounting cost, as the implicit costs are not included in the book.

The second question concerned the concept of normal profit and its applications to Teena’s venture. In order to answer the task’s questions, swift research was conducted using Investopedia as the primary source of information. According to Tuovila, a business makes a normal profit when its explicit and implicit costs are equal to the total revenue. In other words, a firm is making a normal profit when the economic profit is equal to zero. In Teena’s case, her venture would be making a normal profit if her monthly revenues were at the level of AED27,200.

Normal profit serves as an indicator of whether the company should stay on the market or exit. If the economic profit is below the normal profit line, the company should consider exiting the market. However, if a venture makes a normal profit, there is no reason for it to exit the market, as it covers all the essential costs and pays all the salaries and bills.

The third task was to calculate the elasticity of demand if Teena decides to increase the price to AED25 for both sandwiches and coffee. In order to complete the task, per cent changes in price and demand had to be calculated using the demand curve equations. After that, the per cent change in demand was divided by per cent change in price (Kenton). The computations are presented in Appendix 2 of the present report. The values for price elasticity of demand are provided in Table 3 below.

Table 3. Price elasticity of demand.

The fourth task was to explain the concept of price elasticity of demand to Teena to help her make pricing decisions. The task was completed by conducting brief research using Investopedia.

Price elasticity of demand is a financial metric that demonstrates how the demand changes in comparison with the price change (Kenton). It is computed by dividing the per cent change in demand by per cent change in the price of a product (Kenton). The metric helps to make pricing decisions to maximize profits. Some products can be elastic, which implies that a change in price causes a significant change in demand (Kenton). Price elasticity of demand for these products is above 1, and the higher the number is, the more elastic is the product. If the price elasticity of demand is lower than 1, the products are called inelastic, as the change in price has a minor effect on the demand. Gasoline is a common example of inelastic products, as people are likely to be the same amount of gasoline to fulfil their needs regardless of their price (Kenton). However, it is crucial to understand that price elasticity may change depending on the specific price change.

The calculated values for the elasticity of demand can be sued to make the decision about increasing the prices on coffee and sandwiches. First of all, it should be emphasized that Teena needs to make a change in her pricing policy, as her current economic profit is below the normal profit line. This implies that she can gain more profit if she works as a teacher for AED8,000. The calculations demonstrate that Teena should increase the price of coffee to at least AED25, as the product was found inelastic. If Teena increases the price of coffee, total revenues from coffee will increase from AED12,800 to AED15,000 (see Appendix 3). At the same time, Teena should avoid increasing the price of sandwiches due to high elasticity. An increase in price of sandwiches to AED25 will reduce the revenues from the product from AED12,800 to AED10,000 (see Appendix 3). If Teena follows the advise, the economic profit will increase from -AED1,600 to AED600 (see Appendix 3).

The final task was to provide a description of the type of market, in which Teena operates. Teena operates in the coffee shop industry, which experienced rapid growth during the past 20 years. UAE is known to be the most vibrant coffee shop market in the Middle East due to heated competition (“UAE – Coffee Culture”). The market is filled with international players, such as Dunkin Donuts, Costa Coffee, and Starbucks (“UAE – Coffee Culture”). However, the industry experiences a growth of interest to independent coffee shops that retain a strong tradition of coffee preparation (“UAE – Coffee Culture”). Since 88% of local authorities in the coffee shop industry, Teena should not be afraid of competition from “big players” and continue to develop her venture (“UAE – Coffee Culture”). However, she needs to develop her authentic style and use only authentic coffee preparation methods to attract customers, as it is the most successful approach to development among the competitors in the industry.

Hargrave, Marshal. “Economic Profit vs. Accounting: What’s the Difference?” Investopedia, 2020. Web.

Kenton, Will. “ Price Elasticity of Demand ”. Investopedia,  2020. Web.

Tuovila, Alicia. “ Normal Profit ”. Investopedia, 2020. Web.

“UAE – Coffee Culture, Trends and Market Dynamics.” World Coffee Portal, 2020. Web.

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The Business Venture

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Overcoming the failure, lessons learned, impact on personal and professional life.

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