starting a business is not easy essay

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So You Want to Be an Entrepreneur?

• Emily Heyward

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

• EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

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Essay on starting a small business.

Starting a small business is the best way to gain freedom. Although this statement is disputable, it has sense.

Why do people decide to become entrepreneurs? They are longing for independence. Small business helps one manage his time in the way he wants. He can produce the goods and services he likes. Finally, he is able to try to be responsible and creative.

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Small business is very important for the economy of every state. Small entrepreneurs contribute into the state budget a lot. It is possible to say that the complex of small and middle firms provides the country with the same profit as big business does. In simple words, a prosperous state cannot survive without small business. It is impossible to defeat poverty without small business. Thus, if you have any genuine and uncommon ideas concerning the production of useful goods and services, establish your own small firm.

Table of Contents

Starting up is not easy

Starting a small business is not an easy thing. Whether you’re doing something as simple as business paper writing as a business or as grand as running a construction company building skyscrapers, you should be psychologically and financially prepared to numerous challenges. Moreover, it is vital to know something about business, management and marketing.

To begin with, you should educate yourself about the business and market. Learn from reputable education websites. You can take Research Prospect as an excellent example of educational websites as its visual appearance is fantastic. It has simplicity, informational content, responsiveness, and a proper Content Management System. You can read an excellent article written by Research prospect professional editors on how to write an essay here:  https://www.researchprospect.com/how-to-write-an-essay/

You should also study the market in order to learn about the goods and services that are required by consumers. This factor is the crucial one. When you discover that people demand an item but no one has produced it yet, you have the best chances to conquer the chosen sector of the market. Secondly, you ought to think about the price and quality of your product.

There are two options. The foremost one is the production of high-quality and expensive goods that will serve long. The second option is related to consumerism. You produce poor-quality cheap goods and attract clients with the help of the lowest prices.

Sad to say but it is difficult to choose the best option. Many people are ready to pay a lot to possess a quality item. Others avoid paying a lot and prefer cheap products. If you need title cash now to start your business, consider applying for a title loan.

Create a business plan

Then, you should create your own business plan that will contain the entire information about the functioning of your firm. Think about the target groups of customers, production, logistics, storage and retail.

Apparently, you should produce and store your goods somewhere. Then, you will meet with such issues as revenue and expense. You will need to hire a few employees to run your business rewardingly. Without doubt, you will have to be selective, demanding and attentive in order to recruit the right people into your firm. Finally, you will meet the problem of rent, taxation, etc. A firm resembles a household. You should pay attention to the slightest problem, question and misunderstanding if you want to increase your income and develop your small firm into something bigger.

The ups and downs

As might be expected, starting a small business has many advantages and disadvantages. The most solid strong side is independence. You do not have to work for someone else. You work for your own profit. You possess the freedom of choice and actions. If you are not respected and appreciated at work, you can embody your original and amusing ideas in your own business.

Ambitious people always try to start a small business if they receive such an opportunity. You do not need to listen to the instructions and threats of your boss when you are late. At long last, you will earn more money. You are the boss and the entire profit is yours.

Nevertheless, there are many factors that cause problems to a novice entrepreneur. You should remember that independence is also responsibility. You are responsible for your firm, its prosperity and the wellbeing of your employees. Furthermore, you are responsible for the health and life of your customers who consume your products.

You are expected to know how to develop and improve your small company beneficially. You should know how to behave in case of crisis and unpredictable situations. You should be ready to wake up at night and spend the whole day at your firm in order to settle down all urgent problems and conflicts between employees. You should be a teacher, psychologist and negotiator who is able to resolve conflicts and motivate his staff practically.

You have a great opportunity to share your experience in creating and managing your business, shoot and edit a video using ad maker  in which you can talk about the difficulties and successes that you have experienced. Perhaps this will be useful for people who also want to open their own business.

Starting a small business is a challenging but beneficial idea. You are able to establish you own store, café, restaurant or bakery and embody your offbeat and splendid ideas there. On the other hand, you should be ready to resist numerous challenges and work hard for the protection and development of your business.

This business related essay is sponsored by the following writing company: https://papersmart.net .

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Don’t be fooled, starting a business isn’t easy

Spend some time with your friends around the braai and everyone, at some stage, wants to do their own thing and venture off into Entrepreneurship. Unfortunately, less than 6% of the population ever will. Why is that?

Business is relatively simple and there are enough examples of success out there to make it a worthwhile risk to undertake. Most people however know of the other part of the equation and the failures and difficulties. Perhaps that holds them back. Either way business IS simple but not always easy. The biggest factor in its success is you, the owner, and that’s sometimes the hardest part.

Here are a few critical criteria you need to make sure you have:

1. Resilience

There will be great times but I guarantee you there will be some tough times too. Your ability to bounce back, and to bounce back quickly, will determine how fast you can get through the tough times and more importantly how high the great times will be. Entrepreneurship is a journey that has its ups and downs. Know this, prepare for it and go through it as quickly and as positively as possible.

Business involves money and most people have major hang-ups about the same thing, money! Unless you want to work for free you will need to charge, there will come times where you need to ask for money – either from banks or creditors and yes even from people that owe you money, your debtors. Get over it and get over yourself. The quicker you make peace with money being the score we keep and the barter element we use for mutual value exchange, the better. You will need cash to survive and profit to thrive. That’s just the way it is.

3. Make decisions

Most businesses fail not because the owner has made the wrong decisions but often because they haven’t made any decisions at all. Often that same decision not taken is one they’ve been putting off for a long time. As an entrepreneur you will be called upon to make decisions often.

Most of the time you won’t have all the facts with you, nor the luxury of time. You’ll be called upon to act quickly and decisively and run with that decision as if you had all the information and time before doing so. Trust your gut instinct, seek counsel from those you trust and get on with it. If a decision does prove to be the wrong one, that’s okay. Learn from it and quickly correct it with the right decision. Then move on. Don’t dwell on things you can’t change and don’t over analyse it either.

4. People are your greatest asset

Clichéd … yes. True … absolutely! Invest in people as much as possible. This is not limited to your staff and should also include clients, suppliers, service providers, strategic partners, family, friends, networks etc. The better you become at interacting with people and driving performance through people, the better your results will be. Show that you care, invest time, train and make sure you go out of your way for others. Guess what? With that example, so will others for you.

5. Learn, learn, learn

Even today, it’s sad to see that you can’t go anywhere to learn how to become an entrepreneur or a business owner. Bits and pieces perhaps but nowhere can you do an all-encompassing course. Most people just wing it and end up paying plenty of school fees. “The only place earn comes before learn is in the dictionary” Brad Sugars. For the rest you need to learn first, then earn. The learning process should always continue, forever by the way. Push yourself out of your comfort zone and look for areas to learn. You will be called upon to wear many hats you’re not comfortable with, or even good at. That’s business. Read, watch, listen, ask, seek council and most importantly get a business coach or mentor to walk the path with you. Entrepreneurship can be lonely so don’t go it alone.

Starting your own business or being a true entrepreneur, can be the most exciting and rewarding journey you’ve ever undertaken. Get yourself ready first and then go for it. We need you, so please start today.

Harry Welby-Cooke

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Starting a Business Essay – How to Start

Introduction.

The desire for one to employ him or herself is a dream that many people try to achieve in the early stages of life but how one can be his or her own boss depends on many factors. Starting up an own business is one of the few ways in which one can achieve this but creating a successful business requires a good combination of a good idea and the driving power to do it.

A successful business requires skills, experience, and ability to make a dream come true as most of the times it involves personal sacrifice particularly during the start up stage. When starting up a business it is necessary to conduct a feasibility study on how successful the business is likely to be under the existing conditions. The objective of this research is investigating how feasible and profitable is it to start a new business. The feasibility study involves among others the following:

Market Analysis

The question that comes to one’s mind when starting a business is whether there is a sustainable market for the product or service you want to offer.

Before one starts a business there is need to investigate whether there is a sustainable market for the goods or services that one wants to offer by assessing the consumers of your products, how many they are and the form they want the product to be in, the price the customers might be willing to pay for your products and whether the market is a permanent one or a seasonal one and the existence of both supplementary and complementary products to your goods and services.

After assessing the above and deeming the results positive then you can move into the next step of investigating who your competitor will be in the market.

Competition Analysis

Satisfaction that you have a reliable market is just the first step in the business development process. After you are satisfied that a reliable market exists, the availability of the market and the possible rivals you are likely to face in the market becomes the next big issue. This is done by analyzing who the direct and indirect competitors are.

The direct competitors are those individuals selling similar products as yours. A deeper knowledge of what they offer, charge, what they do well, and what they are not and the existence of any gaps that you may use to woo customers on your side is very important. Indirect competitors are those other business players who deal with complimentary products to the goods and services you want to offer.

The importance of studying these indirect competitors is that they may be a distraction to your customer pool by offering cheaper complementary products and thus causing a shift from your products to their products thus the necessity. After you have done the above analysis and the playground seems comfortable the next question that comes into your mind is how affordable the enterprise is.

Factors or Costs

Among the worst mistakes that any business entrepreneur can make is underestimating the start up costs and the operating capital required to run the business until the break-even position is achieved. It is always important to make accurate estimates as sources of extra capital in future may be limited. For example if one wants to start a French beans importing business it is very important to make accurate estimates of the required capital both for starting up to the point where the business will break even.

Calculating the set up costs and the working capital

Realistic forecasts boosts one’s confidence and the ability to meet own commitments. When you set the required costs straight it means you won’t require extra capital after the business has started and thus there are chances that the business may run successfully without shortages in the required running capital.

There are many types of costs that a business entrepreneur incurs in the process of starting a business and they include costs of sales, professional costs, administrative costs, transaction costs classified as either fixed or variable costs among others as indicated by Webber (n.d).

With the available cost on one side and the costs that may be incurred on one side, calculating the initial costs gives one a chance to consider the items which are of high necessity and giving them higher priorities compared to those lowly placed depending on the capital available. Accurate estimates reduce the gap between the real budget and the expected budget and thus placing the business in a comfortable position (Anon, 2009).

The working or operating capital is the amount of money needed to keep the business running. For a sustainable business one has to allocate enough working capital in order to ensure the business runs successfully. It is important to factor out the fixed and the variable costs so as to know the required capital.

Fixed Costs

Fixed costs are the fixed expenses the business has to incur irrespective of the sales made. The costs required when investing in the fixed assets such as the cost of machinery or the cost of land among others.

Machinery or plant costs: these are the costs required to buy the required machinery if the business demands one.

Land costs: these are costs of buying the piece of land or paying for the rent if you are leasing the land.

Stock costs: these are the costs required for buying the initial purchases which will be needed by the business.

Variable costs

These are the costs related to the delivery of one’s product or service. These costs usually relate to the activities going on within the business. They include;

Transaction costs: these are the costs which the business will incur during the negotiation process.

Administration costs: these are the costs which the business will have to incur when enquiring about any expertise information that may be required. Others include what the authority will charge you in order to issue you with a license allowing you to start the business.

Wages: the costs incurred when paying the workers or your own salary. Wages vary with the size of the business and the ongoing activities.

Costing and Pricing

When setting prices it is advisable for one to set prices which can cover the costs of production in addition to generating some profit. The business owner should take into consideration the costs which will be incurred during the start up and the running process so as to ensure the product set prices covers everything.

Other costs which should also be taken into consideration are the hidden costs (Garrison, Noreen & Brewer, 2006). Hidden costs are those costs which are incurred during the process of conducting the business such as the transportation cost or the transaction costs many people do not include them but to know the real business situation, it is always advisable to include them.

Measurements

The involved costs will be measured in terms of dollars by measuring the expected costs and benefits and then estimating how long it will take to reach break even point. The break even point is that time when the costs are equal to the benefits and the business is neither incurring profits nor losses. It indicates the costs have all been covered and it is a very helpful point in knowing how long the business will take before it can cover all the costs so as to allocate enough running capital to the business (Holland, 1998).

Cost Benefit Analysis

Evaluating quantitatively whether to start the business:

The last step in doing a feasibility test involves calculating the costs and the benefits involved in what is referred to as cost benefit analysis. The method involves simply adding up the value of benefits and then dividing with the costs involved in order to know how long it should take before the business breaks even (Nas, 1996).

A business man is deciding whether to start a business of importing French beans from Africa. The following are the costs he is likely to incur:

Pay back time: (8000/10500) = 0.7619048.

It will take approximately 9 months to reach the break even point.

From the above analysis we can summarize by indicating that the above business idea has got higher chances of succeeding. If the entrepreneur would like to reach break even point faster he should find ways of reducing transaction costs or search for more market opportunities in order to increase the revenue earned reducing the fraction further.

Conclusions and Recommendations

When starting a business, there are different types of cost that one must incur before the business can succeed. It is very important to calculate all the estimated costs that may be required in order to avoid surprises. Ensure you have enough capital to help you run the business until it has grown to fund for its own expenses. It is always advisable to talk with the people in the industry and enquire for as much information as important as it may be.

The support of the family is another vital factor that I can recommend for anyone starting the business so that incase of failure at least you may have somewhere to run to. Many people, as they start businesses, do not assess their emotional ability of dealing with some of the challenges that may come up during the start up stage and thus since there will always be the discouragements and the disappointments, prepare yourself psychologically for any outcome.

Reference List

Anonymous, (2009). Helping people build businesses based on good ideas and clear goals . New Zealand Trade and Enterprise. Web.

Garrison, R; Noreen, E; Brewer, P. (2006). Pricing decisions and cost management. Web.

Holland, R. (1998). Break Even Analysis . Web.

Nas, F.T. (1996). Cost Benefit Analysis: Theory and Application . New York: Sage Publications.

Webber, A. (Not Dated). Estimating Startup Costs for a New Business . Web.

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IvyPanda. (2023, February 13). Starting a Business Essay – How to Start. https://ivypanda.com/essays/starting-up-a-business/

"Starting a Business Essay – How to Start." IvyPanda , 13 Feb. 2023, ivypanda.com/essays/starting-up-a-business/.

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1. IvyPanda . "Starting a Business Essay – How to Start." February 13, 2023. https://ivypanda.com/essays/starting-up-a-business/.

Bibliography

IvyPanda . "Starting a Business Essay – How to Start." February 13, 2023. https://ivypanda.com/essays/starting-up-a-business/.

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Having No Experience Doesn't Mean You Can't Start a Business Be strong and plow on, and it can be immensely rewarding.

By Beryl Stafford • Feb 12, 2021

Opinions expressed by Entrepreneur contributors are their own.

Starting a business from the ground up can be an intimidating and overwhelming experience, especially without guidance or support. But there are still so many reasons to do it. You get to be the boss, work your own hours and feel a sense of pride in solving a problem that you see in the marketplace by creating value for the consumer.

By sharing my experience building Bobo's Oat Bars , without having any prior knowledge of the food industry, I hope to inspire anyone debating whether to embark on a business of their own. Here is some of what I've learned on my journey.

Notice what is lacking in the market and find a solution

Find a solution to what is lacking in the market from a consumer's point of view. Solve a problem. Create something better or create a perceived value for the consumer. Most of the time, entrepreneurs are saving the consumer time or money. Figure out if your product will do that, and good figure it out as early and as cheaply as possible.

When I created Bobo's, I saw that there weren't a lot of delicious, wholesome, gluetn-free snacks with a simple ingredient deck on the market. I knew my product was all of those things, and that it was tastier than anything else already on the market. I found a solution and created value for my consumer by giving them a time-saving solution for breakfast-on-the-go.

Related: Can You Run a Successful Business With No Experience?

Improve an existing industry

Don't be afraid to be innovative. When I first started my business there, were only a few gluten-free products on the shelf that touted natural ingredients, so my consumer had only a few snacking options. When I entered the natural foods space, I had no business experience and certainly no experience in the food world. I was lucky enough to be in Boulder, Colorado, which is home to many other established natural-foods brands. I was able to meet other entrepreneurs, involve myself in networking events and the food community and learn from the pros. One thing I learned is that no one knows much going into a new business; everyone is learning and making it up as they go along. There is never one answer or one way when starting a business. Networking and listening and learning and sharing is the best way to share ideas in the beginning.

Do not fear failure

Sometimes, the best way to obtain feedback for your product is by going into the smaller retailers around your area. See how well your product is received by your consumers and your retail buyer. Getting honest and genuine feedback from people who might potentially be selling your product is super important in the beginning. Be sure to follow up and be grateful for their time testing your product. That feedback is easier to get from a small retailer, and it is golden.

Expect to spend money up front. Starting a business can be costly. I cleaned out my savings and took a second mortgage on my home when I began Bobo's. That was a big risk for me, but I believed 100% in the success of my product. It was worth that investment, and I have no regrets.

Decide early into the process what are your talents, what are your skills. Find people with skills that don't excite you. In the beginning, you'll have to reach out to friends or ask favors of professionals you know. If you're not great with accounting, get to know a bookkeeper.

My accountant set me up on QuickBooks as a favor. I had never used QuickBooks before, so it was like learning Greek. I had previously been doing my billing on Word documents, so I had no idea what things cost or who owed me money. The lesson? Enlist people who have skills that you can't brag about.

Failures will happen, so expect them and do not give up. It's easy to get discouraged and feel like you're drowning. Starting is a business is not easy, and it's not for the faint of heart. Be strong and plow on, and it can be immensely rewarding. I started Bobo's in 2003 and did not see a profit until about 2006. It takes time, so be patient. Expect to be married to your business, especially in the beginning. You will be responsible for all tasks large and small, and it will take up an enormous amount of time to "get things right." Be prepared to take the bad along with the good.

It's OK to make mistakes

When building a brand, mistakes will happen along the way. Many end up being a blessing in disguise when you learn something invaluable to your business. Think of mistakes as teachers of some new knowledge that would never have come to you otherwise.

When I started, I had a lot of friends and family naysayers who did not necessarily believe in what I was doing. They thought I was crazy. They'd ask, "Do you know how many of those things you're going to have to sell!?" I put my head down and didn't listen to the negativity.

Related: 63 Businesses to Start for Under $10,000

I knew I had a great product, and if the tasteless products that I saw on the shelf were selling, then I knew I would sell better. I stayed focused and persevered and kept making a superior product. It wasn't easy, but I succeeded. We proudly provide jobs for more than 200 people and have grown more than 300% over the last four years. I stuck with it from the beginning, learned a lot of lessons along the way, and for that I am grateful. And you can do the same.

Founder and President of Bobo's

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How to Write a Business Essay: an Ultimate Guide

Table of Contents

Writing an essay can be boring. A lot of essays are basically the same thing over and over again. You write an introduction, then you write your supporting paragraphs, and then you create a conclusion. Overall, the process is not a lot of fun, and you can often feel as though you are simply going through the motions for the sake of churning out extra work. But since you have to write an essay, it’s worth considering the many ways that you can make the process faster and easier. In this ultimate guide, we’ll discuss the best way to write a business essay so you can get through the process faster and with relatively little trouble.

It might seem obvious, but the first thing you need to do when you write an essay is to read the essay question. You need to be sure you understand each part of the essay question and how the parts of the question work together. You would be surprised how many students only glance at the question and then write a paper that only partially addresses the assignment. You don’t want to lose points because part of your paper isn’t on topic. If you find any parts of the paper that you don’t understand or that require explanation, be sure to contact your instructor for clarification before you start writing.

Read the essay rubric

These days, most essays have a grading rubric included with the question. A grading rubric is like a cheat sheet for writing your essay. When you review the essay rubric, you’ll see exactly how your instructor will grade your paper and what your instructor will be looking for. When you write your paper, you will therefore know exactly what to include and how to write about it in order to maximize your points—and you’ll also see what you can spend less time on because it won’t contribute to your overall grade.

Make friends with your library

Many students automatically turn to search engines like Google in order to research their papers, but this is not the most effective way to find high-quality business sources for your paper. Instead, take advantage of your library’s databases. Your college or university library will likely have dedicated business databases that collect high-quality academic articles on business topics. Using these resources in your paper will make your essay stronger and more effective, and it will put your paper on a solid academic footing.

Compile your sources before you write

Many students use the start-and-stop method to write their papers, composing a sentence or two and then stopping to look up more information in order to keep going. This, however, is an inefficient way to work. A better way is to read through your research sources before you start and copy into a separate file a series of quotations and facts that you might use in your paper, creating in-text citations and reference list entries for each before you start. Doing so will make sure that you don’t have to stop for research and have a ready bank of pre-cited material to work with as you write.

Outline before you write

Outlining is an important skill that will both save you time and improve the quality of your essay. Take time before you write to lay out your paper from beginning to end. Start with your thesis statement and carefully lay out the body paragraphs with a topic sentence, supporting details (including research, quotes, and citations ), and a closing paragraph . Plan your transitions to link paragraphs together. Any amount of outlining can be helpful, but the more effort that you put into outlining at this stage, the easier it will be to write your paper, and the less likely it will be that you get stuck in a tangent that goes nowhere or meander into a point that requires you to change your thesis and revise you whole essay.

Remember to revise and proofread

When you finish the draft of your paper, you aren’t done yet. The first draft is rarely the finished product. You should always set aside time to read your work back and to make revisions to make it clearer. You also need to carefully proofread for mechanical grammar, punctuation, and syntax issues to ensure that your paper is as close to perfect as possible. You don’t want to leave points on the table because your paper had easy to fix minor spelling or grammar errors.

Consider professional writing help

Another great way to get your paper done quickly is to seek out custom professional help from an essay writing service with academic experts. An online writing company such as this can create business papers for college students and deliver them fast. When you utilize professional writing assistance, you can receive a custom-written essay that can serve as a great model to help you understand how a professional would approach your business topic and organize and develop an essay to address your assignment. Using a model such as this can save you time and effort as you work on your own paper, allowing you to focus on the learning process more than the mechanics of academic essay writing.

Join the thousands who have sharpened their business writing skills with our award winning courses.

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Business Essay and the Best Way of Its Writing

• Academic Writing Tips

• Social Science
• Political Science

Business is an essential aspect of today’s evolving world. It is a lucrative industry that impacts many sectors, including education. Business-related courses are popular as many students are pursuing the programs. There are many branches in the business field, from business management to finance. College tutors often give students different business papers to test their knowledge as part of the assessment.

A business essay is an academic assignment that involves writing a paper that responds with a strategic and analytical approach to specific situations occurring in the market. Each business essay has a different topic that students tackle. However, the primary purpose of such essays is to collect relevant facts that align with the research question and analyze the data to get solutions.

Writing a business essay might seem simple, but it requires impressive writing skills and extensive research. You must be familiar with the topic to know the paper’s direction. Topic selection is a tricky section that affects the entire writing process. It is essential to identify a relevant topic to assist you in crafting a remarkable paper. You have to write a well-structured and compelling paper to get good grades. Presenting accurate arguments with supporting examples from reliable sources is an essential research aspect. Thus, a business essay must follow the required academic standards and theoretical frameworks.

However, writing is not everyone’s cup of tea, and incorporating logical arguments can be challenging. If you are stuck, you can check any business essay example online to understand the format. You will know how to structure the paper and relate it to the relevant themes.

That is why our writing service is here to help needy students craft exceptional essays. We will connect with a proficient business essay writer to help with the research and writing process. Get flawless documents from us and earn the best score in your class.

Business Essay Format

Most learners often overlook the importance of having a business essay format. It is imperative to use a format to help you outline your work. Proper thought organization and articulation are essential aspects that translate into a well-written business essay.

Below is an example of the format:

• Introduction
• Background information
• Introduce main topics
• Thesis statement
• Topic sentence
• Research explanation
• Restate points
• Significance of the study

The above outline is a map that will guide you to know what to include in each section. In addition, you will understand what the assignment requires you to do from the introduction to the conclusion.

If you still find it challenging to get the proper format, you can study a relevant business essay example from our site and jumpstart your paper. Whether you need a business school essay or a business plan essay, we have you covered.

Write Business Essay In 5 Steps

While writing might seem challenging, with the proper format and topic familiarity, you are on the right track. It is imperative to understand the writing process before composing your business essay. You need to read the prompt carefully to know what you are supposed to research and write about.

Here is an overview of the writing process in 5 simple steps:

• Topic Selection

Choosing a good topic is mandatory in crafting an excellent paper. You must select a theme that aligns with the research question. Additionally, ensure you select a familiar topic you are passionate about to avoid writing mistakes and illogical paragraphs.

• Extensive Research

Conduct extensive research to get facts and supporting evidence. Narrow down your theme and include only good points. Avoid broad topics because you will waste time during research.

• Essay Outline

Make sure you use a proper outline to organize your thoughts and line of arguments. Follow the format essay

Start writing your paper while using the required academic format. Organize your work and include the introduction, main body paragraphs, or conclusion.

• Editing and Proofreading

Finally, edit and proofread your essay to eliminate grammatical and spelling mistakes.

The above steps will help you during business essay writing to craft remarkable papers. It would be best to plan your time adequately to avoid rushing through the process. However, you must select an appropriate topic for your paper. It could be a business management essay or a marketing paper. No matter the subject discipline, ensure you follow the correct procedure.

Business Essay Topics

Our experts have compiled a list of different business essay topics to inspire your writing:

• Discuss the importance of bookkeeping in a business.
• Evaluate the impact of value addition in products.
• An analysis of income and expenditure transactions.
• Analyze the supply-chain industry.
• The effects of product promotion in business growth.
• How to develop an effective marketing strategy.
• Impact of policymaking in enhancing company productivity.
• What is multilevel marketing?
• Impact of technology in the business world.
• Discuss the challenges affecting entrepreneurship.
• Significance of human resource management.
• Explore the importance of budget analysis.
• How does technology impact advertising?
• The importance of a financial strategy.
• How to start an online business.
• How can organizations profit from sustainable practices?
• How to develop a positive organizational culture.
• The importance of employee diversity in an organization.
• Effective ways of fraud prevention in a company.
• Explore the communication channels in an organization.

Let us look at interesting argumentative business essay topics

• Discuss the influence of cultural differences on international companies.
• A comprehensive analysis of cryptocurrencies.
• Discuss the ethical dilemmas in international organizations.
• The influence of globalization on the business community.
• Should large organizations have a social media presence?
• Causes and effects of economic recession.
• Impact of politics on business growth.
• Discuss the effective strategies of negotiating cross-cultural business deals.
• Explore the integrity of online entrepreneurship.
• The impact of corporate social responsibility in an organization.

The field is quite diverse with various course programs. You can derive different topics from these programs to get logical arguments. So, get inspiration from the compelling business school essay examples and craft exceptional papers.

How To Start A Business Essay

Knowing how to start a business essay is essential for academic writing. The first step entails topic selection because it will determine the essay’s direction. Identifying a relevant topic is vital, and you need to ensure you get the suitable theme. It will also help save you time during research and simplify the writing process.

When it comes to essay writing service , business papers are among the assignments that require extensive research and analysis. Read the essay prompt carefully to understand the tutor’s expectations. Then, make sure you conduct a comprehensive brainstorming session to get the major points for your paper. Having the right points will help you compose logical arguments in a flawless manner.

Moreover, it would help to read previous essays and publications from reliable essays widely. You will get essential data to support your arguments. Besides, the sources will help you cite your essay correctly.

Start your essay with an insightful introduction and include your perspective regarding the topic. Incorporate a powerful thesis statement that informs your readers of the paper’s direction and the major points you will discuss.

Proceed to write the body paragraphs with a topic sentence that captures all significant arguments. Each paragraph should have well-explained arguments that flow logically.

Finally, conclude your business essay by restating your main points and the significance of the study.

Still, need help with your paper? Worry no more. Our competent business essay writers are on standby, ready to assist you with any academic paper. Stop wasting time and reach out to us. We will help you score top-of-the-class grades within no time.

The paper “Enterprises Resource Planning Success and Failure” is an outstanding example of a business essay. An Enterprise resource planning (ERP) system according to Aslan et al. (2012, p.693) is a management system within an organization that has sets of connected inclusive software, which may be used when espoused and put into practice effectively, to oversee and connect every organizational function. Basically, ERP systems may be employed as a tool for helping to improve the supply chain network as well as the level of performance by helping in decreasing cycle times.

Besides that, ERP systems have been utilized routinely in capital-intensive industries like building, construction, manufacturing, as well as defence. Latterly, ERP systems have advanced further and nowadays they are prevalent in industries such as education, health care, finance, hospitality, and telecommunications. Fundamentally, the benefits of ERP systems are hard to realise not unless a strong disposition, as well as participation, is established within the organisation; so, the article seeks to critically analyse ERP success and failure experienced by organisations.

BodyAs mentioned by Hellens et al. (2005, p.283), ERP systems are built upon a single database and application, as well as a coordinate that is unified in the whole organization. For that reason, every application serving different departments such as HR, accounting, and supply chain are integrated firmly under a single ERP system. Al-as observed by Al-Masha et al. (2003, p.354), ERP systems are useful when successfully implemented because they accelerate the process of decision-making. So, the success of ERP systems depends on the ability of an organisation’s managers to efficiently oversee the operation of a business, given that ERP systems can help them reduces operation costs.

Success drivers of ERP systems can be categorised into two: operational and technological drivers. In this case, operational drivers are associated with ways of improving organisational performance, supporting business strategies, as well as cutting production costs. On the other hand, technological drivers are predominantly associated with compliance with existing rules and regulations. The notion of success varies as the process of implementation continues, in that for planning and implementation (the first two stages of the cycle) success is mainly rooted in completing the ERP project to the standards that are acceptable within the budget as well as a time limit.

As pointed out by Hanafizadeh et al. (2010), stabilization as well as Improvement (the last two stages of the cycle) success is founded on the seeming impact of the ERP system on the performance of the organization. As indicated in Hanafizadeh et al. (2010) study, there are scores of factors vital for the success of ERP systems; support is top management one of the factors, and it involves encouraging commitment, positivity, and support of top management in the ERP project. Another factor is the utilization of knowledge as well as experience of system and technology consultants.

Additionally, the balanced project team is crucial for the success of ERP systems because it includes the integration of employees and information technology with the broad knowledge of the processes in the organization. As evidenced in Hellens et al. (2005) study, the accuracy of the information is crucial to the success of ERP project, so, data loaded from accessible legacy systems must at all times be of high quality. ERP project cannot succeed if the project management teams do not have a well-defined, detailed project plan related to the goals of the project.

Change management is also a success factor in the implementation of ERP project; so, careful attention has to be offered to this, considering that several changes in business processes are experienced during ERP systems implementation. Training and education are also important given that technical expertise regarding the ERP system, its reference model, and facts regarding its working are useful in the process of implementation. Other factors crucial for success consists of, availability of experts who aside from being in top management will frequently help the organization realize ERP system benefits.

Failure of ERP projects has been prevalent, and this has continued to bite worldwide across all business platforms. As pointed out in Xue et al. (2005, p.279) study, ERP poise substantial benefits like improving customer service, reducing manufacturing costs and boosts productivity, but these benefits are only realised after successfully implementing the ERP systems. Nevertheless, statistics show that implementation of ERP systems is still a failure amongst scores of companies. Statistically, 90 per cent of ERP systems implementations in Asia countries, especially China are either completed late or use more money and resources than those stipulated in budget.

In Xue et al. (2005) study, where they differentiated implementation success of ERP system in China as well as western countries, they noted that China had a higher percentage of failure which was attributed mainly to lack of support from top management as well as data inaccuracy. Other factors that led to ERP failure include poor participation, education and training, insignificant time ensuing from a minimal understanding of cross-operational organisational processes (Dechow & Mouritsen, 2005, p.691). Furthermore, ERP systems are exceedingly expensive, and also the need for the organisation to hire consultants to assist in the configuration as well as implementation, results in further escalation of price; thus, creating a high possibility of failure.

The cost used on consultants is almost thrice the cost of an ERP system; this negatively affects the productivity of the company and can lead also to the failure of the ERP system. ConclusionIn conclusion, it has been argued that ERP systems are beneficial because they improve the flow of information between every function of the company and also manages the connections to external stakeholders. Currently, the key basis of competitive advantage is the capability of a business to improve the processes of the supply chain.

This necessity has created the need for more advanced information systems like ERP systems. The articles have heightened numerous factors critical to the success of ERP, and which have allowed companies to efficiently plan their resources resulting in business efficient functionality and increased productivity. Failures as discussed in the article are caused by lack of support from top management, data inaccuracy, and lack of sufficient education and training.

The paper “New iPhones Show a Hit For Apple as Quarterly Profit Fluctuate 13 Percent” is an outstanding example of a business literature review. Yao (2014) explains that China is expected to provide information about its weakest growth since the occurrence of the global financial crisis within the third quarter while the property downturn is assessed based on manufacturing and investment. As a result, more pressure has been put on Beijing to unveil new stimulus measures. According to Yao (2014), the market assumes that the Communist Party leader will be able to adjust to the gradual slowdown. This will happen only in circumstances where there are no possibilities of experiencing a potentially destabilizing fluctuation in unemployment. However, anything weaker would lead to more speculations of key stimulus measures, for instance, an interest rate cut. Although the leadership has consistently provided steady aid specifically to vulnerable sectors of the economy, it has been noted that several stimuli have been ignored because China is still struggling to pay a huge local government debt (Yao 2014).

Article 2: New iPhones show a hit for Apple as quarterly profit fluctuate 13 percent

Due to strong demand for APPLE’s new larger-screen iPhones released in September, its quarterly profit increased by 13 percent. This also enabled APPLE to overcome the sluggish iPad sales (Jones 2014). Despite the more intensifying competition felt by Samsung Electronics as APPLE’s leading Smartphone competitor, Jones (2014) points out that the iPhone is attracting more consumers who are also ready to pay high prices particularly for cutting-edge handsets. Through its latest phones, Apple is profitably catching with its major competitors, such as, Samsung that have from time to time managed to post attractive sales of larger phones. It has also been noted that the marketing strength that iPhone has gained stands in contrast to sluggish iPad sales and the issues affecting Samsung’s Smartphone business (Jones 2014).

Article 3: Coal not the solution for poverty

Couchi (2014) examines that cheap coal-fueled electricity is highly considered by miners and politicians as the best alternative way out of poverty, particularly for developing nations. However, Africa has not considered this. In the business report provided by Couchi (2014) about the U.S financial group Citi, it can be noted that the booming market for African electricity has been a result of the coal approach. In the attempt to reinforce coals bearish outlook, Couchi (2014) reports that Citi discovered that a new International Energy Agency (IEA) outlook on the commodity is in contrast with the idea of BHP, the US coal producer Peabody as well as the Minerals Council of Australia which maintains that coal would play an integral role in minimizing energy poverty, particularly for developing countries. Despite its metallurgical and thermal forms, coal is considered the second-biggest mineral exported from Australia after iron ore (Couchi 2014).

Article 4: Ebola could be in the headlines, but tobacco is yet another killer in Africa

Research conducted by The Guardian (2014) shows that although Ebola dominates the headlines, there is yet another killer pandemic of great importance that continues to kill many people in the African continent unnoticeably. It is has been noted that tobacco kills at least one between two long term smokers. Currently, it is anticipated to kill 1 billion people globally before 2100. This is relatively more compared to the current number of people who die of Ebola. The Guardian (2014) terms this global issue as injustice and inequality because Transnational Tobacco Companies (TTCs), such as UK-based British American Tobacco (BAT) earn humungous profits yet they cause economic damage worthy over half a trillion dollars each year. Besides, TTCs contribute more to environmental degradation and thus create risks that compromise the health as well as the sustainability of populations. To earn more profits, TTCs are currently shifting and expanding their business to untapped markets in regions with unrestricted opportunities for growth (The Guardian 2014).

Article 5: NAB, ANZ lead pack in building home-lending share

The home loan is still considered the major driving force in recovering credit growth for banks. In this case, National Australian Bank (NAB) and ANZ are on the frontline to encourage the big banks in taking the advantage of the mortgage market, while home and business lending are sustainably becoming strong. Therefore, NAB and ANZ have put on media their fastest growth out of the big in all the past three months (Yeates 2014). Despite the faster growth and expansion made by NAB compared to their rivals in home lending, Yeates (2014) notes that analysts see business lending as a bigger concern because the bank has lost shares and faced more pressure, particularly on its margins. Generally, the home loan market is considered a major driving force that enables banks to recover from credit growth regardless of the risks associated with life specifically in business lending (Yeates 2014).

The paper “Globalization and Culture” is an outstanding example of a business essay. Today, it is common to hear people refer to the world as ‘a global village’. This has been a result of the process of globalization. This process has opened up and improved trade across regional and national borders. Not only has globalization enhanced economic interactions across nations but also improved access to information and uplifted the fight for human rights, among other benefits. Recent technological and communication developments along with improved road networks have been the key drivers of globalization. However, critics of globalization say that these benefits have been realized at a very high price: that of surrendering regional and national cultural values, mainly, for Western morals (Kwame, 2007).

Regarding this debate, two key schools of thought emerge. From one angle critics argue that globalization spreads out any and every culture all over the realm, leading to cultural heterogeneity and deeper understanding between diverse groups. This is mainly defined through the global production and distribution of commodities such that people in different parts of the world have access to commodities they would otherwise have never seen. A case in point is the cultural interaction between the United States and Japan. Teens in the U.S interact with the Japanese culture through their comic books, animations and video games, while teens in Japan interact with the American culture through watching TV shows and Hollywood movies produced in the U.S (Kwame, 2007).

On the flip side, critics argue that globalization erodes the regional and national cultural identity through cultural homogeneity. This leads to a cohesive global culture constituting diluted varieties of regional and national cultural nuances. For instance, French pastries, ‘American’ fried chicken, and Japanese sushi can be eaten in almost any part of the world. Restraint chains such as MacDonald’s and Starbucks have influenced traditions and behaviors in different countries. Even though champions of globalization claim that this merely affects consumer goods and media broadcasting, critics contend that it deteriorates customary culture ((Kwame, 2007; Czinkota, 2003).

Culture is a prevalent aspect in business whether it is in marketing, production, or human resource management. It is a key variable in the function of success in new markets (Czinkota, 2003). People’s purchasing decisions are based on a product’s design, style or color that supports their religious beliefs and practices. Empirical evidence shows that the success or failure of a company, especially, in a foreign market is reliant upon the effective managerial exercise of local religious beliefs and practices. Therefore, managers ought to be on familiar terms with their market’s religious differences given that religion influences people’s attitudes. For instance, Asians have a different attitude toward authority and women that differs from Western beliefs and practices. Whereas many parts of the world, including Asia, South America, and Africa, value collectivism very much, Americans are more individualistic. Chinese, Latin Americans and Koreans take time casually even as Americans are more proactive.

Failing to appreciate the religious beliefs and practices of the market will often lead to lots of inadvertent mistakes, such as being socially violent, cultural mix-ups, tarnished interpersonal relations, poor negotiations. As a consequence, the company’s future performance dwindles as profits decline. Lack of religious competence, or religious dogmatism, can easily put at risk millions of dollars through fruitless negotiations, lost purchases or sales, and pitiable customer relationships (Czinkota, 2003).

Cultural Literacy

Culture is a broad system that includes traditions, beliefs, attitudes, values, institutions and social interactions. This system reflects the global crunch facing the human race, and so it is a cultural catastrophe (UNESCO 1997). Dealing with such a cultural diversity calls for an important skill referred to as cultural competence. Chrisman (2007) defines cultural competence as ‘attitudes, practice skills, and system savvy for cross-cultural conditions’. The key force in work involving cultural competence is the people’s flexibility and ability to appropriately consider and treat the general public politely and in a proper way fitting their culture. Cultural literacy takes account of cultural competence plus the capacity to analytically mirror, and if needed institute change in, one’s a specific culture. Cultural literacy also comprises the capacity to examine the actions of central cultures measured against other cultures. This becomes very much useful in business. A case in point is the understanding of the effect of globalization or cross-cultural businesses on indigenous cultures all over the world.

Cultural literacy has been likened to an iceberg, through the iceberg model of culture. This is due to the expanse contextual material one requires to understand the culture. Cultural literacy often involves much more than the information essentially spoken. In other words, to understand the meaning of a cultural term, one has got to have much information that is not revealed by the bare meaning of that term. The clear cultural meaning of the term is like the ‘tip of an iceberg’ meaning that the deeper understanding lies below the casual meaning of the term and it constitutes a person’s own applicable information. It is known that 15 per cent or less of an iceberg can be seen above the water surface, 85 per cent or more of the iceberg is submerged below the water surface. This means that there is quite a different picture depicted shallowly from that which is the actual translation in the literature, giving the imprint that implied information comprises relatively tiny bits and pieces of information, left out by the correspondent due to dismissal or suitability (Hawkes, 2001).

Figure 1: Iceberg Model of Culture

It has been stated earlier that culture is a broad system that among other aspects involves religion. The world is very diverse in terms of culture as well as religion. Each culture embodies a creation in itself and yet it is not closed. Cultures give religious convictions semantics, and religions provide decisive connotation to each culture. Religion is a way of life for numerous cultures saturating every one human action. In other cultures, it characterizes the utmost ambitions of human life, and for others, religion is an institution that claims to convey a meaning of deliverance (Hawkes, 2001).

The paper “The Different Communications ” is an outstanding example of a management assignment. Phone: 23 rd August: the communication was made to remind that the bill for the mobile phone is outstanding and if not paid within the date will have a fine imposed on it. The communication was successful as it helped to fulfill my need and acted as a reminder. Further, the call also ensured that it was complete and all the details like outstanding amount, due date, late fine, and other details were provided. The call was complete and highlighted the important aspect which if ignored could have an impact on my usage.

Radio: 24 th August: The communication was made regarding the areas which are having huge traffic and showed the roads which should be avoided. The communication was successful as it helped to fulfill my requirements by highlighting the different roads which need to be avoided and which need to be used. The communication was further clear and loud regarding the different roads and path which should be avoided. This method acted as one where proper guidance was provided and acting in the correct way was highlighted so those correct decisions can be taken.

Communications that were unsuccessful

Television: 24 th August: The communication was made regarding the sale of women’s garments. The communication was ineffective because in the first instance it didn’t meet my needs and requirements as I was not looking to shop. Secondly, the message was not constructed properly as it didn’t speak about the brands which were available on sale, the different garments which were available, and also didn’t highlight the date when the sale would end.

Phone: 25 th August: The communication was made regarding the mobile bill payment which has already been made. The call was ineffective because it was not required as the payment has been made and I had the required receipt. The call was instead a wastage of time. In addition to it, the call was not constructed properly and required to focus on areas through which a message would have been enough as a source of communication to ensure that the payment was correctly entered.

Reasons for communication not to be successful

The communication process can be improved in the following ways

Firstly, ensuring that the communication which is made is required and is addressed properly so that the person who receives the communication gains from it (Nicholas, 2013)

Secondly, providing complete information is essential as it will serve as a benchmark to evaluate the manner in which different information is passed (Anne & Bochner, 2007). It will also help to understand the important matter which has been spoken and will help to highlight the manner in which changes can make so that proper communication and message is passed

Thirdly, the targeted audience was wrong and it is important to correct the audience (Mehrabian and Susan, 2007). This will help to improve the validity and reliability of the communication and will ensure that the process of communication becomes effective and is directed towards the correct person

Fourthly, the process of communication needs to be improved and changed so that the message is correctly interpreted and passed with the same intention (Imahori & Lanigan, 2012). This will help the listeners to evaluate the message in the correct form and will help to ensure maximum response.

Fifthly, the media which are used needs to be chosen wisely as the usage of a message instead of a phone call for bill paid confirmation would have been more helpful and could have caught the attention of the audience in a better way. This would have multiplied the effectiveness of communication and would have helped to understand the important points and issues.

The process of communication thereby requires working on the smaller and important aspect so that the overall process of communication improves and helps to provide the required dimensions through which effectiveness can be gained in the manner messages are passed.

The paper “Why Did Telefonica Initially Focus on Latin America” is a perfect example of a business assignment. Based on Telefonica’s objectives of rapidly increasing shareholder value, profits and achieving growth, it had to take advantage of location economies. Hence, the company initially focused on Latin America, as it must have perceived FDI to be a means for circumnavigating trade barriers. Indeed, the reasons why Telefonica initially focused on Latin America are perceivable through the lens of the Uppsala Model Theory.

According to the theory, the internalisation of a company across many foreign markets is correlated to psychic distance, where the first entry is to foreign markets that are familiar and closer in regards to the psychic distance of the host country, before making subsequent entries in foreign markets with greater psychic distance. Psychic distance comprises the differences in culture, language and political systems (Falvo & Parshad 2005).

Within the perspective of Uppsala Model Theory, it should be argued that companies tend to gradually increase their activities in international markets through a series of incremental stages, where the succeeding steps are anchored in learning and adapting to foreign markets (Pandian & Sim 2002).

This implies that the firms fast gain experience from the markets, where they have closer cultural ties before expanding to foreign markets. For instance, Telefonica had to first gain experience as a telecoms operator in Latin America, since the region has deep cultural ties with Spain, where it is headquartered.

Strategic competitive advantages

The company’s decision to slowly expand to Europe appeared opportunistic as well as strategic. Europe had initially possessed trade barriers that lowered the chances of successful entries. Essentially, there is a correlation between culture and national competitive advantage, where countries that are likely to impose trade barriers, in terms of competition are bypassed in preference to those that are less competitive (Enu & Attah-Obeng 2010). This argument is based on Dunning’s Eclectic Theory, which hypothesises that a company will always seek to leverage their specific advantages, including marketing, knowledge, skilled personnel, technology and information (Dunning 2001).

In this case, the Latin American markets were growing rapidly. They also experienced an increased high adoption rate and usage of mobile phones and internet connections. Additionally, after the Spanish government privatised Telefonica and deregulated the Spanish telecommunications market, the company’s core objective became increasing shareholder value, profits and achieving growth.

This implies that profit maximisation is a major drive to foreign direct development; through the use of particular advantages the company has (Glesem et al. 1990). It, therefore, had to select a region that would enable it to achieve higher profits. The company selected Latin America over Europe. Latin America had few entry barriers, such as competition and government regulations, while Europe had greater barriers due to more competitors. This implies that imperfect competition within the marketplace is a key incentive for expanding abroad. Besides, European mobile telecommunications operators had agreed they would not invade each other’s markets. However, after the entry of America Movil into Latin America, Telefonica faced a stronger competitor, forcing it to expand to Europe.

Commenting on other student’s post:

Why did Telefonica initially focus on Latin America?  Why was it slower to expand in Europe, even though Spain is a member of the European Union?

While the student hinted at the growth of multinational enterprises, a brief outline detailing why the company expanded and reasons for expansion could have provided a more relevant backdrop. Additionally, the reference to the Socialist Party by Popular Part in the general election of 1996 was irrelevant and out of context. The student’s decision to link the factors for the European Union to the opening of the telecommunications sector was misplaced. Rather, the student should have selected reasons why Telefonica selected to begin operating in Latin America before making headway to Europe. However, reference to high competition in the sector in Europe was justified.

Accordingly, the student should have explored the close cultural ties between Spain and Latin America, as the major drivers that triggered Telefonica to first launch in the region before expanding to Europe. In supporting the argument, a reference to a relevant theory, such as the Uppsala Model Theory could have pointed to the reasons why internationalisation of a company across many foreign markets is correlated to psychic distance (Uhasselt. be 2005). This includes why the initial entry is mostly made in foreign markets that are familiar and closer in regards to the psychic distance of the host country. Afterward, an explanation of what this meant to Telefonica based on the theory could have been appropriate (Gustafsson & Zasada 2011). For instance, the student should have stated that firms get to fast gain experience from the markets where they have closer cultural ties before expanding to foreign markets.

The student should have based his arguments on Dunning’s Eclectic Theory, which proposes that firms tend to use their peculiar advantages such as marketing, knowledge, skilled personnel, technology and information (Rugman 2010). Further, he should have stated that companies view FDI as a means to circumnavigate trade barriers before going forth to describe the correlation between culture and national competitive advantage, where countries that are likely to impose trade barriers in terms of competition are bypassed in preference to those that are less competitive.

While the student was also justified in arguing that the company sought to maximise profitability and to increase shareholder value, no basis was provided to support the argument, based on the case study. At this stage, the student should have suggested a theory to support his argument (Morgan & Katsikeas 1999). Later, the student should have provided examples from the case study to defend the choice of the theory he selected. However, the student provided examples outside the case study, such as “Telefonica has been able to establish footprints in 24 countries and having an average of 120,000 professionals with consolidated revenues of 24,957 million euros in January-June 2014 and more than 315.7 million customers at June 2014”

Additionally, the reasons the student outlined as the likely motivators for Telefonica to launch first in Latin America before making entries in Europe cannot be justified, as they have not been argued appropriately. For instance, in suggesting political developments, taking policy advantage and the fact that the markets shared a common language, the student should have discussed the concept of psychic distance and the related theory, such as the Uppsala Model Theory.

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Table of contents

• Search Search Please fill out this field.

Can You Be Successful?

• 1. Find Financing

2. Do Smart Marketing

• 3. Start Small, Plan to Expand
• 4. Use Technology

5. Network, Network, Network

6. lower the costs.

• Starting a Business FAQs

The Bottom Line

• Small Business
• How to Start a Business

Starting a Small Business in Tough Economic Times

It may be a challenge, but it can be done

Starting a small business is hard work in any environment, but it's even more challenging in a tough economy . This is partly because when credit markets are tight, it can be challenging to get financing. That's why small business owners must hone their business plans.

In other words, if you want a slice of the financing pie, you need to work your cash projections hard and know your bottom line down to the penny. It is important to know upfront how much money you need to put into the business, how much you need to charge to meet your operating costs, and what to do to turn a profit.

If you are thinking of becoming an entrepreneur, consider the following tips for successfully building your business in a challenging economy.

Key Takeaways

• You can successfully start a small business during times of economic uncertainty.
• Ask friends, other business owners, or professionals to review your business plan before you seek financing.
• Consider and develop your marketing strategy using search engine optimization and social media to drive potential customers to your business.
• Start small from hiring to inventory and then expand when things start to pick up.
• Some businesses thrive during times of economic uncertainty. If you’re considering starting a business, make sure you do your research before you spend your money.

A recession can be a very challenging period for both individuals and businesses. People lose their jobs and cut back on spending, and cash reserves start to dwindle. Credit markets become tighter, and banks begin to increase their lending restrictions. This probably makes you wonder whether it even makes sense to consider starting a new enterprise and, if you think it does, how do you do it?

Part of your success depends on the kind of business you intend to start, so choose a structure that can thrive when times are tough. Before we look at some of the steps you’ll need to take to get your business off the ground, remember that you can find success—even at moderate levels—during turbulent economic times. Here are a few reasons why:

• You may find a lot less competition during this time . That’s because most people tend to start a business when the economy is flourishing. If you’re determined and focused, you may even be able to do it without having to share your profits with third parties.
• Customers you gain during this time are more likely to stick with you when the economy changes for the better. This is especially true if you’re able to offer them more affordable options than your competitors.
• Established businesses tend to curb or halt innovation during a downturn. You can use this time to come up with fresh ideas that may be missing in the market , giving you a better position when you open your real or virtual doors.
• You may find things are much cheaper , namely things that contribute to your overhead costs. Think of things such as your rent, furniture, and materials—all of which you may be able to get at a discount. Of course, in an economic downturn, like the one caused by the Covid-19 pandemic, finding things or even places to rent out are not necessarily cheaper. The pandemic-related supply-chain issues, an inflated real estate market, lockdown rules, and social distancing requirements made it very difficult for small business owners, especially those in the hospitality industry.

When you are looking for financing for your small business, don't overlook credit unions. Credit unions can offer personalized service and accessible small business loans. In addition, credit union loan officers usually provide personal attention, including advice and business strategies, to first-time small business owners.

1. Find Financing

Before applying for a loan, ask trusted friends or professional advisors to review your business plan to ensure you're not overlooking anything critical or making inaccurate assumptions. Often credit unions offer lower interest rates and fees than commercial banks, so don't narrow your search for financing down to only big banks.

You may consider asking the following sources:

• Friends who own their own business
• A loan officer at the bank where you do business
• Your local credit union where rates for business accounts may be friendlier than a commercial bank
• An accountant, but first get an estimate for reviewing your plan, so you aren't surprised by a high invoice
• Check out the Small Business Administration's SCORE program of free monthly mentoring sessions with retired professionals, designed specifically for people launching a business.

In addition to securing financing for your new enterprise, come up with a financial backup plan for your business and personal finances if you fail to hit your initial revenue projections. It is a good idea to build up your cash reserves to have enough to live off for six to 12 months. Make sure you budget carefully, so you can continue making your most crucial payments: rent/mortgage, insurance premiums, utility bills, and food. Finally, check your gut—and your bank balance—to make sure you're ready to start your new venture.

Starting a new business when the economy is taking a nosedive takes creativity and ingenuity. Marketing is vital to getting ahead of the game and your competitors. Take your business plan and flesh out the marketing components: What exactly are you going to sell? Who are your target customers ? How will you price your products or services? What is your plan for promoting your business?

You stand a better chance of succeeding by thinking niche . Slice and dice your original customer base to come up with smaller segments so you can market more strategically. For example, if you offer a professional service geared to women, can you narrow it down to target women within a specific age range, career type, or geographic location?

Alternatively, think about ways to alter your products or services to broaden your business appeal and customer base. For example, if you opened a make-your-own-dinner company, could you also offer dinner delivery or premade/prepackaged dinners for customers who want grab-and-go?

Remember to keep a close eye on the competition. Do ongoing competitive analyses . Watch what other providers are doing and study the marketing techniques they’re using to build their businesses. Are they tweaking the product? Lowering the price? Using creative promotional tactics? You’ll need to know where your competitors are to differentiate yourself and gain market share .

3. Start Small...With a Plan to Expand

Manage your expectations and expenses by starting as “ mom-and-pop ” as possible, then plan to expand when your business takes off. Review your business plan and reconsider what you need to start. For example, could you open in a smaller and less expensive location? Or could you stay virtual by eschewing a physical office altogether?

After identifying the best, most affordable space for your business, think about your staffing needs. Before hiring full-time employees, think about filling positions with  independent contractors , temporary workers, or part-time staff.

If you’re opening a business in an area that has seen local businesses fold, you may be able to pick up some excellent talent for less compensation than in a favorable market.

Be realistic about which employee benefits you can offer and shop competitively for the best prices. It may be better for your employees to provide fewer benefits upfront and add them as your profits increase rather than taking benefits away if you can't afford to maintain them.

4. Use Technology to Your Advantage

First, nearly all small businesses need to use social media marketing on Facebook, Instagram, LinkedIn, and other social media sites to reach a broad audience in cyberspace. In addition, learning how to use search engine optimization to reach potential customers via Google is a wise idea.

Digital marketing on social media creates a buzz of awareness around your brand, drives sales, and can be an affordable way to market your new business.

Technology can provide you with numerous ways to save money and increase profits. Using technology will bring customers to your brick-and-mortar or digital door.

• Expand your market by selling online through multiple channels.
• Do email marketing instead of more expensive electronic or print advertising.
• Use websites to get ideas from fellow entrepreneurs and successful business leaders, such as Entrepreneur.com.
• Optimize your website for search engines to keep your site coming up at the top of your customers’ searches.
• Produce affordable marketing vehicles, such as podcasts or webinars, through your website.
• Create an online customer loyalty program offering advanced notice of sales, discounts, referral bonuses, and coupons.

Get to know other people in your community who can refer customers and help build your business. Don’t know where to start? Find a local business networking group or contact your chamber of commerce . Consider joining a professional association—either a local one where you can meet people in person or an online group—to tap into others’ ideas.

A gloomy economy can disguise some great ways to save money. Creative ideas to lower your startup costs include:

• Using the economic situation as leverage when negotiating rents, equipment leasing agreements, etc. Lessors, developers, and vendors need businesses to pay their rent and fulfill their contracts. You may be able to get a lower price if you can demonstrate the ability to deliver on time and in full at a lower rate.
• Buying supplies from businesses that are closing or need to reduce inventory, particularly for big-ticket items such as electronics, office furniture, etc.
• Bartering with other business owners by looking for business alliance possibilities and suggesting offsetting costs by trading products or services.
• Doing your legal homework before shelling out big money to a lawyer through online sources such as Findlaw.com, which provides free resources and low-cost services.
• Online comparison shopping for the best deal on a business credit card , looking for rewards, record-keeping tools , and other special services, as well as reasonable rates and low fees.
• Find a bank account that fulfills your small business needs , including access to brick-and-mortar and online services as well as attractive interest rates and rewards.

How Can I Start a Business With No Money?

The first step in starting a business with no money is determining what you can do right now without additional costs. Can you sell to friends and family, can you market yourself on a free social media account, or can you sell your goods on sites like Etsy? From there, save up a few months of expenses before going all-in. In addition, reach out to friends and family for starter funds. You can also look to crowdfunding sites to raise initial capital. Once you get the initial business fundamentals going, you can apply for small business loans or grants; the Small Business Administration (SBA) is a great resource for this.

What Are the First Steps to Take When Starting a Business?

When starting a business, the first step is to conduct market research on the idea, service, or product you plan on selling. See if the market is conducive to newcomers; what are the barriers to entry; is the market saturated; is there an opportunity for change or growth? From there, create a business plan. This is critical in structuring your business, what you want out of it, how it will be run, and what you want to achieve. Register your business with the appropriate authorities; the federal government and state government. The next step is then to raise funds to launch your business.

What Is the Small Business Survival Rate?

The small business survival rate is two-thirds surviving in the first two years and 50% surviving at least five years.

There are unique benefits associated with starting a business in a tough economy. If you do your homework, think strategically, and take advantage of every opportunity to minimize costs while maximizing the value you add for customers, you can build a foundation for long-lasting business success.

McKinsey&Company. " Covid-19 Recovery in the Hardest Hit Sectors Could Take More Than 5 Years ."

New York City/SCORE. " Find a Mentor ."

Addition Financial. " Pros and Cons of Credit Union Small Business Financing ."

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Home — Essay Samples — Business — Starting a Business — Why I Want to Start My Own Business

Why I Want to Start My Own Business

• Categories: Career Goals Starting a Business

About this sample

Words: 605 |

Published: Sep 5, 2023

Words: 605 | Page: 1 | 4 min read

Table of contents

Chapter 1: the lure of independence, chapter 2: fostering creativity and innovation, chapter 3: crafting a path of fulfillment, conclusion: forging my entrepreneurial path.

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Business Essay Writing: How to Start Your Own Business Essay

Table of Contents

Most people believe that launching a small business is the best way to achieve freedom. Even though this claim has some merit, it is debatable.

Why do people choose to launch their businesses? They yearn to be on their own. One can better manage his time by operating a small business. You can create the products and services he desires, attempt to be thoughtful and responsible.

The economy of any state relies heavily on small enterprises. Small business owners make significant contributions to the state budget.

One could argue that the complex of small and middle-sized businesses brings the nation the same profit as big enterprises. Simply put, a prosperous state cannot exist without small businesses.

Without small businesses, poverty cannot be eradicated. Allow me to discuss some factors that should be considered when starting your business.

Factors to Consider When Starting Your Own Business

1. starting up is difficult.

It’s not simple to launch a small business . Whether you own a construction company or a business, you must be financially and mentally prepared for hurdles.

Additionally, having a basic understanding of management, marketing, and business is essential.

You should first familiarize yourself with the industry and market. Use trustworthy education websites to learn.

The most essential component is researching the market to determine what products and services consumers want.

If a product is needed, but no one is making it, you have the best chance of dominating the market.

2. the Cost and Caliber of Your Product

The cost and caliber of your product are the second things you should consider. Two choices are available.

The creation of pricey, high-quality products that will last a long time is a choice to make. The second choice has to do with consumption. You make cheap, subpar items and draw customers by offering the most affordable pricing.

Sadly, selecting the ideal solution might be challenging. Many people are willing to spend much money to own a high-quality item. Others steer clear of high prices and favor affordable goods. Consider requesting a title loan if you require title cash to launch your company.

3. Business Plan

You should write your business plan, which will include all of the details about how your company will operate. Consider the client’s target markets, production, distribution, storage, and retail.

It would appear that you should create and keep your stuff somewhere. Then, problems like revenue and expense would come up.

You will need to hire a few staff to run your firm profitably. To bring the appropriate people into your company, you will need to be picky, demanding, and careful.

You will eventually run into issues with rent, taxes, etc. A business is similar to a family. Pay attention to the slightest problem, question, or misunderstanding to enhance your income and build your small business.

The Peaks and Valleys of Starting Your Own Business

Starting a small business involves a lot of benefits and drawbacks, as one might anticipate. Independence is the strongest side. You are not required to labor for another person.

You can decide what to do and how and work to benefit yourself. If you don’t feel recognized and valued at work, you can implement your unique and entertaining ideas in your own company.

Ambitious people always attempt to launch a small business if given a chance. When you are late, you do not have to heed the advice and warnings of your boss. You will eventually start to make more money. The entire profit belongs to you because you are the boss.

However, there are a lot of things that can be problematic for a new business owner. Keep in mind that independence comes with responsibility.

You are accountable for your business’s success, your employees’ well-being, and both. Additionally, you are responsible for the well-being and lives of those who use your products.

You must understand how to build and enhance your small business profitably. You should be aware of how to act in emergencies and unforeseen circumstances.

To handle crucial issues and employee disagreements, you must be willing to work nights and weekends. You should be a skilled educator, psychologist, and negotiator who can settle disputes and inspire his team.

Starting a small business is a challenging but worthwhile endeavor. You can open your shop, café, restaurant, or bakery and implement your brilliant and eccentric ideas there. To protect and build your firm, you must face many challenges and work hard.

Abir Ghenaiet

Abir is a data analyst and researcher. Among her interests are artificial intelligence, machine learning, and natural language processing. As a humanitarian and educator, she actively supports women in tech and promotes diversity.

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Starting A Business Is Not Easy, But It Can Be Worth It!

• Last Updated: March 7, 2022

Starting a business is never easy, no matter what shape the market is in and no matter what industry you are trying to break into. Things are complicated, they take time, they go wrong, they get messy and you get frustrated. But, the thing that always remains the same is that it will be worth the long road that you have to take once you get to the end. You just have to be dedicated enough to get to that point, and a lot of people are not. In this article, we’re going to be taking a look at some of the things that starting a business is going to cost, so keep reading if you would like to find out more.

A Lot Of Time

The first thing that it is going to cost you a lot of is time. You are going to have to spend a lot of time working on building up this business, and then when it takes off you are going to have to take a lot of time to keep it that way. Running a business is always going to be a lot to have on your plate, and that doesn’t even include anything else that you may already have going on. If you are not in a position right now where you feel as if you are able to offer the right amount of time to the new business, then now is not the time to start one. 

There are countless hours that go into planning, then you have got the hiring of employees, the marketing meetings, the finance meetings, and so much more. You are going to need to work out how to come up with a brand name , who your target audience is etc. It is going to be a lot, and if you can’t handle it, then that’s nothing to be ashamed of, just don’t get yourself involved in starting a business at this point in your life.

That’s not to say that there aren’t options that can save you some of the time and effort that you would traditionally burn up while starting a business. For instance, if you don’t have to think up the business idea, name, or products you’re providing, it can be a lot easier to get up and running. That’s precisely what franchise opportunities can offer. Of course, that doesn’t mean that you don’t have to manage the business. It still won’t succeed without you running it well, but a franchise can give you a great head start.

A Lot Of Money

Another thing it is okay to cost you a lot of is money. Starting a business is not cheap , and that’s something that a lot of people don’t seem to understand. There are a lot of costs that come with setting up a business, and you’re not going to be able to do it without a hefty sum behind you. If you are planning to finance your business on your own, then you really do need to make sure that you have done all the costs of starting the business and ensured that you have enough, plus a little more for a security blanket.

If you’re not going to be funding the business on your own, then you need to start looking at finance options. This could be an investor, it could be a loan from the bank, or one of many other ideas. It depends on what is going to work best for you, if you are willing to give up any of your business in exchange for money and so on. Come to a decision and then start working on the best way to get what you want from the situation.

A Lot Of Focus

Starting a business is also going to require a lot of focus . Like we mentioned above there are a whole load of meetings that need to be attended, plans need to be made and finalized, and as the owner you need to be there to approve them all. Nothing is going to happen without you saying that it is okay and this is a big responsibility as well as a nightmare. It means that nothing can move forward without your seal of approval, and while that is a good thing there will be more than one occasion where you just want someone to make a decision without asking you, even if that isn’t what you want at all.

If there is a lot going on in your life right now and you think that you are going to be distracted, then this isn’t the right time to start a business. You need to be able to give this business your all, and if you can’t, then it won’t succeed.

A Lot Of People

It is going to take a lot of people to make this work. You are going to have to hire a lot of people to work with you in the business, and you are going to have to have patient people in your social life. The people working for you need to be hired and trained before you can put them to work, but once this has been completed they should be working to an extremely high standard. This will make your life a little easier as you will know that there are capable and competent people managing the service or products for your business.

The people in your social life need to be patient and understand what you are doing. You won’t get to see them as much in the beginning stages, but it won’t last forever. In fact, sometimes when you are starting a business you will lose people along the way who either don’t believe in you or don’t like the lack of attention you are giving them during this period. Just know that if this happens, they don’t belong in your life anyway and it will be worth it when the business is taking off and you have everything you ever wanted.

We hope that you have found this article helpful, and now see some of the things that it’s going to cost you if you want to start your own business. It’s not going to be an easy road, but it’s one that is well worth the journey if you can manage to make it a success. If you ensure that you have all of the things on the list above, and you know what you are doing when it comes to running the business, then things are going to work out absolutely fine. We wish you the very best of luck, and hope that you manage to build the business success that you are looking for.

About Author / Marni E. Goldberg

Marni E. Goldberg is a journalist covering the financial market and graduate of Wharton School of Business. She loves cooking, travelling in her spare time, and spending quality time with her family.

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Business Tips

Learn how to write a business essay in 7 simple steps, october 07, 2021.

Creating business-oriented content which is compelling, persuasive, insightful and well-structured, is not a cakewalk. Moreover, you need to use the appropriate language, present the essay as per the requirement, and offer significant content backed by data-driven ideas. 

A step-by-step guide to teach you how to write a business essay

You may need to write a business essay for your admission to the business school or an essay about time management or you may have to present a detailed report based on a business idea in your company. In any case, the task requires hard work and dedication.

If you don’t have time to learn how to write a business essay, you can always delegate it to a research paper writing service and let professional academic writers take care of it. However, we’ve made the following step-by-step guide to prepare you if you decide to do it yourself.

Start with a thorough analysis of the essay prompt

Now, this can indeed be a tricky one. Be attentive enough to understand what the essay prompt is about. It can either be a discuss-type essay or a case study. Analyze the topic carefully because your entire essay depends on this information. Be mindful of the keywords such as illustrate, compare, criticize, or explain. Decide your approach based on such keywords. 

Your thesis, choice of vocabulary, the structure of the essay, and the concluding thoughts should be in synchroneity with the essay prompt. Do not start composing your essay until and unless you are 100% sure about the given topic. 

Come up with a strong thesis statement

Your thesis decides the fate of the rest of the content. It needs to be powerful and effective. It is the foundation of your essay, and you don’t want to develop your essay on shaky ground, right? 

A thesis statement is a statement that comprises the main theme of your argument and an idea about what your readers can expect from the essay. Remember that a thesis statement acts as the “make or break” point for the essay. 

Come up with an impactful thesis statement, and define it using descriptive words. Be unambiguous. Use your resources, or ask a professional essay writer to do my assignment online if you need some help in writing a compelling thesis statement for your business essay. 

Create a well-structured outline for your essay

Depending on whether it is a case study or a discussion-type essay, you need to write an outline first. Once you are done with the outline, connecting the dots will be much easier. Hence, when learning how to write a business essay, the outline rules are imperative.

For a case-study type essay, you can use the following outline:

• Introduction
• Body/Main content
• Concluding thoughts
• Bibliography

For a discuss-type essay, the following outline can be effective:

• List of references

Research, study, repeat

A business essay should not sound like storytelling. You cannot use your fancy and refined vocabulary to increase the word count. Rather, you will need stats, data, and intricate business information to write your business essay. 

So, before you start working on it, make sure you research a lot. Jot down every relevant point, bookmark necessary pages, and spend time studying the topic. Once you are confident enough about the topic, proceed with the essay. You can also speedup your work by using services that write papers for money . It’s a quick and effective way to get things done.

Prepare the first draft

Do not take a risk with your business essay. Because the majority of the time, it is an important determiner of your grades. Adorn your thinking hat, and start writing the essay as thoughts come pouring in. 

Corrections, editing, and omissions can be done later during the proofreading stage. Right now, focus on the first draft. Go with the flow and do not stop, as this is the time you will get the best inputs and ideas for your essay.

Edit and proofread recklessly

And, before adding a conclusion, how to write a business essay guide, as well as any kind of writings, requires proofreading. Now that you have the first draft of your business essay ready, start proofreading. Double-check every word. Read between the lines. Add anything that you feel is relevant and remove everything unnecessary.

Use tools and software to polish the content. Avoid leaving any grammatical errors in the text. Also, remember that plagiarized content can have serious consequences.

Finalize your draft and add a conclusion

After the editing, you can get a printed copy of the draft. Try reading the essay aloud, and pay attention to all the minute details such as language, date, spellings, and punctuations. You should also notice if the flow of the essay is proper. If the flow breaks at any point during the reading aloud session, it should be improved. If everything sounds well, go ahead with it. 

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More From Forbes

How to start a business from scratch (in 5 doable steps).

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Entrepreneurial aspirations? Starting a business from scratch is easier than you might think.

The best way to start a business depends on the type of business you want and your individual situation. Ideal side hustles for college students are different than for stay-at-home parents . If you’re a talented baker, you’ll need a different plan if you want to open your own bakery, versus selling a few of your items at the weekend farmers’ market, versus building a national franchise to rival Mrs. Field’s Cookies or Baked By Melissa. If you have dreamed of owning a pastry-related business, but you don’t bake, then you’ll need a different plan than the talented baker for any of the three options above.

Since aspiring entrepreneurs vary so widely in their interests, ideas and talents, no one post can account for all situations, but here are five foundational steps to start a business from scratch.

1. Decide If You Will Buddy Up Or Go Solo

Going solo means that you have free rein to make all the decisions – but then you have to make all decisions, including who your customer is, what you’ll offer, what price you’ll charge, how you’ll market your business and more. Starting a business with one or more other people divides up the work — but it also divides up the rewards. If you’re not 100% in agreement with your partner(s), you may find that the business does not match your vision or live up to your quality standards.

As you can see, there are pros and cons to starting a business with others versus alone. Do a candid self-assessment about whether you have the risk appetite, stamina and desire to go it alone. One compromise could be to start your business solo, but rent a co-working space so you are surrounded by others. Or, join a mastermind group or entrepreneurs association so you have an ecosystem of colleagues on a similar journey.

2. Look At Your Unique Competitive Advantages For Ideas

Once you have answered the partner versus solo question, you still need a business idea. Your partner might have a strong opinion on this. If not, or if you don’t have a partner, one smart way to tilt the odds of business success in your favor is to pick an area where you have a unique competitive advantage.

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For example, the talented baker who decides to open a pastry-related business has ability as their unique competitive advantage. Someone who worked for years in the food industry would have an experience advantage. Someone with culinary training has an education advantage. If you have a rabid interest in a subject — e.g., you might be an accountant by day but you frequent pastry shops every chance you get and read all about the industry — your enthusiasm can be your advantage.

3. Marshall Your Resources

In addition to an idea for your business, you’ll need to invest resources into it — not just money, but also your time. The amount of money you need to invest varies widely based on the type of business you’re starting. Product businesses where you need material and/or equipment to create your goods to sell are going to have much higher upfront costs than service businesses where you might be selling your knowledge and therefore have virtually zero upfront financial costs.

Time to get started also varies widely. If you need to build out a physical location (e.g., the bakery with kitchen) or retail store for your products, you will have a longer time investment before you can even make your first sale than the service entrepreneur who can start selling themselves with a relatively inexpensive, fast-build digital presence.

Calculate what money you need to invest to get your business started, as well as how long you’ll need to prepare before you can start selling. Compare this to your personal situation (e.g., do you already have a job, are you part of a dual-career couple or have other family commitments) to gauge how quickly and easily you will be able to get your business started. If you plan to leave your current job to start your business, include in your calculations the notice you’ll give to your current employer, as well as how you plan to meet the expenses that your paycheck used to cover.

4. Check The Legal Requirements Your Business Needs To Meet

A bakery business selling at a farmers’ market faces different food safety requirements than if they open a physical store or operate a mail-order business. If you have workers, there are labor requirements to meet. Even if you are a solo business owner offering services, you might need to have a license or certification for that service. Businesses also need to comply with insurance and tax requirements.

Because requirements vary, not only by business, but also by geography (e.g., bakers at farmers’ markets in Maine vs. Florida). Your local library, community business school or SCORE chapter ( SCORE is a national nonprofit that provides small business mentoring) can help you research the rules that apply to your business. As you’re researching the business you hope to start, your enthusiasm for digging into these details is a good test of how serious you are about your business idea!

5. Make Your First Sale

The best feedback on your business new idea comes from your customer’s wallet. If someone is willing to spend money on something, then you have uncovered a genuine need or desire for whatever you are selling. If you’re selling a service, start offering it as soon as you have bandwidth to deliver it. Making your first sale will prove your concept has a market, and it will also help you gauge firsthand if you like delivering this service. You can also start testing your prices and how to structure your offering.

If you have a more involved business — e.g., the baker planning to open a store — see if you can sell some of your products in advance. For example, you can cater events, and you can see people’s reactions to your creations firsthand. You might even get some testimonials for your ad campaign. Or, you can start by selling via other stores or at farmers’ markets — to gauge reactions, get testimonials, test product variety and test pricing. Focusing on early sales also gives your business some much-needed cash flow upfront.

Start As Cheaply As Possible

Notice that these first steps — focusing on sales, doing research using libraries or free providers like SCORE — are really focused on getting your business up to the first sale as cheaply as possible. It takes time for any new venture to gain traction, so by running a lean business, you give it more time to be successful. Starting a business is not about buying business cards (you can start with word-of-mouth) or building a website (use existing social platforms like Facebook or LinkedIn) or running ads (build a following on social media to build a following on social media). You can start a business without necessarily spending a lot of money.

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Tips for Writing an Effective Application Essay

How to Write an Effective Essay

Writing an essay for college admission gives you a chance to use your authentic voice and show your personality. It's an excellent opportunity to personalize your application beyond your academic credentials, and a well-written essay can have a positive influence come decision time.

Want to know how to draft an essay for your college application ? Here are some tips to keep in mind when writing.

Tips for Essay Writing

A typical college application essay, also known as a personal statement, is 400-600 words. Although that may seem short, writing about yourself can be challenging. It's not something you want to rush or put off at the last moment. Think of it as a critical piece of the application process. Follow these tips to write an impactful essay that can work in your favor.

1. Start Early.

Few people write well under pressure. Try to complete your first draft a few weeks before you have to turn it in. Many advisers recommend starting as early as the summer before your senior year in high school. That way, you have ample time to think about the prompt and craft the best personal statement possible.

You don't have to work on your essay every day, but you'll want to give yourself time to revise and edit. You may discover that you want to change your topic or think of a better way to frame it. Either way, the sooner you start, the better.

2. Understand the Prompt and Instructions.

Before you begin the writing process, take time to understand what the college wants from you. The worst thing you can do is skim through the instructions and submit a piece that doesn't even fit the bare minimum requirements or address the essay topic. Look at the prompt, consider the required word count, and note any unique details each school wants.

3. Create a Strong Opener.

Students seeking help for their application essays often have trouble getting things started. It's a challenging writing process. Finding the right words to start can be the hardest part.

Spending more time working on your opener is always a good idea. The opening sentence sets the stage for the rest of your piece. The introductory paragraph is what piques the interest of the reader, and it can immediately set your essay apart from the others.

4. Stay on Topic.

One of the most important things to remember is to keep to the essay topic. If you're applying to 10 or more colleges, it's easy to veer off course with so many application essays.

A common mistake many students make is trying to fit previously written essays into the mold of another college's requirements. This seems like a time-saving way to avoid writing new pieces entirely, but it often backfires. The result is usually a final piece that's generic, unfocused, or confusing. Always write a new essay for every application, no matter how long it takes.

5. Think About Your Response.

Don't try to guess what the admissions officials want to read. Your essay will be easier to write─and more exciting to read─if you’re genuinely enthusiastic about your subject. Here’s an example: If all your friends are writing application essays about covid-19, it may be a good idea to avoid that topic, unless during the pandemic you had a vivid, life-changing experience you're burning to share. Whatever topic you choose, avoid canned responses. Be creative.

6. Focus on You.

Essay prompts typically give you plenty of latitude, but panel members expect you to focus on a subject that is personal (although not overly intimate) and particular to you. Admissions counselors say the best essays help them learn something about the candidate that they would never know from reading the rest of the application.

7. Stay True to Your Voice.

Use your usual vocabulary. Avoid fancy language you wouldn't use in real life. Imagine yourself reading this essay aloud to a classroom full of people who have never met you. Keep a confident tone. Be wary of words and phrases that undercut that tone.

8. Be Specific and Factual.

Capitalize on real-life experiences. Your essay may give you the time and space to explain why a particular achievement meant so much to you. But resist the urge to exaggerate and embellish. Admissions counselors read thousands of essays each year. They can easily spot a fake.

9. Edit and Proofread.

When you finish the final draft, run it through the spell checker on your computer. Then don’t read your essay for a few days. You'll be more apt to spot typos and awkward grammar when you reread it. After that, ask a teacher, parent, or college student (preferably an English or communications major) to give it a quick read. While you're at it, double-check your word count.

Writing essays for college admission can be daunting, but it doesn't have to be. A well-crafted essay could be the deciding factor─in your favor. Keep these tips in mind, and you'll have no problem creating memorable pieces for every application.

What is the format of a college application essay?

Generally, essays for college admission follow a simple format that includes an opening paragraph, a lengthier body section, and a closing paragraph. You don't need to include a title, which will only take up extra space. Keep in mind that the exact format can vary from one college application to the next. Read the instructions and prompt for more guidance.

Most online applications will include a text box for your essay. If you're attaching it as a document, however, be sure to use a standard, 12-point font and use 1.5-spaced or double-spaced lines, unless the application specifies different font and spacing.

How do you start an essay?

The goal here is to use an attention grabber. Think of it as a way to reel the reader in and interest an admissions officer in what you have to say. There's no trick on how to start a college application essay. The best way you can approach this task is to flex your creative muscles and think outside the box.

You can start with openers such as relevant quotes, exciting anecdotes, or questions. Either way, the first sentence should be unique and intrigue the reader.

What should an essay include?

Every application essay you write should include details about yourself and past experiences. It's another opportunity to make yourself look like a fantastic applicant. Leverage your experiences. Tell a riveting story that fulfills the prompt.

What shouldn’t be included in an essay?

When writing a college application essay, it's usually best to avoid overly personal details and controversial topics. Although these topics might make for an intriguing essay, they can be tricky to express well. If you’re unsure if a topic is appropriate for your essay, check with your school counselor. An essay for college admission shouldn't include a list of achievements or academic accolades either. Your essay isn’t meant to be a rehashing of information the admissions panel can find elsewhere in your application.

How can you make your essay personal and interesting?

The best way to make your essay interesting is to write about something genuinely important to you. That could be an experience that changed your life or a valuable lesson that had an enormous impact on you. Whatever the case, speak from the heart, and be honest.

Is it OK to discuss mental health in an essay?

Mental health struggles can create challenges you must overcome during your education and could be an opportunity for you to show how you’ve handled challenges and overcome obstacles. If you’re considering writing your essay for college admission on this topic, consider talking to your school counselor or with an English teacher on how to frame the essay.

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How to Start an Essay Writing Business

An essay writing business is a great way to capitalize on a huge consumer need. It’s definitely worth noting you won’t be getting your business featured on popular business websites for “Business of the Year” or anything similar when running an essay writing startup, though.

Running a business like this is a lot like ticket scalping; the establishment doesn’t like it, but your customers will all love you. If you have the know-how, resources, and work ethic to deliver top-notch, curve-busting essays, you’ll never run out of customers.

Table of Contents

Name and register the business

Google “How to register a business in (my country)” and follow the instructions given. Just because some might find this business model unethical doesn’t mean you can avoid the tax man.

Name the business and get it registered ASAP before you start looking for customers. A registered business is a great first step to showing customers you offer a product with value.

Decide the type of essays you’ll offer

Business, English, finance and several other difficult topics will always be in high demand. The types of students/customers you’ll be working for will expect top-notch, well researched, “A” level papers to submit to their educators.

It’s much easier to specialize in a subject or two, than to offer everything under the sun and have no clear direction. As the business grows, and you become familiar with a variety of subject matter, you can hire more writers and offer a more diverse range of topics.

Build a site to showcase samples

As you start to gain interest from students looking into your services, it will be much easier to showcase your work in one place. Primetimeessay.com , for instance, publishes essay examples on their website so that students can get an idea or two on what kind of quality they offer.

Later on, as the business grows, you may consider taking payments and communicating directly with prospective clients through the site. But for now, just get it built. Platforms like WordPress.com is a great option if you don’t want to pay for your own domain and hosting.

Start social media accounts for the business

As with the website, social media accounts are a great place to show off samples of your work and client testimonials. Millennials and Generation Z check their social media accounts constantly .

Twitter and Facebook are great places to start. A YouTube account, where you’re sharing essay writing tips and other topics related to education, is a great idea, but don’t expect it to start paying off until you have a following.

Join a freelancer website

Join a freelance website where you can advertise your services and find quality writers as needed. Yes, you’ll want to build a website and fire up social media accounts on Twitter and the like. But, you’re not going to find much business this way, as you don’t yet have a reputation yet.

I’ll assume you don’t have much funds for advertising, as few startups can afford the expense and, poor ROI that comes from advertising a yet non-established service. Sign up on places like Freelancer.com, Upwork.com, Guru.com, and any niche essay writing classified sites you can find. Be prepared to work for those first several reviews, offering discounted services and potentially doing a few jobs for free.

Spend time (and a little money) finding good writers

Essays need to be structured much differently than your typical news, blog, or advertorial piece. And, if the people trying your service don’t get a product that passes the mustard with their professors, your reputation will be sunk before you get started. Even if you plan to be your only employee, you’ll still want backup, as this business is very boom or bust all the time.

Look on freelancer sites and be prepared to ask for samples and perhaps even spend a few bucks giving writers test assignments to see what kind of quality they offer. Obviously, it’s best to hire those with solid reputations, but the more established an essay writer is, the less time they’ll have to spare. Not to mention, there are untested diamonds in the rough everywhere to be found for a determined startup owner!

If you need to spend some money, don’t count the cost too much. All money spent can be written off at tax time.

Advertise the business

With funds for any startup being tight, a little guerrilla marketing (aka. zero or little cost) is just what your essay writing business needs to start churning out projects. Ads won’t be cheap for an essay writing business, as many related keywords have a high CPC on Google, Facebook and Twitter.

• Advertising your business on Freelancer platforms and discussion forums like Quora is a great idea.
• Don’t forget about Craigslist; they also offer paid advertisements.
• Placing ads in the paper in areas where there are many schools/students isn’t a bad idea either.

Offline options are many, though colleges and universities are an obvious great place to start:

• Attend college parties and pass out business cards.
• Post ads on school bulletin boards.
• Decorate telephone poles throughout the surrounding area.
• Blitz college parking lots and place ads in people’s windshields.
• Decorate your vehicle with graphics or a simple text ad on the rear window.

Note: None of the offline advertising suggestions are necessarily allowed by colleges or even most city bylaws. However, guerrilla marketing is all about skating that fine line until the business can market itself somewhat on autopilot.

Always ask for referrals

Essay writing is one business where it would be crazy to discourage referrals. Read this and it should be obvious that students from all walks of life, all courses of study, and all intelligence levels need to use an essay writing service from time to time.

When your customers get their desired grade on a paper your company wrote, you can be sure they’ll tell their trusted friends about you. Always encourage referrals, and even offer a discount to those referrers when a new client mentions who told them about you.

Starting an essay writing business is easy if you focus on making your business easy to find and contact. Focus your efforts on the right kind of advertising, and strive to deliver the highest-quality product possible, and your new business will be booming in no time!

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A major settlement could spell an end to 6% real estate commissions

Scott Horsley

A "Sale Pending" sign is posted in front of a home for sale on Nov. 30, 2023, in San Anselmo, California. Real estate agents face lower commissions after a major settlement has upended the way Americans buy and sell homes. Justin Sullivan/Getty Images hide caption

A "Sale Pending" sign is posted in front of a home for sale on Nov. 30, 2023, in San Anselmo, California. Real estate agents face lower commissions after a major settlement has upended the way Americans buy and sell homes.

The National Association of Realtors has reached a nationwide settlement that could change the way real estate agents are compensated. Critics say the current system artificially inflates agents' commissions.

For years, sellers have effectively set the commission paid to buyers' agents as a condition of using a multiple listing service (MLS) — a regional roundup of homes for sale. The combined commission — shared by buyers' and sellers' agents — is typically 5% to 6%, which is higher than in most other countries.

There's also a potential conflict in having the home seller decide how much the buyer's agent is paid, since they have different objectives in negotiating a home sale.

2023 was the worst year to buy a house since the 1990s. But there's hope for 2024

Under the settlement, commissions will be subject to more negotiation, which could lower the cost of buying and selling a home. It could also drive some real estate agents out of business. Home sellers can still offer a commission to the buyer's agent, but that will no longer be a condition of using an MLS.

The National Association of Realtors lost a $1.8 billion jury verdict last year and was facing other lawsuits over the commission structure. The penalty threatened to put the organization into bankruptcy.

As part of the settlement, the National Association of Realtors did not admit to any wrongdoing but agreed to pay $418 million over the next four years.

The settlement still needs approval from a federal judge. The changes to real estate commissions are set to take effect in July.

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What the National Association of Realtors' settlement means for consumers and real estate brokers

A groundbreaking $418 million settlement announced Friday by the powerful National Association of Realtors is set to usher in the most sweeping reforms the American real estate market has seen in a century. It could dramatically drive down homebuyers’ costs — and push some real estate brokers out of business.

Here’s a look at how we got here and what to expect in the months ahead.

NAR already lost a big case

For decades, the NAR has required home sale listing brokers to provide an offer of compensation to a buyer’s agent up front. That usually comes out to about 6%, split between a seller’s broker and a buyer’s agent.

But that model has come under intensifying scrutiny from critics who have likened it to a cartel . Late last year, a jury in a Kansas City federal court found the longstanding practice to be a form of collusion that artificially inflated real estate fees, awarding a massive $1. 7 8 billion judgment against NAR .

What changes now for homebuyers and sellers

If the settlement announced Friday is approved by a federal court, the standard 6% commission goes away. Sellers would no longer have to make a compensation proposal to prospective buyers and their agents. Critics have said the encouraged brokers to push their clients toward more expensive properties.

Another new rule would see homebuyers having to sign an explicit deal with a broker before they start working with one — something experts say would lead many homebuyers to forgo using brokers entirely.

The new rules would kick in within months of approval, currently expected around mid-July.

What about the next few months?

Everyone involved in the market should expect “a certain amount of uncertainty for the coming months,” said Marty Green, principal at mortgage law firm Polunsky Beitel Green.

“The industry will be in transition as everyone digests the settlements and market forces begin working,” he predicted. “We will begin to see some creative buyer’s agent arrangements that may have been harder to get traction on before.”

Home buyers and their agents will need to decide on a commission and put it in writing. Sellers, likewise, will need to work carefully with their listing agents as the new rules come into effect.

U.S. consumers might save in the long run ...

The changes could mean buyers will save on commissions, eventually bringing U.S. fees more in line with the much lower transaction costs seen in other residential property markets around the world.

Some commissions could even be cut in half, Jaret Seiberg, housing policy analyst for TD Cowen Washington Research Group, told clients in a note Friday.

The new rules “should lead to commissions falling 25% to 50%, which we view as benefiting online real estate brokers,” Seiberg wrote, but he warned it’s too early to declare “the end of local real estate agents given their local expertise and reputation in neighborhoods. It is why we do not see this following the travel agency model in which online eclipsed local offices.”

... but buyers could face more confusion

Holden Lewis, a home and mortgage expert at NerdWallet, warned of a “potential negative trade-off”: “Buyer-seller negotiations will become more complex, and buyers with plenty of cash might navigate the process more easily than buyers who don’t have a lot of savings,” he said. Seiberg flagged a similar concern in his note, saying it could particularly affect first-time buyers with limited means to pay for an agent.

Brokers and agents have come out against the settlement, saying it will make the home-buying process more byzantine for consumers and discounts the important role agents play in helping them navigate it.

“I’m a full-service real estate agent, so when I go to list my client’s house, I align their goals with my goal, and that goal is selling for the highest amount possible,” said Roy Remick, a realtor based in Northern Virginia, who said he often pays thousands of dollars of his own for services like staging homes to aid the sale process.

“This is ultimately someone saying, ‘You guys make too much money,’ which I don’t think is right for someone to dictate,” he said.

Buyers’ agents will be left “flying blind” since they won’t know how much they’ll end up making from a given home, Remick warned. “We’ll have to make a bunch of phone calls, because now we don’t know what [the commission] is because we can’t see it in the MLS. But we’ve already got an agreement with buyer how much they’ll be able to compensate us.”

Christine Romans is the senior business correspondent at NBC News.

Rob Wile is a breaking business news reporter for NBC News Digital.