Within the world of business there are rules, laws, and structures that must be followed in order to start, run and maintain a business. In the course book entitled Contemporary business, we look to chapter five to learn the much needed skills for organizing both small and large businesses and on chapter six we gain the knowledge and skills needed to start a business. Small businesses today are the majority and the norm. Small businesses contribute to our struggling economy by creating new jobs, new industries, and the innovation to keep up with our changing technology.
Like major companies, small businesses are not immune to disastrous results. With management shortcomings, inadequate financing, and all of the local and state government regulations, small businesses can fail miserably. Programs like the Small Business Administration or SBA are a key factor in assisting small businesses start off. While the belt has been tightened with the current economic status, to offer the funding they used to, they do offer management training and consulting to securing finances.
As a business owner one must decide if they will be a sole proprietor, a partnership or a corporation. Those are three important factors to consider when starting a business. The fact that the initial choice can be changed later on is a plus for the potential growth of one’s business. Another important key to know is the corporations can be established in three different ways, Domestic, Foreign and Alien Corporation. Knowing where you fall in categorizing your corporation is important.
Chapter six continues the learning process by going in depth with what an entrepreneur is. While chapter one described an entrepreneur as a risk taker, it is also a person who is highly motivated to make and see profit. The key motivator to being an entrepreneur is that you are your own boss. Who doesn’t want to be able to make choices that benefit them in the end rather than another person. The other motivators to being an entrepreneur are the idea of financial success, job security, and a better quality of life.
Where one must have vision, high energy level, the desire and need to achieve, tolerance and creativity, amongst other things, one must also have the managerial skills to be a human resource manager to find quality employees that will work not only in the company but for the company to see growth and expansion. Many skills are needed when looking for a person to fill positions within the company. While skills and knowledge are key pints and factors, personality may play a role depending on the type of company you have.
While a person may have strong work skills and ethics, they may not be a people person and thus you would not hire them to fill a position in which they would have to deal with customers. When hiring, it is important to ensure that any ads placed are clear and concise without being geared towards any one group or type of people. Going to job fairs is a great place to recruit people, and schools are also a great place to find good employees. There the teacher can advise you on the strong suits and skills to ensure that the choice you make is the right choice.
No one goes into business with the idea that they may fail or could fail. People start businesses with the hopes of seeing growth and expansion to ensure a comfortable life. The right employees can ensure that the dreams and goals you have for your business are feasible. The internet has come so far that it too has become a great source to help one find suitable workers. With information at ones fingertips most information can easily be verified to ensure, (once again) that the people you hire are serious employees that will take pride in the company they work for.