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REFLECTIVE ESSAY Name: Institution: Course: Date : Reflective Essay I once viewed business as something trouble free and an easy source of money and I always thought that money is all I needed to start up one of my own. While doing research on the same, I realized I was wrong and that business is not for the faint hearted or the lazy bones that refuse to use their God given ability to think and come up with creative ideas…
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Download file to see previous pages My research on the subject has shown me that many businesses that are now thriving are doing so not because of the large initial capital they had, but due to the dedicated, hardworking and creative staff they had. Dedication here is not only in terms of how they undertook their duties with diligence but also how much time they were willing to spend on their jobs to ensure best results. I have been very keen on how businesses are started and what entails the whole start up process and I have found out that one of the most important issues to be tackled is the legal issues. I was thinking like there was no problem provided that the business I’m intending to start is a legal one, but to my surprise, my research has shown me otherwise. Company law, a book by CR, Datta, clearly shows that there are a lot of legal issues to be looked into before a business is allowed to operate. Some of them are the registration of the business name, application for health and sanitary permits and seeking permission for building premises to be used by the business. The business should also adhere to Acts and statutes governing what they practice. A look in to the Horizon Electronics business plan also confirmed the same to me since they have clearly documented their adherence to the relevant regulations, registration and drafting of contracts. In my research and coursework, I have also learnt that a business has to undergo various stages before it is termed as mature. Charlie Gilkey in his book the business life-cycle offers an overview of stages of a business life cycle. He names them as the inspirational stage where an entrepreneur has a business idea but has not yet implemented it, the entry stage where then entrepreneur has decided to start a business and is actively building the market, the growth stage where the entrepreneurs have a business plan and are growing their revenue streams with new clients and customers, the crucible stage where the demand for goods and services outstrip the entrepreneurs ability to meet them, and finally the cruise stage where the entrepreneur has found solutions to the problems and is moving ahead (Gilkey, 2010). In my view, business requires a lot of hard work and sacrifice especially in its initial stages of development. This is because I have come to learn that there are many challenges associated with this stage of a business. One of the major challenges is that of finding a market for your output. It is a fact that without a market for the output, the core objective of doing business: making profits will not be attained. A proper market research (an organized effort to gather information about customers) should therefore be performed before the business is commenced. I tend to believe that it is very essential for this to be done keenly because it also gives an outline on how to market the product. Market research also provides information about the prevailing market trends in the industry and the current market prices for similar goods. This is important because it enables the entrepreneur whether the venture is profitable and provides a ...Download file to see next pagesRead More
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