Minority Business Ownership

There are plenty of small business arising in the market. But does the success of the busssiness rely solely upon the owners? Can they not trust their employees to carry out the task needed in order to keep the business running properly? This is the question we will be addressing in this dilemma. is it really necessary for the owners to be on the premise at all times? Are personality cults created in small businesses? Is it possible for customers to create a personality cult around the owners of a business? How might the owner go about reducing customer’ dependency upon the presence and/ or personality of the owner and leading customers to depend more on the business itself?

Beginning a new business venture sounds like a easy task. All you need is a great idea, opportunity to select your team so you can begin to make some moves and find a few investors to invest in to this dream you have. Before you know it you are making a profit and moving onto a new location. Sounds easy but there is much more that goes into starting a new business than most people may know. To accomplish this, the business has to satisfy several objectives that exclusively add to the business. This paper will narrate some of the particulars of previous works from week two, three, and four with information such as the business and

After gaining enough knowledge on the types of business structure, business owners can proceed to the process so that their plans of owning a business will turn into reality. After reading several resources, the process will be divided into five stages. The first stage is the planning and research. This involves developing viable business ideas, knowing the target customers and possible competitors, searching for the right location, thinking what will be the business name, and marketing strategy. In this stage, a business plan should be made. Business Link (2016) refers, “business plan as a document that defines why you’re in business, your goals, and how to achieve those goals and it also covers all major aspects of the business, including

Imagine you are hired by a new start-up company. You are tasked to recognize and explore a new business opportunity of creating a new product or service for your company. As part of your new business vision, you will create a business plan describing all keys elements of the business opportunity which will ultimately be presented to an executive team in a venture capital group for possible funding and execution.

Anytime you start up a business or you take over another company there are multiple things you must do to get started. One of the major things one must do is decide on what type of ownership you want. There are many different types of business ownerships out there, but some will benefit you more than others. In this paper you will be learning about the difference two types of business ownerships you can have. The main point of the paper is to help someone that’s going to become an owner of a business be able to do what’s best for not only them, but also what will be best for the business. Sole trader ship and partnership are the two best ownership because they will benefit the owner and business more by going by what the company stands for.

The company I work for looks to promote and purchase materials from minority owned businesses. Several businesses that we have been doing work with for many years are now classifying themselves as minority owned or run businesses. Existing owners of businesses, provided titles to their wife or daughter as a president or vice president. As a minority owned business, our company tends to give preferential treatment in award contracts more often to these businesses. One downside for these businesses, people given positions without the working knowledge of the business can commit mistakes as a titled leader.

Barringer, B. R. (2009). Preparing Effective Business Plans: An Entrepreneurial Approach. Harlow: Pearson Education Limited.

The first step to starting a business is to create a business plan. A business plan is a document that outlines the overall strategies of a new venture and how those strategies will be implemented (Ebert &

Groups such as, African Americans, Hispanic Americans, Native Americans, Alaska Native Corporations, Indian Tribes, Native Hawaiian Organizations, Asian Pacific Americans, and Subcontinent Asian Americans are acknowledged to be socially and economically disadvantaged, and therefore, can apply for federal government programs that are specifically dedicated to them. One such program is the 8(a) Business Development Program which is instrumental for aiding socially and economically disadvantaged entrepreneurs increased access to the federal marketplace. The program is designed to help entrepreneurs expand in government contracting.

This business plan refers to opening a restaurant that provides Asian food. The restaurant is intended to sell fresh Asian foods, beers, fruit drinks and wines. I decided to start with these products because they aim at mass market and every age group of Asians in the market will purchase one product or the other, by doing this I'll make money from one product or the other.

A business plan is the core of your business and a must have. It is the roadmap that brings your business idea into a reality. A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. It guides your business from the start- up stage to developing, growing and managing your business. It can also be used to get funding.

A business plan is a road map for a team or business and it can be used, as an eternal tool for potential customers and partners. The business plan should describe in details the entire business venture, technology behind it, the size of the target market, customers, competition, business model, team, financial needs and exit strategy. The business plan gives a company insight and allows them to think things through early enough in the process to ensure they have a well defined venture goals and objectives. It also gives the business direction to a clear path for the team to follow and implement on their venture.

There are a number of forms of ownership that the business can take. The main forms are sole proprietorship, partnership, Limited Liability Corporation, corporation and S corporation. There are advantages and disadvantages to each of these forms that will be discussed in this section. A sole proprietorship essentially has the person as the business. In this situation, the proprietor bears all of the risk involved in the business. Business income flows through to the proprietor's personal taxes. For some individuals there are tax advantages, but for many the appeal of the sole proprietorship is its simplicity. The IRS defines a partnership as a relationship existing between two or more individuals who joint to carry on a business. Partners divide income according to their own agreement and that income flows through to their personal taxes. Partners also have a high level of liability for any legal action that befalls the company.

Starting a new business is an exciting venture and has its unique mix of challenges and rewards. Many are set-up for failure if no clear goals or measures are established and adhered. According to the Small Business Administration, “Planning is critical to successfully starting and building a business.” The best advice for a new entrepreneur interested in starting a business is to create a solid business plan that outlines the business in its entirety. A well-constructed, written business plan will help owners remain focused on their operations, marketing and financial measures through the duration of the business life. In addition, knowing the risks involved in starting a business can help prevent and minimize mistakes that cause many

He acquired it at a good price with everything was already in place: existing customers, available resources, financing records, and a cost free goodwill. The Comfort Homes business is already a proven entity so the risk factor is low; it’s often easier for James to obtain financing for Comfort Homes established operation since he can look at the business’s record to determine its financial stability. Furthermore, the business has a transportable homes product that is presently being produced, distributed, and sold. The equipment needed for production is already available and its limitations and capabilities are known for him in advance (SMBSC 2006). Those factors have facilitated the success of his venture in an extremely short period of time. However, his business still needs a plan to sustain its performance and continues growth. A business plan is a written document that describes the current state and the presupposed future of an organization (Honig & Karlsson 2004). A plan is required when seeking to secure contracts from large customers or suppliers and to assist the management of business venture. Market and customer examination should be considered before the development of any future business plan. Yet, most of small firms do not possess formal written business plans (Unni 1984), and many entrepreneurs lack of business planning skills (Posner 1985). Comfort Homes didn’t have a formal business plan