Essential Issues for Starting a Business Essay

Exclusively available on Available only on IvyPanda®
This academic paper example has been carefully picked, checked and refined by our editorial team.
You are free to use it for the following purposes:
  • To find inspiration for your paper and overcome writer’s block
  • As a source of information (ensure proper referencing)
  • As a template for you assignment

Introduction

Before starting a business, it is essential for an investor to take time and evaluate the chances of success of the business. There are internal factors to consider; these include his availability of capital and the expertise that one has. After that, there is the outside environment that range from competition, market potential, and the cost of operation verses the income (Livingston, 2003). This paper analyses a business in my locality that I believe was a good decision made by its entrepreneur.

Look Good Beauty Shop

I live in New York City and I am going to discuss the decision made by Look Good Beauty Shop. The shop is located at the heart of the town and thus it can be easily accessed to all people in the town whether they arrive by plane, bus or train (Hood, 2004). The shop stocks beauty/cosmetic products. Depending with the time and season of the year, it adjusts its stocks accordingly. New York is one of the most populated areas in United States of America. According to U.S. Census Bureau, Population Division, 2009, the population of the city stood at 19, 543,456 (U.S. Census Bureau, Population Division, 2009). Over fifty percent of this population is below the age of twenty five (Collins, 2005).

It is located in an area that is well accessible; it attracts a number of tourists and businessmen per year (John, 1998). Competition is an inevitable issue in business today except in few cases of monopolies, how well a business utilizes its available resources to overcome its competitors differentiates a successful business and unsuccessful one. There are numerous similar shops selling similar products however Look Good Beauty Shop location works for its advantage. The location that a company is located has either a positive or negative effect on the business. The more accessible a business is the more the business it will attain and thus results in increased profits (Ebbena & Johnson, 2006).

Customer service is another factor that the shop has looked into. Before one is sold a product, they have specialists in different beauty areas who advise a customer on the product to use. This has helped to boost customer loyalty. A customer is the most important thing that a business can have. Customers are the ones who determine the destiny of the business as well as the success of the business (ComScore Inc, 2010). A customer sensitive business makes deliberate measures to ensure that their customers’ needs are met. Best practice model of business management aim at ensuring that business processes surpass the expectations of the customer (Joby, 2003).

Conclusion

Starting up a new business is taking a risk; however if the decision is well thought there are numerous benefits that come up with investing in business. Before one is set to start there are short and long term parameters that he should consider to ensure that there will be continuity in the business. The future is unpredictable and so even the smallest details about something should be interpolated before starting up (Shane, 2003). From the above study; it has come clear to me that entrepreneurship is all about how well one can understand the future and plan on it. It involves a process of analyzing risks associated in a certain area and working in full recognition of their presence (Duening, Hisrich & Lechter, 2009). All mitigation factors should be put in place before the business is started. From the above discussion it was wise decision to establish it. If I was to buy a business in the locality, I would buy it without hesitation.

Reference List

  1. Collins, G. (2005). Michelin Takes on the City, Giving Some a Bad Taste.
  2. ComScore, Inc. (2010); Customer Experience Takes Centre Stage in Online Banking. (2010). Investment Weekly News, 425.
  3. Duening, N., Hisrich, D., Lechter, A. (2009). Technology Entrepreneurship. New York: Academic Press
  4. Ebbena, J.; Johnson, A. (2006). Bootstrapping in small firms: An empirical analysis of change over time, Journal of Business Venturing, Volume 21, Issue 6, 2006, Pages 851-865
  5. Hood, C. (2004). 722 Miles: The Building of the Subways and how they transformed. New York. Johns Hopkins University Press. pp. 175–177.
  6. Joby, J. (2003). Fundamentals of Customer-Focused Management: Competing Through Service. Westport, Conn.: Praeger
  7. John, F. (1998). Sacred Places: American Tourist Attractions in the Nineteenth Century, New York: University of Massachusetts Press, p. 123
  8. Livingston, J. (2003). Founders at work: stories of start-ups’ early days. Berkeley, CA: Apress; New York: Distributed to the book trade worldwide by Springer-Verlag New York
  9. Shane, S. (2003). A General Theory of Entrepreneurship: the Individual-Opportunity. Nexus: Edward Elgar
  10. U.S. Census Bureau (2009). 2002 Census of Governments: Volume 1, No. 1, Government Organization. U.S. Census Bureau, Economics and Statistics Administration, U.S. Department of Commerce, 2009. Web.
More related papers Related Essay Examples
Cite This paper
You're welcome to use this sample in your assignment. Be sure to cite it correctly

Reference

IvyPanda. (2021, December 28). Essential Issues for Starting a Business. https://ivypanda.com/essays/essential-issues-for-starting-a-business/

Work Cited

"Essential Issues for Starting a Business." IvyPanda, 28 Dec. 2021, ivypanda.com/essays/essential-issues-for-starting-a-business/.

References

IvyPanda. (2021) 'Essential Issues for Starting a Business'. 28 December.

References

IvyPanda. 2021. "Essential Issues for Starting a Business." December 28, 2021. https://ivypanda.com/essays/essential-issues-for-starting-a-business/.

1. IvyPanda. "Essential Issues for Starting a Business." December 28, 2021. https://ivypanda.com/essays/essential-issues-for-starting-a-business/.


Bibliography


IvyPanda. "Essential Issues for Starting a Business." December 28, 2021. https://ivypanda.com/essays/essential-issues-for-starting-a-business/.

If, for any reason, you believe that this content should not be published on our website, please request its removal.
Updated:
Privacy Settings

IvyPanda uses cookies and similar technologies to enhance your experience, enabling functionalities such as:

  • Basic site functions
  • Ensuring secure, safe transactions
  • Secure account login
  • Remembering account, browser, and regional preferences
  • Remembering privacy and security settings
  • Analyzing site traffic and usage
  • Personalized search, content, and recommendations
  • Displaying relevant, targeted ads on and off IvyPanda

Please refer to IvyPanda's Cookies Policy and Privacy Policy for detailed information.

Required Cookies & Technologies
Always active

Certain technologies we use are essential for critical functions such as security and site integrity, account authentication, security and privacy preferences, internal site usage and maintenance data, and ensuring the site operates correctly for browsing and transactions.

Site Customization

Cookies and similar technologies are used to enhance your experience by:

  • Remembering general and regional preferences
  • Personalizing content, search, recommendations, and offers

Some functions, such as personalized recommendations, account preferences, or localization, may not work correctly without these technologies. For more details, please refer to IvyPanda's Cookies Policy.

Personalized Advertising

To enable personalized advertising (such as interest-based ads), we may share your data with our marketing and advertising partners using cookies and other technologies. These partners may have their own information collected about you. Turning off the personalized advertising setting won't stop you from seeing IvyPanda ads, but it may make the ads you see less relevant or more repetitive.

Personalized advertising may be considered a "sale" or "sharing" of the information under California and other state privacy laws, and you may have the right to opt out. Turning off personalized advertising allows you to exercise your right to opt out. Learn more in IvyPanda's Cookies Policy and Privacy Policy.

1 / 1