Entrepreneurs Essay - 853 Words

nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Paper #2: Entrepreneurs INTRODUCTION In this paper, I am going to talk about the contest of business and some of its greatest entrepreneurs. The three entrepreneurs that I have researched are Bill Gates, Master P, and Ben amp; Jerry. I will be looking at their backgrounds, financial assets, beginnings, and contributions. DISCUSSION Bill Gates Background Born on October 28, 1955, Gates and his two sisters grew up in Seattle. Their father, William H. Gates, is a Seattle attorney. Their late mother, Mary Gates, was a schoolteacher, University of Washington regent and chairwoman of United Way International. Gates attended public elementary†¦show more content†¦Contributions To date, the Bill and Melinda Gates Foundation has committed more than $300 million to organizations working in global health; more than $300 million to improve learning opportunities in the United States and Canada; more than $54 million to community projects in the Pacific Northwest; and more than $29 million to special projects and annual giving campaigns. Master P Background Percy Miller, better known as Master P, was born in New Orleans’ Calliope Projects, with four siblings to follow. Reality was right outside the window: poverty, crime, and murder were nothing new. Surrounded by a strong sense of family, even after his parents split up, Percy had dreams of basketball and acting stardom. He followed the latter to a college basketball scholarship, but personal setbacks and family tragedy knocked down the game on his list of priorities. Financial Assets Master P recently topped â€Å"Forbes† magazine’s list of 1998’s highest paid musicians. The CEO of No Limit Records is the 28th richest man in America. Master P’s No Limit Records sold more than 10 million albums and late in 1998 boasted three of the year’s 40 best sellers. The man has done it all, from making a professional wrestling debut, playing basketball for the Charlotte Hornets, designing his own clothing line, and starring in a eight movies, three of which are in production. Beginning After his grandfather’sShow MoreRelatedBecoming An Entrepreneur As A Entrepreneur1926 Words   |  8 Pagesto pursue in the future is to become an entrepreneur, so while I’m at UPEI, I plan to specialize in entrepreneurship. According to its definition, an entrepreneur is someone who â€Å"organizes, manages, and assumes the risks of a business or enterprise† . So specializing in entrepreneurship is where I would learn to the skills that would help me in the future. Since not every career is meant for everyone, to ensure that one is capable of becoming an entrepreneur, one must evaluate the education or trainingRead MoreThe Motivation For Entrepreneurs, And The Definition Of Entrepreneur1190 Words   |  5 Pagescovering multiple topics associated with the motivation for entrepreneurs, and the definition of entrepreneur. I have found publications covering topics such as, history of entrepreneurship, the influence of social and educational background, positives and negatives of entrepreneurship, characteristics of entrepreneurs etc. All of these come together to paint a full picture and give clear insight into the motivations of an entrepreneur. However, as the economy continues to change with new technologyRead MoreThe DNA of an Entrepreneur: Is There an Entrepreneur Gene?2539 Words   |  11 PagesThe DNA of an Entrepreneur    Is there an Entrepreneur Gene or an Entrepreneur Chromosome within the DNA of an Entrepreneur?    In humans, there are chromosomes that determine sex and there are genes that determine the color of your eyes.  Generically speaking, there are X Y chromosomes that determine whether you are either male or female suggesting that you either are a female or are not a female.  Ã‚   With genes, there are dominant genes and recessive genes, suggesting that while youRead MoreThe Successful Entrepreneurs1264 Words   |  6 PagesBUSINESS MANAGEMENT ( FMG0044 ) ASSIGNMENT 1 : â€Å" THE SUCCESSFUL ENTREPRENEURS † Lecturer : Sir Azizi Name : 1) Ahmad Zul Iqmal B. Zulkifli (012012051643) 2) Khoo Chee Hong (012012050692) CONTENT 1) Introduction 2) Profile / Background of the entrepreneur 3) The success characteristics / traits of the entrepreneur 4) How should I imply his / her success attitude to improve my personal development / my life ? 5) Conclusion INTRODUCTION EntrepreneurshipRead MoreBecoming an Entrepreneur5446 Words   |  22 PagesBecoming an Entrepreneur Reel Classics Vintage Movies Memorabilia Coordinator: Prof. Anca Mà ¢ndruleanu Student: Chioibasu Cristina Series A, Group 112 TABLE OF CONTENTS PART I. Theoretical Support What is entrepreneurship? .................................................................... p. 2 Reasons for becoming an entrepreneur .................................................. p.2 Entrepreneurship’s importance .......................................................Read MoreEntrepreneur Characteristics1725 Words   |  7 PagesAre You Cut Out to Be a Successful Entrepreneur? ABSTRACT First, there was an interview with a successful entrepreneur. Second, there was a talk on entrepreneurship by a guest speaker, Mr. Azmi Ahmad (the CEO of Skali.com) and later, an elevator speech by fellow students on various issues related to entrepreneurship. This collective information and some reading on entrepreneurship journals, books and articles have brought to the idea on writing this paper, towards certain perspective, on successfulRead MoreA Interview With The Entrepreneur1386 Words   |  6 Pages Report: From the meeting with the entrepreneur Jane Lu, I found that being an entrepreneur is not an easy task. The person has to face a lot of toil and hardship. Within an entrepreneur, there is a need of perseverance, confidence, passion and communication skills in order to achieve the goal. This holds true for a small business like a departmental store. In my opinion, an entrepreneur is a risk taker, as he knows despite receiving no as the reply to some questions he has to encounter certainRead MoreWho Is An Entrepreneur?1519 Words   |  7 PagesAmong the FAQ I often get is what is an entrepreneur? Though, I get peppered with it, but the most widely recognized subject keeps running along the associated words: How can I do what you do? How do I become an entrepreneur? Would you be able to suggest a way? So I ve found out that’s engaging in many conversations with people of all ages – most part ranging from 20-year-olds to mid-career experts to late secondary school gradua tes to early retirees can help answer these questions. Before I moveRead MoreProfile of an Entrepreneur1384 Words   |  6 PagesName: Roderick Smart ID#: 92058153 Course Title: New Ventures and Entrepreneurship Course Code: SBCO 6190 Lecturer: Dr. K’adamawe K’Nife Topic: Profile of an Entrepreneur Profile of an Entrepreneur Entrepreneur Mr. Earl Martin CEO and founder of Island Products Manufacturers Start Date 1992 Industry Manufacturing of Chemical Products Innovation Sale of household cleaners in bulk quantities Background Mr. Martin started his company island products Manufacturers in 1992Read MoreCharacteristics of Successful Entrepreneurs1015 Words   |  5 PagesCharacteristics of successful entrepreneurs An entrepreneur is someone with the capacity to lead a business to success and is willing to take the risks in order to accomplish their goals. (Dollonger, 2002). Starting a new business is an example of entrepreneurship. Entrepreneurs are very important in order for any business to succeed, however, only some entrepreneurs will succeed in life. Here are some of the characteristics of successful entrepreneurs. Passion Most successful entrepreneurs are have a passion

Is Excel A Standard System Used Nowadays Companies For...

AbstractAbstract Excel is a standard system used nowadays in many companies for accounting. The weakness of the program is that users can modify or erase formulas by accident, and not be detected. Perhaps the program had errors in the results using statistical functions. Moreover, Microsoft was notified the issues from many years, and they did not launch an update to fix the problems. Many employees will try to practice fraudulent activities, especially in a company with poor security and control system. There are few examples written of that fraudulent activity, which will help the reader to understand the situations. Also, managers found that the implementation of accounting complexity for financial reports, which will assist them to†¦show more content†¦The software allows mistakes, provides manipulation of the accounts and makes it difficult to monitor or supervise the real status of companies. Using Excel allows mistakes by the users which will affect the actual reports. Nowadays, the companies are working with two kinds of programs â€Å"closed program† and â€Å"open program†. Closed programs will track all financial activities, for example, inventory, discounts, accounts payable, accounts receivable, cash and payroll; and obtain accurate financial statements. The closed program only lets the user input data transactions of the business, and it does not allow the user to make any changes in the system. For example, QuickBooks is a great program for accounting, which cannot be modified by the user. The program was designed to save time, money and minimize errors from the users. The only problem with that type of program is that companies have to adapt to the computer system. The open programs like Excel, allows the user to create the worksheets needed for the business, which can be modified anytime. A disadvantage in Excel is that users could by accident erase, or change a formula in a cell that will affect the results of the financial statements. At work, employees have been using Excel to record their tips collected every shift which is paying bi-weekly. A problem appears when an employee is added or erased from the list. At the time of modified data in Excel the person in charge by mistakeShow MoreRelatedIs It A Standard System Used Nowadays?2120 Words   |  9 PagesExcel is a standard system used nowadays in many companies for accounting. The weakness of the program is that users can modify or erase formulas by accident, and not be detected. Perhaps, the program had errors in the results using statistical functions. Moreover, Microsoft was notified the issues from many years, and they did not launch an update to fix the problems. Many employees wil l try to practice fraudulent activities, especially in a company with poor security and control system. There areRead MoreMarketing Plan For A Marketing1458 Words   |  6 Pagesto protect investors from the possibility of fraudulent accounting activities by corporations. The Sarbanes-Oxley Act (SOX) mandated strict reforms to improve financial disclosures from corporations and prevent accounting fraud. SOX was enacted in response to the accounting scandals in the early 2000s. Scandals such as Enron, Tyco, and WorldCom shook investor confidence in financial statements and required an overhaul of regulatory standards.† (investopedia.com, 2002) It is a great achievement ofRead MoreAdvancements Of The Field Of Science And Technology1557 Words   |  7 Pages(Turnbull, 2011). All this information has created a dependency on machines to deliver results in the fastest possible time, so that decisions can be made and actions can be taken at the earliest. This could be right from something as simple as an Excel sheet used for maintaining the finances of a household, to the computers that power Dow Jones. As can be imagined, any occurrences of failures can prove to be catastrophic, as was evidenced earlier this year. On the 8th of July, the servers at the New YorkRead MoreApplication of Ict on Accounting4286 Words   |  18 PagesApplications of ICT in Accounting. Accounting records have been maintained only on a manual basis for a period now. The bookkeeper or the owner is required to fill a paper source document for each sale or receipt, and then work overtime writing the transactions of the day or week in special journals, stock cards, and debtor and creditor records. This obviously took some time, time that would otherwise have been spent operating the business. The business also pays extra money to account officersRead Moremanagement accounting and decision making2096 Words   |  9 Pages According to Burger (2008) â€Å"Accounting is the language of business. A lot of people think it s just numbers, but it s really a lot more than that. There are a lot of areas outside of numbers that need to be looked at, processes and procedures, what the tone of the company is. Accounting will take you in just about any direction in a company. ~ Wade Becker, CPA, Beard, Miller Co. The job description of many professions is changing nowadays. The skills to perform a certain job require moreRead MoreSample Resume : College Internship2939 Words   |  12 Pagesexperiences in the real world and to see how it actually works. I had set some goals for my internship- to earn experience from it, to earn 3 credits from it, to learn to work in the team, to gain confidence, and gain valuable understanding of the accounting field and will be able to better grasp the things how my coursework is preparing me to enter my chosen career and to strengthen my CV. An internship can also heighten the awareness of community issues, motivates to create opportunities, embraceRead MoreThird Party Liability in Audit3576 Words   |  15 Pagesliability of auditors to third parties has been the subject of much litigation. Litigation claims against accountancy firms have increased dramatically in the last thirty years. Previously, such cases were rare and were viewed with great interest. Nowadays, whereas still treated with great interest they are becoming all kind of common. The specific area of auditors liability to third parties is an extremely complex area. As there is no contractual claim for recovery of losses, third parties takeRead MoreChallenges and Opportunities of Computerized Accounting System6101 Words   |  25 PagesChallenges and Opportunities of Computerized Accounting System Ahmed Qaalib Ismail BCom BIT Reg.No: HK-MBA-01411 This Thesis submitted to Kampala University Impartial fulfillment of the requirement for the award of the Master of Business Administration Kampala University 08/04/2013 By: Ahmed Qaalib Ismail DECLARATION I, Ahmed Qaalib Ismail, declare that this research report is my original work. It has not been submitted to any other university or higherRead MoreInformation System and Financial Analysis for Starbucks3745 Words   |  15 PagesINFORMATION SYSTEM AND FINANCIAL ANALYSIS FOR STARBUCKS MODULE: FINANCIAL ANALYSIS AND MANAGEMENT SECTION 1: Introduction: The need of management Management is the key to success for a good business. These days management became universal, no matter what country the organisation is located in. The need of management is vital in all types and sizes of organisations. Managers in all types of organisations will plan, organise, lead, control and take strategic decisions. To makeRead MoreCapacity Planning Using Linear Programming3875 Words   |  16 PagesCompany R’s Strategic Capacity Planning Using Mixed Integer Linear Programming ABSTRACT Company R is experiencing 2.07 more days in producing a certain line of hotdogs. Thus, incurring 51.75% more cost of Php 5, 764. 62 per week. Through work sampling and time study, it was found out that the sealing section of the packaging line is the bottle neck activity with a standard processing time of 2.86 min/kg. Additional machine is needed. Employing strategic capacity planning through formulation

Principles of Corporate Social Responsibility-Samples for Students

Question: Milton Friedman classically argued that the purpose of a private firm is to make money for its shareholders. Any attempt to impose more payments on the firm by way of social responsibility is an additional cost and should be avoided. Do you agree with this statement? Discuss briefly. Answer: I totally disagree with the statement of Milton Friedman that a companys purpose is only to earn profits for the sake of the shareholders and that the cost of social responsibility is a burden for the company that should be avoided. As we all know, that the primary reason for running a business is earning profit. However, it is not possible to survive in the long run if it only aims at earning profits. It is equally important to fulfil the responsibilities towards the society(Agarwal, 2008). Milton Friedman is of the view that they should focus on maximising the return of the investors rather that incurring additional cost on fulfilling the social responsibilities. He is of the thought that such activities distorts the economic freedom of the company and also that the investors have invested their funds to earn higher returns and not perform charitable activities (Baxi Prasad, 2006). These charitable activities will not increase the revenues of the company in any manner. He thinks of economic benefits prior to the ethical needs of the company. According to him, it is the sole responsibility of the company to think of ways by which it can maximise profits and all these activities are wasteful expenditures. In order to explain my view point clearly and precisely, it is first important to understand the meaning of corporate social responsibilities and its importance. Corporate social responsibility is the responsibility of the business towards the social welfare and the environment. It is the social responsibilities of the companies in existence to maintain a balance between the profits and the activities that has certain benefits to the society. There are large numbers of companies that have adopted various approaches to avoid any kind of harm to the environment (Chandrasekaran., 2011). However, the shareholders will never demand profits by keeping stake on the societies needs as they also are a part of the society. A company can successfully run only when it maintains a good reputation in the market. The reputation of the company is not build in a day. We can also say that the goodwill of the company is formed only by performing activities benefits the society in a day or other. It is build over time when the society observes the activities carried out by them (Chatterji, n.d.). One of the main reasons for my disagreement with his statement is that a company needs resources to carry out its operations smoothly and these resources finally belong to the society. The society has provided license to the companies to use these resource. So, it is the duty of the business enterprises to look after the betterment of the society and fulfil the social obligations. According to the Iron Law of Responsibility, the society can revoke the license anytime when it feels that a company is not capable of fulfilling the social needs of the society. Hence, it is impossible for the company to survive for a longer period of time. The investors not only demands higher return on their investment but also want the company to behave in an ethical manner. It is a known fact that a company cannot grow and improve its performance over the years if it does not work efficiently and ethically. The investors would never like to invest in a company that behaves unethically because it becomes difficult for them to trust with their hard earned money. Now, lets talk from the point of view of the customer. Every business needs to increase sales in order to generate revenue (Crane et al., 2008). Indirectly, the business requires a huge number of people in order to survive in the competitive market. It is important to attract new customers as well as to retain the old ones. It is a loss of reputation for the company if the old customers lose their faith in the company. All the customers before buying the product see the environmental impacts that it had while getting processed because normally these additional cost are include d in the price of the product which results s a burden on the customers. Therefore, we can conclude from this that along with the investors customers are also an essential part and so their needs and desires should also be given equal importance(Katamba, 2012). Friedman was of the view that performing social responsibilities may prove to be detrimental for the companies and as a result of this the stakeholders may lose their interest in the company. They neglected the fact that being ethical is also one of the marketing strategies as it helps to win over the confidence of people (Kotler Lee, 2005). Freidman does not say that the directors should do anything in order to maximise profits but he is against doing any kind of charitable activities. He neglects the benefits that it would have in the long run from the aspect of the business. He thinks that it is absolutely foolish to spend such large amounts on these things and that too when these funds finally belongs to the shareholders of the company (KHANKA, 2014). Friedman thinks that meeting the expectations of the shareholder is the only way by which it can fulfil its moral responsibilities. In order to explain Friedmans view in more depth, let me take an example. Once there was a electric company that disconnected electricity of a person because of the non payment of the bill. The person died as a consequence of some unwanted happening during that time. Friedman in this case gives his opinion that the directors of the company did what was thought to be ethical as it is their sole duty to think about the corporation. The survival of the company should be the most important and by safeguarding it the directors are performing their social obligations (Moon, n.d.). Apart from earning profits, value creation is the most important. Value creation can be defined as the increase in the goods, services and the business itself. Value creation does not only means earning huge profits but various other aspects has also to be seen such as maximising return on equity. For example, there may be two companies one whose shareholders equity is 20000 and the other whose shareholders equity is 1000 only. The first company earns a profit of 1000 whereas the second company earns a profit of 100 only. If these raw information is available then people may think of investing in the first company but on comparing the return on equity they would prefer the second company. As the return on equity of the first company is 5% whereas of the second company is 10%. Therefore, only raising huge funds from the shareholders is not enough proper allocation and optimum utilisation must be done (Perrini et al., 2006). Saving cost should be the motive of all the companies. However, saving money by not performing social duties is incorrect. A company has various many other factors where it could reduce cost. A company should analyse properly before taking make or buy decision. It should calculate the incremental cost or differential cost before taking up an order. Incremental cost here means the additional cost a company has to incur on producing an additional unit of product. Differential cost is the gap between the two important economic decisions at different levels of output. In support of my answer, I would like to conclude that Friedman thought that it was unethical or wrong to invest shareholders fund in a place that could not generate direct wealth to them. However, the shareholders never wanted the company to run away from performing its social duties. The shareholders are also a part of the society and they will never demand dividend at the cost of the fulfilment of the needs of the society (Ravichandran, n.d.). If the company is behaving in an ethical manner then it will not only benefit the society but also the shareholders and the business also. There will be an automatic growth of the company with the growth of reputation in the market. So, it is absolutely incorrect to think that the expenses involved in performing corporate social responsibility is an additional cost. If the companies accept Friedmans opinion then there will be no investors that would like to invest in such companies. Therefore, all the reasons for my disagreement with his vie w have been stated clearly (Sacconi et al., 2011). References: Agarwal, S. (2008)Corporate social responsibility in India,. Baxi, C. and Prasad, A. (2006)Corporate social responsibility, New Delhi, Excel Books. Chandrasekaran. (2011)Corporate governance and social responsability, [Place of publication not identified], Prentice-Hall Of India Pv. Chatterji, M. (n.d.)Corporate social responsibility,. Crane, A., Matten, D. and Spencer, L. (2008)Corporate social responsability, Abingdon, Routledge. Katamba, D. (2012)Principles of corporate social responsibility (CSR), Houston, Tex., Strategic Book Publishing and Rights. KHANKA, D. (2014)BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY, [S.l.], S CHAND CO LTD. Kotler, P. and Lee, N. (2005)Corporate social responsibility, Hoboken, N.J., Wiley. Moon, J. (n.d.)Corporate social responsibility,. Perrini, F., Pogutz, S. and Tencati, A. (2006)Developing corporate social responsibility, Cheltenham, UK, Edward Elgar. Ravichandran, K. (n.d.)Corporate social responsibility,. Sacconi, L., Antoni, G. and Frey, B. (2011)Social Capital, Corporate Social Responsibility, Economic Behaviour and Performance, Houndmills, Basingstoke, Hampshire, Palgrave Macmillan.