What Business Means to Me
Business involves an economic system or organization where goods and services are exchanged for other goods or money. It is an activity that is ventured into with the idea of making profit. The activity of venturing into a business or businesses is known as entrepreneurship. There various types of businesses in the world today ranging from one person enterprise to multinational corporations. Some businesses are however established for non-profit purposes with the aim of improving the society. As a technician who fixes electronics for a living, businesses have played a vital role in enabling me to get my job done. I shop for my essentials in the work at electrical stores or shopping malls. This includes my working tools and the parts to replace broken electrical equipment. The work is basically a form of sole proprietorship since I am the sole owner of the business and have unlimited liabilities to the business’s debt. I interact with other businesses for such reasons as; fixing their electrical appliances, purchasing my tools and buying household and personal items. I see business in a positive light and believe it is the vehicle to a country’s economy and economic development (Thanatassa, n.d.). It is also an efficient way for consumers to acquire goods and services.
I have a positive experience with the shipping business from a friend. The business seems to be very profitable. With a limited liability company, he is able to import clothes and other body accessories for people across the demography. He and his employees are committed to meeting the demands of their customers. He has a team of competent marketers who study the market to establish their requirements depending on such aspects as their tastes and preferences, age, and attitudes. The company imports the goods from other countries such as Turkey, China, and India. With the popularity of the internet in today’s generation, advertising the business has been easy. It uses social media platforms to inform its customers of the arrival of new products displaying them with their price tags. The customers are then able to choose the goods of their preferences and pay online for the product and its delivery. The main attribute to the business’s success is its model. it is customer-centered and strives to not only satisfy them but delight them.
I have had a negative experience with the casino business. Although the business often looks lucrative, it is easy to lose chunks of money from it. It involves offering gambling activities as the primary entertainment amongst other entertainments. Most casinos are often pampered with luxurious facilities to enhance a merry ambiance. As such, the cost of starting up the business is often too high for most entrepreneurs leading to more debts than estimated (FTI Consulting, 2013). Some of the most lavishing looking casinos hence end up closing down after a few years of operation due to bankruptcy. The business also requires a management that is exposed to the industry long enough to know how to run it efficiently and effectively. It has to be aware of the dynamic nature of customers’ preferences and be able to keep up to date to avoid losing clients to other casinos.
As a man who seeks to venture into various businesses in the near future, I have so much to learn in my business classes. Some of the businesses I desire to venture into are electrical consultancy business, shipping, and procurement of electrical tools and appliances and provision and installation of sustainable energy in the rural areas of less developed countries. To succeed in the businesses, I need to learn all their essentials and how to apply them in real life situations. Lessons on both the external and internal environments and how to manipulate them to enhance the businesses’ success will be most definitely useful. In the lessons, I also hope to be able to choose which type of businesses will be most effective for my desired ventures.
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