An Interview with a Local Entrepreneur Essay Example | Topics and Well Written Essays - 2500 words

An Interview with a Local Entrepreneur - Essay Example Owing to ethical reasons, animosity has been maintained about the person, and hence his real name has not been used here and is replaced by Jimmy Ferris. But his story of coming into the business and being successful is worth telling. The story shares the difficulty that a person faces in his life, yet moves on to fulfill his dreams. It was truly a beautiful experience to have a chat with him and know about his journey through the business. This may also inspire new ideas, which are waiting to get explored. In today’s world, new and budding entrepreneurs are coming up with vibrant new ideas which are worth noting and considering. This is, however just one story among many. Hackensack is a city in New Jersey in the United States having a population of around forty-five thousand. There are several small businesses in this city which covers different industries, including marketing, agriculture, healthcare, housing, insurance, information technology, manufacturing, and other publ ic sectors. Each business has its own story behind it about the role that an entrepreneur plays, and thus each has a different success story. The story narrated here is that of Mr. Jimmy Ferris (name changed) who was born in London in June 1976 in a family that had histories of business starters. His father was involved in an import-export business and made huge money at one point of time. Jimmy, from his very childhood, was very interested in medicines and so wanted to take up a career in that industry. He also completed his medical studies from a known medical college in New Jersey. Being a very good student, he successfully completed his course and joined a medical college as a junior doctor. When he talked about how he started up his own pharmacy, a story that Jimmy shared was quite challenging. By the time Jimmy was doing well in the medical college where he was serving as a junior doctor, his father’s business started deteriorating with respect to the market conditions and other dealership problems. The markets were becoming vulnerable and his business started failing, which led to severe losses to his company. Ultimately, the business had to be terminated. This affected their lives heavily as the family’s expenses were mainly covered by the income from the business. Jimmy, too, had just started his career, the income from which was not sufficient enough to support his family entirely. All this together had created a situational crisis for the entire family. Jimmy’s father could not take up the shock of loss and failure in his business and suffered a massive heart attack, which led him to bed rest for a long period of time, and according to the doctors, he was not supposed to involve in any kind of stress taking job, if he had to stay well. So, it was clear for their entire family that the man was no more in a position to conceptualize any new business which might hurt his health. Around the end of year 2009, Jimmy started thinking o f starting something of his own. He had to support his family. His father was ill, and his mother was trying to support the family by taking up a small job in a fashion garment store. Thus, it was a huge responsibility on Jimmy to take up the lead for the welfare of his family. Jimmy shared his reasons why he chose to start up a pharmacy store or a business in this industry and not anything else. From his childhood, Jimmy always loved to serve ill and sick people. This was also the reason

Impact of new innovations and rise of information administration Essay Example for Free

Impact of new innovations and rise of information administration Essay In 3 to 5 years time, operations test and dangers which incorporate globalization of business sectors, social duty, the impact of new innovations and rise of information administration will immensely affect Penang Mutiara. Since larger part of the incomes in accommodation will be produced from the Web. By 2006, the Web will contribute more than 24% of all in appointments which will be immediate to-purchaser (i.e. by means of inn possessed sites). To conquer the dangers, Wernie can improve the innovation technique, remain in front of his rivals and catch new piece of the pie with a viable Direct Online Conveyance Methodology with the upsides of having direct online circulation cuts costs, pulls in well-to-do clients and reduces the reliance on online discounters and more customary and costly channels. It will likewise give the lodging long haul upper hands and decrease their reliance on mediators, discounters and customary channels that are going to wind up plainly old. Wernie can likewise utilize all Immediate Channel procedures, for example, email and pay-per-click advertising, interface creation, least value assurance, reliability and maintenance projects, and put stock in working to energize, allure, and change overlookers into bookers on his site. Different measures likewise incorporates: re-assess his introduction in the Backhanded Online Conveyance Channel to maintain a strategic distance from brand and value disintegration with long haul negative repercussions ; confinement of presentation in the Aberrant Channel to just a chose number of lodging friendlier middle people ; establish a complete Aggregate Online Circulation Procedure, which transforms the direct-to-purchaser dissemination show into the principle center of his Web system and advances the Immediate versus Roundabout Channel adjust for the inn ; subscribe aggressive insight to enable him to help him to distinguish lodging estimating and situating on major aberrant channels all through the Web, and guarantee he keep up control of valuing with situating without having to fundamentally coordinate lower focused rates. He can likewise embrace facilitate methodologies, for example, Site Advancement Technique, complete Goal Web Procedure, play out a powerful Web crawler System and cooperate with an accomplished business neighborliness consultancy to enable him to explore the Web and use the Direct Online Dispersion Channel to its fullest potential at the sensible cost, with fast turnaround. Over the long haul, Wernie should investigate expansion and grow comprehensively, strip non-center properties, target new source markets, for example, Southeast Asia, China, and India. As a major aspect of human asset administration, Wernie ought to energize two route interchanges between higher administration and staff. Investment by all levels of staff ought to be urged to give criticism and proposals to ad lib operations and administrations since they are the general population who have the most contact and are in coordinate contact with the clients. They are the ones who know clients requests and can get quick criticism and significant reactions which are essential for consistent change. While executing operation changes, Wernie must have the capacity to manage social changes and changes in the mentality of the staff so as to prevail in any minor or major rebuilding of operations administration of the lodging As a component of its long-haul technique, Wernie can receive execution administration to accomplish long haul, key cost diminishment. Besides, Add up to quality administration, which is worried about the persistent change of all parts of operations execution, can likewise be received to consistently meet and surpass anticipating desires of clients. To finish up, accomplishing upper hand through accomplishing honors by winning a few esteemed global honors over the long haul can likewise improve the inn name to acquire stable incomes and benefits.

My Dream Place Essay -- Descriptive Essay, Descriptive Writing

My dream place would be a house on a Galapagos Island. My land will be located on the Isabella Island. It will be nice and relaxing because it has a constant weather all that time, perfect environment. Also I will have a nice 2 floor cabin. The cabins will look like the ones that you see in forest. My whole family will live there after I am 75. But before that I will spend my time gathering all the money to buy a piece of land, a plane, a boat, and some vegetable seed (lot of them). I want my dream place to be nice and relaxing where you can enjoy the environment and very peaceful weather. Since I am a vegetarian, I will own a farm with couple of horses, cows, chickens, couple of healthy, fully trained by me dogs, and the lands will be about 17 acres. The horses and the cows will have 15 flat acres of land. In this specific area, it will have a beautiful lake that surrounds 0.13 acres of land where there will be an oak tree. It will be a home to all the ducks, swan, and flamingos. And on this lake there will be couple of different types of fountains. Surrounding the lake will be s...

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Personal Income Expense Statement and Budget Essay

2.1Personal income statementAnnual wages$75,000 Monthly Gross pay $6250 Federal Withholding $265 Social Security $238 Medicare $56 California State $149 Net Monthly pays$5,5422.2My estimated monthly budgetMy family comprises of three family members expenses, which is me, my wife, and our one year old son. We live in an apartment in California. Estimated monthly Expense Amount ($) Rent 950 Childcare 0 Food 500 Taxes 311 Gas 200 Electricity bill 90 Internet services & Phone services 50 Grocery 400 My school tuition 2250 clothing 30 Transportation, Car maintenance & Insurance 300 Emergency Fund contribution 70 Masters degree savings account contribution 100 Entertainment, Gym membership 100 Roth IRA 100 Miscellaneous 80 Total expenses 5,531 Net income gain 11 Detailed above are my income statement and my estimated monthly budget. As much as my budget is small, I always aim to maintain it at the manageable level to avoid drowning in debts and even making some savings according to my short term and long term goals. My annual salary is $75,000 which translates to monthly gross pay of $6250. There are other charges levied such as federal withdrawing, social security, Medicare and California state levies bringing my net pay to $5,542. According to Randal (2007), housing is the most expensive item in California State. With an annual salary of $75,000 before tax, considering purchasing a home is a bad idea. As much as buying a house is one of my long term goals, I plan budgeting and planning for it after getting a well paying job or after establishing my business and making it successful to cater for purchasing a home. Therefore, with my net monthly salary of $5542, I opted for $950 rent for my apartment for my family. This is the average rental prices in my neighborhood since it is safe and it is not also expensive. California State is a region that is hard getting around without a car and therefore transportation forms part of monthly budget. My 2007 Toyota corolla car is reliable and uses fuel efficiently estimated at $164 per month, even with the soaring gas prices. My car uses 1 gallon per 29 miles and I drive to work and school daily at an estimated distance of 20 miles each way, translating to 40 miles daily, and five times per week. With additional driving on weekend when going out for entertainment or even vacation, the estimated monthly driving is calculated below: 40 miles dailyÃâ€" 30 days per month= 1200 miles 1200 miles per month/29 miles per gallon=42 gallons of gas per month Cost per gallon $3.961 Ãâ€" 42= $164 I have a good driving record, combined with my car’s liability insurance costs of $30 per month and car maintenance, my monthly transport cost is estimated to be $300 With a family of three, food is major item in my budget. With $500 I am able to feed my family well because here in California, we have several regional markets competeing with the common super markets. Averagely in the regional markets, the goods prices are about 40%-60% cheaper compared to the chain markets and they carry many items needed in the house like snacks, cleaning supplies, tools and tooth pastes among others. I installed â€Å"naked DSL† for only DSL and this provides me with full internet connection services at $40 per month. Furthermore, I went for pre paid phone services from T-mobile at $10 per month. This brings my monthly expense for internet connection and phone service per month to be $50. Californian weather is always good all year round and generally electricity is low, estimated to be $90 from my past average electricity bill of five months. My apartments pay for water and trash services. Similarly, I do not consume much gas and therefore a budget of $200 is enough per month. Moreover, I do my monthly cloth shopping at Old Navy and sometimes at Ross since they provide discounts and their cloths are of quality. As part of my short term goals to live healthy lifestyle, I have enrolled in a nearby gymnasium for my workouts three times per week. Moreover, as part of my entertainment I go out for few movies, go for some camping trips and eat out occasionally. Moreover, I make good use of free places like the beaches for my entertainment and therefore, an estimated budget of $100 is enough. Planning for my retirement and having protection in future is also part of my long term goals. Similarly, setting aside emergency funds in a savings account to help in resolving emergency situations swiftly was part of plan. My estimated monthly budget has catered for savings in form of Roth IRA is $150 and emergency finds contribution is $70. Moreover, I also save for my Master’s degree education that I plan to pursue after my undergraduate studies wit $100 per month. Lastly, Childcare is free in California State and is sponsored by the state government and therefore is nil in budgets. I also pay my tuition fees of $2,250 per month for my studies. Lastly, I do budget for $80 for miscellaneous expenses in addition to taxes of $311 2b. Managing LiquidityPlan to manage financesCash management according to AAT (2013) refers to concentration, collection and disbursement. My plan to manage my cash balances in a manner that satisfies my budget, maximizes cash availability and avoid risks of debts 2b.1Types of accountsIn management of finances, I will use ING Direct since they will be providing me with online pay services, savings services and checking services. Furthermore, the will allow me to create sub- accounts so that I can make savings for specific goals. 2b. 2Tools and process in maintenance of budget each monthBecause they offer many services and tool, I will use ING Direct as my primary tool for budgeting. I will be setting aside some money in specific pools of sub accounts, transfer the money back and forth automatically, and set up automatic payment of bills. These tools provided by the ING Direct bank will allow me to manage my finances effectively. The process in which ii will use in maintenance of my budget is a step by step process as outlined below: I will first of all get an account with the ING Direct because it has online checking and access to savings in addition to pay bill. The second step will be to set up an automatic bill payment for my bills per month. This means that for every regular bill per month that I have, I will set up an automatic payment of bill for that particular bill so that I do not have to worry about paying it when it is due. This will be done by creating the specifying the date and amount to pay it, and payment will be made automatically on that regular date I will also create a sub- account for each saving goal and irregular bill. This one will be for the other bills that usually come after several months has passed and sometimes crunch the budget such as my car insurance and gas bill. Similarly, I will set up sub accounts for specific saving goals such as my emergency funds, my Masters’ degree education and long vacation to France after my graduation. For these I will create sub accounts to set aside some money so that when their bills come however big or small they are, I am ready. These sub accounts I will give them names to identify them as my distinct funds such as â€Å"emergency funds,† â€Å"Masters Degree funds,† â€Å"car insurance,† â€Å"Gas bill,† and â€Å"France Vacation.†From there, I will set up an automatic money transfer into these sub accounts My next step will be to pay the bills as they come. This will be done after setting everything well and only remains with the responsibility of paying the bills as they come in. I will be paying my bills by 5th every month. I will ensure that I am on top of the incoming bills so that I do not get fined for late payments. Since I will have set most of bill payments to be handled through automatic transfer, I will not have many things to deal with; therefore few bills every month will get my attention. The fifth and the last step that I will do is that I will apply for debit card from Electric Orange checking services of ING that also functions as a master card to centralize completely all my spending. The debit card will be useful for regular purchases of household things like groceries. All these tolls and process will create a centralized view of my day-to-day expenditure and also form the core of my budget. 2b. 3Analysis of the current monthly budgetAnalysis of my current monthly budget was done under personal income expenses and budget. From the analysis, my monthly gross pay is $6,250 and net monthly pay is $5,542. Moreover, my estimated total monthly expenditure is about $5,531 with a net gain of $11. 2b. 4How and why my cash flows impacts the overall goalsMy short term goals include Building emergency funds, get a job after my bachelors degree, to study masters after my graduation, go for a two week vacation in France, build my personal development goals, and fitness goals. On the other hand, my long term goals include having my own business, buying a luxury car for my family, buy a house, pay college education for my children, and save money for my retirement. My cash flows impacts my short term and long term goals significantly and in different ways. My estimated monthly budget caters and also considers my short term and long term goals hence impacting them positively. For instance, my estimated monthly budget has set aside $70 per month for emergency funds, $100 per month for my Masters’ degree, $100 per month for my entertainment and gym membership to satisfy the lifestyle short term goals. Lastly, retirement funds also have a share in my estimated monthly budget at $100 under Roth IRA. The contribution towards achievement or realization of the goals is underway through financial support. This is evident from my estimated monthly budget. Probably after completion of master’s degree, the kitty can be changed to â€Å"children college fees† to start saving the future college fees for my children 2c. Credit ManagementDevelop a budgetAccording to Bullivant (2010), a person who is in financial debt need to first conduct a realistic assessment of the amount of money they take in and their expenditure amount. I use different ways in management and usage of credit. First of all, when I have a debt, I list all my fixed expenses. These are expenses that are the same each and every month such as the insurance premiums, car payments, my tuition fees and rent. Next, I do list the varying expenses like the clothing, entertainment and groceries. Listing down of all my expenses including te insignificant ones is very essential in tracking down my spending patterns, prioritize the rest and in identification of the necessary expenses. The main goal of my first step in credit management of listing of expenses is to ensure that the basics are fully settled such as my education, insurance, food and housing Contacting the creditorsWhen I have a problem of paying the debts as agreed, I immediately contact the creditor and explain to them why it is difficult for me paying the debt on time. I then try to adjust and modify my payment plans to levels that are manageable Secured creditsIf I have secured loans such as car loan and I am unable to pay it on time, I will sell the security (the car) and settle the debt rather than waiting for the creditor to reposes the car and sell it at an added cost. Similarly, if it is a mortgage, I will contact my lender to avoid foreclose 2c. 2Development of debt reduction processes after graduationCredit counseling I will go for credit counseling in any reputable organization or financial institution for advice on management of debts and money, assist in budget development, and for free educational workshops and materials. These counselors who are trained and certified in budgeting, debt and money management, and consumer credit will discuss with me my financial situation, and to help me in develop a personalized plan for solving my money problems 2c. 3Appropriate uses of credit and debit cardsCredit cardsOnline shopping-when shopping online credit card is the safest option because the insurers of the credit cards watch for fraudulent charges. It can be reversed quickly if its detected by the holder while debit cards are not protected in some instances like cash payments When making large electronic purchases- they are convenient is large electronic purchases in addition to offering warranty protection When on a vacation or travelling-it is suitable when away from home and it also adds anti-fraud protection. Moreover, by using credit cards during travels one can get perks such as cash back on purchases, frequent flyer miles, and discounts on the rental cars. Lastly, they are convenient for travel companies, airlines and hotels II.Debit cardsFor immediate payments since transactions are simultaneous and is the fastest When finances on the budget are automated-this is suitable for luxury and personal purchases and the card holder can use it as much as they want so long as they are within the budget. The card cannot work no more and this is advantageous since overdraft fees will not be incurred If recovering from poor habits of financial management or watching the finances. This is because credit cards are bad for some people in money management or living within their means. For best foreign currency exchange rate-it offers the current wholesale exchange rate especially when a person travels to a foreign country. 2c. 4Credit scoreA credit score according to Weston (2012) is a numeric representation of a person’s credit history and ranges between 300 and 850. The factors that impacts credit score include: Payment history- late credit card payments of skipping damages credit score while payment of credit card balances and bills on time and in full results to higher score Outstanding debt- it is good to use 25% and below of the available credit. Moreover, the more credit cards a person has that have been maxed out, the lower the credit score (Rich, 2013). The length of time for building credit- a person with a longer history of credit has a higher credit rating The credit report number of inquiries- more credit report inquiries will show up from the number of times a person applies for loans or credit cards. A higher credit report inquiry is an indication that the person is struggling with debt even if they never got a loan or used the cards (Rich, 2013). How I check my your scoreI usually check my score from AnnualCreditReport.com once per year for free. The website asks series of questions ranging from personal information, state, questions related to my finances I also use Fair Isaac Corporation (FICO) website at MyFico.com Lastly, I also sometimes purchase my credit report from the credit Bureaus directly in USA which are Experian, Equifax and TransUnion. Importance of having good credit scoreGood credit score makes it possible for banks to issue debit or credit cards, stores to accept checks and companies to manage their operations (Servigny & Renault, 2004). 2d. Tax ManagementThe applicable taxes to me as a married person with one child filling a joint tax forms are listed below Federal tax. 25% State tax. 7.5% Income tax 6% Social security tax. 6.2% Medicare tax. 1.45% Taxes in California State and United States vary and are categorized into different brackets. The tax brackets include age, single, head of household, married and pay tax separately or married and pay tax jointly. With my annual salary of $75,000, married with one child and paying tax jointly with my wife, I pay federal tax of 25% and income tax of 6%. However, the state tax, social security tax and Medicare tax are fixed in California state and cut across every citizen of all ages, whether married or not. The taxes from my income take a large percentage from budget annually and this also hampers my investments progress and my economic plans. My budget has incorporated some of my long-term and short term goals and I am forced to contribute minimal amounts because of the obligated taxes according to the law. 2d. 2Incorporating tax strategy into budget and financial goalsBuying and holding- a person is liable to pay tax on managed funds or shares held for one year or less at the regular rate of income tax. However, holding the assets for more than 12 months receives a discount on the capital gain of up to 50% Using tax efficient funds- making investment on funds like index funds which has low turnover ca reduce the liability of capital gains, and improves a person’s after tax returns Investing in retirement plans- a person can make contributions from their pre-tax salary so that the money is taxed at a very low concessional rate instead of marginal tax rate (Broomberg, 2013). ReferencesAssociation of Accounting Technicians. (2013). Cash management. London: BPP Learning Media Ltd. Broomberg, E. B. (2013). Tax strategy. Durban: Butterworths. Bullivant, G. (2010). Credit management. Farnham, Surrey, England: Gower. Randal O’Toole (2007). Why California Home Prices are So High. [ONLINE] Available at: http://www.cato.org/publications/commentary/why-california-home-prices-are-so-high. [Last Accessed 21th October 2014]. Rich, J. (2013). Improve and increase your credit score: Credit management strategies that will save you thousands. New York: Entrepreneur Press. Servigny, A. ., & Renault, O. (2004). Measuring and managing credit risk. New York: McGraw-Hill. Weston, L. P. (2012). Your credit score: How to improve the 3-digit number that shapes your financial future. Upper Saddle River, N.J: FT Press. Source document

Concept and Theories of Sociology as a Social Science

Concept and Theories of Sociology as a Social Science Definition of Sociology Sociology is a social science that studies human beings in their social setting including their descent, institutions, systems, organisations and their influence on societal development.Advertising We will write a custom essay sample on Concept and Theories of Sociology as a Social Science specifically for you for only $16.05 $11/page Learn More It is concerned with understanding the structure and functioning of human society, how it changes over time and the forces that account for the changes. Sociologists thus study human beings in relation to the society and how human conduct, shapes the society and its structures and vice versa. Sociological imagination Sociological imagination is a critical field of criminology concerned with the relationship that exists between the beliefs of the society and the life as experienced in the society. It is the critical examination of issues against the contemporary views of the society. Individual s engaged in sociological imagination, find it pleasant to ask questions in order to get answers to what they observe. They do not rely entirely on what the society holds as true or false rather, they question the basis of its truthfulness or falsehood. Therefore, sociological imagination is concerned with the causes and outcomes of the interaction between various components of the society such as norms, motives and current occurrences in the society. Proponents of sociological thinking do not agree with the facts that are passed on in the society from one generation to another without testing the truth of these facts. Social and personal problems/issues Personal problems concern individuals and most often have no effect on the society as a whole. Social problems on the other hand, are issues affecting several people in a social setting. The difference between the two kinds of problems is that, a personal problem affects an individual’s living style and one is supposed to dea l with it for instance, incidences of obesity and unemployment among others. The social problem is one which cannot be avoided by the larger group since, all or most of the individuals are affected by it.Advertising Looking for essay on social sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, the two forms of problems originate from the same bases most of the time. Both social and personal issues might originate from both the social setting and individual mistakes. For instance, lack of employment may be caused by lack of supportive institutions such as schools in the society or alternatively, an individual’s failure to capitalize on opportunities in the society. Some of the problems are very difficult to classify such as abortion. Structural Functionalism Theory of sociology Structural functionalism is the sociological theory which holds that the society is a system made up of very many components or parts w hich interact to foster stability. Each of these parts, has its important function that cannot be ignored since, it contributes to the successful operation of the society as a system. The major components of the societal system are; customs, traditions, norms, institutions and belief systems. These are social processes and structures which define the society by giving it form and distinctiveness.

Generally Accepted Accounting Principles Essays

Generally Accepted Accounting Principles Essays Generally Accepted Accounting Principles Essay Generally Accepted Accounting Principles Essay Song, P. H. , Cleverly, J. O. (2011). Essentials of health care finance (7th ed. ). Sudbury, MA: Jones and Bartlett Learning.