Entrepreneurs play a very important role in economic development. They are the ones who create goods and services and jobs. Considering our poor economy, there is clearly a great need for more and more entreprenuers in our there is clearlt a great need for more and more entrepreneurs in our country. Prices of goods are high because their supply is scarce. Jobs are few because economic activities are also few. In Japan and other industrial countries, they experience labor shortages due to so much activities in agriculture, trade and industry. They use machines and import labor from poor countries with labor surpluses.
With proper and adequate assitance programs government can develop a larger entrepreneurial economy. Priorities should be focused on micro and small enterprises. Such mass and community based projects utilize local labor, material, management and technology. Hence the poor masses are benefitted.
Loans can be a source of funds. Many firms finance their long range activities from loans borrowed from banks and other financial institutions. These require collaterals such as land, equipment and machinery. Terms of payment are indicated in a loan agreement.
Stock can also be a source of funds. This is certificate of ownersgip. A stock is classified as common and preferred. Holders of common stock can elect directors and can decide major corporate actions. In these case of preferred stockholders, they have no voting rights. But they have priority in claiming for profits and assets of the corporation. In general, only established corporations sell additional shares of stocks to the public to finance their business projects.
Another source of funds can the Bonds. This is a certificate of indebtedness. It pledges to repay a specified amount of money with interest. Such certificate indicates also the maturitydate. Big corporations issue bonds to raisefunds for their business activities. Bondholders have the first clain on the assets of the issuing corporation in case it gets bankrupt. Bonds are classified as debenture bonds, mortagage bonds and convertible bonds. Debenture bonds are supported only by the reputation of the issuing corporations, Mortgage bonds are secured by the assets of the issuing corporations, while convertible bonds can be exchanged with shares of common stock.
While I’m going to my office I encountered traffic Its take an our before I went to my office the reason of traffic is renovation of the building near on the way going to my office, In the construction area I observe the Lifting Slings That they used and I remember that things when my father asked me about that and I research it on the net that A Lewis is a category of lifting devices used by Stonemasons to lift large stones into place with a crane, chain block or winch. It is inserted into a specially prepared hole or “seating” in the top of a stone, directly above its center of mass. It works by applying principles of the lever and utilities the weight of the stone to act on the long lever-arms which in turn results in a very high reaction force and friction where the short lever-arms make contact with the stone inside the hole and thereby prevents slipping.
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International business refers to ” the buying, selling, and trading of goods and services across national boundaries.” A large number of firms, big, or small, undertake business on an international basis, The small business operator need not have a negative attitude towards international business. With the modern facilities available to him,he must find ways to profit from the various opportunities available. These days, buying from or selling to another country may not be even require a face-to-face contact between the concerned parties. Modern technology has eliminated that requirement. A cellular phone, for instance, allows a producer of fruits in a remote area of the Philippines to directly speak with his buyer from another country.
The importance of international business is emphasized by the numerous trading activities undertaken throughout world since the founding of the great civilizations. If international business was not profitable, the Babylonians of the Tigris and Euphrates Valley would not have engaged in it 5,000 years ago. In the Philippines,traders from foreign lands like China and other countries brought goods of various kinds even before the Spaniards came.
A businessman to be successful with the business you are operating, you must possess the right personality that is needed to be a successful entrepreneur. Personality of the businessman is the expectation that an individual will respond to a situation not much different from what the businessman to be done for a long period. Businessman’s personality refers to that type of personality necessary for a successful career and business. Some the characteristics a successful businessman are like they’re thinking ability to their business, the owner’s human relationship ability, the means of communication ability, businessman must know technical knowledge, self confidence, with goal settings, accountability and the innovativeness of the businessman.
The entrepreneur and the manager differ in many ways. Most important is the belief of the businessman in his ability to run the business. A very important factor in the development of the personality of an individual is environment. One who did not experience the required influence must be provided with one, if that individual wants to be successfully engaged in a particular undertaking
Statistics in both rich and poor countries show that small enterprises are leading in the generation of jobs and wealth. In fact, the small business sector saved some countries economy from other countries. America’s foremost management specialist, stated that the entrepreneurial economy had been the most important development in American economy. It created 335 millions jobs at a time when traditional big business and the government had lost 5 millions jobs in 1970’s and early 1980’s.
In our country most of our economic activities fall under the micro and small business categories. There are many retailers, vendors and other small sole proprietors. As long as they perform some risk taking ventures, innovations, and creative undertaking they are considered entrepreneurs.
Because of the proven importance of entrepreneurship, subjects in entrepreneurship have been included in the curriculum of high schools, coleges, and universities in many countries.
There are many ways how goverment had an effect on businessman life. There is a political stability when there is no frequent change in the goverment, especially through the use of force or violence. There are country that have government policies that are not stable. Every change in administration is also a major change in goverment policies. This is not conducive to entrepreneurship. The programs of the government change as soon as new President assumes his office. There is nothing wrong with change if it is for the better. But there are country that the politics are different. There are many political debts to pay to big businessmen who contributed campaigns funds. As a result favoritism creeps in the prejudice or disadvantage of small businessmen who have no connections.
Prices are stable if there are no abrupt changes or fluctuations in the prices of goods and services and in the exchange rates. When the value of the U.S. dollar falls, importers are happy, but not the exporters. When prices keep on increasing, investors are reluctant to do their business. It is hard to plan costs of production and project profits when prices are not stable.
Taxes are needed to fund government projects and programs. However, the payment of taxes should be based on the ability to pay scheme. Tax incentives can encourage entrepreneurs. Many foreign investors choose other countries due to their fair tax programs in their countries.