Decision making is a process that takes place in almost all spheres of life. These decisions have the power to shape or determine how a given undertaking or venture will take place and to what outcome it will lead. Similarly, in the business practice, it frequently happens that decisions have to be made. These decisions have to be made by a sound and sober mind or else the decision adopted will cause the business to flop. Business resolutions can be passed during the business start up, a, running of a business or even the termination of a business (Bowett, 2011).
Business start up usually involves a lot of factors but the task concerning availability of cash to fund the business is one of the most important ones (i.e. capital) (Bowett, 2011). Therefore, if money is not an issue, starting a personal business would not be a big crux at all since what matters most is how one is going to execute the business idea that he or she has. Irrespective of the prevailing conditions – financial crises, the economy and other scandals – a good business idea can be executed to fruition as long as there is proper planning of the business and good management (Bowett, 2011).
With the recent global financial crisis, several entrepreneurial businesses have managed to steer themselves clear of the crisis effects and stay successful despite the economical situation in the world. Therefore, this means that starting up personal business is a risk that is worth taking since in the long run, only the overall business management will be of importance. The business can be managed in such a way that it is shielded against all the external prevailing factors. This can be achieved by developing or using a good business strategy or plan.
There are several factors that have to be taken into consideration when one is choosing what form of ownership he or she wants to adopt. These factors usually determine how the business will be started, run and whether the business will grow fast or slow. First and foremost, it is essential to consider the expenses to be incurred when a particular form of ownership is adopted. Both sole proprietors and partnership businesses have got smaller starting and running expenses compared to companies and other forms of corporations. Another factor to consider is the tax remittances that will be held on the basis of the business ownership nature. Usually sole proprietorships and partnerships do pay relatively lower amounts of taxes if compared to companies and other large corporations. Another equally important factor is the individual needs. If one wants to have a total ownership of the business, then he or she should opt for sole proprietorship. Otherwise, he or she can adopt other forms of ownership (Anonymous, 2011).
When it comes to expansion and relocation, any form of business ownership is easier to expand as long as there is a solid and large customer base. However, when it comes to relocation, a sole proprietorship is easier and also less costly to relocate to another place mainly because of its small size. Same applies to a partnership business. However, relocating a company is not as easy as it is expensive and it also requires a lot of space which might not be easy to obtain.
Being a student in campus does not necessarily mean that someone has to stick to learning alone and not venture into the business arena. One can be a student and a business owner at the same time. What is important is how one balances academics and business. One should work in such a way that neither the academics nor the business compromise the other (Cruikshank, 1987).
In conclusion, a good business idea will just remain to be a business idea unless there is a proper and sound strategy of how to execute it. This strategy can be well outlined by ensuring that one has a good business plan. Therefore, one will use this business plan to lay out a good strategy for starting and running his or her business.
When forming a new business it is mandatory, in commercial sense, to have a business identity acknowledged through naming. Formulating ones business name can be a daunting task especially when one considers legal requirements involved. Besides having a business name, one has to find out if the proposed name is available. This is important because if the authorities have an already registered similar business name, one cannot be allowed to share it. This goes a long way in retaining a unique legal identity as licensed by the government (Goymer, 2004). In line with this, one has to check whether a domain name already exists under the same name if there is an intention to set up a website. The business name should be appealing and easily identify one entity from another as demonstrated in marketing. This aspect always brings a challenge because one has to balance personal interests in the naming process and ensure that the name reflects the company objectives and features at the same time. Furthermore, consideration should be made in ensuring the business name is outstanding from existing and future competitors (Burton, 2007). Another challenge is seeking trademark protection which renders the chosen business name as being original.
I believe any new business should have a made up name because this ensures a customized name that suits or addresses concerns about issues faced when coming up with one as earlier discussed. In addition this portrays creativity and originality of the new venture and acts as a strong marketing tool. Consumers always take time to analyze the existence of a certain business and its history. The process inevitably touches on the name, thus a proper name is a focal point in attracting new customers and retaining existing ones. A huge part of the attraction is generated online, thus it will not be restricted to the children. Parents and the community at large would like to follow up on what their children are exposed to hence the name should be inviting and easily suggest or outline contents to avoid misunderstandings from the onset (Singh & Waddell, 2004). Therefore, making up names will easily adjust to the current trends in the market to capitalize on the marketing aspect.
“Academic Surf Beez” would work for me.
I choose this name because of its ability to meet all the basic required elements of a good business name. The name is simple and clearly gives a straightforward insight into what the business is all about (Burton, 2007). Academic refers to the educational background, Surf refers to the Internet aspect of access and Beez is meant to excite younger children as a reference to bees. The older children can easily relate the name to the insect and its busy activity. Thus, in campaigns to market business one will highlight the theme from the saying,
“As busy as a bee”
This is meant to drive hits on the site to a high number because the majority of children would want to know what attracts other children to that site (Goymer, 2004). The theme is further enhanced because it gives a clear visual element, thus children can have an imaginary depiction of what the site could contain. The name suggests that the site has something to do with hard work, thus, it is a positive connotation. The name is easy to memorize and would easily pass for constructive analysis by the social media and educationally affiliated institutions (Goymer, 2004).
In conclusion, whatever names are chosen to represent any business should first and foremost represent the needs of the owner because this is the person who is in charge and determines what will be going on. A proper name is what will give the owner consistency in commitment to achieve desired goals. The business name needs to generate excitement among the targeted consumers before finally addressing concerns of the general public. This hierarchy is vitaly important because one can stop the masses in accessing the site but it becomes tricky in stopping the targeted masses because the control measures put in place in retention of existing consumers and attracting new ones are given higher priority.