Dear professor smith:
Although I never intend to run or own my own business, this
course has provided me a chance to learn about the business world and
gain a better understand the some of the “gears” that run this giant.
Especially in our current economy I believe that it is important to
educate people on the world of business in order to help them
understand the how it is run and what steps can be taken to avoid or
lighten any financial losses. Throughout the course you’ve taught us
about various areas of business from owning a small business to how
banks and Federal Reserve Systems work together to control the flow of
money thought the American economy, we’ve even discussed the ethics
behind certain business practices and how it effects the “personal”
relationship between management and employees. Despite all the area
the topics that we’ve discussed I believe that the two most influential
pieces of information that would be most effective in starting and
operating a small business would be (1) research and preparation and (2)
management.
Even though some people might consider research and preparation
two different topics I believe that it is one process that cannot be fulfilled
without the others competition (you cannot be considered prepared if you
haven’t conducted research and your research won’t be complete until
you’re properly prepared). When an individual decides to go into business
for their self they are then considered an entrepreneur, however before
they are to enter into the business field they should take the time to
learn about the industry they are planning to enter. This is where
research comes in entrepreneurs should find how other business owners
in their field manage their businesses, how they attract businesses, what
precautions that they took to help their business stay afloat during hard
times and so on. In addition a business plan should be drawn together in
order for the entrepreneur to gain a realistic view of their business
potential. A business plan is a detailed written outline for a business;
this outline can include information such as an address and number, the
businesses objective and goals, a list of employee skills and abilities,
even a short summary plan for the business in the next year. By properly
preparing and conducting research an entrepreneur would lower the high
risk of failure even before they started their business.
Management skills is one of the most important aspects of small
business ownership, this area can spell the difference between a
complete success and an utter failure in a business. Management can
consist of several skills and abilities ranging from social skills to money
management even the physical labor (if they do not have any employees).
For example if a entrepreneur were great social skills they’re staff
wouldn’t have such a large problem with staying later then their shift
requires. On the other hand an entrepreneur that is poor at managing
money would not only place the very foundation of their business at risk
but also their credit.
As a student research, preparation and management are the most
important concepts that we must fulfill, (this is excluding
comprehension) properly applying these terms will not guarantee a
“passing grade” but better a student’s knowledge in that area; in my case
fully reading the assigned homework pages or class work notes. Also
being prepared for any test or quizzes even in projects such as Small
Business Administration website; I had to review the website before
choosing the topic I wanted to discuss. Management is crucial in a
student’s life; I usually “kill” my social life to maintain a healthy
academic life. So I rarely go out or party with friends while I’m in school.
Finally, although I rarely study I keep great class notes and do great in
homework.
In conclusion this class has in many ways been a great experience.
I’ve learned a lot about the way business is conducted and how it affects
this country in many ways. I thank you for teaching me this class and
exposing me to the world of business, furthermore I’m delighted to have
you as a teacher.
Sincerely
Anton Kerkula