WHAT IS A BUSINESS?
A business is an organization or enterprising entity engaged in commercial, industrial or professional activities. A business can be a for-profit entity, such as a publicly-traded corporation, or a non-profit organization engaged in business activities, such as an agricultural cooperative.
BASIC FORMS OF BUSINESS OWNERSHIP
Sole proprietorship: A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit. The owner may operate the business alone or with other people. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business. All assets of the business belong to a sole proprietor, including, for example, computer infrastructure, any inventory, manufacturing equipment and/or retail fixtures, as well as any real property owned by the business.
Partnership: A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three most prevalent types of for-profit partnerships are general partnerships, limited partnerships, and limited liability partnerships.
Corporation: The owners of a corporation have limited liability and the business has a separate legal personality from its owners. Corporations can be either government-owned or privately owned. They can organize either for profit or as nonprofit organizations. A privately owned, for-profit corporation is owned by its shareholders, who elect aboard of directors to direct the corporation and hire its managerial staff. A privately owned, for-profit corporation can be either privately held by a small group of individuals, or publicly held, with publicly traded shares listed on a stock exchange.
Cooperative: Often referred to as a “co-op”, a cooperative is a limited-liability business that can organize as for-profit or not-for-profit. A cooperative differs from a corporation in that it has members, not shareholders, and they share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.
WHO IS AN ENTREPRENEUR?
An entrepreneur is an individual who, rather than working as an employee, runs a small business and assumes all the risks and rewards of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.
Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to take good new ideas to market and to make the right decisions that lead to profitability. The reward for taking the risk is the potential economic profits the entrepreneur could earn.
QUALITIES OF AN ENTREPRENEUR
There are entrepreneurs who are extremely successful and everything they touch seems to turn to gold, and there are some that do not see as much success. What are the deciding factors that separate those that crank home run after home run and those that struggle at the plate?
While the majority of entrepreneurs have no problem working hard, not all work smart and possess the following entrepreneurial qualities responsible for driving success.
- Not being afraid of delegating tasks.As entrepreneurs, we tend to always have a full plate and feel that we can take on any task. In reality, if we keep adding to the already-full plate it is eventually going to collapse and create a mess. Don’t be afraid to delegate tasks to an experienced member of your company that has the ability to get tasks completed.
- Managing time effectively.Proper time management is necessary to distinguish between extremely urgent tasks and those that can wait. Use a notebook or whiteboard to prioritize your tasks by writing them down. Mobile devices and tablets have calendars and notepads, but nothing is more effective than actually writing down your “to-do” list. Focus on one task at a time and don’t let new “to-do’s” disrupt your focus. Knock them out one at a time.
- Visualizing goals and success.You need to see your goals and success in your mind first if you plan on making them a reality. Not only do you need to visualize the end result, but you also need to visualize every step that it is going to take to get there. Napoleon Hill said it best: “What the mind can conceive and believe it can achieve.”
- Listening and communicating well.If you aren’t a good listener and communicator it will result in miscommunications and wasted time, not to mention added work to correct the miscommunications. Time is one thing that all entrepreneurs would like more of. How often have you wished there was more hours in a day? Avoid wasting priceless time repeating and redoing tasks due to poor communication.
- Understanding your time is valuable.While it would be great to be able to give everyone the time that they wanted, it would leave you with little to no time to accomplish the things that you need to get done. If a sales representative has a question, they should address it with the sales manager. If a customer has a question they should be speaking with your customer-care representative. While people might demand your time, it doesn’t mean that you have to grant them the time. Your time is valuable, so don’t waste it on disruptions that should be handled by other members of your organization.
- Seeking help when you need it.We often let our stubbornness prevent us from asking for help. Have you ever been stumped and someone comes along with the answer and you think, “Why in the world didn’t I think of that?” Often times a clear mind and different viewpoint can quickly solve a problem or provide an answer to a question. Don’t be afraid to ask for help when you need it, as it can also help to strengthen the communication within your organization.
- Getting out of the office.As an entrepreneur, you have probably spent several 18-hour days behind your computer or worked through the night late at your office until the sun came back up. It is important to break your day up, for both your physical and mental health. Take a few breaks throughout the day and walk around the office or take a walk outside to clear your head and give your eyes a break from the computer. Leave your office for lunch, even if you bring it — go eat outside and get some fresh air. Want to jumpstart your day and have healthy energy throughout the day? Go to the gym bright and early before you hit the office every morning and get a good workout in. You will have a clear mind, abundant energy and improved mental focus.
- Giving back.It is important to understand how lucky we are, as entrepreneurs, to do what we love. When you are appreciative of what you have accomplished and then take a step back to see what you can do to give back, it gives you a feeling like no other. “You can have everything in life you want, if you will just help other people get what they want,” said Zig Ziglar.
At K&K Esoteric, business is divided into two categories
K&K ESOTERIC 