Challenges in Starting a New Business - 1584 Words

Starting a new business can be very exciting as well as challenging. It can be exciting because it might be a transition from being an employee to owning a business and becoming one’s own boss where there is freedom of doing things without anybody’s influence. The idea of being a business owner can be very exhilarating in itself. Bateman states that ‘The control and ownership of a business is a very powerful feeling. Having ownership is like an adrenalin flow. It gives you more energy – you start to see what you can achieve.’(Smith, 1997, p. 149) There are numerous advantages of having one’s own business. The potential to earn a higher income, independence, being one’s own boss, ability to fully implement one’s creative talents, choosing†¦show more content†¦A large number of small businesses fail each year due to insufficient funds or capital. Many entrepreneurs miscalculate the amount of money they need to start and operate their business. They may later find that they need more capital in order to sustain till the business is fully established. Others are likely to suffer as they may not be able to market themselves or their product or because they find that they are unable to supply all the required products. Yet others may not even have the ability to pay for any extra help. This one fatal error in calculating the capital may cause the business to suffer heavily and lead to its eventual downfall. It is always wise to explore the possibility of having extra capital in an event that the business required more funds. However, the crucial point still remains that the entrepreneur take great care in determining how much funds are needed in order for the business to survive till the time it can be properly established. Generally, a new business would take around but is not limited to six months before it starts to generate enough income to fully sustain itself. Thus the entrepreneur needs to keep this time frame in mind when determining the initial capital. It would also pay to have a separate living expense for the first six months of starting the business. The third challenge is to find a niche. Knowing which product to sell and the sort of market it will have is another big challenge for all entrepreneurs. BeforeShow MoreRelatedChallenges And Opportunities For A Small Business Development1371 Words   |  6 PagesSenior Project Word Count: XXXX Challenges and Opportunities for a small business development in developing country Table Of Contents †¢ Introduction- Page 3, o Third World Countries o Natural resources of Georgia o Import/Export †¢ Challenges- Page 4 o Financial o Political o Assembling a team †¢ Opportunities- Pages XX, Word Count- o Advantages (has to be 250) o Disadvantages (has to be 250) †¢ Conclusion o (has to be 250) Introduction Starting a business is a multi-step process that canRead MoreThe Difficulties Of Starting A Small Business1341 Words   |  6 PagesThe Difficulties of Starting a Small Business in Germany Starting a business is not easy on any continent; however there is a wide range of challenges for start-ups that vary within each country. In Germany, these challenges are particularly plentiful and mostly of bureaucratic and cultural nature. To better illustrate these challenges, and to avoid confusion throughout the next four pages, it is assumed that the individual wanting to start a business is a male, named Sam, who is in his mid-twentiesRead MoreHow Do China Born Immigrants Essay1178 Words   |  5 PagesResearch Question 4: How do China-born immigrants in the GTA describe the challenges and successes in starting their own businesses as entrepreneurs? Three themes emerged for this research question: (a) Troubled marriages; (b) Raising funds; and (c) Opportunities to help other newcomers. Following is a discussion of each of these themes. Theme 1: Troubled marriages. Of 21 participants, six (P1, P2, P8, P11, P12, and P18) experienced trouble in their marriages after they landed in Canada. ThreeRead MoreEssay on Starting a Business Plan1664 Words   |  7 PagesStarting a new business is an exciting venture and has its unique mix of challenges and rewards. Many are set-up for failure if no clear goals or measures are established and adhered. According to the Small Business Administration, â€Å"Planning is critical to successfully starting and building a business.† The best advice for a new entrepreneur interested in starting a business is to create a solid business plan that outlines the business in its entirety. A well-constructed, written business plan willRead MoreEssay On A Filipino Doing Business In New Zealand1032 Words   |  5 PagesA Filipino Doing Business in New Zealand: The Personality Encounters Ahead New Zealand is occasionally described as a country of immigrants mainly for the reason that most of the people who are living here came from a different place. (Jones, 2008; US Fed News Service, 2008). Migrating to a different country is already a challenge, starting a business and managing people in diverse cultures would be much more. It is everyone’s dream to be an entrepreneur. Success stories like Bill Gallagher in theRead MoreThe Challenges Of Values And Ethics Based Business Decision Making852 Words   |  4 PagesThe challenges of values and ethics based business decision-making in the current global market place is creating a positive corporate culture that requires a strong conviction by its members by offering corporate values and ethics which are essential in running an effective business (Henle, 2006, p. 347). Additionally, due to the differences in cultural ethics globally organization ethical standards can be transferred universally when they are deemed as trus tworthy, credible, economical, and reliableRead MoreThe And Spouses Saw Business Outcomes880 Words   |  4 PagesEntreprenuers and spouses saw business outcomes in much the same way: Annual sales were less than $500,000 according to 64.5% of the entreprenuers and 70.4% of spouses. Sales expectations were higher than they expected as 38.3% and 38% about as 48.2% and 47.3% and lower than expected for 13.5% and 14.7% respectively.More spouses 89.7%, than entreprenuers, 56.9% felt starting a venture was harder than expected. A small portion of both entreprenuers and spouse expected beginning of new venture had taken longerRead MoreEssay Entrepreneurship1567 Words   |  7 PagesDescribe the term Entrepreneurship and the challenges of starting a small business Entrepreneurship is the dream of a lifetime for most individuals. The idea of being in control on ones financial future by establishing, owning, and operating their own business has driven most individuals in the direction of Sole Proprietorships. Most plunge in looking at the advantage and over looking the disadvantage and challenges of Sole Proprietorships. This first challenge that one might face on the road to EntrepreneurshipRead MoreDiscuss The Problems And Solutions To Setting Up A Business1140 Words   |  5 PagesNowadays in global business world, setting up a new business has a great opportunity and benefit to society. There are many different types of business structures which are available to choose like sole traders, online marketing and partnership. In Australia, there are many business start up companies that help to set up the business from scratch, On other hand some firms do not need any help to set up a business. They are capable of starting up a new business. When Forming a new business, it is importantRead MoreEssay Financing a Small Business1539 Words   |  7 Pagessomeone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it. Two important characteristics of a businessperson are risk-taking and innovation. The most common reasons for starting a busi ness according to the Small Business Administration are: to be your own boss, to accommodate a desired lifestyle, to achieve financial independence, to enjoy creative freedom, and finally to use knowledge or skills. Starting a business can be exhilarating

Homosexuality As A Mental Disorder Essay - 1550 Words

Prior to the twenty-first century, homosexuality was viewed as a mental disorder that required treatment. Both counseling and aversion therapy were exercised in attempts to â€Å"cure† individuals of their sexuality. The brutal process consisted of shock therapies, lobotomies, castrations, and drugs (Scot, 2013). A device that was commonly used was the Farrall Instrument, which functioned by showing an individual of the same sex and delivering a shock until a button was pressed to deliver another slide. The slides of the opposite sex did not deliver a shock; therefore, an association with those of the same sex would become negative and the patient receiving the treatment would become heterosexual. These practices were enacted until 1973 when the American Psychiatric Association declassified homosexuality as a mental disorder (Scot, 2013). From that point on, homosexuality increasingly grew in acceptance and still continues to do so in modern society. A variety of places that c elebrate members of the LGBT community have been established to help welcome them into society, along with an improvement of the attitudes of others and their treatments towards the communities’ members. However, homophobia and the segregation of LGBT individuals still persists in modern society to prevent their integration into civilization. Following the declassification of homosexuality as a disease in 1973, a variety of methods have been made in attempts to help members of the LGBT community becomeShow MoreRelatedIs Homosexuality A Mental Disorder?1500 Words   |  6 PagesHomosexuality has been one of the most controversial subjects around the world for thousands of years. Being a homosexual has been seen as taboo, morally wrong, and just abnormal. Scientists have questioned the mental health status of those who proclaim themselves as being homosexual, and have even gone as far to say that homosexuality is a mental disorder. Until 1974, being homosexual was deemed in th e Diagnostic and Statistical Manual of Mental Disorders (DSM) as a mental illness, and classifiedRead MoreHomosexuality As A Mental Disorder1325 Words   |  6 Pagesorientation. In the United States, and many other nations across the globe, there have been hundreds of thousands of people victimized for being homosexual. Due to differing standpoints, homosexuality is seen as â€Å"immoral† or â€Å"sinful† or even â€Å"disgusting†. Up until 1973, homosexuality was also referred to as a mental disorder by the American Psychiatric Association. People could be openly criticized, mocked, and often killed for simply being gay. Because of these social and religious criticisms, many peopleRead Morehomosexuality: a mental disorder?4366 Words   |  18 Pagesï » ¿ HOMOSEXUALITY: A MENTAL DISORDER? A Term Paper Presented to Trexie O. Alawi College of Arts and Sciences SURIGAO DEL SUR STATE UNIVERSITY Tandag City, Surigao del Sur In Partial Fulfilment Of the Requirements of the Course English 102 (Writing in the Discipline): TTH 7:30 – 9:00 a.m. 2nd Semester, AY 2013-2014 By Bruce Franklyn G. Aliguay February 2014 Homosexuality: a mental disorder? Thesis Statement: People shouldRead MoreWhy There Is Conflict Over The Dsm 51432 Words   |  6 PagesDiagnostic and Statistical Manual of Mental Disorders and provides a common language and standard criteria for the classification of mental disorders. (DSM) The DSM has attracted controversy and criticism as well as praise since it has been used. It was first published in 1952 there have been five revisions, gradually including more mental health disorders some has been removed and are no longer considered to be mental health disorders, and the most notably being homosexuality. (DSM-11) There are manyRead MoreHomosexuality Is Not a Psychological Disorder Essay1003 Words   |  5 PagesHomosexuality is not a psychological disorder†¦ In the past, homosexuality was considered to be a psychological disorder, up until the APA removed it from its list of mental illnesses. This was due to the fact that homosexuality causes no form of impairment on the individual’s judgment, stability, reliability, or general social and or vocational abilities. This decision made over 30 years ago, has caused a lot of criticism, many believe that the APA’s decision was made due to the amount of influenceRead MoreThe Diagnostic And Statistical Manual Of Mental Disorders1589 Words   |  7 PagesThis paper goes over several topics all of which are related to the mind and what is or is not perceived as a mental disorder. There are many different types of approaches to personality. Understanding each approach and how it compares to the others will help understand how one develops their personality. The Diagnostic and Statistical Manual of Mental Disorders (DSM) is in its fifth edition. Had the original manual never been updated, there would be many individuals who are misdiagnosed. AsRead MoreHomosexuality As A Psychological Disorder1511 Words   |  7 PagesThe social argument for homosexuality dates back to the ancient Greeks. Aristophanes, in his Symposium investigates homosexuality, although not termed as such, as a desire by men to share a long-term fulfillment of the soul. He believed that two souls are longing to be together, and the sexual desire alone is not strong enough to create homosexuality, but that the cultural environment allows or forbids the relationship to occur (Heffner, 2003). The debate about homosexuality dates back further thanRead MoreMental Health And The Lgbt Community1665 Words   |  7 Pagesstudies on mental health in the LGBT community. With more people being open about their sexual orientation, the LGBT community has become a bigger target for those individuals who create difference between groups to justify discrimination of a particular group. The discriminatio n towards the LGBT community has caused problems for individuals in the community, mental health being among the biggest problem. Studies have shown that the discrimination of LGBT individuals can affect mental health. NotRead MoreThe Diagnostic Statistical Manual For Mental Health823 Words   |  4 Pagesthe mental health field. The DSM was created to assist clinicians in diagnosing and recognizing mental illness in their clients. It has been used for over six decades and there are a total of five editions. Each edition has some updated and new information that wasn’t included in the last edition. The reason for the changes in the DSM is because the mental health field is always evolving. There’s new information that’s discovered from research and is implemented into the next DSM. All mental healthRead MoreThe Psychology Of Sexual Orientations934 Words   |  4 PagesAnd with these terms came huge stigma that still exists today. There are many different sexual orientations that people identify as (including heterosexuality, homosexuality, bisexuality, as well as many others); the orien tations that do not coincide with what people viewed as normal were originally given classification as mental disorders. The most common sexual orientation, regardless of culture, is heterosexuality. This is defined as a sexual orientation in which an individual is generally sexually

Commonwealth Acceptance

Question: Discuss about the Commonwealth Acceptance. Answer: Introduction It is apt to commence with the prominent position that for a contract to be valid there are essential elements that include offer, acceptance, consideration and an intention to be legally bound, that must be present. The doctrine of consideration has existed since antiquity. It is a phenomenon largely attributable to the premise that for an offer to be legally binding in contact law there must be something (action) in return, quid pro quo. The underlying basic rule is that a promise will not be enforceable unless a consideration is provided. Consideration has since transcended the traditional approach of the motive vie to the reliance on bargain where consideration is in the eyes of the law regarded as a profit, Interest of benefit accruing to one party or some detriment or loss suffered by the other. (Australian Woollen Mills v The Commonwealth, 1954) It should be borne in mind that a statement of an offer must be clear and unequivocal and should not be a mere statement of invitation to negotiation. It is an expression of willingness together with the expectation that it will be binding upon acceptance. (Tretel 1999, p.8) Jane, because of her journey overseas has offered to give Jack her car. The offer in this instance is ambiguous as it does not express an intention to be legally bound. In Bell v Lever Bros [1932] held that there must be an intention to contract for a contract to be enforceable. Consideration is a fundamental prerequisite for a contract to be legally binding. In Rann v Hughes (1778) the court held that consideration is an essential element in a contact and it must be present. It then proceeded to declare the contract in the case void for lack of consideration. It is therefor submitted that there can be no enforceable contract between Jane and Jack because there is no consideration. It is worth noting also that there has been no communication of the consideration which in law should be communicated by the promisor to the promise. It is therefore safe to conclude that there is no consideration between Jane and Jack and that a legally enforceable contract cannot see the light of day. Jane has made an offer which is clear and certain to jack concerning the sale of her car at $25000 and Jack has consequently accepted. This is a classical example of the essential elements of a contract being fulfilled. In truth, the offer was properly communicated to the promisee and in effect a response in form of acceptance to the offer was made by the promise thereby satisfying the rule established in In R v Clarke (1927) . Consideration has been communicated in this instance and Jack has not made any counter offer. It has been settled in Evans Deakin Industries v Queensland Electricity Generating Board (1984) , that if during the acceptance the promisee varies the offer then it shall be construed to be a counter offer. Following the decision in White v Bluett (1853) that consideration must be determinate, consideration between Jack and Jane is wholly determinate. The consideration is of economic and material value and sufficient as it is in pare material with the actual and true market value. ( Hamer v. Sidway, 1891). The contract here is thus legally enforceable. It is imperative to note that the essential ingredients of a contract in this case have been satisfied. A proper offer with a request for a consideration was made that was followed by an acceptance by the promisee. What is intriguing though is the value of the consideration which significantly does not match the market value of the car. It is off course not enmesh in controversy that consideration does not need to be of proportionate value to the nature of the promise. (Paterson, Robertson Duke, 2009) This position presents a questionable proposition in regards to the case at hand. Objectively, consideration must be sufficient and not necessarily adequate and a nominal consideration may be supplied for a valuable consideration. (Chappell v. Nestl, 1960). If I may invite your attention to Thomas v Thomas (1842) , the court interestingly noted that the promise to pay 1 euro as annual rent was sufficient consideration to transfer a life estate to the claimant. The rationale for a sufficient but not necessarily adequate consideration is explicated by the fact that courts want parties to exercise economic freedom. This wisdom supplied here is entirely true but it does not serve justice to the promisor since the consideration is fundamentally lower. It is hence submitted that with regards to the facts of the case consideration was not sufficient and therefore the promisor could sue for the true value of the car on the grounds of mistake. It is important to underscore the fact that the statute of limitation gives a contract law suit a time limitation of six years to bring a case before court.( Limitation Act 2005 ) it therefore submitted that the buyer is not time barred hence the equity maxim, delay defeats equity will not apply. There was a valid contract between the ship builders and North ocean tankers and the shipbuilders were therefore obligated to complete the construction of the ship by the terms of the existing contact. The fundamental question embedded here is the effect of the supervening circumstances of the price fluctuations that have since made it impossible for the builders to complete the construction. The litmus test at common law is whether the circumstance was unforeseen and the practicability of performance of the contract. ( Himpurna California Energy Lt v PT Perusahaan Listruik Negara 1999) It is posited that currency fluctuations even though severe are foreseen circumstances. (Frederick 2006) A thing regarded as impossible in legal contemplation when it is not practicable implying that it can only be undertaken under excessive and unreasonable cost. (Mineral Park Land Company v PA Howard, 1916) The case of North ocean tankers is one that the builders claimed a commercial impracticability and if this is a circumstance that ought to be foreseen it has been held that the party that is most affected impliedly accepts the risk. (Eastern Air Lines v McDonnell Douglas Corp, 1976) It therefore follows from this position that Ship builder were entitled to accept the risk due to the currency fluctuations. If however, the foreseen event was included in the contract then the clause would be binding and the court will base its holding on the allocation of risk. (Publiker Industries Inc v Union Carbide Corp, 1975) It has been observed that to invoke commercial impracticability the supervening event must have an extreme and unreasonable effect and must fundamentally change the circumstance in which the contract would have been performed. Accordingly, it can be argued that the currency fluctuation had a significant effect on the performance of the contract since it would be more expensive for the builders to complete the performance. This position is in consonance with the Italian position (Articles 1366 Italian Civil code 1942) that a situation of excessive onerosity may force the parties to adapt to the changes and proceed with performance. Such cases may include cases where there has already been a substantial performance of the contract as in this case and it would be unjust to terminate the contract at this level since it may be injurious to both parties. A more considerable approach could also be borrowed from the German approach which applies the theory of disappearance of the basis of transaction. The theory asserts that under the changes it would amount to bad faith if the original terms are applied to enforce the contract with prevailing supervening events. This is because when there is a fundamental change to the circumstances then it affects the root of the contract. Essentially if performance of a contract has been significantly undertaken in such a manner that if the contract is terminated at that level, there will be an adverse effect on both parties and therefore equity and fairness demands that the terms of the contract should be moulded to adapt to the new change of circumstance. It is therefore a plausible conclusion that the law is the art of goodness and fairness and hence North ocean tankers cannot bring a successful claim to recover excess payments made. References Australian Woollen Mills v The Commonwealth (1954) 92 CLR 424 High Court of Australia Bell v Lever Bros Ltd [1932] AC 161 Chappell v. Nestl [1960] AC 87 Eastern Air Lines v McDonnell Douglas Corp, (5th Cir.1976) 532 F.2d 957 Evans Deakin Industries v Queensland Electricity Generating Board (1984) FC 056 (83/2876) Frederick R. ( 2006). Hardship and Changed Circumstances as Grounds for Adjustment or Non-Performance of Contracts; Practical Considerations in International Infrastructure Investment and Finance Hamer v. Sidway 124 N.Y. 538, 27 N.E. 256 (N.Y. 1891) Himpurna California Energy Lt v PT Perusahaan Listruik Negara UNCITRAL Ad Hoc-Award of 4 May 1999. Excerpt. 6 Italian Civil code 1942 Limitation Act 2005 Mineral Park Land Company v PA Howard, 1916 156 P.458 Paterson J. , Robertson .A Duke A. , (2009). Principles of Contract 3rd ed Publiker Industries Inc v Union Carbide Corp, (Dist Ct ED Pa 1975) 17 UCC Rep 989 Rann v Hughes (1778), 7 T.R. 350 n R v Clarke (1927) 40 CLR 227 Thomas v Thomas(1842) 2 Q.B. 851, 114 E.R. 330 Tretel G.( 1999) .The Law of Contract, 10th edn, p.8]. White v Bluett (1853) 23 LJ Ex 36; 24

Romeo & Juliet - Friar Lawrences Essays - English-language Films

Romeo & Juliet - Friar Lawrences Romeo and Juliet is one of Shakespeare's plays about tragedy. It is about two lovers who commit suicide when their feuding famillies prevent them from being together. The play has many characters, each with its own role in keeping the plot line. Some characters have very little to do with the plot but some have the plot revolving around them. Friar Lawrence does not have very much time on stage but the time he does have is crucial to the plot line. Through his words Friar Lawrence demonstrates the he is a good intentioned, yet sometimes short-sighted, man who is not afraid to take risks to help others One of Friar Lawrences most favourable traits is how good intentioned he is. He may do something out of the ordinary if he thinks the outcome will help someone he cares for. For example, when he says "In one respect I'll thy assistant be; for this alliance may so happy prove, to turn your households rancour to pure love."(Act 2, Scene 3), he is saying that the only reason he will marry Romeo and Juliet is because he hopes that the marriage will end the hostilities between the two houses. When he says "Shall Romeo by my letters know our drift, and hither shall he come; and he and I shall watch thy waking, and that very night shall Romeo bear thee to Mantua." (Act 4, Scene 1), he tells Juliet how everything will be all right. Unfortunately, for all his good intentions the play still ends in tragedy. Friar Lawrence is a man who is not afraid to take risks when he feels it is neccesary to help someone. For example in Act 2, Scene 6, when he marries Romeo and Juliet, he is risking his reputation as a Friar so he can help the two lovers. Also, when he says "Take thou this vial, being then in bed, and this distilled liquor drink though off;" (Act 4, Scene 1), he is suggesting that Juliet drink a potion so that she might feighn her own death and avoid marrying Paris. This is an extremely risky thing to do because anything might happen to Juliet while she unconscious. Even after all Friar did to help Romeo and Juliet the play still ended in tragedy because of Friar Lawrences' short sightedness. When the Friar married Romeo Juliet in secrecy, he did not think of all the complications that would arise but instead went on with the marriage because at that time he thought it was the right thing to do. In Act 4, Scene 1, he gave Juliet a sleeping potion without thinking of the possible outcomes of such an outrages plan. He admits that much of the fault of the tragedy lies in his hands when he says "And her I stand both to impeach and purge myself condemned and myself excused", and when he say "Her nurse is privy; and, if aught in this miscarried by myself..." (Act 5, Scene 3). Although Friar Lawrence does not have an especially large role, his role is none the less important. It is because of his good intentions that he was willing to help his friends that Romeo and Juliet were married - a key event in the play. It is because of his willingness to take risks for his friends that Juliet aqquired the sleeping potion - another key event in the play. Finally, it was the shortsightedness of his actions that in part led to the deaths of the two lead characters. This demonstartes that Friar Lawrence was a man who was a man with good intentions who was willing to take risks to help his frieneds. If he had been any other way, the play might not have turned out the way it did.