setting up a business essay

How to Write a Business Essay for Impactful Communication and Analysis

So, you've got a business essay coming up, and you're feeling a mix of excitement and a tad bit overwhelmed, right? Totally get it. Writing a business essay might sound boring, but trust me, it's a skill that's gonna come in handy when you're out there in the real world.

In this article, we're dishing out some awesome tips just for you if you have question on how to start a business essay. Think of it as your secret weapon to tackle those business essays like a pro. We'll keep it real, easy, and super practical – no fancy jargon or complicated theories. Let's dive into the world of business essay writing, where your words can make a big impact. In case you lack time or motivation to finish your assignment, use our business essay writing service to streamline the process.

What Is a Business Essay

Business essays are written pieces that explore and analyze various aspects of business-related topics, often focusing on management, marketing, finance, or entrepreneurship. They provide a platform for students and professionals to articulate their understanding of business concepts, theories, and real-world applications. Typically written in a formal and structured manner, a business essay requires critical thinking, research skills, and the ability to communicate ideas effectively. Whether delving into case studies, discussing industry trends, or evaluating business strategies, the essay aims to provide insights, draw conclusions, and contribute to a deeper understanding of the dynamic world of business.

How to Write an Introduction for a Business Essay

A business essay introduction sets the tone for the entire paper and captures the reader's attention. Here are some steps and tips to help you write an effective introduction for a business essay:

• Understand the Purpose of the Introduction

Clearly understand the purpose of your essay. Are you providing an overview of a business concept, analyzing a case study, or arguing a specific point? Tailor your introduction accordingly.

• Start with a Hook

Grab the reader's attention with a compelling hook. This could be a relevant quote, a surprising fact, a rhetorical question, or a thought-provoking statement. The goal is to make the reader want to continue reading.

• Provide Context

After the hook, provide some background or context related to the topic of your essay. Help the reader understand the significance and relevance of the subject matter in the business world.

• Thesis Statement

Clearly state your thesis or the main argument of your essay. This should be a concise and focused statement that outlines what the reader can expect from the rest of the essay. Make sure it is specific and reflects the purpose of your writing.

• Outline the Scope

Briefly outline the main points or areas that your essay will cover. This gives the reader a roadmap of what to expect and helps them understand the structure of your essay.

• Use Clear and Concise Language

Keep your introduction clear and concise. Avoid unnecessary jargon or complex language that might confuse the reader. Aim for clarity and precision.

• Be Relevant

Ensure that every sentence in your introduction is directly related to the topic of your essay. Avoid going off on tangents or providing excessive information that doesn't contribute to the main points.

• Consider the Tone

Choose a tone that is appropriate for your audience and the nature of your essay. Business essays can vary in tone, from formal and academic to more conversational, depending on the context.

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Business Essay Introduction Example

Here’s an example of an introduction for an essay titled “The Rise of E-commerce: Shaping the Future of Retail”:

The retail landscape is undergoing a seismic shift as e-commerce continues to redefine the way consumers shop. In this essay, we explore the profound implications of this digital transformation on traditional retail models and analyze the key strategies businesses are employing to thrive in this dynamic environment. From changing consumer behaviors to the strategic use of technology, the impact of e-commerce on the retail sector is undeniable, prompting businesses to adapt or face the risk of obsolescence.

How to Write a Business Essay

Working on a business essay might seem daunting, but it doesn't have to be. In this guide, we'll break down the process into simple steps to help you navigate through it smoothly. In this next section. We’ll be breaking down the essentials of drawing up a business essay from start to finish. From defining your main argument to structuring your points effectively, let's explore the key strategies that will set you on the path to success. 

Analyze the Prompt

Start by carefully reading and understanding the essay prompt. This involves breaking down the question to grasp what it's asking for, identifying the main topics, and recognizing any specific tasks or points to cover. This step helps you set the stage for a focused and relevant essay by ensuring you address all aspects mentioned in the prompt. You can hire a business essay writer to expedite the process if you want.

Think of a Thesis Statement

When writing a business essay, think of the thesis statement as the essay's compass. It should be a concise, strong sentence that lays out your main argument or viewpoint on the topic. Your thesis guides the entire essay, so make sure it's specific, debatable, and gives readers a clear idea of what to expect in your writing.

Create an Outline

We’ve already shared tips on how to write an introduction for a business essay, so let’s move on to the next stages. Organize your thoughts by outlining the main points and structure of your essay. This doesn't have to be too detailed; just a roadmap that helps you see how different ideas connect. An outline ensures a logical flow in your writing and prevents you from going off track. By the way, have you already picked business essay topics ? If not, here’s a list of great ideas you can use!

Provide Topic Background

Before diving into your main points, the business essay writing format implies giving your reader some context about the topic. Briefly introduce the key concepts, relevant facts, or historical background that will help readers understand the importance and relevance of your essay.

Write the Main Body

Start developing your essay by expanding on the main points outlined in your thesis. Each paragraph should focus on a specific idea or argument supported by evidence or examples. Be clear and concise, ensuring a smooth transition between paragraphs. It’s the most difficult part of the assignment, meaning you can use our college essay service to simplify it.

Write a Conclusion

Summarize your key points and conclusively restate your thesis. The conclusion should tie up the loose ends and leave a lasting impression on the reader. Avoid introducing new information but rather reinforce your main argument. For more details about how to write a conclusion for an essay , please refer to our guide.

Add a Bibliography

List all the sources you used in your research. Be meticulous about citing your references properly, following the chosen format (APA, MLA, etc.). This adds credibility to your essay and avoids plagiarism issues.

Edit and Proofread

As you’ve learned how to write a business essay, it’s time to master the art of self-revising. Review your essay for clarity, coherence, and grammatical errors. Editing ensures that your ideas flow smoothly, and proofreading catches any overlooked mistakes. It's a crucial step to polish your essay and present a professional piece of writing. Do you have another assignment on business management ? This guide will help you!

Choose the Writing Format

Reiterate the importance of selecting and adhering to the chosen writing format throughout the essay. Consistency in formatting, citations, and other style elements contributes to the overall professionalism of your work.

Business Essay Example

Business essay examples offer practical assistance to students tackling assignments by showcasing the application of essential writing principles in a real-world context. As a tangible reference, it demonstrates an effective essay structure and how to formulate a clear thesis statement and provide coherent arguments. By examining examples, students can glean insights into research techniques, proper citation practices, and overall essay organization, empowering them to approach their business assignments with increased confidence and proficiency.

Example 1: “The Impact of Technological Advancements on Modern Business Operations”

This essay explores the multifaceted impact of technology on operational efficiency, innovation, customer relations, and global connectivity. From integrating automation and artificial intelligence for streamlined processes to facilitating global expansion through digital platforms, technology emerges as a driving force shaping the success and sustainability of contemporary enterprises. While acknowledging the numerous benefits, the essay also highlights the challenges and ethical considerations inherent in adopting these technologies, emphasizing the need for businesses to navigate these complexities responsibly for long-term growth and competitiveness.

Example 2: “Sustainable Business Practices: A Strategic Imperative for Corporate Success”

This essay explores the pivotal role of sustainable business practices as a strategic imperative for corporate success in the contemporary entrepreneurship scene. Addressing environmental concerns, social consciousness, and economic viability, the essay delves into the multifaceted benefits of adopting sustainable approaches. It discusses how businesses can align profitability with responsible practices, emphasizing environmental stewardship, social impact, and community engagement. The essay underscores the importance of regulatory compliance and risk mitigation in business by examining the economic advantages and innovation opportunities arising from sustainable initiatives.

Final Considerations

Students engage in writing business essays to develop essential skills and knowledge crucial for success in the professional world. These essays serve as a platform for honing critical thinking, analytical, and communication skills, allowing students to articulate and analyze complex business concepts. Through the process of researching, organizing thoughts, and constructing coherent arguments, students gain a deeper understanding of business principles and practices. Business essays also cultivate the ability to synthesize information, evaluate various perspectives, and present well-reasoned conclusions. If you find with task troublesome, you can always tell us, ‘ write my research paper ,’ and one of our wordsmiths will fulfill the assignment quickly.

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How Many Paragraphs Does a Business Essay Have?

What is the most important part of a business essay, how do you start off a business essay, related articles.

Starting a Business Essay – How to Start

Introduction.

The desire for one to employ him or herself is a dream that many people try to achieve in the early stages of life but how one can be his or her own boss depends on many factors. Starting up an own business is one of the few ways in which one can achieve this but creating a successful business requires a good combination of a good idea and the driving power to do it.

A successful business requires skills, experience, and ability to make a dream come true as most of the times it involves personal sacrifice particularly during the start up stage. When starting up a business it is necessary to conduct a feasibility study on how successful the business is likely to be under the existing conditions. The objective of this research is investigating how feasible and profitable is it to start a new business. The feasibility study involves among others the following:

Market Analysis

The question that comes to one’s mind when starting a business is whether there is a sustainable market for the product or service you want to offer.

Before one starts a business there is need to investigate whether there is a sustainable market for the goods or services that one wants to offer by assessing the consumers of your products, how many they are and the form they want the product to be in, the price the customers might be willing to pay for your products and whether the market is a permanent one or a seasonal one and the existence of both supplementary and complementary products to your goods and services.

After assessing the above and deeming the results positive then you can move into the next step of investigating who your competitor will be in the market.

Competition Analysis

Satisfaction that you have a reliable market is just the first step in the business development process. After you are satisfied that a reliable market exists, the availability of the market and the possible rivals you are likely to face in the market becomes the next big issue. This is done by analyzing who the direct and indirect competitors are.

The direct competitors are those individuals selling similar products as yours. A deeper knowledge of what they offer, charge, what they do well, and what they are not and the existence of any gaps that you may use to woo customers on your side is very important. Indirect competitors are those other business players who deal with complimentary products to the goods and services you want to offer.

The importance of studying these indirect competitors is that they may be a distraction to your customer pool by offering cheaper complementary products and thus causing a shift from your products to their products thus the necessity. After you have done the above analysis and the playground seems comfortable the next question that comes into your mind is how affordable the enterprise is.

Factors or Costs

Among the worst mistakes that any business entrepreneur can make is underestimating the start up costs and the operating capital required to run the business until the break-even position is achieved. It is always important to make accurate estimates as sources of extra capital in future may be limited. For example if one wants to start a French beans importing business it is very important to make accurate estimates of the required capital both for starting up to the point where the business will break even.

Calculating the set up costs and the working capital

Realistic forecasts boosts one’s confidence and the ability to meet own commitments. When you set the required costs straight it means you won’t require extra capital after the business has started and thus there are chances that the business may run successfully without shortages in the required running capital.

There are many types of costs that a business entrepreneur incurs in the process of starting a business and they include costs of sales, professional costs, administrative costs, transaction costs classified as either fixed or variable costs among others as indicated by Webber (n.d).

With the available cost on one side and the costs that may be incurred on one side, calculating the initial costs gives one a chance to consider the items which are of high necessity and giving them higher priorities compared to those lowly placed depending on the capital available. Accurate estimates reduce the gap between the real budget and the expected budget and thus placing the business in a comfortable position (Anon, 2009).

The working or operating capital is the amount of money needed to keep the business running. For a sustainable business one has to allocate enough working capital in order to ensure the business runs successfully. It is important to factor out the fixed and the variable costs so as to know the required capital.

Fixed Costs

Fixed costs are the fixed expenses the business has to incur irrespective of the sales made. The costs required when investing in the fixed assets such as the cost of machinery or the cost of land among others.

Machinery or plant costs: these are the costs required to buy the required machinery if the business demands one.

Land costs: these are costs of buying the piece of land or paying for the rent if you are leasing the land.

Stock costs: these are the costs required for buying the initial purchases which will be needed by the business.

Variable costs

These are the costs related to the delivery of one’s product or service. These costs usually relate to the activities going on within the business. They include;

Transaction costs: these are the costs which the business will incur during the negotiation process.

Administration costs: these are the costs which the business will have to incur when enquiring about any expertise information that may be required. Others include what the authority will charge you in order to issue you with a license allowing you to start the business.

Wages: the costs incurred when paying the workers or your own salary. Wages vary with the size of the business and the ongoing activities.

Costing and Pricing

When setting prices it is advisable for one to set prices which can cover the costs of production in addition to generating some profit. The business owner should take into consideration the costs which will be incurred during the start up and the running process so as to ensure the product set prices covers everything.

Other costs which should also be taken into consideration are the hidden costs (Garrison, Noreen & Brewer, 2006). Hidden costs are those costs which are incurred during the process of conducting the business such as the transportation cost or the transaction costs many people do not include them but to know the real business situation, it is always advisable to include them.

Measurements

The involved costs will be measured in terms of dollars by measuring the expected costs and benefits and then estimating how long it will take to reach break even point. The break even point is that time when the costs are equal to the benefits and the business is neither incurring profits nor losses. It indicates the costs have all been covered and it is a very helpful point in knowing how long the business will take before it can cover all the costs so as to allocate enough running capital to the business (Holland, 1998).

Cost Benefit Analysis

Evaluating quantitatively whether to start the business:

The last step in doing a feasibility test involves calculating the costs and the benefits involved in what is referred to as cost benefit analysis. The method involves simply adding up the value of benefits and then dividing with the costs involved in order to know how long it should take before the business breaks even (Nas, 1996).

A business man is deciding whether to start a business of importing French beans from Africa. The following are the costs he is likely to incur:

Pay back time: (8000/10500) = 0.7619048.

It will take approximately 9 months to reach the break even point.

From the above analysis we can summarize by indicating that the above business idea has got higher chances of succeeding. If the entrepreneur would like to reach break even point faster he should find ways of reducing transaction costs or search for more market opportunities in order to increase the revenue earned reducing the fraction further.

Conclusions and Recommendations

When starting a business, there are different types of cost that one must incur before the business can succeed. It is very important to calculate all the estimated costs that may be required in order to avoid surprises. Ensure you have enough capital to help you run the business until it has grown to fund for its own expenses. It is always advisable to talk with the people in the industry and enquire for as much information as important as it may be.

The support of the family is another vital factor that I can recommend for anyone starting the business so that incase of failure at least you may have somewhere to run to. Many people, as they start businesses, do not assess their emotional ability of dealing with some of the challenges that may come up during the start up stage and thus since there will always be the discouragements and the disappointments, prepare yourself psychologically for any outcome.

Reference List

Anonymous, (2009). Helping people build businesses based on good ideas and clear goals . New Zealand Trade and Enterprise. Web.

Garrison, R; Noreen, E; Brewer, P. (2006). Pricing decisions and cost management. Web.

Holland, R. (1998). Break Even Analysis . Web.

Nas, F.T. (1996). Cost Benefit Analysis: Theory and Application . New York: Sage Publications.

Webber, A. (Not Dated). Estimating Startup Costs for a New Business . Web.

• Chicago (A-D)
• Chicago (N-B)

IvyPanda. (2023, February 13). Starting a Business Essay – How to Start. https://ivypanda.com/essays/starting-up-a-business/

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Bibliography

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How to Write a Business Essay: an Ultimate Guide

Table of Contents

Writing an essay can be boring. A lot of essays are basically the same thing over and over again. You write an introduction, then you write your supporting paragraphs, and then you create a conclusion. Overall, the process is not a lot of fun, and you can often feel as though you are simply going through the motions for the sake of churning out extra work. But since you have to write an essay, it’s worth considering the many ways that you can make the process faster and easier. In this ultimate guide, we’ll discuss the best way to write a business essay so you can get through the process faster and with relatively little trouble.

It might seem obvious, but the first thing you need to do when you write an essay is to read the essay question. You need to be sure you understand each part of the essay question and how the parts of the question work together. You would be surprised how many students only glance at the question and then write a paper that only partially addresses the assignment. You don’t want to lose points because part of your paper isn’t on topic. If you find any parts of the paper that you don’t understand or that require explanation, be sure to contact your instructor for clarification before you start writing.

Read the essay rubric

These days, most essays have a grading rubric included with the question. A grading rubric is like a cheat sheet for writing your essay. When you review the essay rubric, you’ll see exactly how your instructor will grade your paper and what your instructor will be looking for. When you write your paper, you will therefore know exactly what to include and how to write about it in order to maximize your points—and you’ll also see what you can spend less time on because it won’t contribute to your overall grade.

Make friends with your library

Many students automatically turn to search engines like Google in order to research their papers, but this is not the most effective way to find high-quality business sources for your paper. Instead, take advantage of your library’s databases. Your college or university library will likely have dedicated business databases that collect high-quality academic articles on business topics. Using these resources in your paper will make your essay stronger and more effective, and it will put your paper on a solid academic footing.

Compile your sources before you write

Many students use the start-and-stop method to write their papers, composing a sentence or two and then stopping to look up more information in order to keep going. This, however, is an inefficient way to work. A better way is to read through your research sources before you start and copy into a separate file a series of quotations and facts that you might use in your paper, creating in-text citations and reference list entries for each before you start. Doing so will make sure that you don’t have to stop for research and have a ready bank of pre-cited material to work with as you write.

Outline before you write

Outlining is an important skill that will both save you time and improve the quality of your essay. Take time before you write to lay out your paper from beginning to end. Start with your thesis statement and carefully lay out the body paragraphs with a topic sentence, supporting details (including research, quotes, and citations ), and a closing paragraph . Plan your transitions to link paragraphs together. Any amount of outlining can be helpful, but the more effort that you put into outlining at this stage, the easier it will be to write your paper, and the less likely it will be that you get stuck in a tangent that goes nowhere or meander into a point that requires you to change your thesis and revise you whole essay.

Remember to revise and proofread

When you finish the draft of your paper, you aren’t done yet. The first draft is rarely the finished product. You should always set aside time to read your work back and to make revisions to make it clearer. You also need to carefully proofread for mechanical grammar, punctuation, and syntax issues to ensure that your paper is as close to perfect as possible. You don’t want to leave points on the table because your paper had easy to fix minor spelling or grammar errors.

Consider professional writing help

Another great way to get your paper done quickly is to seek out custom professional help from an essay writing service with academic experts. An online writing company such as this can create business papers for college students and deliver them fast. When you utilize professional writing assistance, you can receive a custom-written essay that can serve as a great model to help you understand how a professional would approach your business topic and organize and develop an essay to address your assignment. Using a model such as this can save you time and effort as you work on your own paper, allowing you to focus on the learning process more than the mechanics of academic essay writing.

Join the thousands who have sharpened their business writing skills with our award winning courses.

Copyright © 2024 Businesswritingblog.com.

How to Start a Business: A Startup Guide for Entrepreneurs [Template]

Published: February 15, 2024

I started a local HVAC business in the summer of 2020, and since then, I’ve learned a lot about which steps are most important for getting a business venture off the ground. To help you make your business idea a reality, I've put together a complete guide that walks you through the steps of starting a business.

The guide covers every step I’ve discovered you need to start a business, from the paperwork and finances to creating your business plan and growing your business online. At the bottom, you’ll find a library of the best free tools and resources to start selling and marketing your products and services.

Use the links below to navigate to each section of the guide:

• What do you need to start a business?

How to Start a Business

How to make a business plan, how to decide on a company name.

• How to Choose a Business Structure

How to Register Your Business

How to comply with legal requirements, how to find funding for your new business, how to create a brand identity for your new business, tips for starting a business, resources to start a business, how to start a business online.

Let's get started.

Every budding entrepreneur wants more visitors, more qualified leads, and more revenue. But starting a business isn’t one of those “if you build it, they will come” situations. So much of getting a startup off the ground has to do with timing, planning, and the market, so consider if the economic conditions are right to start a company and whether you can successfully penetrate the market with your solution.

In order to build and run a successful company , you’ll also need to create and fine-tune a business plan, assess your finances, complete all the legal paperwork, pick your partners, research apps for startup growth, choose the best tools and systems to help you get your marketing and sales off the ground … and a whole lot more.

When I first started my business, I felt overwhelmed by the sheer magnitude of requirements, which is why I’ve summed up the process to make it easier for you.

In brief, the requirements for starting a business are:

• A business plan.
• A business name.
• An ownership or business structure.
• A business registration certificate.
• A legal license or seller’s permit (as well as other legal documents).
• A source of funding.
• A brand identity.

Without these elements in place, you unnecessarily risk your new business’s future. Now let’s go over these basic steps for starting a business.

• Write a business plan.
• Choose a business name.
• Choose an ownership structure.
• Register your business.
• Review and comply with legal requirements.
• Apply for funding.
• Create a brand identity.

Having a great business idea is only part of the journey. In order to be successful, you’ll need to take a few steps to get it off the ground. In order to refine your business idea and set yourself up for success, consider doing the following:

1. Write a business plan.

Your business plan maps out the details of your business, including how it’s structured, what product or service you’ll sell, and how you’ll be selling it. Creating a business plan will help you find any obstacles on the horizon before you jump into running a business.

Pro tip: Remember that part of a business plan is telling investors or funders which specific items you need funding for. Be sure to list what you need to be funded, the reasoning behind items, and how long you will need funding.

Recommended Reading:

• What is a Business Plan? Definition, Tips, and Templates
• How to Build a Detailed Business Plan That Stands Out
• How to Write an Ecommerce Business Plan
• How to Become an Entrepreneur With No Money or Experience

70 Small Business Ideas for Anyone Who Wants to Run Their Own Business

Jump to: How to Start a Business Plan →

Featured Resource: Free Business Plan Template

Below are the key elements in a business plan template, details about what goes into each of them, and example sections at the bottom. You’ll also learn tips for writing a business plan .

1. Use a business plan template .

The executive summary should be about a page long. It should cover:

• Overview . Briefly explain what the company is, where you’ll be located, what you’ll sell, and who you’ll sell to.
• Company profile. Briefly explain the business structure, who owns it, what prior experience/skills they’ll bring to the table, and who the first hires might be.
• Products or services . Briefly explain what you’ll sell.
• The market. Briefly explain your main findings from your market analysis and product market fit .
• Financial considerations . Briefly explain how you plan to fund the business and what your financial projections are.

Featured Resource: Executive Summary Template

On the marketing side, you’ll want to cover answers to questions like:

• How do you plan to penetrate the market?
• How will you grow your business?
• Which channels will you focus on for distribution?
• How will you communicate with your customers?

Pro tip: Marketing trends change year after year, so be sure to keep up on the latest trends by subscribing to the Hubspot Marketing blog .

On the sales side, you’ll need to cover answers to questions like:

• What’s your sales strategy ?
• What will your sales team look like, and how do you plan to grow it over time?
• How do you plan to scale for growth ?
• How many sales calls will you need to make to make a sale?
• What’s the average price per sale?

Speaking of average price per sale, you’ll want to go into your pricing strategy as well.

Featured Resource: Marketing & Sales Alignment Template

More importantly, it typically doesn’t entail giving partial ownership of the business away. Instead, it’s a way of getting funding not from potential co-owners, but from potential fans and customers who want to support the business idea, but not necessarily own it.

What you give donors in exchange is entirely up to you — and typically, people will come away with early access to a product, or a special version of a product, or a meet-and-greet with the founders.

Pro tip: Choose the right platform for your crowdfunding campaign type. Some platforms are more geared towards traditional investors, while others are for donations. Learn more about crowdfunding here .

5. Venture Capital Financing

Only a very small percentage of businesses are either fit for venture capital or have access to it. All the other methods described earlier are available to the vast majority of new businesses.

If you’re looking for a significant amount of money to start your company and can prove you can quickly grow its value, then venture capital financing is probably the right move for you.

Venture capital financing usually means one or more venture capital firms make large investments in your company in exchange for preferred stock of the company — but, in addition to getting that preferred return as they would in series seed financing, venture capital investors also usually get governance rights, like a seat on the Board of Directors or approval rights on certain transactions.

VC financing typically occurs when a company can demonstrate a significant business opportunity to quickly grow the value of the company but requires significant capital to do so.

Pro tip: A lot of venture capital financing is simply being in the right room with the right people. Make sure to network extensively if this is your approach to financing.

When you’re first starting a business, you’ll need to build the foundation for a strong brand identity. Your brand identity is about your values, how you communicate concepts, and which emotions you want your customers to feel when they interact with your business. Having a consistent brand identity to promote your business will make you look more professional and help you attract new customers.

Here’s what you need to do to develop your brand identity:

1. Design a logo.

Creating the right logo for your business requires careful thought and consideration. It should be representative of your brand’s purpose and target audience, while also being memorable and distinct from competitors.

To start, you need a deep understanding of your business’s mission, values, and target audience. Think beyond what your company does and truly examine why you do what you do and who you do it for. This knowledge will serve as the foundation for your logo.

Conducting market research and identifying current logo trends can help you understand what works well for others and strategize on how to stand out. Then, start brainstorming design ideas that showcase what makes your business unique.

For instance, you could try writing out a list of words that best describe your business and what makes it special and then use those words as inspiration to start sketching ideas and concepts.

Once you have some sketches created, pick which ones you think are the best and share them with stakeholders, colleagues, and buyer personas to gather feedback and refine your design. After narrowing down a design, you’ll want to test its versatility and scalability to ensure it works well in different sizes and formats.

Pro tip: Check out this blog on designing your logo, and then try out different logo design features in Canva’s logo maker .

2. Develop a visual identity.

Your brand’s visual identity doesn’t stop at creating a logo — you’ll also need to establish guidelines for typography, color palette, imagery, and other graphic elements. The more consistent your brand is with its visuals, the more consumers will be able to recognize and trust it.

To get started, consider creating a brand mood board. Ask yourself: What kind of emotions do you want your brand to evoke? Is there a specific visual aesthetic that you want to emulate? This can help you gather visual inspiration that resonates with your brand.

Choose your color palette and typography wisely. Spend some time researching color theory , as color can have a major impact on how people perceive your brand. Make sure your typography is readable and looks good across different sizes and formats.

Additionally, you should create other visual assets such as patterns, shapes, illustrations, and icons that pair well with your color palette and typography.

Pro tip: If design and color palettes aren’t your thing, consider hiring a freelance graphic designer on LinkedIn or Fiverr to help you create your visual identity and incorporate it into your logo and overall design.

3. Craft a tagline.

In just a few words, your tagline should encapsulate your brand’s essence and communicate its value. Think of it as a written or verbal version of your logo. Both elements are created to immediately capture the attention of your audience. Even if consumers don’t remember anything about your product or service, they will remember a catchy tagline.

When crafting your tagline, keep it simple. You want your tagline to be memorable, so aim for a short phrase and focus on key benefits or unique aspects of your brand. Also consider using techniques like alliteration, rhyme, or play on words to make your tagline stand out — just make sure it aligns with the rest of your brand’s voice and tone.

Pro tip: This is another element of starting a business that could benefit from someone with experience. A marketing consultant or a content writer could help you establish a compelling tagline with the next step of developing your voice and tone.

4. Develop your voice and tone.

Your brand voice refers to the personality that your brand adopts in its communication with its audience. It provides direction on what to say and how to say it, allowing you to differentiate yourself and cut through the noise.

A well-defined brand voice helps create a distinct and memorable identity for your brand, allowing you to connect with your target audience on a deeper and more meaningful level.

When determining the appropriate voice and tone for your brand, remember that consistency is key. Ensure that your brand voice and tone align with your brand’s values, mission, and positioning. Alignment between your brand’s personality and its communication style is crucial for building trust and authenticity.

Pro tip: Adapt your voice and tone to suit the preferences and understanding of your audience. Additionally, use emotion and storytelling techniques to engage your audience and resonate with them.

5. Create brand guidelines.

Once you determine all of the previously mentioned brand elements, establish a set of brand guidelines that communicate how to appropriately use them. Having these rules and standards set in place ensures consistent and cohesive messaging and representation for your brand.

Get started by defining the rules for using your brand elements across different channels and applications, such as digital and print media, social media profiles, web design, packaging, and any other relevant materials.

Show practical examples of correct and incorrect usage scenarios to demonstrate the do’s and don’ts of brand representation. This helps stakeholders and users understand the guidelines and their application. You can also offer your team templates or mock-ups to ensure correct implementation.

Once the brand guidelines are set, distribute them to internal stakeholders and relevant external partners. To make sure everyone’s on the same page, take the time to review the guidelines with everyone and consider conducting training sessions if necessary.

As your brand evolves, so should your brand guidelines. Continuously review and update them to reflect any changes or refinements. Keep the guidelines easily accessible and communicate any updates effectively.

Pro tip: A writing style guide is a great place to start when creating brand guidelines. Check out this blog on brand style guide examples.

12. Create feedback loops.

From the moment you have your first customer, you should actively seek out insights from them. As your business grows, this will become harder — but remember that your customer-facing employees are a valuable source of information because they are most in tune with your buyers and potential buyers.

13. Create a FAQ page on your website.

Give customers the tools to help themselves, and scale this program as you grow. When you’re starting out, this might take the form of a simple FAQ page. Over time, as your customer base grows, turn your website into a resource for your customers and enable them to self-service — such as evolving that FAQ page into a knowledge base or library that answers common questions and/or gives customers instructions.

Here are some helpful resources to help you spread awareness, build your online presence, and get the leads you need for free. In addition, we’ve listed additional templates and sales tools to help you build an efficient sales engine, reach prospects, and close customers for free.

• The Ultimate Inbound Guide for Start-Ups : A guide that covers how to build an inbound sales and marketing machine, which demand generation activities offer the biggest return on investment and more.
• HubSpot’s Free Marketing Tools : A free marketing tool that gives you insight into what every lead does before and after they fill out a form. It includes built-in analytics that make it easy to learn which pages, offers, and traffic sources are driving the most conversions for you.
• Website Grader : Enter your website URL and email address, and you’ll get a detailed grade on your website’s performance, mobile, SEO, and security, along with detailed tips and resources for making impactful improvements on your website.
• Press Release Templates : Downloadable press release templates you can customize, along with a corresponding guide to building a press release and promotion plan.
• Case Study Templates : Downloadable case study templates you can customize, tips on how to find and reach out to candidates, and sample interview questions.
• Content Creation Templates : 100 social media image templates, 8 PowerPoint presentation templates, 50 call-to-action templates, 15 infographic templates, five ebook templates, five blog post templates, and more.
• Email Signature Generator : A free tool that creates a professional email signature you can easily add to your Gmail, Outlook, Apple Mail, Yahoo Mail, or any other email provider.
• Sales Email Templates : A list of email templates that have been used with tremendous success by real companies (including HubSpot).
• Sales Call Scripts : Easy-to-follow sales call scripts that can help you build rapport and develop trust, understand the prospect’s pain points, identify key decision-makers, and secure a follow-up meeting.
• Daniel Pink’s “Sell Like a Human” Video Series : Monthly video series where Sales Expert Daniel Pink and special guests solve your biggest sales challenges in under 30 minutes.
• Sales Close Rate Industry Benchmarks Tool : Compare your sales close rate against your industry competitors using data from over 8,900 companies segmented by 28 industries.

Additional Resource: Enroll in HubSpot Academy to learn everything you need to know about digital marketing and sales for small businesses. Train your whole team for free!

Starting a business online is a little different from starting a traditional business. Here are some important steps for starting and scaling your business online.

1. Determine your niche and business idea.

Your business niche is the target focus area for your product or service. It’s important to choose a niche because customers like brands and businesses that specifically cater to their needs. Most customers are more likely to purchase products or services from a brand that provides personalized experiences.

When determining your niche and business idea, first identify your target audience and specify everything from their age to their interests. Then, use that information to figure out their principal need. If your product doesn’t resolve a specific need, your business will fail to get off the ground.

Pro tip: You should have a good idea of the market at this point. Use that knowledge to position yourself in a way that differentiates you from your competitors.

2. Conduct market research.

Conduct market research to understand what product or service you should offer, whom you should serve, and where you face the stiffest competition. From physical goods to digital downloads, understanding your target market and competitors will help you determine how to best position your product.

Your research should help you create a strong selling proposition . In other words, what makes your business unique? Why should someone buy from you?

Pro tip: Sometimes, market research is as easy as calling around to competitors and getting a quote on services. Make sure your pricing is competitive but not so low as to be unsustainable.

3. Learn online business laws.

While online businesses may require fewer licenses and permits than traditional businesses, there are still legal requirements that you will need to adhere to. Be sure to check:

• What kind of business license (if any) do you need to start operations?
• What legal structure makes the most sense for your company?
• Are there any permits that you need to obtain?
• Are there any inspections that you need to pass?
• Do you need a sales tax license?
• Are there any specific regulations applicable to online businesses only?
• What are the laws regarding hiring contractors and hiring employees?

Pro tip: Check out this article for more information on starting an online business and navigating online laws.

4 . Make sure your business is insured.

Depending on your business type, you may be required by state law to be both licensed and insured. HVAC businesses have a lot of liability as they involve both plumbing and electricity. I spoke with several insurance agents before deciding on the best insurance for my business needs.

There are also many different business insurance types, such as:

• Liability insurance.
• Worker’s comp.
• Property insurance (think your business location, tools, and equipment you use).
• And more. Be sure to research these different insurance types and purchase the necessary ones.

Pro tip: Check out this article on small business insurance.

5. Create a website.

After handling the research, taking care of legalities, and honing your products or services, it is time to create your website . When creating your website, you will need to choose a strong ecommerce platform that will allow you to sell products online.

Pro tip: Check out Hubspot’s free CMS tool for website building here.

6. Set up shop.

Once your website is complete, it’s time to add products or services to your store. When adding your products, pay attention to product images and descriptions. Having a crisp image and a detailed but concise description will help your audience maneuver your website smoothly.

After you have finished setting up your store, it’s critical to ensure you offer a seamless shipping or delivery experience to your buyers. For example, you can use HubSpot to manage quality control before you ship products out.

Finally, you want to make sure everything is working before you hit the live button on your website. Make sure that everything is clickable and that all pages look good across all devices and browsers. Once you’ve checked that, you are ready to go live.

Pro tip: If you take credit card information on your website, you will need to abide by compliance laws that ensure the safety of sensitive data. Read more on credit card compliance .

7. Create a marketing plan.

You’ve created an awesome product, and now it’s time to get the word out. In other words, it’s time to grow your audience. There are numerous ways to reach your target customer, including:

• Social media : Use hashtags and paid ads to expand your reach.
• Influencer marketing : Send free samples to “celebrities” in your niche.
• Facebook groups : Connect with your target market on this platform.
• Google advertising : Put your products in front of people all over the web.
• Content marketing : Publish blog posts to bring organic traffic to your site.
• Word-of-mouth : Encourage customers to spread the word.
• YouTube videos : Start a channel to showcase your products.

Pro Tip: Google ads and LinkedIn ads regularly offer discounts or free ad money; consider using these promos to try online advertisements out.

8 . Grow your business.

You’ve heard it said that in business, you’re either growing or you’re dying. Here are a couple of tips for growing your business online:

• Reduce the amount of time it takes online viewers to receive value from you and your brand.
• Answer the questions no one in your industry is answering — for example, a lot of companies won’t talk about pricing, forcing customers to keep looking for someone who will.
• Create a dynamic website that changes with the times. Update your images and writing to reflect what’s happening with your business now, and ensure your website isn’t dating you.
• Invest in content and SEO . They aren’t cheap, but they are really important for being found online, organically.

Pro tip: Check out this blog on how to become an SEO expert, according to HubSpot’s SEO team.

9. Watch your income and expenditures closely.

The first year of your business is an essential set point for discovering your overhead and your profit. Have a date in mind of when you want your business to start turning a profit and a solid plan for if you aren’t meeting that goal. Read further on potential exit strategies below.

Pro tip: Use a free business budget template to monitor your finances.

10. Plan for an exit strategy.

If you’re like me, you didn’t consider an exit strategy when thinking up your business. You probably assumed you’d run your business for the foreseeable future. However, economic uncertainty or unexpected success can both impact the end of your business. In fact, 90% of startups fail , which makes it a wise choice to know under what circumstances you would close down your business.

You could also experience unexpected buzz and success and be offered a buyout. A good exit strategy will plan for this as well. What amount of money would make selling worth it? Consider also how long you would have to run your business before considering offers. Some want to sell high and fast, whereas other business owners want to see where things go during a set amount of time.

An exit strategy could also include who you want to inherit your business, maybe family or an employee.

Pro tip: Check out this blog on the importance of having an exit strategy.

Next Steps: Getting Ready to Launch Your Business

I know from experience that being a small business owner isn’t easy, but with the right plan, you can set up your business for success. Be sure to check and know your requirements, have a solid business plan, and submit your legal paperwork before you take your business live. Once you have a solid business plan and the financing to execute your goals, you’ll be well on the path to launching a successful enterprise.

Editor’s note: This post was originally published in August 2019 and has been updated for comprehensiveness.

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7 tips for writing business essays

by Laura Jones

Published on October 10, 2022 / Updated on January 5, 2024

If you’re looking for business essay writing tips, we’ve got you covered. Creating an interesting, well-structured, and readable business essay isn’t easy, but there are a few simple steps to follow to take the stress out of it and make sure you get it right every time. Read on to learn what to write in a business essay introduction and conclusion and how to structure a body paragraph perfectly. Here are our tips on how to write an English business essay. 

• Analyze the topic and make a plan
• Use formal language
• Write the introduction
• Write the body paragraphs
• Put in some research
• Write the conclusion
• Proofread and edit to create your final draft

Learn languages at your pace

1. analyze the topic and make a plan.

The first thing to do when you’re writing a business essay is to analyze the topic and the essay question closely. If there’s a word in the question like ‘explain’ or ‘compare’ this will affect how you write your answer. Decide what your position is; do you need to agree or disagree with something, or come up with a solution? When you’re clear about what the question is asking and how you want to answer it, do some reading on the topic,find some sources that you want to use in your essay, and make an outline with the headings and paragraphs that you want to cover

2. Use formal language

Writing any type of essay requires you to use formal language , but this is even more true of a business essay. Get into the business essay mindset and avoid using contractions, slang, and other colloquial language in your writing. 

Bad: It’s going to be bomb.

Good: It is going to be excellent.

3. Write the introduction 

Wondering how to start a business essay? Like any other essay, you start with an introduction. A business essay format isn’t very different from any other type of essay. In your introduction, you should explain why the question (and therefore your essay) is important. This will hook your reader and make them interested in what you’re going to say next. Set out the order in which you’ll address the points in your body paragraphs – this is usually called a signpost introduction. And, very importantly, keep it short. 

4. Write the body paragraphs

Your body paragraphs should take up between 60 and 80% of your business essay. Most essays should have at least three paragraphs, and you should focus on one point per paragraph. Each paragraph should start with a topic sentence that tells the reader what the paragraph is about, and then have a supporting sentence to develop your point. After this, you can provide some evidence to support your argument. 

You should also use transition words , like ‘however’ and ‘although’ in your paragraphs to help link ideas together. Using transition words at the start of paragraphs is also a good idea and helps the reader follow your argument. For example, you might start one paragraph with ‘On the one hand,…’ and the next with ‘On the other hand,…’. 

5. Put in some research

We just mentioned that you should put some supporting evidence into your paragraphs in a business essay. This is the time to use the sources that you found before you started writing. You might have a quotation to add, some statistics, a graph, or a summary of an expert’s point of view. Whatever you do, make sure you cite the source correctly. 

When you’ve put your research in, interpret the evidence so it supports your idea. Throwing a graph into an essay is meaningless if you don’t have a sentence saying, ‘As the graph shows, public parks are increasingly…’

6. Write the conclusion

Finally, you reach the conclusion. Use your conclusion to briefly summarize your answer, and make sure you don’t introduce any new points or arguments. You might want to mirror the introduction in your conclusion. This doesn’t mean rewriting the introduction or using the same words. 

Introduction: This essay will discuss the benefits to public health of having green spaces in towns. 

Conclusion: In summary, outdoor spaces in cities can contribute positively to public well-being. 

You might also want to include ideas for further research or a call to action in your conclusion, like in the following example: 

Local councils should allocate a greater part of their budget to improving and expanding public parks.

7. Proofread and edit to create your final draft

The first draft of your essay is for your eyes only. Once you’ve finished writing, step away for at least a few hours and then go back and read it through again. Check that your argument is clear in the essay and that you’ve answered the question. Ensure that it makes sense not only to you but to anyone who might read it. An online tool like Grammarly can help pick up spelling and punctuation errors, but it’s not a replacement for careful proofreading. 

Are you ready to write your business essay?

Starting with a thorough understanding of the question, formulating your answer, and finding unbiased research to back up your argument are your first steps. Follow the format of a business essay – introduction, body paragraphs, and conclusion – and then edit ruthlessly to create your perfect business essay. 

Laura Jones

Laura is a freelance writer and was an ESL teacher for eight years. She was born in the UK and has lived in Australia and Poland, where she writes blogs for Lingoda about everything from grammar to dating English speakers. She’s definitely better at the first one. She loves travelling and that’s the other major topic that she writes on. Laura likes pilates and cycling, but when she’s feeling lazy she can be found curled up watching Netflix. She’s currently learning Polish, and her battle with that mystifying language has given her huge empathy for anyone struggling to learn English. Find out more about her work in her portfolio .

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Business Essay Writing: How to Start Your Own Business Essay

Table of Contents

Most people believe that launching a small business is the best way to achieve freedom. Even though this claim has some merit, it is debatable.

Why do people choose to launch their businesses? They yearn to be on their own. One can better manage his time by operating a small business. You can create the products and services he desires, attempt to be thoughtful and responsible.

The economy of any state relies heavily on small enterprises. Small business owners make significant contributions to the state budget.

One could argue that the complex of small and middle-sized businesses brings the nation the same profit as big enterprises. Simply put, a prosperous state cannot exist without small businesses.

Without small businesses, poverty cannot be eradicated. Allow me to discuss some factors that should be considered when starting your business.

Factors to Consider When Starting Your Own Business

1. starting up is difficult.

It’s not simple to launch a small business . Whether you own a construction company or a business, you must be financially and mentally prepared for hurdles.

Additionally, having a basic understanding of management, marketing, and business is essential.

You should first familiarize yourself with the industry and market. Use trustworthy education websites to learn.

The most essential component is researching the market to determine what products and services consumers want.

If a product is needed, but no one is making it, you have the best chance of dominating the market.

2. the Cost and Caliber of Your Product

The cost and caliber of your product are the second things you should consider. Two choices are available.

The creation of pricey, high-quality products that will last a long time is a choice to make. The second choice has to do with consumption. You make cheap, subpar items and draw customers by offering the most affordable pricing.

Sadly, selecting the ideal solution might be challenging. Many people are willing to spend much money to own a high-quality item. Others steer clear of high prices and favor affordable goods. Consider requesting a title loan if you require title cash to launch your company.

3. Business Plan

You should write your business plan, which will include all of the details about how your company will operate. Consider the client’s target markets, production, distribution, storage, and retail.

It would appear that you should create and keep your stuff somewhere. Then, problems like revenue and expense would come up.

You will need to hire a few staff to run your firm profitably. To bring the appropriate people into your company, you will need to be picky, demanding, and careful.

You will eventually run into issues with rent, taxes, etc. A business is similar to a family. Pay attention to the slightest problem, question, or misunderstanding to enhance your income and build your small business.

The Peaks and Valleys of Starting Your Own Business

Starting a small business involves a lot of benefits and drawbacks, as one might anticipate. Independence is the strongest side. You are not required to labor for another person.

You can decide what to do and how and work to benefit yourself. If you don’t feel recognized and valued at work, you can implement your unique and entertaining ideas in your own company.

Ambitious people always attempt to launch a small business if given a chance. When you are late, you do not have to heed the advice and warnings of your boss. You will eventually start to make more money. The entire profit belongs to you because you are the boss.

However, there are a lot of things that can be problematic for a new business owner. Keep in mind that independence comes with responsibility.

You are accountable for your business’s success, your employees’ well-being, and both. Additionally, you are responsible for the well-being and lives of those who use your products.

You must understand how to build and enhance your small business profitably. You should be aware of how to act in emergencies and unforeseen circumstances.

To handle crucial issues and employee disagreements, you must be willing to work nights and weekends. You should be a skilled educator, psychologist, and negotiator who can settle disputes and inspire his team.

Starting a small business is a challenging but worthwhile endeavor. You can open your shop, café, restaurant, or bakery and implement your brilliant and eccentric ideas there. To protect and build your firm, you must face many challenges and work hard.

Abir Ghenaiet

Abir is a data analyst and researcher. Among her interests are artificial intelligence, machine learning, and natural language processing. As a humanitarian and educator, she actively supports women in tech and promotes diversity.

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How to Start a Business Essay: Full Explanation with an Example

Starting a business is like setting off on a wild adventure. It's thrilling, full of ups and downs, and it's up to you where you want to go. But let's face it: it's also confusing! With so much to think about, it's easy to feel lost. That's where this essay comes in. We're here to break it all down for you, giving you the lowdown on turning your business dreams into a solid action plan. So, grab a cup of coffee and get ready to dive in!

What Is a Business Essay?

An essay on business is a written composition that explores various aspects of the business world, ranging from theoretical concepts to practical applications. Typically, it analyzes specific topics within the realm of business, such as management practices, marketing strategies, financial analysis, or entrepreneurship. Business essays often provide insights, arguments, and recommendations supported by research, data, and real-world examples. They aim to inform, persuade, or educate readers about key issues, trends, or challenges in the business environment, fostering a deeper understanding of the subject matter and stimulating critical thinking. Our writing service supports such types of assignments, so if you need help – feel free to request a quote.

What Is a Startup Business Concept?

A startup business concept is essentially the seed from which an entire venture grows. The initial spark of inspiration sets the foundation for everything that follows. This concept typically arises from identifying a gap or inefficiency in the market or recognizing an unmet need or problem potential customers face. Entrepreneurs then conceptualize innovative solutions to address these challenges, whether a new product, service, or approach.

The concept defines the startup's unique value proposition, outlining what makes it stand out in a crowded marketplace. For example, a startup concept might involve developing a mobile app to streamline a tedious process, creating a sustainable alternative to an existing product, or offering a niche service tailored to a specific audience.

Once a startup concept is formulated, it undergoes refinement and validation through market research, feasibility studies, and prototyping. This stage involves gathering feedback from potential customers, testing assumptions, and assessing the concept's viability in the real world. Entrepreneurs analyze market trends, competitive landscape, and consumer preferences to fine-tune their concept and ensure it aligns with market demand.

Additionally, they evaluate the concept's scalability and potential for growth, considering factors such as market size, revenue potential, and scalability. Through this iterative process, the startup concept evolves into a robust business model that serves as the blueprint for the startup's operations, guiding decisions related to product development, marketing strategy, and resource allocation. If you’d like to become a business student, using our MBA admission essay help is a great first step.

How to Start a Business Essay?

Starting a business involves several key steps. Firstly, it's essential to identify a viable business idea that aligns with your passion, expertise, and market demand. Research your target market, competitors, and industry trends to refine your concept. Once you have a solid idea, develop a comprehensive business plan outlining your goals, strategies, and financial projections. This plan will serve as a roadmap for your venture and help secure funding or investment.

Next, you'll need to choose a legal structure for your business, such as a sole proprietorship, partnership, corporation, or LLC. Register your business name and obtain any necessary licenses or permits. Set up your business finances, including opening a business bank account and obtaining any required insurance. Finally, develop a marketing strategy to promote your products or services and attract customers. Building a strong online presence, networking with other businesses, and utilizing social media can all be effective marketing tactics. With careful planning and execution, you'll be well on your way to launching a successful business. Now, let’s review a basic business essay outline:

Introduction

• Grab the reader's attention with an interesting fact, quote, or anecdote related to the topic.
• Provide context and background information on the topic.
• State the main argument or purpose of the essay.

Body Paragraphs

• Paragraph 1: Describe the current business landscape, including trends, challenges, and opportunities.
• Paragraph 2: Discuss the significance of developing a comprehensive business plan for startups and established businesses.
• Paragraph 3: Outline the essential components of a business plan, such as market analysis, competitive analysis, marketing strategy, operations plan, and financial projections.
• Paragraph 4: Explore different sources of funding available to entrepreneurs, including bootstrapping, loans, venture capital, and crowdfunding.
• Paragraph 5: Discuss effective marketing strategies for promoting products or services, building brand awareness, and attracting customers.
• Paragraph 6: Highlight the significance of delivering exceptional customer service and building strong relationships with customers.
• Paragraph 7: Emphasize the importance of adaptability and innovation in responding to market changes and staying competitive.
• Summarize the main argument or purpose of the essay.
• Review the main points discussed in the body paragraphs.
• Leave the reader with a thought-provoking idea, question, or call to action related to the topic.

Business Paper Format

The business essay format typically follows a structured outline, including the following sections:

• This page includes the paper's title, your name, the name of your institution (if applicable), and the date.
• A brief summary of the paper's main points, usually around 150-250 words, providing an overview of the topic, purpose, methodology (if applicable), and key findings or conclusions.
• This section introduces the paper's topic, provides background information, and states the purpose or objective of the study.

Literature Review

• A review of relevant literature and research on the topic, highlighting existing theories, studies, and findings related to your research question or problem statement.

Methodology

• If applicable, this section outlines the research methods and techniques used to collect and analyze data, including any tools, procedures, or sampling techniques.
• Presentation of the findings or results of your study, often including tables, charts, or graphs to illustrate data and statistics.
• Interpretation and analysis of the results, discussing their significance, implications, limitations, and relevance to the research question or problem statement.
• A summary of the paper's main findings and key points, restating the purpose and significance of the study, and offering recommendations for future research or practical applications.
• A list of sources cited in the paper, formatted according to a specific citation style (e.g., APA, MLA, Chicago).
• Optional supplementary materials include additional data tables, survey instruments, or detailed methodology descriptions.

How to Write an Introduction for a Business Essay?

Writing an introduction for a business essay requires capturing the reader's interest while setting the stage for the topic you'll be discussing. Here's a guide to crafting an effective introduction:

Start with a Hook

• Begin with an attention-grabbing opening sentence to pique the reader's curiosity.
• This could be a surprising fact, a compelling statistic, a thought-provoking question, or a relevant quote from a business leader or expert.

Provide Context

• After the hook, provide a brief overview of the topic you'll address in the essay.
• Give the reader some background information to understand the significance and relevance of the subject matter.
• Explain why the topic is important and matters in the business world.

State Your Thesis

• End the introduction with a clear and concise thesis statement that outlines your essay's main argument or purpose.
• This statement should provide a roadmap for what the reader can expect to learn or discover in the essay.
• Make sure your thesis is specific, debatable, and supported by evidence you'll present in the body paragraphs.

Transition to the Body

• Use the end of the introduction to transition smoothly into the essay's main body.
• Briefly preview the key points or arguments you'll discuss in the subsequent paragraphs to give the reader an idea of what's to come.

If you want to make a bold claim, then request our ‘ write my personal statement for me ’ service right now!

How to Write a Business Essay?

Let's kick things off with a solid step-by-step guide that sets the stage. We're about to dish out some awesome business essay writing tips to make your essay shine like a beacon in a sea of words. So, buckle up, grab your pen (or keyboard), and let's get started on crafting an introduction that'll hook your reader from the get-go!

Understand the Business Assignment

Take the time to carefully read and understand the assignment prompt or guidelines provided by your instructor. Pay attention to any specific requirements, such as the length of the essay, formatting style, or particular topics to address. If you have any questions or uncertainties about starting a business essay, don't hesitate to seek clarification from your instructor to ensure you're on the right track before you begin researching and writing. You can also use a term paper writing service to save a great deal of time and effort.

Research and Gather Information

Start your research by consulting various credible sources relevant to your topic. Utilize academic journals, books, reputable websites, and industry reports to gather information and evidence to support your arguments. Take detailed notes while conducting your research, recording key ideas, quotes, statistics, and their corresponding sources. Keep track of your sources to facilitate proper citation later on. Consider how you will engage readers in the business essay introduction – an anecdote, interesting quote, or relevant statistics.

Outline Your Essay

Create an outline for your how to start a business essay to organize your thoughts and structure your essay. Begin by outlining the main sections of your essay, such as the introduction, body paragraphs, and conclusion. Within each section, outline the main points you want to cover and the supporting evidence you'll use to support your arguments. Consider the logical flow of information and how each section relates to the overall thesis of your essay. Your outline serves as a roadmap for writing your essay and helps maintain coherence and clarity.

Write the Essay

With your outline in hand, start drafting your essay. Begin with a strong introduction that provides context for your topic, grabs the reader's attention, and clearly states your thesis or main argument. In the body paragraphs, develop each main point outlined in your outline, providing evidence, examples, and analysis to support your arguments. Ensure you cite your sources accurately and consistently throughout the essay according to the chosen citation style. Conclude your essay by summarizing the main points discussed in the body paragraphs and reinforcing the significance of your thesis. Leave the reader with a memorable closing thought or call to action related to the topic. Seems challenging? Then simply say, ‘ write my essay for me ,’ so our experts can lend you a helping hand.

Revise and Edit

After writing a business essay, take the time to revise and edit it thoroughly. Review your essay for clarity, coherence, and logical flow of ideas. Check for grammar, punctuation, spelling errors, and any inconsistencies or gaps in your argumentation. Consider your essay's overall structure and organization, making adjustments as needed to improve readability and coherence. Seek feedback from peers, tutors, or instructors to gain fresh perspectives and identify areas for improvement. Make revisions based on the feedback received, and refine your essay until you are satisfied with the final draft. Finally, proofread your essay one last time to ensure it meets all the requirements and is ready to be submitted.

Startup Business Ideas

• A meal prep delivery service.
• An online marketplace for handmade goods.
• Mobile car wash and detailing.
• Virtual tutoring platform.
• Dog walking app.
• Farm-to-table food delivery.
• Outdoor gear rental.
• Virtual event planning.
• Home repair matchmaking.
• Maternity wear rental.
• On-site beauty services.
• Freelance photography booking.
• DIY crafting workshops.
• Mobile bike repair.
• Sustainable flower delivery.
• Virtual fitness training.
• Plant-based meal kits.
• Urban parking rental.
• Houseplant subscription.
• Fresh produce delivery.
• Mobile car maintenance.
• Gift concierge service.
• Virtual cooking classes.
• Errand running assistance.

In addition, we have a pretty great list of cause and effect essay topics – take time to check it out, too!

Business Essay Topics

• Social media marketing's impact on small businesses.
• Improving employee engagement strategies.
• E-commerce: Challenges and opportunities.
• Customer relationship management success.
• Sustainable business practices and benefits.
• The gig economy: Pros versus cons.
• Workplace diversity and inclusion.
• Technology's influence on operations.
• Managing remote teams effectively.
• Corporate social responsibility in ethics.
• Entrepreneurship: Challenges and successes.
• Globalization's impact on SMEs.
• Leadership in organizational change.
• Workplace wellness programs.
• Business ethics in the digital age.
• The power of branding: Identity creation.
• Crisis management strategies for resilience.
• Efficient and sustainable supply chain management.
• Future of work: Trends and implications.
• Business innovation: Creativity and adaptation.
• Financial management for small businesses.
• Data privacy and security.
• Effective time management strategies.
• Emotional intelligence in leadership.
• Company culture: Retention and satisfaction.

Do’s and Don’ts of Business Essay Writing

There are certain rules for writing a business essay that you must follow and particular don’t-do-this issues that you should avoid.

• Clearly understand the essay prompt and adhere to any guidelines provided.
• Conduct thorough research using credible sources to support your arguments.
• Create a well-organized outline to structure your essay effectively.
• Craft a strong introduction that grabs the reader's attention and states your thesis clearly.
• Provide evidence and examples to support your arguments, using proper citations.
• Maintain a formal and professional tone throughout the essay.
• Use clear and concise language, avoiding jargon or overly complex terminology.
• Proofread your essay carefully to eliminate errors in grammar, punctuation, and spelling.
• Conclude your essay by summarizing key points and restating your thesis.
• Analyze how to write a cover letter to succeed in a business setting when applying for a job.

Don'ts:

• Don't plagiarize or use someone else's work without proper attribution.
• Avoid going off-topic or including irrelevant information in your essay.
• Don't rely solely on personal opinion; support your arguments with evidence and analysis.
• Avoid using informal language or slang in your writing.
• Don't rush through the writing process; take the time to revise and edit your essay thoroughly.
• Avoid making unsupported claims or assertions without evidence to back them up.
• Don't forget to cite your sources properly according to the chosen citation style.
• Avoid overloading your essay with too much information; focus on quality over quantity.
• Don't neglect the importance of formatting and presentation; ensure your essay is well-structured and visually appealing.

Business Essay Example

Here’s an example of a business essay that will be an excellent source of inspiration and formatting hints. If you want a new paper of similar quality, feel free to leave a quote.

Business essays serve as invaluable learning tools for students, providing them with a platform to apply theoretical concepts to real-world scenarios and develop essential skills for success in the business world. Students hone their critical thinking, problem-solving, and communication abilities by learning how to set up an essay , research topics, analyze facts, and write eloquently about various business topics. Business essays also encourage students to stay updated on current trends and developments in the business landscape, fostering a deeper understanding of industry dynamics and challenges. Moreover, writing business essays cultivates students' ability to formulate well-reasoned arguments, articulate their ideas effectively, and present information in a structured and persuasive manner, all of which are crucial competencies in professional settings.

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How to Effectively Pitch a Business Idea

• 27 Aug 2020

You’ve identified an underserved need and validated your startup idea . Now it’s time to talk about your business to potential investors. Yet, how do you effectively communicate your idea’s promise and possible impact on the market?

Pitching a business idea is one of the most nerve-wracking parts of any entrepreneur’s journey. It’s what stands in the way between your vision and the financing needed to turn it into a reality. Although daunting, there are steps you can take to ensure a greater chance of success.

Access your free e-book today.

What Makes a Great Pitch?

To make a successful pitch, entrepreneurs must exhibit several characteristics to convince investors to fund their innovative ideas .

Every entrepreneur needs an intricate understanding of their idea, target market, growth strategy, product-market fit , and overall business model . This differentiates your business concept and solidifies the steps needed to make it a reality. The perfect pitch shows investors your proof of concept and instills confidence that they can expect a return on investment .

Another crucial component of a successful pitch is understanding the venture capital (VC) ecosystem.

“It’s critical for entrepreneurs to understand the background and motivations of venture capitalists so when entrepreneurs seek them out to help fund their venture, they know what to prioritize in a firm and how to build a strong, trusting relationship,” says Harvard Business School Senior Lecturer Jeffrey Bussgang in the online course Launching Tech Ventures .

To secure funding and support, here are essential steps to ensure your pitch is effective.

How to Pitch a Business Idea

1. know who you’re pitching.

Some entrepreneurs try to get in front of every investor, despite their industry expertise or firm’s investment stage. Consider that, when you accept an investment, it’s about more than money; you enter a partnership. You must perform your due diligence and research potential investors before making your pitch.

When researching, ask yourself:

What industries do they invest in?

A VC firm’s industry focus depends on what the partners’ niche is and where their passions lie. Some firms specialize in a particular sector, such as financial technology (fintech) or education technology (edtech).

For example, Rethink Education is a venture capital fund that invests in early- and growth-stage edtech startups, while Blockchain Capital is dedicated to financing companies innovating in the crypto market. Others are generalists and span several industries.

Knowing the types of companies the firm invests in can help you tailor your pitch and zero in on their presumed priorities.

What stage do they invest in?

If you’re in the earliest stages of business development, you won’t receive growth equity, which is reserved for mature companies that need capital to expand operations, enter a new market, or acquire another business. Before making your pitch, have a rough estimate of the money and resources you need to launch, and then align yourself with investors who can help at that particular stage.

What’s the investor’s track record?

Dig deeper into the investor’s experience and investment history to determine the types of companies they typically finance, the background knowledge they might already have, and whether your personalities will mesh. This information will enable you to modify your pitch and determine if this is the right person or fund to partner with.

“The best venture capitalists become trusted partners and advisors to the founders and team,” says HBS Professor William Sahlman in the online course Entrepreneurship Essentials . “They help recruit key employees. They introduce the company to potential customers. They help raise subsequent rounds of capital. In some cases, they signal that the firm they've backed is a winner, which helps make that assertion true.”

Given the benefits and high stakes, the more you know going into a pitch, the better.

2. Consider How You Present Yourself, Not Simply Your Idea

Although your ideas and skills matter , your personality is equally as important. According to research published in the Harvard Business Review , venture capitalists’ interest in a startup “was driven less by judgments that the founder was competent than by perceptions about character and trustworthiness.”

Investors also want to know they’re entering a partnership with the right people. Jennifer Fonstad, co-founder of Aspect Ventures , acknowledges in Entrepreneurship Essentials that her investment firm “thinks about team and team dynamics as being very critical.”

Investors want to know whether the founders have worked together before, if your startup’s early hires have complementary skill sets, and whether you’ll be flexible, open-minded, and willing to embrace different perspectives.

Think about this as you prepare your pitch. If investors poke holes in your idea, will you get defensive? When they ask for financial projections, will you exaggerate the numbers? Hopefully, your answers are “no”—firms want to partner with founders they can trust who are open to guidance and mentorship—but if you’re second-guessing your reactions, consider what you might be asked and practice your responses.

As Sahlman reinforces in Entrepreneurship Essentials : “Most experienced investors look at the people first and the opportunity second. Even when a team is young and inexperienced, an investor depends on them to make the right decisions.”

3. Tell a Story

When describing your business idea, zero in on the problem you address for your target audience and how you solve it better than the competition. You could do this by presenting a real-life scenario in which you describe the pain point a current or prospective customer faced and how your product or service fixed the issue. This can help engage investors on a personal level and inspire them to see your idea’s potential.

By complementing your spreadsheets and charts with a compelling story, you can paint a fuller picture of your startup’s future and more effectively highlight its business opportunity.

4. Cover the Details

While it’s important to set the stage, you also need to cover the specifics. In your pitch deck, concisely define your value proposition and share a memorable tagline for investors to leave the meeting with.

According to Bussgang in Launching Tech Ventures , every pitch to an investor should contain the following:

• Intro: Focus on answering important questions like who you are, why you’re asking for funding, and what your founder-market fit is.
• Problem: Talk about your ideal customer’s pain point and how you plan to solve it.
• Solution: Explain how your idea is a compelling solution and why it’s better than existing solutions.
• Opportunity and Market Size: Provide your total addressable market (TAM), serviceable addressable market (SAM), and serviceable obtainable market (SOM) through research.
• Competitive Analysis: Understand your unique differences in the market that can help you sustain a competitive advantage.
• Go-to-Market Plan: Clarify how you’re going to reach your customers.
• Business Model: Describe how you’re going to make money.
• Financials: Define what your financial projections are and how you’re going to provide returns for investors.
• The Ask: Detail how much funding you need, how long it will last, and what milestones you hope to achieve.

“VCs will expect entrepreneurs to clearly define the milestones they need to achieve with each round of funding,” Bussgang continues. “Entrepreneurs should know what experiments they will run to reach these milestones and what they expect the results will be.”

5. Show the Roadmap

Although you’re in your business’s early stages, investors want to know how they’ll cash out in the end.

“To truly understand the motivations behind VC firms, remember that they are professional investors,” Bussgang explains in Launching Tech Ventures . “Their objective is to generate the maximum return for their limited partners with a dual fiduciary duty to their investors and the company.”

To clinch your pitch, highlight your exit strategy and the options available.

The most common exit strategies include:

• Acquisition: When one company buys most or all of another company’s shares to gain control of it
• Merger: When two existing companies unite into one new company
• Initial Public Offering (IPO): When a private company issues its first sale of stocks to the public and can start raising capital from public investors

Related: What Are Mergers & Acquisitions? 4 Key Risks

3 Kinds of Pitches for Entrepreneurs

While all effective pitches share foundational elements, you should use different types depending on the scenario. To increase your chances of success, tailor your pitch to your audience and the available time frame.

1. The Elevator Pitch

This is one of the most popular pitches. Use this when you need to communicate their startup’s value in 60 seconds or less.

An effective elevator pitch should be concise, convincing, and convey your startup’s value proposition and differentiators. For tech business ideas, mention the innovative technology that sets your concept apart. At the end, include a call to action, such as the amount of capital required to launch.

2. The Short-Form Pitch

You should portray your business idea’s value to prospective clients and investors as efficiently as possible. This means summarizing the most important elements of your idea in a way that makes them want to hear more. Highlight the market size, how you’ll create barriers for competition, your plan to monetize the business, and how much financing you need.

Short-form pitches can run from three to 10 minutes; if you’re pitching in a competitive setting, note any length requirements. These shorter pitches can pique investors’ interest and earn you the chance to present a long-form pitch.

3. The Long-Form Pitch

Sometimes, you’re fortunate enough to have more than a few minutes to pitch your idea. If this opportunity presents itself, it’s crucial to make the most of your time and address every aspect of your business plan.

“You’re not just trying to start any business,” Bussgang says in Launching Tech Ventures . “You’re trying to create a business that’s profitable, sustainable, and valuable.

Zero in on your story and share a real-life scenario. Detail the market size to illustrate demand and clear examples of how you’ll attract and retain customers, particularly in light of competitors. This will show you’re planning for—and ahead of—future challenges.

You should also have a blueprint for testing product-market fit and early results, along with a detailed monetization plan. Lastly, share your exit strategy and the amount of capital needed to, one day, achieve it. Your long-form pitch should communicate your business concept clearly and concisely, open the possibility for follow-up questions, and capture the investors’ interest.

Consider preparing all three pitch lengths to be ready for any opportunity. It’s important to stay agile so you can modify your pitch to fit specific length requirements.

Landing the Pitch

Every investor prioritizes different data and information. Yet, if you start by choosing the right investor and then align their needs with your proposed market opportunity, value proposition, and exit strategy, you have a chance at landing the pitch.

“In some ways, startup success depends just as much on whether your hypothesis about the future is right, as it does on whether your idea is a good one,” Bussgang explains in Launching Tech Ventures .

As a result, it’s important for you to do your due diligence before pitching your business idea to investors.

If you’re interested in learning more about what investors look for and how you can create value, explore Entrepreneurship Essentials and Launching Tech Ventures , two of our entrepreneurship and innovation courses . Not sure which is the right fit? Download our free course flowchart to determine which best aligns with your goals.

This post was updated on July 28, 2023. It was originally published on August 27, 2020.

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7 Steps to Form an LLC

1. check what requirements your state has, 2. name your business, 3. pick a registered agent, 4. file your articles of organization, 5. create an operating agreement, 6. plan for the future, 7. consider using a professional, 7 steps to start an llc for your small business.

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate products and services to help you make smart decisions with your money.

• The exact steps for forming an LLC vary by state, but it's a similar process in most states.
• You'll need a business name, a registered agent, articles of organization, and an operating agreement in certain states.
• Save $25 when using Block Advisors to form your LLC today. Discount applied in cart.

If you're working on setting up your own business, there's a good chance you're looking to open a limited liability company, or LLC. This business structure gives you limited liability protection similar to a corporation, plus the flexibility of a sole proprietorship or partnership, making it a popular choice for small business owners.

The main perk of an LLC is that it generally can protect your personal assets (like the money you're saving up to buy a home or retire) from certain liabilities or debt that come with owning your business. In other words, in many cases, a creditor you owe money to through your business usually won't be able to come for the money in your personal accounts. Having an LLC can also legitimize your business, which may be a benefit to many small business owners.

If that sounds good, follow these steps to open your LLC.

• Check what requirements your state has
• Name your business
• Pick a registered agent
• File your articles of organization
• Create an operating agreement
• Plan for the future
• Consider a professional service 

LLCs are regulated by states, which means that you'll have to meet the specific requirements outlined by the state where you're registering the LLC. You'll find this information easily on your Secretary of State's website.

While most steps necessary to establish an LLC will need to be done no matter which state you live in, the specific guidance for how to do each step — like naming your business and picking a registered agent — can vary.

Now that you have a business, it's time to choose a name for it. While you'll want something catchy and easy to market, it's also important to make sure that the name you choose meets your specific state's requirements.

First, you'll need to ensure that the name you choose isn't being used by another LLC in your state. You can typically do a name search on the Secretary of State's website ( here's Illinois' search tool , for example).

In general, you'll need to have certain words in the name that make it clear your business is an LLC, such as "Limited Liability Company," "LLC," or "L.L.C." Many states will also prohibit you from including certain words in the name. In New York, for instance, you can't include the words "academy," "bank," "finance," "union" and many more .

Every LLC has to have a registered agent who acts as the point person for any legal matters that may come up and for the Secretary of State to send any official paperwork to. Generally, that person (or business) must have a physical address in the state where your LLC is registered and be available to receive mail there during working hours. They also have to be at least 18 years old.

You can name yourself as the registered agent, but it may not be the best idea. If you're worried you might not be available to serve as the point person or might not be able to keep up with important mail, it might be best to outsource this role. There are registered agent services you can use, though they'll come at a cost.

Next, head back to the Secretary of State's website to find the articles of organization that you'll need to file. You can also meet with someone in the department in person or by phone if you prefer.

The exact information you'll have to fill out for the articles of organization will vary by state. Still, you can expect to be asked for basic information like your LLC's name, address, services, and how you expect it to be managed. You'll also need to pay a filing fee.

Keep in mind that the articles of an organization may be called something different, depending on the state. Alabama and Texas, for example, call it a "certificate of formation." Some states also have publication requirements, which means you need to publish an announcement of your new business in a newspaper.

While you'll likely divvy up responsibilities for anyone in your business on your own, you may also be required to do so via an operating agreement. These agreements outline how your business will be run and delegate roles and power to different members. That may include voting procedures, rules around daily operations, and ownership rights within the company.

Only some states require you to create this type of agreement, but it is a good idea to do so even if you don't technically have to.

Opening an LLC may be your first priority, but there are other tasks to take care of during the process, like getting your employer identification number (EIN). An EIN is an identifying number that the IRS will use for tax reasons, but it's not always required for opening an LLC.

You may also want to open a business bank account to ensure you keep your personal and business assets separate for bookkeeping and tax purposes. Plus, look into what exactly you need to keep your LLC active in your state, which may include filing an annual report.

A lot goes into opening and operating your own business, but you don't have to take care of everything on your own. Block Advisors , part of H&R Block, can help you decide which type of business structure is best for you, such as an LLC, and help you open that business. Using an online service to incorporate your business will help ensure that you submit all of the necessary paperwork required in your state of incorporation. This could save you time now and headaches later.

With Block Advisors, you're not on your own once your business is up and running. The service provides tax help, including filing your taxes with a professional or on your own with help from a live expert. You can also opt for one of its bookkeeping services , which range from a step-by-step guide to doing your own bookkeeping to working with your own dedicated accountant.

If you're looking to scale, Block Advisors also offers payroll services, which help you pay your employees each pay cycle and can make sure you stay compliant. There are three tiers to choose from — the basic service comes with a dedicated accountant, up to the premium service, which includes timekeeping, human resources assistance, and more.

*This article is for informational purposes only and should not be construed as legal advice. You may want to seek the advice of an attorney to evaluate all relevant considerations in forming a business entity. 

**Block Advisors discount may not be combined with any other offer or promotion. Void if transferred and where prohibited. Discount will appear in your cart automatically when you use the link. No cash value. Expires June 30, 2024.

Watch: AI expert explains how to incorporate generative AI into your business strategy

• Main content

Essay on Starting a New Business | Business Management

After reading this essay you will learn about:- 1. Introduction: Starting a New Business 2. Why do People Enter Into Business ? 3. Ways of Entering into Business 4. Promotion 5. Problems.

Essay on Starting a New Business

Essay Contents:

• Essay on the Problems in Starting and Operating a Business Unit

Essay # 1. Introduction: Starting a New Business:

Starting a business involves the use of resources to achieve a given objective. Every human being engaged in some form of business activity of producing, distributing and exchanging goods and services. This project report is devoted to the discussion of the objective of and problems relating to starting and operating a business by a person or group of persons as a proprietor or co-owners, partners or shareholders in expectation of profit subject to readiness to bear the risks involved.

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Business enterprise is concerned with the skilful and careful application of the human, material and monetary resources towards the accomplishment of one’s aspirations and ambitions. Establishing an enterprise is an exercise in resource mobilising and in risk taking with a view to earn income or profit out of the chosen operations.

Essay # 2. Why do People Enter Into Business?

People enter into business with the purpose of getting profits as return on the capital invested by them. But there are other motives too.

(i) Livelihood:

Small businessmen start some petty shops with their limited capital and ability to earn their livelihood.

(ii) Profit:

Profit, the surplus margin between income and costs, is the substantive stimulating factor underlying starting of a business enterprise. The real enterprising businessman seeks not merely to earn a living or interest on his capital but also to acquire additional return or reward for risk -bearing and for the managerial and organisational ability.

Those who intend to establish their enterprise are primarily lured by prospects of profit but at the same time they have to be ready to face risks, i.e., possible loss in business and, sometimes, of the capital itself.

(iii) Social Recognition:

In the modern society, businessmen are regarded as resourceful and they are honoured by the society. Wealthy and capable businessmen figure prominently in the public estimation. It is, therefore, natural for a person to start a business enterprise that would give him social prestige.

(iv) Public Service:

The desire to promote the welfare of the community may motivate some people to enter into business. As Spriegel said “business provides an excellent opportunity for social and economic service of the highest order.” Attitude of service and social approval may generate greater psychic rewards than monetary gains. Such incentives may result in the manufacture of standard quality of goods leading to higher profits.

(v) Personal Satisfaction:

To some people business is a means of living and to many others it is a way of life-the practical embodiment of their mode of thinking. They enter into business in order to channelise their creative urge. Many people like to be independent and strive to develop their dynamic talents without servings under any masters.

(vi) Power:

Power too is a strong motivation force in entering a business. Business enables the entrepreneur and managers to possess powers over productive resources, employed workers and earned profits. The prospect of becoming a boss lures many people into business.

(vii) Protection of the Family Estate:

Many times individuals inherit a business and they would like to run it in order to protect their family property and tradition and prestige.

Essay # 3. Ways of Entering into Business:

People desirous of entering a business may acquire ownership of a business unit in the following ways:

(i) By Buying Shares:

They may buy shares of joint-stock companies engaged in or proposed to be engaged in the manufacturing, marketing or any other type of business operations.

(ii) By Starting own Firm:

Some people may start their own firm or acquire an existing firm operating in a particular line of business with their own funds supplemented by borrowed funds. They are owner-cum-managers .

(iii) By Gift or Inheritance:

There are many who assume ownership of business by gift or inheritance.

(iv) By Promotion:

Nowadays, mostly, large-scale enterprises are started by the technical cum financial process of investigation. Every new business is the result of an idea conceived by persons with flair for business. Those who originate the idea of starting a company, follow it up by testing the worth of the idea and finally bring up a company, in its legal structure after completing the formalities and backing it with their efforts to mobilise money, men and materials are called promoters.

Promoters may or may not be interested in seeking powers of management. Their main function is to conceive the idea of worth, while business and “sell the idea” in concrete from to the organisation he builds up.

Essay # 4. Promotion of Business Enterprise:

Promotion signifies the aggregate of activities designed to bring into being an enterprise to operate a business. It pre supposes the technical processing of a commercial proposition with reference to its potential profitability. The meaning of promotion and the steps to be taken in promoting a business are discussed in brief hour.

Meaning of Promotion:

Promotion of a company refers to the sum total of the activities of all those who participate in the building of the enterprise upto the organisation of the company and completion of the plan to exploit the idea. It begins with the serious consideration given to the ideas on which the business is to be based. Gerestenberg has defined promotion as “the discovery of business opportunities and the subsequent organisation of funds, property and management ability into a business concern for the purpose of making profit therefrom”.

Person or persons who undertake all these activities are known as promoters.

Stages in Promotion of a Company:

Promotion involves following steps:

1. Discovery of Business Opportunities

2. Assembling

3. Preparation of a Financial Plan or Financing the Proposition.

1. Discovery of Business Opportunities :

When a person or persons get an idea that there is the possibility of starting a new business to take advantage of the untapped natural resources or new invention, discovery of some business opportunities begins.

Such an idea may also be to start a business unit to supply the product at a lower price by breaking the monopoly of existing concern in a particular line of business or to expand an existing concern by converting partnership into private limited company or into public limited company or by combining some going concerns. But the promoter cannot go ahead immediately after such an idea strikes him.

Discovery of an idea will mean following steps:

(i) Conception of an idea:

When a person or persons, called promoters, understand that there is a possibility of starting some business concern, the idea is said to have been conceived.

(ii) Investigation:

Before money is invested to exploit the idea conceived thorough and detailed investigation of commercial feasibility of idea with reference to sources of supply, extend of demand, present and potential competition, the amount of capital necessary etc. is absolutely essential.

The idea must be put to “the rigid test of cold fact of costs and inflexible law of experts like engineers, values, accountants, statisticians, marketing experts etc., who prepare a report on the position of the market, present and potential competition, amount required for the fixed assets like land, buildings, machinery, furniture etc.”

The report would also include the survey of supply positions of raw material, labour, transport facilities and other relevant items of expenditure. Such an investigation gives the critical appraisal of the idea conceived and reveals whether the idea is commercially feasible or not.

(iii) Verification:

The report submitted by the investigators must not be accepted without getting it verified by separate team of impartial, disinterested experts. Mistakes are likely to creep into the investigators’ report.

This may be due to the wrong selection of the investigators or because of prejudiced interest or optimistic view of the investigators. Mistakes may also occur because of collection of figures from the non-reliable sources or due to the wrong interpretations of the data collected by the investigators.

Therefore, dispassionate and impartial opinion of the experts of the investigators must be taken to correct any shortcomings in the methods and contents of investigation.

2 . Assembling :

After verification of the investigators report if the result of verification is favourable, promoters go ahead with the promotion of the projected company. The next step which promoters have to take is to give their idea a pattern which may look like a going concern.

This involves bringing together or assembling of original idea, property and managerial ability. At this stage wide range of activities such as selection of a site and taking an option for the lease or purchase of land, arrangement for the construction of buildings, purchase of equipment, securing of patent rights and entering into contracts with persons for technical, managerial, office and factory jobs are all to be undertaken by the promoters.

3 . Preparation of a Financial Plan or Financing the Proposition :

After assembling or mobilising all the factors required for giving the idea the form of a business concern, promoters have to proceed with the preparation of a financial plan for the proposed concern. While preparing the financial plan promoters have to keep in mind that adequate funds have to be provided for launching the enterprise as going concern with title to the necessary property.

Also, sufficient amount of cash in hand and adequate margin for contingencies must be considered.

For this promoters give a thought to the choice of different kinds of securities such as share and debentures as source of raising the required finance. They may enter into contact with the underwriting houses for the subscription of these securities. They may also come to an agreement with the banks for raising loans for the working capital requirements.

Types of Promoters:

Idea of starting new business undertakings originate from a person or a group of persons whom we call promoters.

There are following types of promoters:

1. Entrepreneurs:

Dynamic persons who are gifted with the business acumen conceive the idea of starting business and continue to carry on the affairs of the business enterprise so promoted are known as entrepreneurs.

A large number of small-scale enterprises are brought into being and managed by the promoters themselves. They discover the idea, find out its worth in commercial perspective, organise the activities connected with the idea, assume risks and strive to earn profits by their own efforts.

2. Professional Promoters:

Large-scale enterprises are the creation of thought­ful actions of independent businessmen. They are the gifted personalities compe­tent to visualise varied opportunities of making profits through business activities.

They conceive the idea, investigate the possible costs, revenue and estimate the potential profit margin and assemble the factors of production needed to put the idea into operation. They bring into existence new enterprises, expand old enter­prises or bring about integration and consolidation of existing undertakings.

These promoters are concerned with giving concrete form to the business opportunity. Once the idea is given practical shape, they sell the proposition to the company formed to exploit the idea. They are not usually interested in assuming managerial powers in the enterprises which they seek to promote.

They are only in the lookout for new opportunities which they nourish into business propositions to be entrusted to firms or companies in return for definite remunerations known as promotional remuneration.

3. Technical or Engineering Firms:

Engineers and technological experts sometimes pick up lucrative idea of business promotion. Patents are evolved for manufacturing equipment or product to be used in the related business.

4. Financial Institutions:

Investment banks or industrial banks very often initiate new enterprises or put in proposals for mergers in the process of investigating the financial viability of different enterprises by whom they are approached for financial assistance. Gerestenberg points out that investment banker becomes active in the field of promotion when the securities market is able to absorb new issues of equity security.

5. Government:

The modern states (governments) in a number of countries have taken abiding interest in pioneering basic, strategic and defence industries with a view to speed up the process of development, expand employment opportunities, ensure economic and social justice etc.

In India, as per Industrial policy Resolution the Government has emerged as the leading promoter of prestigious enterprises ranging from steel, coal, shipping, fertilisers, electronics and aircraft to banking, insurance, tourism, hotels, etc.

6. Specialised Institutions:

The Government has set up special institutions to undertake investigation of probable or potential business opportunities that would benefit the community and fill up the gaps in the industrial structure of the country concerned. Industrial Estates and National Industrial Development Corporation of India are the examples of such institutions.

These institutions survey the field, judge the prospects of new business opportunities and conduct investigations. Subsequently the probed and approved propositions may be handed over to the companies in the private sector for follow-up and actual execution.

Essay # 5. Problems in Starting and Operating a Business Unit:

It has been noted in the preceding pages that conception of an idea is not enough to launch a business enterprise. Before the enterprise is brought into existence promoters have to assess the commercial feasibility of the idea conceived by them.

For this purpose an economic survey has to be undertaken in a given region, city or location. This survey indicates the clear and comprehensive picture of the business planned and measures the extent of profit-earning capacity of the proposed undertaking.

The aim of the survey is to judge how far the operations of the proposed business would result in profit. Profits depend on the sales potential which in turn depends on the design and utility of the product and the probable demand for it in the competitive market. The surveys would also give an idea about the volume of business that can be expected in the given set of conditions.

The problems that need to be tackled in starting a business are as under:

(i) Choosing the product;

(ii) Marketing the product;

(iii) Deciding about the size of the firm;

(iv) Purchasing the materials;

(v) Employing the needed personnel; and

(vi) Raising adequate funds to start the enterprise.

These problems are studied under the following heads:

(i) Product Analysis:

The type of the product or service intended to be produced or rendered influences all other aspects of business. Quick and wide sale ability is the main criterion of production planning. Product analysis primarily means deciding about the kinds of products to be produced and the different sizes and models in the line. The design of each type of product must be planned after careful study of technical and marketing factors.

Consultation with engineering and marketing experts are necessary to evolve suitable designs of the products that would be consistent with the trends in the market. The size, style, colour, shape, workmanship and the finish of the product have to be determined according to the criteria of technical observation and testing.

All the aspects of a product have direct bearing on the consumers’ likes and tastes and the moods of the market. Consumers’ preferences are to be examined to shape the product or the service so that immediate demand would manifest as soon as the goods are released into the market.

In the words of Shubin: “Each item is to be designed for maximum sale ability in a chosen price-field; the product analysis must be made the viewpoint of the prospective consumers.”

Consumers’ interest are focused on the products or services depending on their durability, utility, size, weight, appearance, style, convenience, competitive price, general performance, etc.

The product analysis should closely study the consumers’ psychology and compile data useful for accurate designing and developing the product.

Product analysis includes the survey of the following:

(i) Raw materials required;

(ii) Trained personnel needed;

(iii) Equipment essential;

(iv) Other products in the competing line; and

(v) Quality and performance of the product expected to meet the needs for which product is designed.

The product and its elements are to be designed to tally with the motivations of the prospective customers. Business promotion will be futile if products fail to fit into the need -pattern of consumers.

Hence the fundamental problem in starting a business is to take a crucial decision about the designs of the product vis-a-vis the temper of and the prevailing fashion in the market as well as the desires tastes and needs of the consumers.

(ii) Market Analysis:

The ultimate goal of every enterprise is to sell the products in the market. Therefore, promoters have to explore the diversity and depth of the market for the products or services proposed to be produced.

The assessment of market potential for the product is a key for ascertaining the probable profitability of the enterprise under formation. Over-enthusiasm for a new product without judging the commercial value may land a new or existing enterprise in a crisis.

Costly plant, expensive equipment and highly paid personnel would be of no avail if the production capacity generated is in excess of the current and potential demand. Enterprises started with high ambition may come to grief if the actual sales are lagging behind the rate in output growth.

In the words of Wheeler “The businessman who neglects to estimate his probable volume of sales is courting financial disaster.”

It is obviously essential for businessman to make a thorough and careful check-up of the market demand before investing his capital in new ventures. Estimating the demand in the market involves the exploratory study of the area to be served and the potential number of buyers within the area. Income and buying habits of customers are analysed with reference to the products in view.

The ‘regularity’ or ‘seasonality’ of sales is ascertained as a guide to production, purchasing and manpower requirements. Market analysis implies calculation of possible sales of products if the industry is established.

It comprises the study of:

(i) Who will buy?

(ii) Where these buyers are?

(iii) What will they buy?

(iv) How much they will buy?

(v) When would they buy?

Forecasting of sales over the given period is the aim of market analysis. Market analysis has to study the current demand and potential demand.

Demand depends on the kinds of products -whether these are necessaries, luxuries, etc. If the products are necessaries demand would be steady, in case the products are luxuries demand would be more elastic and would vary according to price changes. If the products are durable goods and have continuous use over a period of time, the demand may fluctuate frequently over the various phases of the trade cycle.

The number of consumers, their standard of living, buying habits, their status, age, their purchasing power, the overall trends in the market and the characteristics of the market are studied to find out the potential demand. The prevailing competition in the product line has also to be assessed before attempts are made to penetrate the market.

A study of the suitable marketing channels is also essential to plan the sales promotion efforts. The promoters have to choose direct channels of selling to the consumers bypassing the middlemen or indirect channels of distributing the products via wholesalers and retailers to consumers.

Need of advertising, approach in customer relations, product guarantees, etc. have to be anticipated. In forecasting marketing potentials the promoters have to take note of secular factors like population growth, changes in technology, variations in tastes and fashions and cyclical factors reflected in the boom, recession, depression and recovery. Pessimistic or optimistic attitudes of consumers would reveal the cyclical influence on demand.

(iii) Objectives and Policies:

After the completion of product and market analysis promoters have to lay down the fundamental objectives and scope of the proposed business operations. An overall plan and policy framework have to be devised on the basis of conclusions drawn consequent to market surveys and forecasts.

The plans and policies are formulated in order to guide the developmental course of the proposed firm in respect of manufacturing and marketing operations, future expansion, adaptability and stability. Finally, the promoters have to evolve a good design of the product keeping in view the trends and moods of the market and suited to technological requirements of the time.

Consumer utility, market stability, flexibility for growth, economical functioning, reasonable price-range etc. would weigh with the promoters in the choice of the shape, size, style, colour and character of the product.

(iv) Size of the Firm:

Determining the size of the firm is an important decision to be taken by the promoters. The size of the undertaking has to be decided on the basis on the market feasibility, technological possibility and availability of finance.

Realization of internal and external economies also influences the scale of production and the size of the firm’s operations. At the inception of the undertaking its size should be fixed solely on the basis of the correct estimates of sales over a given period. If the size is unduly large, the resources invested would be wasteful and the entire operations would not bring in expected profits.

If the size is very small, the firm may not be able to function efficiently and realise the economies of bulk operations. Therefore, that size which would ensure the fulfilment of realistic sales targets for a reasonable period of time will have to be determined. Fuller and optimum use of resources and the expected sales are the main criteria for deciding the size of any proposed undertaking.

In the words of Shubin, “the initial size of the establishment must be based on judicious sales estimates with accurate sales-estimates the firm can avoid investing in an establishment that is too large and expensive to be profitable at the outset but can select a size sufficiently large to take care of the initial sales and their expected increase during the years immediately ahead.”

(v) Location:

Promoters have to take with utmost care the decision regarding the selection of the region and the site where the proposed enterprise is to be established. Location of the enterprise should be guided by the comparative cost conditions as between different areas with reference to the manufacturing and marketing of the products.

Access to raw materials, nearness to markets, adequacy of cheap means of transport, availability of required labour, existence of other infrastructure facilities are the main factors to be reckoned in the choice of the site for locating the enterprise.

(vi) Layout of the Plant:

After the size is selected, the promoters or the entrepreneurs will have to devise a systematic arrangement of the plant, equipment and other physical facilities in order to secure economical, productive operations.

The building of the factory should be sufficient in size and designed to suit the techniques underlying the manufacturing operations.

The plant, machinery, tools, equipment etc. are to be placed in a scientific sequence so as to bring about smooth, uninterrupted flow of output from one stage to another stage of operations.

(vii) Financial Arrangements:

Assessment of financial needs and arrangements for raising the required finance are the most crucial tasks of the promoters. They have to calculate in detail the fixed costs and recurring expenses of the enterprise. In the absence of proper financial data, the enterprise may be bogged down due to paucity of funds at different stages. It is therefore necessary for the promoters “to set forth their proposed capital structure”.

After the nature of business operations is decided, policies are formulated and layout and equipment plans are finalised, it is possible to compute the costs of land, plant, machinery, building, equipment, inventories and other operational expenses for fulfilling the objectives.

The procedure for financing a new enterprise is summarised as under:

(i) Determination of the immediate and future financial needs.

(ii) Classification of the securities to be issued.

(iii) To acquire the funds through sale of securities.

Financial requirements are estimated by ascertaining the amount essential for fixed capital, working capital and costs of organising and promoting the enterprise. Immediate requirements plus estimates of financial needs for probable expansion in future would constitute the bulk of finance to be raised for starting the enterprise with a promise of stability and prosperity.

Fixed capital requirements refer to costs of land, building, plant, tools, equipment and other basic assets needed for starting an enterprise.

Working capital signifies the funds required to cover the expenses for day-to­day operations of the enterprise, such as costs of inventory- raw materials, semi- processed and finished goods-wages and salary of the personnel, overhead costs of maintenance, fuel and power, services, taxes, insurance, etc. and costs of promotion of sales such as advertising, salesmanship, credit facilities, guarantees, after sale service, etc.

Financial arrangements should also include the estimate of preliminary expenses and losses, if any, to be incurred prior to incorporation. After calculating the aggregate requirements of funds, the entrepreneurs should decide how to raise these funds. They can issue securities of different types- equity and preference shares, debentures.

Promoters of large enterprises sell the securities through investment bankers or directly to investors or through underwriters. After the total investments have been calculated and the sales forecasts made, it is possible to compute the expected rate of profit.

(viii) Organisational Structure:

The next step for the promoters, after ascertaining the commercial feasibility of the business opportunities visualised and having made necessary arrangements for the funds needed, is to build up a competent and coordinated internal structure of organisation.

Organisation of the activities into different departments, staffing them, training the staff, controlling their work, evaluating their performance, motivating the personnel are the vital problems to be solved by the initiator of a business enterprise.

(ix) Launching the Enterprise:

After all the surveys and estimates are conducted and their findings indicate the feasibility of starting the enterprise, the entrepreneurs shall have to take practical steps to put the enterprise into actual operations.

Acquisition of land and building, selection of personnel, installation of plant and machinery, arrangement of tools and equipment, purchases and build-up of raw material inventories, announcing the introduction of new products, advertising their utility through different media, all these constitute the concrete steps in launching the enterprise.

Orders for starting the production processes through standard instructions, models, route sheets, and procedures herald the beginning of the new enterprise.

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