setting up a business essay

How to Write a Business Essay: an Ultimate Guide

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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.

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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.

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How to Start a Business: A Comprehensive Guide and Essential Steps

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Conducting Market Research

Crafting a business plan, reviewing funding options, understanding legal requirements, implementing marketing strategies, how much does it cost to start a business, what should i do before starting a business, what types of funding are available to start a business, do you need to write a business plan, the bottom line.

Building an effective business launch plan

setting up a business essay

Starting a business in the United States involves a number of different steps, spanning legal considerations, market research, creating a business plan, securing funding, and developing a marketing strategy. It also entails decisions around a business’s location, structure, name, taxation, and registration.

This article covers the key steps involved in starting a business, as well as important aspects of the process for entrepreneurs to consider.

Key Takeaways

  • Entrepreneurs seeking to develop their own business should start by conducting market research to understand their industry space and competition, and to target customers.
  • The next step is to write a comprehensive business plan, outlining the company’s structure, vision, and strategy. Potential funders and partners may want to review the business plan in advance of signing any agreements.
  • Securing funding is crucial in launching a business. Funding can come in the form of grants, loans, venture capital, or crowdfunded money; entrepreneurs may also opt to self-fund instead of or in combination with any of these avenues.
  • Choosing a location and business structure can have many implications for legal aspects of business ownership, such as taxation, registration, and permitting, so it’s important to fully understand the regulations and requirements for the jurisdiction in which the business will operate. 
  • Another key aspect of launching a new business is having a strategic marketing plan that addresses the specifics of the business, industry, and target market.

Before starting a business, entrepreneurs should conduct market research to determine their target audience, competition, and market trends. 

The U.S. Small Business Administration (SBA) recommends researching demographic data around potential customers to understand a given consumer base and reduce business risk. It also breaks down common market considerations as follows:

  • Demand : Do people want or need this product or service?
  • Market size : How many people might be interested?
  • Economic indicators : These include income, employment rate, and spending habits of potential customers.
  • Location : Where are the target market and the business located?
  • Market saturation : How competitive is the business space, and how many similar offerings exist?
  • Pricing : What might a customer be willing to pay?

Market research should also include an analysis of the competition (including their strengths and weaknesses compared to those of the proposed business), market opportunities and barriers to entry, industry trends, and competitors’ market share .

There are various methods for conducting market research, and the usefulness of different sources and methodologies will depend on the nature of the industry and potential business. Data can come from a variety of sources: statistical agencies, economic and financial institutions, and industry sources, as well as direct consumer research through focus groups, interviews, surveys, or questionnaires.

A comprehensive business plan is like a blueprint for a business. It will help lay the foundation for business development and can assist in decision making, day-to-day operations, and growth. 

Potential investors or business partners may want to review and assess a business plan in advance of agreeing to work together. Financial institutions often request business plans as part of an application for a loan or other forms of capital. 

Business plans will differ according to the needs and nature of the company and only need to include what makes sense for the business in question. As such, they can vary in length and structure depending on their intended purpose. 

Business plans can generally be divided into two formats: traditional business plans and lean startup business plans. The latter is typically more useful for businesses that will need to adjust their planning quickly and frequently, as they are shorter and provide a higher-level overview of the company.

The process of funding a business can be as unique as the business itself—that is, it will depend on the needs and vision of the business and the current financial situation of the business owner. 

The first step in seeking funding is to calculate how much it will cost to start the business. Estimate startup costs by identifying a list of expenses and putting a number to each of them through research and requesting quotes. The SBA has a startup costs calculator for small businesses that includes common types of business expenses. 

From there, an entrepreneur will need to determine how to secure the required funding. Common funding methods include:

  • Self-funding , also known as bootstrapping  
  • Seeking funding from investors, also known as venture capital  
  • Raising money by crowdfunding
  • Securing a business loan
  • Winning a business grant

Each method will hold advantages and disadvantages depending on the situation of the business. It’s important to consider the obligations associated with any avenue of funding. For example, investors generally provide funding in exchange for a degree of ownership or control in the company, whereas self-funding may allow business owners to maintain complete control (albeit while taking on all of the risk). 

The availability of funding sources is another potential consideration. Unlike loans, grants do not have to be paid back—however, as a result, they are a highly competitive form of business funding. The federal government also does not provide grants for the purposes of starting or growing a business, although private organizations may. On the other hand, the SBA guarantees several categories of loans to support small business owners in accessing capital that may not be available through traditional lenders.

Whichever funding method (or methods) an entrepreneur decides to pursue, it’s essential to evaluate in detail how the funding will be used and lay out a future financial plan for the business, including sales projections and loan repayments , as applicable.  

Legally, businesses operating in the U.S. are subject to regulations and requirements under many jurisdictions, across local, county, state, and federal levels. Legal business requirements are often tied to the location and structure of the business, which then determine obligations around taxation, business IDs, registration, and permits.

Choosing a Business Location

The location—that is, the neighborhood, city, and state—in which a business operates will have an impact on many different aspects of running the business, such as the applicable taxes, zoning laws (for brick-and-mortar, or physical locations), and regulations.

A business needs to be registered in a certain location; this location then determines the taxes, licenses, and permits required. Other factors to consider when choosing a location might include:

  • Human factors : Such as the target audience for your business, and preferences of business owners and partners around convenience, knowledge of the area, and commuting distance
  • Regulations and restrictions : Concerning applicable jurisdictions or government agencies, including zoning laws
  • Regionally specific expenses : Such as average salaries (including required minimum wages), property or rental prices, insurance rates, utilities, and government fees and licensing
  • The tax and financial environment : Including income tax, sales tax, corporate tax, and property tax, or the availability of tax credits, incentives, or loan programs

Picking a Business Structure

The structure of a business should reflect the desired number of owners, liability characteristics, and tax status. Because these have legal and tax compliance implications , it’s important to fully understand and choose a business structure carefully and, if necessary, consult a business counselor, lawyer, and/or accountant.

Common business structures include:

  • Sole proprietorship : An unincorporated business that has just one owner, who pays personal income tax on profits
  • Partnership : Options include a limited partnership (LP) or a limited liability partnership (LLP)
  • Limited liability company (LLC) : A business structure that protects its owners from personal responsibility for its debts or liabilities
  • Corporation : Options include a C corp , S corp , B corp , closed corporation , or nonprofit

Getting a Tax ID Number

A tax ID number is like a Social Security number for a business. Whether or not a state and/or federal tax ID number is required for any given business will depend on the nature of the business, as well as the location in which the business is registered.

If a business is required to pay state taxes (such as income taxes and employment taxes), then a state tax ID will be necessary. The process and requirements around state tax IDs vary by state and can be found on individual states’ official websites. In some situations, state tax IDs can also be used for other purposes, such as protecting sole proprietors against identity theft.

A federal tax ID, also known as an employer identification number (EIN) , is required if a business:

  • Operates as a corporation or partnership
  • Pays federal taxes
  • Wants to open a business bank account
  • Applies for federal business licenses and permits
  • Files employment, excise, alcohol, tobacco, or firearms tax returns

There are further situations in which a business might need a federal tax ID number, specific to income taxation, certain types of pension plans, and working with certain types of organizations. Business owners can check with the Internal Revenue Service (IRS) about whether they need an EIN.

Registering a Business

Registration of a business will depend on its location and business structure, and can look quite different depending on the nature and size of the business. 

For example, small businesses may not require any steps beyond registering their business name with local and state governments, and business owners whose business name is their own legal name might not need to register at all. However, registration can include personal liability protection as well as legal and tax benefits, so it can be beneficial even if it’s not strictly required. 

Most LLCs, corporations, partnerships, and nonprofits are required to register at the state level and will require a registered agent to file on their behalf. Determining which state to register with can depend on factors such as:

  • Whether the business has a physical presence in the state
  • If the business often conducts in-person client meetings in the state
  • If a large portion of business revenue comes from the state
  • Whether the business has employees working in the state

If a business operates in more than one state, it may need to file for foreign qualification in other states in which it conducts business. In this case, the business would register in the state in which it was formed (this would be considered the domestic state), and file for foreign qualification in any additional states.

Some businesses may decide to register with the federal government if they are seeking tax-exempt status or trademark protection, but federal registration is not required for many businesses.

Overall registration requirements, costs, and documentation will vary depending on the governing jurisdictions and business structure.

Obtaining Permits

Filing for the applicable government licenses and permits will depend on the industry and nature of the business, and might include submitting an application to a federal agency, state, county, and/or city. The SBA lists federally regulated business activities alongside the corresponding license-issuing agency, while state, county, and city regulations can be found on the official government websites for each region.

Every business should have a marketing plan that outlines an overall strategy and the day-to-day tactics used to execute it. A successful marketing plan will lay out tactics for how to connect with customers and convince them to buy what the company is selling. 

Marketing plans will vary according to the specifics of the industry , target market, and business, but they should aim to include descriptions of and strategies around the following:

  • A target customer : Including market size, demographics, traits, and relevant trends
  • Unique value propositions or business differentiators : Essentially, an overview of the company’s competitive advantage with regard to employees, certifications, or offerings
  • A sales and marketing plan : Including methods, channels, and a customer’s journey through interacting with the business
  • Goals : Should cover different aspects of the marketing and sales strategy, such as social media follower growth, public relations opportunities, or sales targets
  • An execution plan : Should detail tactics and break down higher-level goals into specific actions
  • A budget : Detailing how much different marketing projects and activities will cost

The startup costs for any given business will vary greatly depending on the industry, business activity, and product or service offering. Home-based online businesses will usually cost less than those that require an office setting to meet with customers. The estimated cost can be calculated by first identifying a list of expenses and then researching and requesting quotes for each one. Use the SBA’s startup costs calculator for common types of expenses associated with starting a small business.

Entrepreneurs seeking to start their own business should fully research and understand all the legal and funding considerations involved, conduct market research, and create marketing and business plans. They will also need to secure any necessary permits, licenses, funding, and business bank accounts.

Startup capital can come in the form of loans, grants, crowdfunding, venture capital, or self-funding. Note that the federal government does not provide grant funding for the purposes of starting a business, although private sources do.

Business plans are comprehensive documents that lay out the most important information about a business. They are important references for the growth, development, and decision-making processes of a business, and financial institutions as well as potential investors and partners generally request to review them in advance of agreeing to provide funding or work together.

Starting a business is no easy feat, but research and preparation can help smooth the way. Having a firm understanding of the target market, competition, industry, business goals, business structure, funding requirements, tax and operating regulations, and marketing strategy, and conducting research and consulting experts where necessary, are all things that entrepreneurs can do to set themselves up for success.

U.S. Small Business Administration. “ Market Research and Competitive Analysis .”

U.S. Small Business Administration. “ Write Your Business Plan .”

U.S. Small Business Administration. “ Loans .”

U.S. Small Business Administration. “ Fund Your Business .”

U.S. Small Business Administration. “ Pick Your Business Location .”

U.S. Small Business Administration. “ Choose a Business Structure .”

U.S. Small Business Administration. “ Get Federal and State Tax ID Numbers .”

Internal Revenue Service. “ Do You Need an EIN? ”

U.S. Small Business Administration. “ Register Your Business .”

U.S. Small Business Administration. “ Apply for Licenses and Permits .”

U.S. Small Business Administration. “ Marketing and Sales .”

U.S. Small Business Administration. “ Grants .”

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Business Essay Examples

Cathy A.

13 Business Essay Examples for Students

14 min read

Published on: May 1, 2023

Last updated on: Jan 30, 2024

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Are you struggling to figure out the structure, research, or data required to make your essay stand out? Or frustrated by the lack of inspiration and ideas for your essay?

But don't give up yet! We have a powerful solution that will make your essay writing a breeze. Our list of business essay examples is here to help! 

We have compiled expertly written business essay examples that will illustrate how to write a striking business essay.

With our examples, you'll be able to see how to structure your essay and generate creative ideas for your topic. And our tips will help you make the most of these examples.

So, let's dive in and get ready to learn!

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What is a Business Essay?

A business essay is a type of academic writing that focuses on business-related topics and issues. These essays can cover a wide range of topics such as marketing, finance, management, entrepreneurship, and more.

The importance of business essay lies in presenting a well-researched and informed analysis. To do this effectively, writers need to conduct extensive research and analysis on the topic at hand.

Referring to examples of business essays can help you gain insight into the structure, tone, and content of a well-written essay.

Business Essay Examples For Students

Here is a list of business writing examples

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Business Essay Example Grade 11

A Level Business Essay Examples

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Short Essay About Business

College Essay About Starting A Business

Types of Business Essay with Examples

When it comes to business essay writing, there are several different types that you might encounter. 

Here's a brief overview of each type, including their characteristics and an example of each.

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Case Studies

A case study is an in-depth analysis of a specific business situation or problem. It involves extensive research and data analysis to provide recommendations.

Case studies often showcase the application of theory to real-world business scenarios.

Research Papers

Research papers involve a more academic approach to business writing. They typically require an extensive literature review, data analysis, and original research. 

Business research papers aim to contribute new knowledge to the field of business. These often involve a hypothesis or research question.

Argumentative Essays

Argumentative business essays aim to persuade the reader to adopt a particular point of view or take a specific action. They present an argument and use evidence and logic to support their claims. 

Argumentative essays can address various business topics such as management practices, ethical issues, or market trends.

White Papers

A white paper is a document that provides a detailed explanation of a particular issue or problem, often with recommendations or solutions. 

White papers are typically used to educate stakeholders about a specific topic. These are often used in the business-to-business (B2B) context.

Comparative Essays 

Comparative business essays compare and contrast two or more topics or ideas. They typically analyze the similarities and differences between the topics to evaluate their pros and cons. 

Comparative essays can focus on various aspects such as products, companies, markets, or strategies.

How to Structure Your Business Essays

As you begin writing your business essay, it's important to structure it in a clear and organized way. 

Here's a step-by-step guide with business essay samples to help you do just that:

Executive Summary

The executive summary is a brief overview of your entire essay. It should summarize your main points and highlight your recommendations. 

This section should be written after completing the essay, as it gives a clear picture of what the essay covers. 

Here is how you start a business essay sample:

Introduction

The introduction sets the stage for the rest of the essay. It should introduce the topic, provide background information, and explain the purpose of the essay. 

Here is a business essay introduction example:

Industry Analysis

In this section, you'll conduct a thorough analysis of the industry in which the business operates. You should examine factors such as competition, market trends, and customer behavior. 

Here is a sample industry analysis

Key Issues or Problems

This section should identify the main issues or problems faced by the business. You should provide evidence to support your claims and analyze the impact of these issues. 

Here is an example paragraph:

Solutions or Recommendation

Here, you'll provide solutions or recommendations to address the issues identified in the previous section. Your solutions should be well-supported and feasible. 

For instance:

Implementation Plan

For this part, you'll outline a plan for implementing the solutions or recommendations you've proposed. This is sort of a description of the business model you suggest. 

This section should be detailed and include specific action steps. 

For example:

Finally, you'll wrap up your essay by summarizing your main points and reiterating your recommendations. 

This section should be clear, concise, and impactful. 

By following this structure, your business essay will be well-organized, coherent, and easy to follow for your readers.

Tips for Using Business Essay Examples Effectively

Now that you have quite a few business essay examples at hand, you should know how to use them effectively:

  • Use them as a guide, not a template : While it's great to learn from examples, you should never copy them outright. Instead, use them as a starting point for your own research and writing.
  • Analyze the strengths and weaknesses of the essay : Take note of what works well in the example essay, as well as any areas that could be improved. This will help you understand how to make your own essay even better.
  • Use them to inform your own research and writing : Pay attention to the research methods, sources, and evidence used in the example essay. This can give you ideas for your own research and help you strengthen your arguments.
  • Avoid plagiarism and ensure proper citation: Whenever you use ideas or information from an example, make sure to cite your sources. This will help you avoid plagiarism and maintain academic integrity.

You now have a plenty of business essay examples on different topics to help you get started!

By following our tips and studying the sample essays, you can confidently write your own essays that are clear, concise, and impactful. 

However, if you still find yourself struggling with your business essays, just reach out to our professional business essay writing service . 

We have the best online essay writing service and are ready to provide you a high-quality business. Our writing service has subject specialist writers who can tackle any business essay topic.  

So why wait? Contact us today and let our AI essay writer take your business essays to the next level!

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Business Essay

Business Essay Examples

Businesses always play a vital role in our society as it a very competitive when it comes to its own contributions. They satisfy the people’s needs and wants. They can even provide an  avenue to improve the lives of people to experience high standard of living. Businesses provide a way for people to obtain goods and experience services while earning something out of it. These goods and services provides improvement in the economic status, thus allowing people to have more jobs to apply. In this article, we will be going to tackle about creating essays involving businesses.

9+ Business Essay Examples

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Business essays tell about how someone makes earnings through the act of buying or selling a particular product. We all know that businesses are the foundation of profit and loss. It is also a very demanding profession that has been practiced and made popular over the past years. When you are in a business, you should be able to have a high level of skills in managing, building teamwork, patience and strength. You should always be physically, mentally and socially prepared and stable.

Business has always been incorporated with financial management , marketing, research, sales, safety and more. Before you decide starting your own business, you should be able to take note of the several considerations such as the type of structure that you are going to use. Businesses will also be affected by the scope and size of your firm. Other factors may include compliance requirements, control, taxes and the like. It covers different aspects in the industry which includes the distributors, wholesalers, companies, agriculture , financial services , manufacturers, transportation, utilities and more.

When you are going to set up a business, you will begin to realize that it affects your lifestyle. Every business success entails rewards, freedom, and personal satisfaction. Feels good, right?

Just like in any other essays, business essays also follow the three basic parts namely the introduction, body and conclusion.

Introduction of an Essay

The introduction of an essay usually is the attention getter. It is even the essential part of an essay. It usually tells the reader what to expect in an essay. It gives background about your topic and presents your thesis which is the central point of your essay. The first part of the sentence is the hook explaining why it is interesting to read. Instead of stating what your reader already knows, might as well state the reason why your essay will offer a different meaning and interpretation. Make the second sentence interesting by giving a background information about your topic and the rest are claims why it matters.

Conclusion of an Essay

Your conclusion must be able to contain the three parts namely the restatement of your thesis statement, general conclusion and the answers to questions pertaining to the topic itself. When you repeat your thesis statement, do not use the words that you have written in the introduction. The general conclusion consist of an explanation of their importance.

How do you make you business essay look presentable?

It should be properly organized from the format down to the texts. They should be outlined well in the paper.

How long should a business essay be?

Business essays can be long or short. Long essays can be 500 words. Short essays can be 150 words.

Why do we need to write business essays?

We write business essays to provide a detailed information to help improve a status of a particular business.

Business essays are just like any other essays that has the same elements and structure. The only thing is that you just have to get the purpose of your essay and tackle about what the business is going through, their products and also their services. Always make sure that your essay is clear and written concisely.

setting up a business essay

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The Beginner's Guide to Writing an Essay | Steps & Examples

An academic essay is a focused piece of writing that develops an idea or argument using evidence, analysis, and interpretation.

There are many types of essays you might write as a student. The content and length of an essay depends on your level, subject of study, and course requirements. However, most essays at university level are argumentative — they aim to persuade the reader of a particular position or perspective on a topic.

The essay writing process consists of three main stages:

  • Preparation: Decide on your topic, do your research, and create an essay outline.
  • Writing : Set out your argument in the introduction, develop it with evidence in the main body, and wrap it up with a conclusion.
  • Revision:  Check your essay on the content, organization, grammar, spelling, and formatting of your essay.

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Table of contents

Essay writing process, preparation for writing an essay, writing the introduction, writing the main body, writing the conclusion, essay checklist, lecture slides, frequently asked questions about writing an essay.

The writing process of preparation, writing, and revisions applies to every essay or paper, but the time and effort spent on each stage depends on the type of essay .

For example, if you’ve been assigned a five-paragraph expository essay for a high school class, you’ll probably spend the most time on the writing stage; for a college-level argumentative essay , on the other hand, you’ll need to spend more time researching your topic and developing an original argument before you start writing.

Prevent plagiarism. Run a free check.

Before you start writing, you should make sure you have a clear idea of what you want to say and how you’re going to say it. There are a few key steps you can follow to make sure you’re prepared:

  • Understand your assignment: What is the goal of this essay? What is the length and deadline of the assignment? Is there anything you need to clarify with your teacher or professor?
  • Define a topic: If you’re allowed to choose your own topic , try to pick something that you already know a bit about and that will hold your interest.
  • Do your research: Read  primary and secondary sources and take notes to help you work out your position and angle on the topic. You’ll use these as evidence for your points.
  • Come up with a thesis:  The thesis is the central point or argument that you want to make. A clear thesis is essential for a focused essay—you should keep referring back to it as you write.
  • Create an outline: Map out the rough structure of your essay in an outline . This makes it easier to start writing and keeps you on track as you go.

Once you’ve got a clear idea of what you want to discuss, in what order, and what evidence you’ll use, you’re ready to start writing.

The introduction sets the tone for your essay. It should grab the reader’s interest and inform them of what to expect. The introduction generally comprises 10–20% of the text.

1. Hook your reader

The first sentence of the introduction should pique your reader’s interest and curiosity. This sentence is sometimes called the hook. It might be an intriguing question, a surprising fact, or a bold statement emphasizing the relevance of the topic.

Let’s say we’re writing an essay about the development of Braille (the raised-dot reading and writing system used by visually impaired people). Our hook can make a strong statement about the topic:

The invention of Braille was a major turning point in the history of disability.

2. Provide background on your topic

Next, it’s important to give context that will help your reader understand your argument. This might involve providing background information, giving an overview of important academic work or debates on the topic, and explaining difficult terms. Don’t provide too much detail in the introduction—you can elaborate in the body of your essay.

3. Present the thesis statement

Next, you should formulate your thesis statement— the central argument you’re going to make. The thesis statement provides focus and signals your position on the topic. It is usually one or two sentences long. The thesis statement for our essay on Braille could look like this:

As the first writing system designed for blind people’s needs, Braille was a groundbreaking new accessibility tool. It not only provided practical benefits, but also helped change the cultural status of blindness.

4. Map the structure

In longer essays, you can end the introduction by briefly describing what will be covered in each part of the essay. This guides the reader through your structure and gives a preview of how your argument will develop.

The invention of Braille marked a major turning point in the history of disability. The writing system of raised dots used by blind and visually impaired people was developed by Louis Braille in nineteenth-century France. In a society that did not value disabled people in general, blindness was particularly stigmatized, and lack of access to reading and writing was a significant barrier to social participation. The idea of tactile reading was not entirely new, but existing methods based on sighted systems were difficult to learn and use. As the first writing system designed for blind people’s needs, Braille was a groundbreaking new accessibility tool. It not only provided practical benefits, but also helped change the cultural status of blindness. This essay begins by discussing the situation of blind people in nineteenth-century Europe. It then describes the invention of Braille and the gradual process of its acceptance within blind education. Subsequently, it explores the wide-ranging effects of this invention on blind people’s social and cultural lives.

Write your essay introduction

The body of your essay is where you make arguments supporting your thesis, provide evidence, and develop your ideas. Its purpose is to present, interpret, and analyze the information and sources you have gathered to support your argument.

Length of the body text

The length of the body depends on the type of essay. On average, the body comprises 60–80% of your essay. For a high school essay, this could be just three paragraphs, but for a graduate school essay of 6,000 words, the body could take up 8–10 pages.

Paragraph structure

To give your essay a clear structure , it is important to organize it into paragraphs . Each paragraph should be centered around one main point or idea.

That idea is introduced in a  topic sentence . The topic sentence should generally lead on from the previous paragraph and introduce the point to be made in this paragraph. Transition words can be used to create clear connections between sentences.

After the topic sentence, present evidence such as data, examples, or quotes from relevant sources. Be sure to interpret and explain the evidence, and show how it helps develop your overall argument.

Lack of access to reading and writing put blind people at a serious disadvantage in nineteenth-century society. Text was one of the primary methods through which people engaged with culture, communicated with others, and accessed information; without a well-developed reading system that did not rely on sight, blind people were excluded from social participation (Weygand, 2009). While disabled people in general suffered from discrimination, blindness was widely viewed as the worst disability, and it was commonly believed that blind people were incapable of pursuing a profession or improving themselves through culture (Weygand, 2009). This demonstrates the importance of reading and writing to social status at the time: without access to text, it was considered impossible to fully participate in society. Blind people were excluded from the sighted world, but also entirely dependent on sighted people for information and education.

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The conclusion is the final paragraph of an essay. It should generally take up no more than 10–15% of the text . A strong essay conclusion :

  • Returns to your thesis
  • Ties together your main points
  • Shows why your argument matters

A great conclusion should finish with a memorable or impactful sentence that leaves the reader with a strong final impression.

What not to include in a conclusion

To make your essay’s conclusion as strong as possible, there are a few things you should avoid. The most common mistakes are:

  • Including new arguments or evidence
  • Undermining your arguments (e.g. “This is just one approach of many”)
  • Using concluding phrases like “To sum up…” or “In conclusion…”

Braille paved the way for dramatic cultural changes in the way blind people were treated and the opportunities available to them. Louis Braille’s innovation was to reimagine existing reading systems from a blind perspective, and the success of this invention required sighted teachers to adapt to their students’ reality instead of the other way around. In this sense, Braille helped drive broader social changes in the status of blindness. New accessibility tools provide practical advantages to those who need them, but they can also change the perspectives and attitudes of those who do not.

Write your essay conclusion

Checklist: Essay

My essay follows the requirements of the assignment (topic and length ).

My introduction sparks the reader’s interest and provides any necessary background information on the topic.

My introduction contains a thesis statement that states the focus and position of the essay.

I use paragraphs to structure the essay.

I use topic sentences to introduce each paragraph.

Each paragraph has a single focus and a clear connection to the thesis statement.

I make clear transitions between paragraphs and ideas.

My conclusion doesn’t just repeat my points, but draws connections between arguments.

I don’t introduce new arguments or evidence in the conclusion.

I have given an in-text citation for every quote or piece of information I got from another source.

I have included a reference page at the end of my essay, listing full details of all my sources.

My citations and references are correctly formatted according to the required citation style .

My essay has an interesting and informative title.

I have followed all formatting guidelines (e.g. font, page numbers, line spacing).

Your essay meets all the most important requirements. Our editors can give it a final check to help you submit with confidence.

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An essay is a focused piece of writing that explains, argues, describes, or narrates.

In high school, you may have to write many different types of essays to develop your writing skills.

Academic essays at college level are usually argumentative : you develop a clear thesis about your topic and make a case for your position using evidence, analysis and interpretation.

The structure of an essay is divided into an introduction that presents your topic and thesis statement , a body containing your in-depth analysis and arguments, and a conclusion wrapping up your ideas.

The structure of the body is flexible, but you should always spend some time thinking about how you can organize your essay to best serve your ideas.

Your essay introduction should include three main things, in this order:

  • An opening hook to catch the reader’s attention.
  • Relevant background information that the reader needs to know.
  • A thesis statement that presents your main point or argument.

The length of each part depends on the length and complexity of your essay .

A thesis statement is a sentence that sums up the central point of your paper or essay . Everything else you write should relate to this key idea.

The thesis statement is essential in any academic essay or research paper for two main reasons:

  • It gives your writing direction and focus.
  • It gives the reader a concise summary of your main point.

Without a clear thesis statement, an essay can end up rambling and unfocused, leaving your reader unsure of exactly what you want to say.

A topic sentence is a sentence that expresses the main point of a paragraph . Everything else in the paragraph should relate to the topic sentence.

At college level, you must properly cite your sources in all essays , research papers , and other academic texts (except exams and in-class exercises).

Add a citation whenever you quote , paraphrase , or summarize information or ideas from a source. You should also give full source details in a bibliography or reference list at the end of your text.

The exact format of your citations depends on which citation style you are instructed to use. The most common styles are APA , MLA , and Chicago .

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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.

silver MacBook showing application

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.

Business Essay Writing: How to Start Your Own Business Essay

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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startup essay

How to Write Essay on Startup: Advantages and Challenges You Can Face Launching Business

setting up a business essay

Understanding a Startup Business Concept

Have you ever wondered which product is lacking from the modern business market which could facilitate people's daily lives worldwide? Then consider yourself as a creative individual with a business idea. Once you analyze potential customers' demands and develop strategies to attract investors, you are on your way to building a business plan. New business owners who provide products in demand are founders of a startup. In a modern competitive environment, launching a startup comes with risks.

Startup jobs bring about many benefits as well as drawbacks. Usually, small businesses offer flexibility in time management and minimal supervision; however, they do not grant employees certain job security. That is why carrying out startup consulting with experienced small business owners is necessary. Their competence will guarantee effective resource and time management, leading to successful outcomes for your startups.

Do not hesitate to ask for additional mba admission essay help or to write my personal statement for me in case of being on the verge of becoming a college student majoring in business.

Meanwhile, take a look at some of the significant steps you need to follow in order to craft a top-notch essay on startup for your MBA program.

How to Write an Essay on Startup with 5 Steps

Writing a business essay requires thoughtful planning. Primarily, you need to do extensive research based on the specific chosen product that you plan to bring to the business market. Afterward, gather key points and try to divide them into different sections in order to create an organized and comprehensive essay sample.

Remember that writing a compelling introduction is your chance to make the reader interested. Highlight some of the arguments that support your thesis, and finally, restate some of the core ideas from the essay in the concluding paragraph.

essay on startup

  • Conduct Research on Your Chosen Startup

One of the initial stages of writing a valuable academic paper on a startup requires market research in order to determine the viability of the product. Starting a business comes with the big challenge of determining the compatibility of your product with people's needs. The important factor is to understand the demands of potential customers through statistical surveys and data analysis in a specific industry.

When you are planning to own a business, you need to make a smart forecast of the probable challenges or benefits that your startup company might bring.

With our term paper writing service , you can guarantee yourself a top-level essay on any given topic.

  • Create an Outline

The essay writing process on any given topic is time-consuming. You need to list down some of the main points under specific sections before you begin writing. In other words, try to write down some of the biggest challenges as well as advantages, ways how to raise funds, probable cash flow issues, smart time management, and other objectives related to your business idea.

Remember to carry out startup consulting beforehand and check the reliability of gathered data with an expert. Then list down some of the major sources which would provide business startup funding for your service.

Once you check the certainty of the obtained information, you can divide your essay into different sections, such as the introduction, body paragraphs, and conclusion.

  • Write a Compelling Startup Essay Introduction

New businesses need to attract the attention of a probable customer base. That's the reason why you need to hook the reader with the opening lines once you start writing a startup essay. Try to begin with a creative formulation of the opening line about your startup. This will lead you in the right direction to bring up the general background information about the service you are planning to provide.

Make the first few sentences attention-grabbing in order to attract a higher number of interested readers who are ready to contribute to the success of your own business. Additionally, you can use this chance to your advantage and make an open call for startup jobs as a business owner.

  • Develop Your Arguments in Your Startup Essay

Learning from past experiences is the best teacher when it comes to small businesses. People are almost always skeptical of innovative ideas at first. However, you can uproot some of the doubts regarding your new business if you will provide trustworthy data on past experiences that have turned out successfully in the business market. Furthermore, you can take advantage of free online courses to learn more about startup consulting.

A startup company provides people with the freedom of being their own boss. Youngsters around the world find this part of launching a startup ideal, so feel free to highlight such kinds of assets in your business essay to inspire people to get into and believe in the success of your new business.

In case of confusion, simply ask to write my essay for me , and you won't need to worry about startup consulting. We'll provide high-quality academic products for you.

  • Conclude Your Startup Essay

The final part of the essay holds just as much importance as the introduction. You need to send firm messages to the reader about the core points that you have covered throughout the essay. Once you provide some general final thoughts on launching a startup, narrow down to restating the major reasons why success is guaranteed for your business idea. That way, you will leave the impression of a confident leader who has already found means of raising finance and knows how to raise money for their new businesses.

setting up a business essay

Business Essay Topics on a Startup

Being a business major gives you an exceptional opportunity to be a prospective entrepreneur at the head of your own business. Being your own boss is a very attractive idea, but you need to anticipate all the risks and challenges that new business owners face in order to reduce the probable amount of drawbacks throughout the first few months of launching a startup.

Find some inspiration from the business essay topics listed below, and feel free to use our assistance through writing a winning piece of academic work. For the time being, you can check out some of the tips on how to write a cover letter .

topics

Advantages of Launching a Startup

As a result of startup consulting, we have assembled some of the most significant advantages that launching startups can bring about. Feel free to choose any one or a combination of them to write a business essay on.

  • Maintaining work-life balance
  • Turning creative business ideas into the work environment
  • Networking with fellow entrepreneurs
  • Making a positive impact on the local and international community
  • Frequent financial rewards
  • Freedom to follow your passion
  • Creating cost-effective opportunity
  • Being a part of like-minded members of a team
  • Expanding your skill set
  • Experience capitalistic company culture

Challenges of Launching a Startup

On the other hand, starting a business comes with numerous challenges. If you wish to analyze some of the risks of founding small firms and businesses, select one of the topics below for your business essay:

  • Lack of the demand for provided service/product
  • Insufficient knowledge of the industry
  • Poor financial management
  • Ending up with the wrong people
  • Vague mission and vision
  • Lack of investors
  • Inability to afford bank loans
  • Deficient working capital
  • Poor time management
  • Fierce competition

Use our writing service any time of the day, and count on us to carry out startup consulting for you.

Marketing and Sales for Startups

Effective marketing and sales management play a core role in the successful outcomes of small businesses. Consider writing about these topics in relation to your startup company:

  • Understand the target's demographics, preferences, and demands
  • Establishing direct connections to customers
  • Promoting a product with an advertisement
  • Using outbound marketing to popularize the product
  • Using inbound marketing to attract a high number of customers
  • Creating a social media page for the promotion
  • Writing blog posts for effective marketing
  • Obtaining business startup funding from angel investors
  • Measuring success through marketing metrics
  • Setting priorities for the sales team

Leadership and Management in Startups

Last but not least, being a responsible, competent, and competitive leader is the cornerstone for the creation of outstanding startup companies. Choose some of the business essay topics on how to manage a business effectively:

  • Having a leader with fresh perspectives and practical outcomes
  • Good time management for the company's growth
  • Leader's ability to assemble a top-notch team for successful startups
  • Keeping a startup team motivated
  • Importance of being an empathetic leader
  • Finding inspiration in mistakes
  • Essential traits of good leadership
  • Managing diverse team
  • Impact of leaders exhibiting enthusiasm
  • Spreading knowledge for the betterment of the team

A Brief Afterword

Some of the ideas provided above will help you develop a pragmatic approach to making your new business idea come to fruition. You can find a supplement business essay example in the list of cause and effect essay topics or familiarize yourself with additional guidelines on how to set up an essay .

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Bakery Start-Up: Personal Business Plan Essay

Vision and opportunities, marketing and implementation strategy, risks and mitigation.

Once I leave the university, I would like to find a well-paid job so as to become financially independent. Apart from providing me with money, my job is expected to be interesting and satisfy my need of being helpful to the society and useful to people. What is more, I enjoy communicating. Probably, I will have my own business, for example a bakery. Besides, I have got an educational goal: I would like to learn a foreign language. However, I cannot be more precise now since I have not chosen it yet.

As for my purpose, I would like to earn enough to provide both for my future family, as well as to make donations to help poor children in developing countries. My childhood is great. Thus, when I watch programs about kids in Africa, I feel embarrassed to have my lunch at the same time when they starve. That is why I am highly willing to participate in charity events which are aimed to make their life better. I want everyone to be kind to others and to give a hand to each other in difficulties.

I love cooking, especially baking. It is so fascinating for me to make bread and cakes with my own hands. That is why I am thinking about my own bakery. However, having a business implies a number of challenges, like an ability to be competitive or to provide quality services which are really required by the society. Besides, before I can set my own business, I need to earn enough money. What is more, I am not really good at audit questions. Nevertheless, at the bakery market, I might have some opportunities since there is demand for home-cooked bread. All I need is to dedicate myself to my business.

Given the abovementioned, my choices are generally guided by these questions:

  • What do I like doing and what do I want to become good at?
  • What challenges am I ready to face and what sacrifices to make for my project?
  • What is a social aspect of my future project?

To have a start, I believe I should try to get employed in an existing bakery. It will help me to obtain some experience. Once I have enough background knowledge and funds, I can set up my own bakery. In the course of work for the employer, I will do my best to contribute to its development since the owner pays me. Hence, I should perform my duties well. When it comes to my contribution to the society, people will buy tasty fresh bread which I will make.

In UAE today, there are not many people who are willing to create anything with their hands. People tend to use machines for everything. However, they happen to appreciate things which are hand-made with love. In my surroundings, I do not know anyone who would like to have a similar business. Nevertheless, people would like services of this kind to be supplied to them.

In my plan, there are five major milestones: to get employed, to get experience, to set up my own business, to get rich, and to help children in Africa. I will consider my career successful and professional life full of sense in case I will be able to support my kids and donate to developing countries. An external factor which might help me is people’s interest in home-made bread. However, the level of competitiveness might be high.

In my daily actions, I am going to be fully dedicated to the society: to make everything for people in the same way as I do it for myself. As for my mentors, I would choose the best baker to share the experience with me, my father to encourage me (he always knows how to raise my spirits), and an adviser to help me with legal, financial, and audit issues. As for six words to summarize my PBP, they are: “dedicated baker, caring businessman, and generous donator.”

  • Chicago (A-D)
  • Chicago (N-B)

IvyPanda. (2024, February 18). Bakery Start-Up: Personal Business Plan. https://ivypanda.com/essays/bakery-start-up-personal-business-plan/

"Bakery Start-Up: Personal Business Plan." IvyPanda , 18 Feb. 2024, ivypanda.com/essays/bakery-start-up-personal-business-plan/.

IvyPanda . (2024) 'Bakery Start-Up: Personal Business Plan'. 18 February.

IvyPanda . 2024. "Bakery Start-Up: Personal Business Plan." February 18, 2024. https://ivypanda.com/essays/bakery-start-up-personal-business-plan/.

1. IvyPanda . "Bakery Start-Up: Personal Business Plan." February 18, 2024. https://ivypanda.com/essays/bakery-start-up-personal-business-plan/.

Bibliography

IvyPanda . "Bakery Start-Up: Personal Business Plan." February 18, 2024. https://ivypanda.com/essays/bakery-start-up-personal-business-plan/.

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Essay on Starting a New Business | Business Management

setting up a business essay

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.

Related Articles:

  • Promotion of a Company: 4 Stages | Business Management
  • 9 Problems Faced During the Establishment of a New Enterprise | Business Management
  • Essay on Joint Venture | Business Management
  • Essay on Entrepreneur: Top 8 Essays | Business Management

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The Philippines economy in 2024: Stronger for longer?

The Philippines ended 2023 on a high note, being the fastest growing economy across Southeast Asia with a growth rate of 5.6 percent—just shy of the government's target of 6.0 to 7.0 percent. 1 “National accounts,” Philippine Statistics Authority, January 31, 2024; "Philippine economic updates,” Bangko Sentral ng Pilipinas, November 16, 2023. Should projections hold, the Philippines is expected to, once again, show significant growth in 2024, demonstrating its resilience despite various global economic pressures (Exhibit 1). 2 “Economic forecast 2024,” International Monetary Fund, November 1, 2023; McKinsey analysis.

The growth in the Philippine economy in 2023 was driven by a resumption in commercial activities, public infrastructure spending, and growth in digital financial services. Most sectors grew, with transportation and storage (13 percent), construction (9 percent), and financial services (9 percent), performing the best (Exhibit 2). 3 “National accounts,” Philippine Statistics Authority, January 31, 2024. While the country's trade deficit narrowed in 2023, it remains elevated at $52 billion due to slowing global demand and geopolitical uncertainties. 4 “Highlights of the Philippine export and import statistics,” Philippine Statistics Authority, January 28, 2024. Looking ahead to 2024, the current economic forecast for the Philippines projects a GDP growth of between 5 and 6 percent.

Inflation rates are expected to temper between 3.2 and 3.6 percent in 2024 after ending 2023 at 6.0 percent, above the 2.0 to 4.0 percent target range set by the government. 5 “Nomura downgrades Philippine 2024 growth forecast,” Nomura, September 11, 2023; “IMF raises Philippine growth rate forecast,” International Monetary Fund, July 16, 2023.

For the purposes of this article, most of the statistics used for our analysis have come from a common thread of sources. These include the Central Bank of the Philippines (Bangko Sentral ng Pilipinas); the Department of Energy Philippines; the IT and Business Process Association of the Philippines (IBPAP); and the Philippines Statistics Authority.

The state of the Philippine economy across seven major sectors and themes

In the article, we explore the 2024 outlook for seven key sectors and themes, what may affect each of them in the coming year, and what could potentially unlock continued growth.

Financial services

The recovery of the financial services sector appears on track as year-on-year growth rates stabilize. 6 Philippines Statistics Authority, November 2023; McKinsey in partnership with Oxford Economics, November 2023. In 2024, this sector will likely continue to grow, though at a slower pace of about 5 percent.

Financial inclusion and digitalization are contributing to growth in this sector in 2024, even if new challenges emerge. Various factors are expected to impact this sector:

  • Inclusive finance: Bangko Sentral ng Pilipinas continues to invest in financial inclusion initiatives. For example, basic deposit accounts (BDAs) reached $22 million in 2023 and banking penetration improved, with the proportion of adults with formal bank accounts increasing from 29 percent in 2019 to 56 percent in 2021. 7 “Financial inclusion dashboard: First quarter 2023,” Bangko Sentral ng Pilipinas, February 6, 2024.
  • Digital adoption: Digital channels are expected to continue to grow, with data showing that 60 percent of adults who have a mobile phone and internet access have done a digital financial transaction. 8 “Financial inclusion dashboard: First quarter 2023,” Bangko Sentral ng Pilipinas, February 6, 2024. Businesses in this sector, however, will need to remain vigilant in navigating cybersecurity and fraud risks.
  • Unsecured lending growth: Growth in unsecured lending is expected to continue, but at a slower pace than the past two to three years. For example, unsecured retail lending for the banking system alone grew by 27 percent annually from 2020 to 2022. 9 “Loan accounts: As of first quarter 2023,” Bangko Sentral ng Pilipinas, February 6, 2024; "Global banking pools,” McKinsey, November 2023. Businesses in this field are, however, expected to recalibrate their risk profiling models as segments with high nonperforming loans emerge.
  • High interest rates: Key interest rates are expected to decline in the second half of 2024, creating more accommodating borrowing conditions that could boost wholesale and corporate loans.

Supportive frameworks have a pivotal role to play in unlocking growth in this sector to meet the ever-increasing demand from the financially underserved. For example, financial literacy programs and easier-to-access accounts—such as BDAs—are some measures that can help widen market access to financial services. Continued efforts are being made to build an open finance framework that could serve the needs of the unbanked population, as well as a unified credit scoring mechanism to increase the ability of historically under-financed segments, such as small and medium-sized enterprises (SMEs), to access formal credit. 10 “BSP launches credit scoring model,” Bangko Sentral ng Pilipinas, April 26, 2023.

Energy and Power

The outlook for the energy sector seems positive, with the potential to grow by 7 percent in 2024 as the country focuses on renewable energy generation. 11 McKinsey analysis based on input from industry experts. Currently, stakeholders are focused on increasing energy security, particularly on importing liquefied natural gas (LNG) to meet power plants’ requirements as production in one of the country’s main sources of natural gas, the Malampaya gas field, declines. 12 Myrna M. Velasco, “Malampaya gas field prod’n declines steeply in 2021,” Manila Bulletin , July 9, 2022. High global inflation and the fact that the Philippines is a net fuel importer are impacting electricity prices and the build-out of planned renewable energy projects. Recent regulatory moves to remove foreign ownership limits on exploration, development, and utilization of renewable energy resources could possibly accelerate growth in the country’s energy and power sector. 13 “RA 11659,” Department of Energy Philippines, June 8, 2023.

Gas, renewables, and transmission are potential growth drivers for the sector. Upgrading power grids so that they become more flexible and better able to cope with the intermittent electricity supply that comes with renewables will be critical as the sector pivots toward renewable energy. A recent coal moratorium may position natural gas as a transition fuel—this could stimulate exploration and production investments for new, indigenous natural gas fields, gas pipeline infrastructure, and LNG import terminal projects. 14 Philippine energy plan 2020–2040, Department of Energy Philippines, June 10, 2022; Power development plan 2020–2040 , Department of Energy Philippines, 2021. The increasing momentum of green energy auctions could facilitate the development of renewables at scale, as the country targets 35 percent share of renewables by 2030. 15 Power development plan 2020–2040 , 2022.

Growth in the healthcare industry may slow to 2.8 percent in 2024, while pharmaceuticals manufacturing is expected to rebound with 5.2 percent growth in 2024. 16 McKinsey analysis in partnership with Oxford Economics.

Healthcare demand could grow, although the quality of care may be strained as the health worker shortage is projected to increase over the next five years. 17 McKinsey analysis. The supply-and-demand gap in nursing alone is forecast to reach a shortage of approximately 90,000 nurses by 2028. 18 McKinsey analysis. Another compounding factor straining healthcare is the higher than anticipated benefit utilization and rising healthcare costs, which, while helping to meet people's healthcare budgets, may continue to drive down profitability for health insurers.

Meanwhile, pharmaceutical companies are feeling varying effects of people becoming increasingly health conscious. Consumers are using more over the counter (OTC) medication and placing more beneficial value on organic health products, such as vitamins and supplements made from natural ingredients, which could impact demand for prescription drugs. 19 “Consumer health in the Philippines 2023,” Euromonitor, October 2023.

Businesses operating in this field may end up benefiting from universal healthcare policies. If initiatives are implemented that integrate healthcare systems, rationalize copayments, attract and retain talent, and incentivize investments, they could potentially help to strengthen healthcare provision and quality.

Businesses may also need to navigate an increasingly complex landscape of diverse health needs, digitization, and price controls. Digital and data transformations are being seen to facilitate improvements in healthcare delivery and access, with leading digital health apps getting more than one million downloads. 20 Google Play Store, September 27, 2023. Digitization may create an opportunity to develop healthcare ecosystems that unify touchpoints along the patient journey and provide offline-to-online care, as well as potentially realizing cost efficiencies.

Consumer and retail

Growth in the retail and wholesale trade and consumer goods sectors is projected to remain stable in 2024, at 4 percent and 5 percent, respectively.

Inflation, however, continues to put consumers under pressure. While inflation rates may fall—predicted to reach 4 percent in 2024—commodity prices may still remain elevated in the near term, a top concern for Filipinos. 21 “IMF raises Philippine growth forecast,” July 26, 2023; “Nomura downgrades Philippines 2024 growth forecast,” September 11, 2023. In response to challenging economic conditions, 92 percent of consumers have changed their shopping behaviors, and approximately 50 percent indicate that they are switching brands or retail providers in seek of promotions and better prices. 22 “Philippines consumer pulse survey, 2023,” McKinsey, November 2023.

Online shopping has become entrenched in Filipino consumers, as they find that they get access to a wider range of products, can compare prices more easily, and can shop with more convenience. For example, a McKinsey Philippines consumer sentiment survey in 2023 found that 80 percent of respondents, on average, use online and omnichannel to purchase footwear, toys, baby supplies, apparel, and accessories. To capture the opportunity that this shift in Filipino consumer preferences brings and to unlock growth in this sector, retail organizations could turn to omnichannel strategies to seamlessly integrate online and offline channels. Businesses may need to explore investments that increase resilience across the supply chain, alongside researching and developing new products that serve emerging consumer preferences, such as that for natural ingredients and sustainable sources.

Manufacturing

Manufacturing is a key contributor to the Philippine economy, contributing approximately 19 percent of GDP in 2022, employing about 7 percent of the country’s labor force, and growing in line with GDP at approximately 6 percent between 2023 and 2024. 23 McKinsey analysis based on input from industry experts.

Some changes could be seen in 2024 that might affect the sector moving forward. The focus toward building resilient supply chains and increasing self-sufficiency is growing. The Philippines also is likely to benefit from increasing regional trade, as well as the emerging trend of nearshoring or onshoring as countries seek to make their supply chains more resilient. With semiconductors driving approximately 45 percent of Philippine exports, the transfer of knowledge and technology, as well as the development of STEM capabilities, could help attract investments into the sector and increase the relevance of the country as a manufacturing hub. 24 McKinsey analysis based on input from industry experts.

To secure growth, public and private sector support could bolster investments in R&D and upskill the labor force. In addition, strategies to attract investment may be integral to the further development of supply chain infrastructure and manufacturing bases. Government programs to enable digital transformation and R&D, along with a strategic approach to upskilling the labor force, could help boost industry innovation in line with Industry 4.0 demand. 25 Industry 4.0 is also referred to as the Fourth Industrial Revolution. Priority products to which manufacturing industries could pivot include more complex, higher value chain electronic components in the semiconductor segment; generic OTC drugs and nature-based pharmaceuticals in the pharmaceutical sector; and, for green industries, products such as EVs, batteries, solar panels, and biomass production.

Information technology business process outsourcing

The information technology business process outsourcing (IT-BPO) sector is on track to reach its long-term targets, with $38 billion in forecast revenues in 2024. 26 Khriscielle Yalao, “WHF flexibility key to achieving growth targets—IBPAP,” Manila Bulletin , January 23, 2024. Emerging innovations in service delivery and work models are being observed, which could drive further growth in the sector.

The industry continues to outperform headcount and revenue targets, shaping its position as a country leader for employment and services. 27 McKinsey analysis based in input from industry experts. Demand from global companies for offshoring is expected to increase, due to cost containment strategies and preference for Philippine IT-BPO providers. New work setups continue to emerge, ranging from remote-first to office-first, which could translate to potential net benefits. These include a 10 to 30 percent increase in employee retention; a three- to four-hour reduction in commute times; an increase in enabled talent of 350,000; and a potential reduction in greenhouse gas emissions of 1.4 to 1.5 million tons of CO 2 per year. 28 McKinsey analysis based in input from industry experts. It is becoming increasingly more important that the IT-BPO sector adapts to new technologies as businesses begin to harness automation and generative AI (gen AI) to unlock productivity.

Talent and technology are clear areas where growth in this sector can be unlocked. The growing complexity of offshoring requirements necessitates building a proper talent hub to help bridge employee gaps and better match local talent to employers’ needs. Businesses in the industry could explore developing facilities and digital infrastructure to enable industry expansion outside the metros, especially in future “digital cities” nationwide. Introducing new service areas could capture latent demand from existing clients with evolving needs as well as unserved clients. BPO centers could explore the potential of offering higher-value services by cultivating technology-focused capabilities, such as using gen AI to unlock revenue, deliver sales excellence, and reduce general administrative costs.

Sustainability

The Philippines is considered to be the fourth most vulnerable country to climate change in the world as, due to its geographic location, the country has a higher risk of exposure to natural disasters, such as rising sea levels. 29 “The Philippines has been ranked the fourth most vulnerable country to climate change,” Global Climate Risk Index, January 2021. Approximately $3.2 billion, on average, in economic loss could occur annually because of natural disasters over the next five decades, translating to up to 7 to 8 percent of the country’s nominal GDP. 30 “The Philippines has been ranked the fourth most vulnerable country to climate change,” Global Climate Risk Index, January 2021.

The Philippines could capitalize on five green growth opportunities to operate in global value chains and catalyze growth for the nation:

  • Renewable energy: The country could aim to generate 50 percent of its energy from renewables by 2040, building on its high renewable energy potential and the declining cost of producing renewable energy.
  • Solar photovoltaic (PV) manufacturing: More than a twofold increase in annual output from 2023 to 2030 could be achieved, enabled by lower production costs.
  • Battery production: The Philippines could aim for a $1.5 billion domestic market by 2030, capitalizing on its vast nickel reserves (the second largest globally). 31 “MineSpans,” McKinsey, November 2023.
  • Electric mobility: Electric vehicles could account for 15 percent of the country’s vehicle sales by 2030 (from less than 1 percent currently), driven by incentives, local distribution, and charging infrastructure. 32 McKinsey analysis based on input from industry experts.
  • Nature-based solutions: The country’s largely untapped total abatement potential could reach up to 200 to 300 metric tons of CO 2 , enabled by its biodiversity and strong demand.

The Philippine economy: Three scenarios for growth

Having grown faster than other economies in Southeast Asia in 2023 to end the year with 5.6 percent growth, the Philippines can expect a similarly healthy growth outlook for 2024. Based on our analysis, there are three potential scenarios for the country’s growth. 33 McKinsey analysis in partnership with Oxford Economics.

Slower growth: The first scenario projects GDP growth of 4.8 percent if there are challenging conditions—such as declining trade and accelerated inflation—which could keep key policy rates high at about 6.5 percent and dampen private consumption, leading to slower long-term growth.

Soft landing: The second scenario projects GDP growth of 5.2 percent if inflation moderates and global conditions turn out to be largely favorable due to a stable investment environment and regional trade demand.

Accelerated growth: In the third scenario, GDP growth is projected to reach 6.1 percent if inflation slows and public policies accommodate aspects such as loosening key policy rates and offering incentive programs to boost productivity.

Focusing on factors that could unlock growth in its seven critical sectors and themes, while adapting to the macro-economic scenario that plays out, would allow the Philippines to materialize its growth potential in 2024 and take steps towards achieving longer-term, sustainable economic growth.

Jon Canto is a partner in McKinsey’s Manila office, where Frauke Renz is an associate partner, and Vicah Villanueva is a consultant.

The authors wish to thank Charlene Chua, Charlie del Rosario, Ryan delos Reyes, Debadrita Dhara, Evelyn C. Fong, Krzysztof Kwiatkowski, Frances Lee, Aaron Ong, and Liane Tan for their contributions to this article.

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