Family Business Research Essay Example | Topics and Well Written Essays - 2000 words

Family Business Research - Essay Example The first is a methodological approach that starts with a household or family-level analysis, making gender a foundation stone (Wheelock and Oughton, 1996, 151). Second, we introduce an institutional perspective that places business in its micro and macro context (Wheelock and Mariussen, 1997, Press). We look at the relations between different forms of rationality in the business and the family, allowing a more holistic analysis than one based on the more orthodox concept of rational economic man. Business behavior tends to be modeled on entrepreneurial responses to risk. The analysis here strives not to see small business as large business in microcosm. It recognizes small business as an "uneasy stratum" (Bechhofer and Elliott, 2001) with characteristics of labor as well as capital - an institution that can only be fully understood when seen in its social and economic context. Why should a household approach be used in small-business research? Concepts of "flexibility" - both in the production system as a whole and in individual large firms - have become fashionable explanations for competitive responses as a crisis of Fordist mass-production methods. Given the key role played by small firms in these models, it is surprising that there has been so little investigation of the forms that flexibility might take within the small business itself (Wheelock, 2002b, 162; Mariussen and Wheelock, 1997, 15). The forms flexibility takes within the smallest firms will be, at least in part, a function of how they are embedded in household, family, and other social networks in the informal or complementary economy (Wheelock and Oughton, 1996, 153). Studies of small businesses in restructuring economies showed a close interrelationship between work for the business and the family, to an extent that justified the use of the term "family economic unit" (Wheelock, 1992b, 16 3). This is supported by other qualitative studies

Creating Your Dream Job Essay Example | Topics and Well Written Essays - 1750 words - 1

Creating Your Dream Job - Essay Example It involves a comprehensive evaluation of an investor’s current and future financial condition by using the current variables to predict future cash flows, value of assets and withdrawal plan. In formulating a business plan, the proprietor must hire the services of tax and financial professionals who enables him to estimate with greater degree of accuracy the financial requirements (Abrams, 2005, p. 248). Financial plan objectively requires before executing a Bookstore small business. This is because a lump sum of capital must be invested to facilitate the establishment and operational needs of finance. It requires a huge amount of capital simply because there are many competing needs such as purchasing of storehouse, the furnishing of stall and stocks required. In addition to this, more finance is required to establish a modern Bookstore that will remain competitive in the Bookstore market. General financial planning The business operates using a store within the town. All le gal formalities of purchasing storehouse will be initiated. The store is worth $ 50,000 which will be finances using two available sources of finance, business mortgage and personal savings. The firm will aim at minimizing the overall debt of finance by taking different loan portfolios and diversified financial investments. The loan will be acquired from local bank based on the interest charged and most preferably, the bank shall offer loan at relatively lower price. In addition to this, measures have to be taken to provide financing for any emergency financial needs of the firm. To this end, regular saving will be made on the firm’s saving account. The main goal of this strategy is to ensure continuity in business operations even under unfavorable market conditions. Special circumstances Prior establishment of the business, considerations have to be made on special circumstances that may occur in day-to-day operation of business. Such circumstances include legal conflict, pr obability of loss due to uncertain events, tax noncompliance dispute and so on (Abrams, 2005, p. 250). To this end, the firm intent to establish various departments under administration to cater for this unforeseen circumstance and financial allocation