Enforcement of Anti-trust Laws and Regulations in the US Essay Example for Free

Enforcement of Anti-trust Laws and Regulations in the US Essay Monopoly has been defined as a progressive situation in the market wherein only one service or product provider exists. Sole ownership and management of this production ensures no competition in the industry in which the firm is involved. The powers are being concentrated in a single individual or groups of people managing the single existing firm. Such case leads to various legal controversies impregnating different reactions especially in the public and legal conducts. The law-conscious community is reviewing ethical issues about this controversy searching for any factors of abuse that might be occurring. Such conditions apply the law of Anti-trust. Enforcement of this kind of law accompanies complicated procedures and different processes. For companies to experience such interruptions is really a big deal of sales lost. In the United States, there are millions of establishments and not all of them are big and already established firmly. Some of this company are still gaining their phase and trying to make a break in the market competition. If their competitors are commercially big and has been established for quite long already, the monopoly of this competitor company is at high range. If this continues, then breaks the purpose of free trade principles and blocks the growth of small raising business firms. Competitions in the market are usual and important since this is where everything upholds the business. The price modifications, deals and the transaction itself are all influenced by competitions. In this case, to the implementation of this Law is very much necessary in order to prevent the disruptions of free trade policy. These issues are covered in this paper aiming to the present laws, the means of committing violations for these monopolistic powers and the legal considerations involved in this issue. Reinforcement of such law is also included in the discussion and analysis of this paper. The paper aims to answer the following query by critical analysis and a. What are Anti-trust Laws and how does it affect the business conditions? b. How do the authorities implement this rules and regulations? Cite the problems of implementations encountered upon its implementation phase. The implementation of such law in a wide scale basis proves to be difficult and can sometimes be problematic; since, with the anti-trust law, you are not anymore dealing with a single or small business firms but rather huge companies and mostly monopoly associations. The scope of this study revolves only in the objective to answer the proposed questions. Anti-Trust Law Coverage The law of Anti-trust basically defeats the effects of monopoly or those that threaten free trade conditions. This competition law has different factors to which it can extend it effects. The Anti-trust law, first and foremost, negates any external or internal forces that halt free trading as well as market competition in every business firm. Second, any domination of such firm in the market is a form of abuse towards its competitors. Lastly, any business activities that threaten the status and rights of competing business firms under free trade can be halted or suspended. In the United States, large business associations have aimed to control the market. In such case, the dominating business firm can set the price by its own will, manipulate customer and in some cases even refuse customers. These actions are greatly inhibited by the Anti-trust law (Hylton, 2003 p. 43-44). Section 1. Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal. Every person who shall make any contract or engage in any combination or conspiracy hereby declared to be illegal shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine This exact statement has been settled in the federal constitution, which evidently includes both transactions and negotiations from outside and inside the country that have an intention of disrupting free trade concept. The violation of Antitrust law is deemed as guilty of felony and punishable by fines. The Monopoly Law: Anti-trust Law  Dated back during 1990s, the economists have become entirely focused in the ongoing competitiveness especially in the commercial field. The frequent changes of the integral character of these business firms and the necessity for employment advancements in the middle of an evident competition and technologically oriented commerce have induced this impulsion. Community institutions have concentrated on promotion of economic efficiency by developing the policies that governs national economy and liberalization and privatization within national economy (Olson 1999, p. 1-2). As provided the Anti-trust law, which is statutory, regulatory, and an essential part of the federal legal body that prevents and corrects unreasonable trade restraints, any commercial firms that solely centralize and null the competition, as in the case of monopoly, are actually committing violence against the said law (Emerson 2004, p. 485). The Anti-trust law comprises various regulatory laws that maintain capitalism, fair trade and market competition in the economy. Sherman act is the best example of an economic policy that negates unfair competition as promoted by the system of monopoly (Letwin 1981, p. ). As stated by the Section II. Monopolizing trade a felony; Penalty of Sherman Act of 1890: Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine not exceeding $10,000,000 if a corporation, or, if any other person, $350,000, or by imprisonment not exceeding three years, or by both said punishments, in the discretion of the court. Application of this law provides access to far-reaching principle of the policy that the American economy shall continue competitive economy and null any attempts of eliminating these competitions (Letwin 1981, p. 3). Committing Violations by Monopoly Powers Certain controversies ignite the legal bodies regarding the major organization’s increasing monopolization status. According to Pearlstein (2004), any claims of occurring monopolization power require proof of price manipulation or any attempts to exclude competition in the market provided these are willful initiations and with maintenance of that power (p. 29). Monopoly claims are subjected not only during its exercise but mainly in existence, meaning even the stage dormancy commits violation however; the rule of exemption still applies to some scenarios. Monopolization power that exists for a short period of time however, may not support the claims of monopoly (p. 231). Felony is the violation committed of the act of monopoly. However, there are certain limits and considerations analyzed in the ethical considerations in this law in order to balance the situation. This forms controversy among commercial and legal firms (McConnell Brue 2004, p. 00). Ethical Considerations: Behavioralists and Structuralists The ethical considerations of these cases primarily divide the views in terms of the firm’s structure and the performance of these business organizations. The two scenarios illustrated in the book of McConnell Brue (2004), Economics: Principles, Problems, and Policies, are analyzed in this section. In 1911, the issue of U. S Steel case has established a rule of reason in the court. The conditions are the increased size and evident monopolistic powers of the said firm. However, the firm has justified their claims in the court stating the presence of these powers is basically unintended. They have not caused any illegal actions among their minor competitors hence the court termed their case as â€Å"good trust† considering this not guilty. On the other hand, the Aloe Case that has occurred in 1945 has possessed clear indication of monopoly since it has supplied 90% aluminum in the market. Such case has led into incapacitation the minor aluminum producers. The court has announced guilty and violation of Sherman act sec II is pronounced (p. 600). Structuralists view that the firm with most market shares are the legitimate target of this monopoly law since market competition are being affected. In this case, it is natural for the occurrence of such monopolistic behavior. Suggestion of this group involves the splitting of this huge firm into smaller units providing improvement and quality of performance as well. This applies in the case of Aloe since their firm shares the biggest part in the market. In another point of view, Behavioralists view the large firms make their way to possess unintended monopolistic status. They view that this might be because of the quality of service, best products and reasonable prices rendered to the public. Such case, if proven to have absent competitive practices provides pardon from monopoly regulation of Sherman act (p. 601). Enforcement Antitrust laws have been objected by other business firms due to various reasons that impede wealth accumulation. If the antirust laws are designed to provide the socially optimal level of deterrence, then they have to discourage only those acts that reduce society’s wealth. Antitrust laws overdeter if they discourage conduct that on balance increases society’s wealth (Hylton, 2003 p. 43). In terms of the telecoms company, some have viewed the conditions of Antitrust questionable as well. The design of this law is originally applicable to traditional manufacturing and distribution industries, since these markets are fast-moving corporations or the production of their products is very fast hence, production increases and the capacity of product provision from the sole supplier also occurs. Operators often claim that their market is an â€Å"emerging market†; however, this condition is not anymore applicable if vast expanse of production to the point of hindering competition is already happening. This condition defeats the purpose of free trade as well as competitions. The statement of the Sherman Antitrust Act is not accurate, and this has resulted to legal confusions and inconsistencies. It has become unsuccessful in defining the meaning of such essential definitions as trust, conspiracy, restraint of trade or commerce, monopolize, or combine. Because of this, the end outcome of such term discrepancy is the struggling of United States courts for the provision of clear and accurate legal definition for this law. The Federal Trade commission is the ones responsible for the enforcement, monitoring and revocation of such law, and this organization has been doing this for the past 8 decades now. The capabilities of FTC are further enhanced and now able to suspend those business corporations or marketing industries that promotes anti-competitive actions. The antitrust division, however, are the ones in charge of investigatory assessment and prosecutions of these associations found as such. If in case the antitrust division found grounds of anti-competition schemes, it seriously prosecutes the violations of these firms against the law. The FTC, on the other hand, also serves as the protocol manager that provides guidance for these corporations in terms of business restructuring or law-abiding marketing strategies in order to prevent the violation of such law. These firms need to adhere and abide in the U. S. aw of Competition in order to avoid the tendency of closure or suspension. The Sherman Act has become the main branch of the antitrust law. This act is the one responsible for the maintenance of free and competitive business firms. Violations of anti-competitions and negation of free policies are filed under this act ever since the act has been promulgated. However, penalty system of this law has been modified; Individual offenders may be fined up to $350,000 and sentenced to three years in prison for each offense. Corporations can be fined up to $10 million, in some cases even more (Sherman Antitrust Act†¦, 2007). According to the article brought by The Economist (200), entitled Trust and antitrust. (Effects of enforcing antitrust legislation), Untied States law body enforces the law strictly and seriously. In the past decades, the enforcement of this law has greatly improved; however, the focus has become limited. Instead of attacking business firms simply because they are big, trust busting has been restricted to cases where there is clear evidence of market power, as defined by economists rather than lawyers, being used to harm consumers. However, during the time of Clinton administration, the scope and scale of antitrust implementation have expanded greatly, way beyond such well-founded cases as Microsoft. However, there are associated problems as well for the implementation of this law since the case per company violations are being scrutinized firmly. Moreover, confusion due to definitions and scope conditions are usually occurring. Mostly the problems that revolve under this law conditions are procedural and systematic processes. In the end, delays are resulted because of procedural difficulties. Adding more into that are the overlapping authorities that need to be addressed upon filing, analysis and implementation of such law. In the current trend of antitrust implementation, bodies such as politicians, lawyers and economists are looking at this law as a big opportunity to attain fortune. It is because of the penalties and under-the-table transactions that occur between these people and the alleged company. In some cases, trust-busting associations such as Justice Department and the Federal Trade Commission even causes double or multiple jeopardy among these companies. There are those people who even look at this scenario as business and not anymore justice. The ethical considerations of such law become fragile since, law bodies tend to view this as income source rather than free trade and competition issues. One of the examples of this condition has occurred in the ever popular, Microsoft. This company has encountered double up to multiple jeopardy because of Anti-trust violation. It may make sense, as suggested recently by Richard Posner, the court-appointed mediator in the Microsoft case, for Congress to ban state antitrust suits in such situations. In addition, there is an argument, given that many monopolies and mergers are now global in reach, for some kind of world co-ordinating body, as suggested by Joel Klein, the Justice Departments outgoing antitrust boss. Surprisingly, antitrust has now become an alluring profession for money-grabbing politicians, bureaucrats, economists and lawyers, all of whom will be likely to prefer opposing positions. Any lawyer or economist who knows about antitrust will earn a fortune from increased activity.

Ignorance In Your High School Principal; My Trip To His Office :: essays research papers

I walked into his office. The look on his face was distasteful. He made me feel inferior to him. Not the way you should feel around your high school principal. I didn’t feel welcome, or even accepted. His beady eyes burned holes in my skin. I sat. He gazed into my tired eyes, and he asked me the following, "What’s going on?" How am I supposed to respond to this sort of question? If I say "nothing," it’s a given that there is something. However, if I try to speak with him about anything, it will be like talking to a brick wall. Authority figures never have any compassion. They care only about the person that rules them. In this case it would be the superintendent. I reply with a comment which is very versatile, "Not much, and yourself?" He gives me a look of disappointment. The kind of look you get when your parents find out you’ve been skipping school for the whole first semester. He turns his back to me. I hate it when they do that. They always think you are going to be sitting there waiting for them to turn around. Like you think they are the most important person in the world. I don’t do that though, I just admire all the hoaky pictures and quotes on his white walls. Yeah, if he actually believed in all these sayings he wouldn’t be working here, I think. Suddenly, I feel my ears begin to burn. I try to do a play by play in my head of what I am going to say to him. I don’t know why I do that, it never helps. I always end up shooting off my mouth, and getting into trouble. He turns back around and informs me that I was absent this past Friday. LIKE I don’t know. He tells me I have to serve seven hours of detention. "Excuse me, Mr. Principal, Sir..." I begin. Only to be cut off with another, "I don’t want to hear it." I shut my mouth and let him ramble on. I have a lot of better things to do with my time, I think to myself. Listening to people you really don’t care to listen to is quite boring. So, I let my mind wander. I think of how many runs I could be snowboarding down at this very moment.

Mercantilism: International Trade and Favorable Balance

During the Age of Exploration, mercantilism was the main economic philosophy. Mercantilism is a collection of governmental policies for the regulation of economic activities, mainly commercial activities, by and for the state. There are multiple ideas that characterize mercantilism. Mercantilism is characterized by the country applying policies and institutions such as the Navigational Acts, towards having a favorable balance of trade, extending borders, and having all of the economic goals set towards enriching the mother country. Having a favorable balance of trade was essential to mercantilism.A favorable balance of trade meant that there were more goods leaving the country to be sold (exports) than there were goods coming into the country to be bought (imports). This allows the country to be making more money than it’s losing. This means that the country will be making a profit instead of losing money or being at a standstill economically speaking. Jean Baptiste Colbert of France applied this idea to France by making France self-sufficient, so that France would not have to buy anything outside of itself meaning no imports.He did this by setting up a system of state inspection and regulation on domestic goods. He made domestic industries meet very high standards on their products because then the French could buy high quality goods locally instead of buying the same goods internationally. Also, a key component for France’s favorable balance of trade included Colbert applying high tariffs to imports. This would encourage the French to buy less goods from other countries. This gave citizens a higher incentive to stop buying imports and to buy domestically made goods.Now French goods were of high quality and they were much cheaper than imported goods. These two ideas (self-sufficiency & tariffs) that Colbert applied to France allowed mercantilism to enrich France through having a favorable balance of trade. The textile industry expanded enormously due to Colbert’s policies, and â€Å"France†¦ had become in 1683 the leading nation of the world in industrial productivity. † This shows that France had successfully become self-sufficient, which means that the amount of imports coming into France were extremely low. Having the mother country become wealthier was the goal of mercantilism.Colbert’s policies were an effort in enriching France. He created a powerful merchant marine to transport French goods which allowed France to transport large amounts of goods easily and quickly when trading with other countries. Another country who had a powerful merchant marine was the Dutch. The Dutch East India Company is an example of the powerful merchant marine that the Dutch controlled during the 1600s. These countries both worked to control the trade of their country’s exports. They wanted to increase the amount of exports to enrich the mother country.France did this by giving bonuses to French ship owners and builders while establishing a method of training for sailors. This would allow France to be able to trade their goods quickly and efficiently making the amount of exports increase. The Dutch also used trade merchants to bring the Netherlands prodigious wealth. The Dutch merchant marine was the largest in Europe. They controlled trade, and since they dealt in bulk no country could undersell them. The Dutch East India company was a joint stock company that dealt with the transportation of goods.The company was extremely successful, and with the combination of the Dutch merchant marine and companies such as the Dutch East and West India Companies, the Netherlands enjoyed a great amount of success due to mercantilism. Both France and the Netherlands increased their amount of exports by creating powerful merchant marines. Mercantilism being the main economic philosophy during the Age of Exploration allowed countries like the Netherlands and France to become extremely wealthy. France used Colbert’s policies of self-sufficiency, high tariffs on imports, and a powerful merchant marine to create a favorable balance of trade for France.The Netherlands had become the financial center of Europe through controlling trade by having famous exports and successful transportation companies such as The Dutch East India Company. This allowed the Dutch industries to enrich the mother country. These policies from both countries are key components to what mercantilism is. Mercantilism is characterized by the country applying policies and institutions towards having a favorable balance of trade and having all of the economic goals set towards enriching the mother country. Mercantilism: International Trade and Favorable Balance Discuss economic policies and institutions that characterized mercantilism systems 1600-1800.During the Age of Exploration, mercantilism was the main economic philosophy. Mercantilism is a collection of governmental policies for the regulation of economic activities, mainly commercial activities, by and for the state. There are multiple ideas that characterize mercantilism. Mercantilism is characterized by the country applying policies and institutions such as the Navigational Acts, towards having a favorable balance of trade, extending borders, and having all of the economic goals set towards enriching the mother country.Having a favorable balance of trade was essential to mercantilism. A favorable balance of trade meant that there were more goods leaving the country to be sold (exports) than there were goods coming into the country to be bought (imports). This allows the country to be making more money than it’s losing. This means that the country will be making a profit ins tead of losing money or being at a standstill economically speaking. Jean Baptiste Colbert of France applied this idea to France by making France self-sufficient, so that France would not have to buy anything outside of itself meaning no imports.He did this by setting up a system of state inspection and regulation on domestic goods. He made domestic industries meet very high standards on their products because then the French could buy high quality goods locally instead of buying the same goods internationally. Also, a key component for France’s favorable balance of trade included Colbert applying high tariffs to imports. This would encourage the French to buy less goods from other countries. This gave citizens a higher incentive to stop buying imports and to buy domestically made goods.Now French goods were of high quality and they were much cheaper than imported goods. These two ideas (self-sufficiency & tariffs) that Colbert applied to France allowed mercantilism to enrich France through having a favorable  balance of trade. The textile industry expanded enormously due to Colbert’s policies, and â€Å"France†¦ had become in 1683 the leading nation of the world in industrial productivity.† This shows that France had successfully become self-sufficient, which means that the amount of imports coming into France were extremely low.Having the mother country become wealthier was the goal of mercantilism. Colbert’s policies were an effort in enriching France. He created a powerful merchant marine to transport French goods which allowed France to transport large amounts of goods easily and quickly when trading with other countries. Another country who had a powerful merchant marine was the Dutch. The Dutch East India Company is an example of the powerful merchant marine that the Dutch controlled during the 1600s. These countries both worked to control the trade of their country’s exports. They wanted to increase the amount of exports to enrich the mother country. France did this by giving bonuses to French ship owners and builders while establishing a method of training for sailors.This would allow France to be able to trade their goods quickly and efficiently making the amount of exports increase. The Dutch also used trade merchants to bring the Netherlands prodigious wealth. The Dutch merchant marine was the largest in Europe. They controlled trade, and since they dealt in bulk no country could undersell them.The Dutch East India company was a joint stock company that dealt with the transportation of goods. The company was extremely successful, and with the combination of the Dutch merchant marine and companies such as the Dutch East and West India Companies, the Netherlands enjoyed a great amount of success due to mercantilism. Both France and the Netherlands increased their amount of exports by creating powerful merchant marines.Mercantilism being the main economic philosophy during the Age of Exp loration allowed countries like the Netherlands and France to become extremely wealthy. France used Colbert’s policies of self-sufficiency, high tariffs on imports, and a powerful merchant marine to create a favorable balance of trade for France. The Netherlands had become the financial center of Europe through controlling trade by having famous exports and successful transportation companies such as The Dutch East India Company.This allowed the Dutch industries to enrich the mother country. These policies from both countries are key components to what mercantilism is. Mercantilism is characterized by the country applying policies and institutions towards having a favorable balance of trade and having all of the economic goals set towards enriching the mother country.

“I just want to be Average” by Mike Rose Essay

The essay by Mike Rose made me really think about the purpose of education schools have to offer us. He talks about how a basic exam can determine your whole life; it made me really think about how accurate these tests really are. The purpose of this essay seemed to be how he feels students failures isn’t because of us, its because of the school system overall. He shares how the vocational track is basically portrayed as students who are not motivated to learn. The question he makes us think about is, why are these students so unmotivated to learn? He states how for the most part the teachers are the ones who are not motivated enough to teach them. Basically the teachers have to be there because it’s their job, and from the moment of the student’s first grade the teachers automatically think that they’re UN teachable. Students believe whatever the teacher says so they start believing that their stupid and so they wont try. Later on in the book, Rose talks about Jack MacFarland. He descries him as a unique person, because even though he’s a teacher he puts work to make students understand that all teachers are not the same. 1. Roses’ life in Voc.Ed was a nightmare. R he teachers would basically talk to him like he’s retarded. Roses’ teachers were so unmotivated to teach him. They basically gave up on everyone who was in voc. Ed since day one. 2. Voc. Ed. Basically made everyone not want to learn anything. It affected them in a harsh manner because the students started to believe that they were never going to be anyone in life so they just stop trying all together. Math was a subject that Rose could never come to a full understanding of it because, it was his teachers’ unwillingness to make sure he continually learned this skill. 3. Students, who often see themselves in a negative way, see a negative impact on their schooling. Ken Harvey didn’t necessarily think he should being the Voc. Ed. pathway. He took it out on himself for being led to that pathway. At the end of the day, he knew he couldn’t change it, and other people’s opinions didn’t matter to him, He had to realize that in a classroom like his everyone had their own opinions that often did not match the likes of his. Students often let the opinion of others bring them down and affect them in their academics, but if you set your mind to it at the end of the day no ones opinions really matters accept your own. 4. Jack offers rose the help and support that roses’ teachers would not give him. I think anyone with Roses’ intelligence  can succeed if they put their mind to it. Roses essay makes me think about the reality of this world. How the mistake of the school district can impact your life in a whole different way. How students who are placed in â€Å"slow† classes, basically get no help at all because teachers believe their UN teachable. Don’t people realize that makes a child’s life even worse?

Free Essays on Business Planning

Business planning plays a very important role in today’s society, and in determining the degree of success realised by a new or small business. A business plan is a written document that articulates a business concept, market potential, opportunities, growth strategies, financial requirements and management for a venture. The business plan is an essential tool for the entrepreneur and all other managers and businesses as it serves as a tool to both the internal management needs of the private entity and the informational needs of external entities that are critical to a ventures success. The business plan has been defined as being: â€Å"the culmination of a lengthy, arduous, creative and iterative process that can transform the caterpillar of a raw idea into the magnificent butterfly of an opportunity† (1) (Jeffry A Timmons) The purpose of the business plan is to clearly define the business/company in as much detail as possible and how the business/company will operate in the current market, so as financiers will be able to see the business opportunity and how much financing it requires. More specifically the business plan can be viewed or seen as a guiding analysis or document because it establishes the ventures business objectives, goals, strategies and approaches to achieving these objectives and goals. In fundamental nature it analyses the three key questions a company should know the answers to prior to writing their business plan. These are: Where are we now? Where do we intend to go? And, how do we get there? Essentially a business plan is thought to distil your ideas, rank your priorities and clarify your objectives. The business plan is normally comprised of four main sections each with several sub-sections, which aims to act as the ultimate guide to the entrepreneur/manager. The four main areas’ can come under these headings: introductory elements business section financi... Free Essays on Business Planning Free Essays on Business Planning Business planning plays a very important role in today’s society, and in determining the degree of success realised by a new or small business. A business plan is a written document that articulates a business concept, market potential, opportunities, growth strategies, financial requirements and management for a venture. The business plan is an essential tool for the entrepreneur and all other managers and businesses as it serves as a tool to both the internal management needs of the private entity and the informational needs of external entities that are critical to a ventures success. The business plan has been defined as being: â€Å"the culmination of a lengthy, arduous, creative and iterative process that can transform the caterpillar of a raw idea into the magnificent butterfly of an opportunity† (1) (Jeffry A Timmons) The purpose of the business plan is to clearly define the business/company in as much detail as possible and how the business/company will operate in the current market, so as financiers will be able to see the business opportunity and how much financing it requires. More specifically the business plan can be viewed or seen as a guiding analysis or document because it establishes the ventures business objectives, goals, strategies and approaches to achieving these objectives and goals. In fundamental nature it analyses the three key questions a company should know the answers to prior to writing their business plan. These are: Where are we now? Where do we intend to go? And, how do we get there? Essentially a business plan is thought to distil your ideas, rank your priorities and clarify your objectives. The business plan is normally comprised of four main sections each with several sub-sections, which aims to act as the ultimate guide to the entrepreneur/manager. The four main areas’ can come under these headings: introductory elements business section financi...

Lit review on'Small Business growth is solely dependent on the skills Essay

Lit review on'Small Business growth is solely dependent on the skills of the entrepreneur and their attitude towards risk.' - Essay Example According to Schumpeter, an entrepreneur identifies and seizes business opportunities then converts these opportunities into viable and marketable ideas. Being one of the factors of production, an entrepreneur combines the other factors of production, that is, land, labour and capital. He or she then assumes the risks involved in order to realize a profit. Small businesses have developed into economy drivers over the last two decades. This is the period when most governments have been liberalizing their previously closed market. Before then, the government corporations were the economic growth agents but since the markets are now freer, many small businesses have spruced up. Their massive number has however, stunted their growth because of stiff competition (Hubbard, 2009). This necessitates possession of an array of special skills and characteristics that are possessed by an entrepreneur. Any person can start a business, but the successful ones persevere to see the business navigate tough times and eventually succeed and grow. Some of these skills are tackled in this paper. It is, however, imperative to note that even though the entrepreneurs are painted as the more successful people when it comes to small business growth, they still experience a high failure rates. The studies conducted by Business Growth Index showed that the failure rate stood at 75% (Shiu et al, 2007). A business failure can be defined as the inability of the business to get the required return on investment. Since the business is small, and most of the time funded through personal savings or through debt financing after leveraging individual’s property, starting a small business with such a high failure rate becomes too risky. However, this is one of the major characteristics separating a business person and an entrepreneur; an entrepreneur is alert for opportunities that an ordinary business person ignores or does not see; most importantly, an entrepreneur assumes risks that an or dinary business person is reluctant to assume (Minniti, 2013). Risk according to many people has a negative connotation, and rightly so because many start up businesses have ended up declaring bankruptcy after assuming unnecessary risks. But to entrepreneurs, a risk is a positive force; it is an opportunity in disguise and a challenge that needs to be tackled. Beneath the risk the entrepreneur sees the rewards which are the profits (Lowe and Marriott, 2006). Being a risk taker rather than risk averse like most business persons does not mean being reckless, it only implies taking calculated risks to realize profits. This requires some expertise in combining factors of production, utilizing innovation and creativity wells of the business, entrepreneurial skills and patience. There are millions of small businesses started every year, but their mortality rate is just as high. Most of those that weather the storms are those that were started by entrepreneurs (Gabardi and Tichy, 2013). Th ese businesses do not just seek to be operational but also, as a main objective, to grow. Entrepreneurs, through their skills, are the agent of small business growth (Minniti, 2013). The following are some of the skills possessed by successful entrepreneurs that have helped in growing of their small businesses. The first skill possessed by

Law Practice Management Essay Example | Topics and Well Written Essays - 2750 words - 1

Law Practice Management - Essay Example It entails targeting a specific market or community that is easily identifiable. The decision that was unanimously arrived at is that we should carve out our niche in Computer law. This area of law, deals with securing information that is stored and/or transmitted through computers. There is a horde of reasons for choosing this specific area of specialization. To begin with, our existing clientele mainly draws out from this area, and they have a capacity to sustain our entity in the short run and help us to breakeven within the first year of operation. Secondly, we have the necessary educational background, and passion for this specific niche, individually and collectively. In addition, this is a developing area, with a greatly promising future. Internet has had a profound impact on the society in the past few years and the nature of its dynamic changes creates a lot of emerging legal uncertainty. In addition, there is an increase in the number of legislations enacted in the recent past, such as Computer Security Act of 1987 and Health Information Technology of 2009. To add, it touches basically on every other sphere of law from, e-commerce, Intellectual Property (IP), privacy to online money payment systems. Moreover, it is cross cutting and is not limited in terms of boundaries, and it, in essence, makes boundaries more and more meaningless. More importantly, it has an untapped potential, and growth rate is exponential, given that the number of Americans using internet or having access to internet grows day by day. In addition, most organizations have automated their mode of operation and it is basically possible to complete all manner of transactions online. This market has few practitioners as compared to the potential market, and the existing market is highly untapped. The entity we have chosen to adopt and register is in the form of a professional association, registered as an S corporation under the laws