Introduction to Business
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Question One
Naomi engaged in the misconduct of using the organization’s resources for personal gain. Furthermore, she did not fully dedicate her office time to the company, using a part of it for her benefits. Naomi used the company’s internet and computer for her gains. In this case, she could have used the time and energy in carrying out other duties beneficial to the company. Using company assets such as vehicles and space is not ethical. Such acts only lead to the company recording unnecessary operational costs (Mitchell, Reynolds & Treviño, 2017). For instance, when using a company’s vehicles for one’s own gain, the company will incur fuel losses. Additionally, the company will suffer further losses in vehicle maintenance.
Codes of ethics are an essential tool for any company. Human beings relate to each other differently. If left uncontrolled, human beings, in their efforts to achieve comfort, may end up costing organizations. Codes of conduct are essential in guiding, regulating, and controlling everyone’s behavior at the workplace (Mitchell, Reynolds & Treviño, 2017). Through the code of conduct, both employers and employees are guided on how they should behave and relate with each other. The code of conduct ensures everyone within an organization conforms to the values and ethics demanded by the organization (Mitchell, Reynolds & Treviño, 2017). This way, everyone works together to achieve set goals and standards.
Question Two
Merrythought is a private limited company, although a small size one. It is a private business since a family owns it, the Holmes family. The firm only operates in England, with only twenty-five employees; this makes it a small size business. A small size business is one that is independently own, less prevailing in its line operation, and with less than five hundred employees (Ferrell, Hirt & Ferrell, 2016).
Small size businesses have some advantages. These include; being independent, less operational costs, and being flexible. Additionally, there is a maximum profit from the business. However, it has also got disadvantages. Some of them include; high-stress level, lack of expertise in certain areas, inability to cope with the competition. Moreover, there is less capital and a high possibility of failure (Ferrell, Hirt & Ferrell, 2016).
Question Three
Business ownerships are a common way through which individuals enter businesses. Partnerships are business entities in which two or more people combine in the formation of a business entity, taking up equal ownership responsibilities (Ferrell, Hirt & Ferrell, 2016). There are two primary forms of partnerships: general and limited partnerships. A general partnership is a type of collaboration in which all the business co-owners share in both the management functions and liabilities. They are equally responsible for every occurrence and decision-making process in the business. On the other hand, in limited partnerships, there is at least one overall partner who takes up unlimited liability; the rest take up limited liability (Ferrell, Hirt & Ferrell, 2016).
Corporations are business entities that are created by the state; their assets and liabilities are detached from the owners (Ferrell, Hirt & Ferrell, 2016). In most cases, corporation ownership is through shares. Types of corporations include domestic, foreign, alien, private, and public. Domestic corporations are localized; their businesses are limited to a particular state. Foreign corporations are international, present in many states other than their original one. Unlike foreign ones, alien corporations are present in countries other than the ones in which they are incorporated. While private corporations are owned by very few people whose shares cannot be sold, public corporations have their shares available to anyone willing to buy (Ferrell, Hirt & Ferrell, 2016).
Question Four
Give a choice between entrepreneurship and employment; most people will choose the former. There are various reasons for this. One of the reasons is independence. As an entrepreneur, one is independent, with the power to choose how to run their own business. Unlike employees, entrepreneurs are not tied down by any rules; instead, they make their own (Ferrell, Hirt & Ferrell, 2016). A second reason is growth in career. Entrepreneurs can improve on their businesses, investing more, and expanding. Ultimately, they can grow in their career. A third reason is flexibility. While employees are tied down by fixed working hours, entrepreneurs have flexible working schedules (Ferrell, Hirt & Ferrell, 2016).
Steve Jobs had several traits that hugely contributed to his success. These traits include the following; confident, passionate, ambitious, and rebellious (Baker & Baker, 2017). Being rebellious was one character that drove Steve Jobs to achieve what no one else had ever thought of. He was a self-taught engineer; his rebellious trait made him beat all odds towards his success. Confidence drove his daily work. He was confident that Apple would be a game-changer in technology (Baker & Baker, 2017). Being passionate about technology also played a massive role in Steve Jobs’ success. He was passionate about his work. Through his ambitious nature, Jobs set out to develop a unique technology that would later earn him tremendous respect (Baker & Baker, 2017).
Several factors can hinder entrepreneurship opportunities. Some of these factors include fear, information inadequacy, and limited resources (Ferrell, Hirt & Ferrell, 2016). Fear is one thing that limits the power within most potential entrepreneurs; they are afraid to start. Information inadequacy is also a limiting factor. Prospective entrepreneurs, especially in developing countries, do not get the necessary information on their preferred lines of business. Limited resources, especially in terms of capital, also hinders entrepreneurship opportunities (Ferrell, Hirt & Ferrell, 2016).
References
Baker, J., & Baker, C. (2017). Transformational leadership—steve jobs. SAGE Publications: SAGE Business Cases Originals.
Mitchell, M. S., Reynolds, S. J., & Treviño, L. K. (2017). The study of behavioral ethics within organizations. Personnel psychology, 70(2), 313-314.
Ferrell, O. C., Hirt, G. A., & Ferrell, L. (2016). Business: A changing world. Tenth Edition.