Want to Write a Business Essay? Here Are Incredible Tips

It is highly important to acknowledge the fact that there is a good percentage of students who can’t adequately write a proper business essay. There could be some who could work on theirs well, but in that pool, there are those who need more tips and guidelines on how to easily write a business essay and come up with quality essays.

The tips basically condense and aggregate into a process. The process is unique to business essays, particularly since other essays have their own set-out methodologies and approaches.

  1. Craft a Thesis

How do you start off a business essay without a thesis statement? Such a start only complicates the writing process and makes the following sections difficult to work on.

A thesis statement is mainly the main area of argument or contention that your essay will revolve around. It is the statement that carries most of the weight of your essay, and most instructors and readers alike consider this statement before delving deep into other sections of the essay.

You do not have to come up with a complex thesis statement. So long as you have an idea of your main area of argument, piece it together and bring it forward. In fact, in most cases, the simpler it is, the better since it will be easier to maneuver throughout your essay with such a thesis as your guideline.

  1. Work With Subtopics

Working with huge chunks of work is often inefficient and ineffective. In the same vein, approaching a business essay on the sole premise of the topic of the essay is ineffective and cumbersome. Breaking down the topic into subtopics provides more space and latitude for argument, and could even result in well-written essays and arguments if you come to think of it.

Business, in particular, is a broad field, and so are write-ups and essays in the field too. To work around this, breaking your work done could help to ease the job and give more space to get the job done.

  1. Avoid Deviations

Staying in line with the topic of the essay is one thing that you cannot afford to throw to the wind. Many essays that have scored low grades or have gained little readership can attribute shortcomings to deviations in the writing process.

Ensure that you stay in line and focused on the topic of your essay. This will help to ensure that your essay is relevant, and does not touch on areas that do not relate to the thesis for that matter.

  1. Edit and Proofread

Invest in editing and proofreading. This will help you to iron the wrinkles in your essay. More often than not, essays that are not edited end up scoring low. This is because they are a reflection of insufficient efforts in the writing process, which attract penalties from examiners and instructors.

You can proofread the work yourself or look for another individual to help with the process. Whichever the case it is, ensure you edit and proofread your work as this could be the game-changer.

To sum this up, business essays are not much of a hard nut to crack if you factor in the appropriate tips when writing. Ensure that all your work synchronizes with the topic of your essay, avoid deviations, and edit the work to refine its quality.

Also it’s can sounds funny but if you want to write better you should read more and if you don’t believe this you can read this importance of reading essay.

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Forms of Business

Introduction

As Piercy (4), contends, the process of choosing a form of business plays a significant role when starting up a business. In general, the criteria for this kind of task include the need for capital, the nature of the business’s future operations, the number of the people that participates in the operation and the establishment of the business, the responsibility, and the taxation issues. Some of the alternative options include going into business as a self-employed person or an entrepreneur, limited partnership, corporate, a general partnership, and limited liability company (Seethamraju 32). In summary, the forms of businesses discussed in this paper include corporations, sole proprietorships, limited liability partners, partnerships, limited partnerships, limited liability companies, corporate structures and governance.

Sole Proprietorships

By definition, sole proprietorships refer to a business that by law has joined existence from its owner. In this case, both the losses and the income are taxed on the personal income tax return of the individual. The sole proprietorships are not a legal entity (Merkert 3). In other words, they just refer to people owning the business, and they are personally responsible for their debts. In fact, the sole proprietorship is said to be the simplest form of business under which a person can operate a business (Piercy 6). Moreover, a sole proprietor can choose to do business under a fictitious name or operate an under its name. Such fictitious name only acts as a trade name. In simple terms, it creates no legal entity that is separate from the sole proprietor owner.

The business of sole proprietorship is very attractive because of its ease of setup, simplicity, and the nominal cost. To secure a local license, a sole proprietor just needs to register his or her name, and the sole proprietors are ready for the business. However, a distinct disadvantage of this form of business is that the owner continues to remain personally liable for the debts of the business (Seethamraju 35). Under such conditions, the creditors are free to bring lawsuits against the owner of the business, in case the sole proprietor business runs into financial risks. The success of the lawsuits means the owner of the business will have no option but to pay the debts of the business with his or her money (Merkert 5). Since the sole proprietor has no separate identity under the law, he or she typically signs contracts in his or her name. Practically, the taxation of the sole proprietorship is quite simple because the sole proprietorship is undoubtedly indistinguishable from its owner.

Some of the advantages or merits of a sole proprietorship as a form of business include the fact that its owners may feel free to mix their personal assets or business. Additionally, the sole proprietorships can carry little ongoing formalities as well as creating room for the owners to establish the form of business easily, instantly, and inexpensively (Seethamraju 37). Although a sole proprietor does not need to pay unemployment tax for herself or himself, he or she is required by law to pay unemployment tax on employees. On the other hand, there are also some disadvantages of a sole proprietorship form of business. First, the owners of the form of the business are subject to the unlimited personal liability for the losses, debts, and the liabilities of the business. Besides, the owners of the sole proprietorship are not allowed to sell an interest in the business for raising the capital. Additionally, the sole proprietorship does not retain value since they rarely survive the incapacity or death of their owners (Merkert 7). Overall, one of the sole proprietorship’s great features is the simplicity of formation. In this case, little more than selling and buying services or goods is needed. It is not necessary for an event or formal filing for the formation of the proprietorship. In fact, it is simply a status that arises automatically from the business activity of a person.

Partnerships

In practice, the two most important steps in the process of the partnership involve the setting up of the proper structure/ entity and the creation of the partnership agreement for the partnership. In addition, the key to designing a partnership agreement and the documentation of the terms helps in the understanding of the mechanics of how the business will be managed (Piercy 8). Note that the list of the items that are taken into consideration in a substantial agreement of partnership is indefinite. Partnerships are not the same; they are different. In the context of the roles of the partners in signing and authorizations, the partners themselves must have a clear understanding of what the officers or the managers of the business should be doing on behalf of the company. Additionally, the partners are charged with particular responsibilities and duties. In this case, the duties and the responsibilities of the partners are described to make each partner aware of what to expect from each other (Merkert 9). Moreover, the predetermined consequences should be put in place for partners not completing their duties.

Other things that also need to be considered in a solid partnership agreement include the requirement of a unanimous vote, contribution capital, the provision of expulsion, exit strategy or dissolution, provision of miscellaneous, a separate buy-sell agreement or a buy-sell agreement and so on. Under the contributions of capital, things such as the amount of money, time, and each asset to be contributed by each partner must be taken into consideration. The contributions include the initial one and the subsequent ones that can be necessary for the continuation of the business operation in the future (Seethamraju 42). Similarly, the partnership form of business must also consider the rights to distributions, compensation, profits, and losses. Some of the habits that help a partnership succeed include tax deposits and bookkeeping, communication and documentation, and the be involved in the business.

Limited Partnerships

Limited partnerships exist when two or more partners decide to unite with the aim of conducting a business jointly. Under such conditions, one or more partners becomes liable for the quantity of the invested amount of money. Although the limited partners are not allowed to receive dividends, they can enjoy direct access to the expense and income flow (Seethamraju 47). One of the main advantages of the limited partners is that the owners of the business are typically not liable for the debts of the company (Merkert 10). In general, two or more individual make the owners of a partnership. In short, there is a total of three forms of partnerships namely joint venture, general partnership, and limited partnership. Although these businesses share similar features, they differ in various aspects.

Each of the business partners has to contribute resources such as money, labor, property, or skill in exchange for sharing in the losses and profits of the business (Piercy 9). In this form of business, at least one partner is charged with the responsibility of making decisions about the affairs of the day-to-day of the business. Although not a legal requirement, all members of the limited partnerships require an agreement that specifies outlines the ways of making decisions. Some of the decisions include the best means of splitting the losses and profits, conflict resolution, and the alteration of the ownership structure, in addition to the way the business is close, if necessary. According to Merkert (11), the United States limited partnership act helps in governing the formation of limited partnerships. For the formation of a limited partnership, the partners involved must first register the venture in its applicable state.

Limited Liability Partners

In simple terms, limited liability partners refer to a business organization that creates room for limited partners to enjoy the limited personal liability thoroughly. There are some similarities between a limited partnership and a general partnership. Essentially, the general partners have full control and management of the partnership form of business. However, they also accept the full responsibility for the liabilities of the partnership (Seethamraju 51). Equally important, the limited partners do not have a personal liability beyond in the interest of the partnership. In this case, they are not allowed to participate in the daily operations and the general management of the partnership business without being considered a public partnership in light of the law.

In practice, the general partners can either be a corporation or an individual. In fact, one of the more common situations of the limited partnership involves a silent partner. Under such conditions, either one or more limited partners helps in providing financing for the venture. Similarly, the general partners primarily assist in running the business (Piercy 11). In the context of protecting the assets of the silent partners, limited partnerships limit their liability and exposure in addition to acting as a conduit for passing current operating losses and profits on the partners. In most cases, the legal cost involves to form a limited liability partnership can be higher than the ones needed to form a corporation because security laws are used to govern them in some states.

Limited Liability Companies

By definition, a limited liability company refers to a hybrid type of legal structure that helps in providing the features of limited liability of tax efficiencies and corporation and the flexibility of operation of a partnership. Note that the term members are used to refer to the owners of a limited liability company. The members can consist of one owner (single individual), two or more persons, other limited liability companies, or corporations depending on the state. Limited liability companies are not subjected to taxation as a separate business entity as in the case of shareholders in a corporation. Instead, all the losses and profits are passed through the firm to each member of the limited liability company (Piercy 13). Most importantly, the members of the limited liability companies report both the losses and profits on their personal federal tax returns, similar to what the owners of the partnership would do.

The formation of a limited liability company involves several steps. These steps include first choosing the name of the business. Subsequently, the article of an organization is filed before creating an operating agreement. Henceforth, both the permit and license are obtained after which the employees are hired. Finally, the business is announced. The choice of a business name must follow three rules. For example, the proposed name must not be similar to the existing limited liability company in that state (Seethamraju 53). Secondly, the name must indicate that the proposed business in a limited liability company. Lastly, the name must not include any word that is restricted by the state. Some of the advantages of a limited liability company include limited liability, better way of sharing profits, less recordkeeping. However, some of the disadvantages of the limited liability company include self-employment life and the limited life.

Corporations

Corporations refer to a legal entity that is both distinct and separate from their owners. In fact, they enjoy most of the responsibilities and rights possess by an individual. For this reason, a corporation can loan, enter any contracts, and borrow money, hire employees, sue and be sued, pay taxes and own assets (Piercy 16). It is popularly known as a legal person. Corporations are very useful globally for the operation of all kinds of business. Although the limited liability is the most aspect of a corporation, its exact legal status varies slightly from jurisdiction to jurisdiction (Seethamraju 72). In simple terms, the shareholders can participate in the profits through the appreciation of stock and dividends but are not held personally liable for the debts of the company.

Most of the major businesses in the world are corporations. Some of these businesses include the Coca-Cola company, Microsoft Corporation, and the Toyota Motor Corporation. The incorporation of a corporation by a group of shareholders with ownership of the corporation leads to the creation of the Corporation (Piercy 17). In general, the primary objective of a corporation can either be for making a profit or not, for example, in the case of charities. A corporation can be made up of either a single or several shareholders. The corporate laws also help in creating and regulating the corporations under their jurisdiction of residence. According to Merkert (12), the board of directors are charged with the responsibility of executing the business plan of the corporation and must take all the essential means of doing such activities. Although the board members are not generally responsible for the debts of the corporation, they also owe a responsibility of care to the corporation form of business.

Corporate Structure and Governance

Often, the corporate structure and governance are the most viewed as the relationships which help in determining the direction and performance of the corporate. The board of directors plays a crucial role in the corporate governance. In light of its relationship to other primary participants, both the management and shareholders are very critical. More of the participants include customers, creditors, employees, and the suppliers (Merkert 13). Additionally, the framework of the corporate governance also depends on the regulatory, ethical environment, legal, and the institutional of the community.

The act of guiding, steering, and piloting helps in describing what the beards should be doing when they are in session. Piercy (21), notes that the system of corporate governance refers to the combination of mechanisms for ensuring that the agent (management) runs the firm to benefit either one or several principals (stakeholders). Such shareholders or principals may cover creditors, employees, shareholders, clients, creditors and other parties with whom the firm conducts its business. In general, an excellent corporate structure and governance play a crucial role in providing an essential ingredient in the success of the corporate and the sustainable economic growth (Merkert 17). Any research in this field requires a thorough interdisciplinary analysis, that draws above all on the law and economics, in addition to the close understanding of the modern practice of the business of the kind which results from detailed empirical research in the national system’s range.

Conclusion

In a nutshell, the business organization’s scope has widely extended after the industrial revolution. Each and every form of business plays a crucial role in the life of individuals. Essentially, the importance of business organization includes the efficiency in the use of resources, growth of products, technological improvements, use of skilled salesman, recognition of the problem, creative thinking, quick decisions, reduction of cost, fixing of the responsibility and so on. In this case, one must be very careful during the process of choosing a form of business. As already noted, the criteria for this kind of task include the need for capital, the nature of the business’s future operations, the number of the people that participates in the operation and the establishment of the business, the responsibility and the taxation issues. The right choice of business from is the only way to success.

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MLM Businesses You Should Avoid

Multi-level marketing is inherently a form of network marketing, or referral marketing; which primarily relies on recruiting more distributors to sell products for the main company. In most cases, the arrangement involves the primary company, which hires distributors to sell their products, often using essays about advertising. These distributors go ahead to recruit other distributors, commonly known as the downline, who will sell more and more products to people out there so that they can earn some money. However, the products of MLM businesses are often expensive compared to products in online stores and those in the streets.

Essentially, distributors who are just below the main company or at the second level of the pyramid for that matter, gain money from recruiting rather than commissions from selling the products. If you spot the following in a MLM business, avoid like Ebola!

 

Overpriced and Products of Low Quality

In many cases, businesses that engage in Multi-level marketing offer products that are of high prices. Most of these products sell at relatively lower prices in online stores, and also amongst other vendors who can be found locally on the streets.

What’s more, the quality of these products does not surpass those products offered by these online stores or street vendors.

The vast majority of products offered by MLM businesses are not that great, and those businesses that provide such kinds of products could be engaging in active Multi-Level marketing operations.

 

Mass Recruitment Is the Mainstay of MLM Businesses

Unlike other businesses that rely on the sale of products and services to generate revenues and profits, companies that engage in Multi-Level Marketing focus on recruiting people to sell their products. People who engage in MLM businesses are often required to buy a bunch of products to sell them. Major distributors who joined the company at an earlier stage and are at the ‘top’ of the business or the company rely on recruiting new distributors, who are often referred to as a downline, to earn a commission or other forms of earnings by recruiting them.

 

Pushy Sales Tactics

Most businesses that engage in Multi-Level marketing adopt pushy sales techniques, in which they persistently ask new members and even existing members to buy commodities that they even do not clearly understand. These businesses ask their members to take up their products, or even coerce them to subscribe for other membership forms that are associated with high sums of money but high levels of access and status within the company.

Businesses that dwell too much on membership are also businesses that could be engaging in Multi-Level marketing practices. Such businesses often reiterate the need for new members to subscribe for membership with the organization, and in some cases, these memberships usually involve an amount of money. Further, even after subscribing for membership, you will still find that there are avenues where existing members can upgrade their memberships by paying an extra amount of money.

Businesses that actively engage in these practices are in the Multi-Level Marketing scene, and they rely on these tactics to maneuver.

 

Too Amazing to Be True

Some enterprises claim to offer impressive financial returns and results within short periods. Often, these companies explain how they have made vast sums of funds for their members within short time frames, but these are usually made up stories to entice you in signing up.

These businesses give promises about good returns, which, in most cases; turn to be empty promises. Some of the investment strategies that they claim to pursue are not viable or realistic, which raises more questions about their legitimacy and ethics.

 

Poor Communication

Businesses that do not have elaborate or coherent communication channels often make people raise a lot of questions about their modus operandi, or business model for that matter. When you attend a meeting of such businesses, the chances are high that they have an individual who is guiding or leading the ceremony through different sessions. A hallmark of businesses that engage in Multi-Level marketing practices is that they communicate poorly and that they do not have credible information to pass to the audience.

 

In summary, the operations of multi-level marketing companies and businesses could be legitimate in some cases, but working for or with these companies could be complicated. Since the dominant strategy here relies on recruiting more distributors to earn commissions and other forms of monetary compensation, it could be difficult to get individuals who are willing to sell the products, let alone get a ready and constant market for those products.

 

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Ethics and Professionalism Project Assignment

All certified accountants have the responsibility of conducting themselves in a manner that is in the interest of the general public and follow important accounting principles of transparency and objectivity. They should also exhibit due care, professional competence, and confidentiality in every transaction. Behaving in a manner that is in the interest of general public involves paying attention to the interest of customers, investors, the government and other stakeholders who depend on the integrity of accounting. There are laid down accounting and auditing that ensure there is ethical conduct in the accounting profession. These accounting and auditing standards have a huge impact on how accountants conduct their work.

As was mentioned in this professionalism in the workplace essay, one of the accounting standards that have had an enormous impact on the accounting profession is the General Accepted Accounting Principles (GAAP). GAAP contains basic rules and procedures that take into consideration the complexities and legalities of accounting. GAAP rules and procedures are used by the Financial Accounting and Standards Body to establish good accounting practices. The United States regulations require all public listed companies to release their financial statements yearly in line with General Accepted Accounting Principles. GAAP contains ten vital concepts. The ten principles of GAAP include regularity, consistency, sincerity, permanence, continuity, materiality, prudence, non-compensation and utmost good faith.  The principle of non-compensation, for instance, states that all accounting elements of a firm must objectively be reported whether they are bad or good. The principle of materiality, on the other hand, requires full disclosure of a company’s financial situation (Airline, 2015).

General Accepted Accounting Principles have several impacts on the ethics and professionalism of accountants. GAAP ensures that there is transparency, integrity, and honesty in the reporting of the financial statements. The principles also standardize methods, descriptions, and terminologies making the work of certified accountants easier. Financial statements released by GAAP compliant companies can be compared with those of external parties with relative easy. GAAP ensures that there is transparency, continuity, and professionalism in accounting. This ensures that investors and stakeholders in an entity make prudent and informed business choices. The ten GAAP principles eliminate confusing accounting reporting methods. Besides, the ten principles ensure financial reporting offer potential investors the true financial situation of a company (Airline, 2015).  Cases of falsifying accounting records are on the rise. Most companies falsify financial books to paint a picture of a good financial health. Companies are therefore under pressure to hire professional accountants who abide by the accounting code of ethics. GAAP ensures that accountants are transparent and objective in all their dealings (Allen & Bunting, 2008). The principles introduce some responsibility in the manner in which accountants perform their duties. They have made the accounting profession more ethical and transparent. They also ensure that reporting of financial information is relevant, reliable and consistent. Accounting standards require accountants to detect financial situations that raise ethical concerns. When professionals or entities identify situations that compromise their independence they apply accounting principles which help minimize the risks (SEC Concept Release).

Accounting standards, rules, and principles bring sanity and a sense of professionalism in the accounting professional. They shift a burden of responsibility towards certified accountants in terms of ensuring that reported financial information is transparency and objective. The standards also make the work of accountants easier by standardizing methods and terminologies in accounting. Adherence to accounting standards improves investor confidence and enhances the corporate image of a company.

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How to Communicate As a True Leader? 5 Easy Tips

When being in a leading position, everyone knows you have to be a good communicator. Even though that is a known fact, many people don’t know how to effectively communicate with their peers.

Here are 5 simple and easy tips that will help you communicate more effectively when you are in a leading position.

  • Learn to Adapt

One of the most important things when it comes to communicating as a leader is to learn to adapt to the audience that you have in front of you. Try to understand them and connect with them and then move forward to adapt your sayings to their level.

If you’re speaking to your employees, you might possibly need to be more direct than when speaking to your customers. Make sure to use the right style of speaking in order to be liked and understood by both groups.

  • Be a Good Listener

When it comes to being a good listener, the recipe is simple. Try listening more than you speak. When you show your audience that you take the time to listen to them, you make sure that you understand their problems and avoid any misunderstandings.

Everyone wants to know that the person in charge is there to listen to their problems and help them find a solution. This is the best way for you to stay close to your peers and gain their respect.

The only thing to keep in mind in this situation though, is to make sure that they understand that their personal problems are a different subject and they can only come to you with problems that affect their work.

  • Use Examples

There is no better way to make yourself understood that using examples in your speech. Examples allow your audience to make better sense of what you are saying and depending on how personal your examples are they allow them to feel closer to you.

Especially when it comes to a making a speech in your workplace, you will need to have something prepared and written on paper so you make sure you include all you need to say and explain at the right time, if you wish to engage your audience.

Examples coming from your personal experience offer you a more humane and approachable look. Try making people see things from your perspective and it will be even easier for you to keep them focused on what you’re saying.

  • Take Note of the Body Language

When it comes to using body language as a leader, it is important to remember that you need to be encouraging and inspiring to your peers. First and foremost, you need to understand their body language. Do they look comfortable around you? Are they honest with you or seeking for your approval?

If you manage to understand traits like these it will be a lot easier for you to start building your own behavior around what they lack the most. The important thing is to make them trust you and look up to you as a strong leader. If you manage to

  • Speak With Authority

A leader always has to be respected and looked up to.  That is something that you definitely to work on and it can oftentimes be quite tricky to master. You need to work on speaking confidently and making sure you always present yourself well.

One of the most important things to do is to use strong filler words in order to avoid long pauses or awkward silences. Instead of saying “Uhm” or something similar when you need to gather your thoughts, try using words like “Now” or “However”. This will help you avoid long pauses and at the same time give you enough time to think.

The Right Communication Techniques are Key

It is easy to become a leader but it is not as simple to become a good leader. You need to have particular skills and know how to react in various situations in order to keep your prestige and the respect your peers show you.

The simple tips mentioned above in the article are sure to give you a few ideas on how to start becoming more successful and closer to a true leader. All you need to do is make sure you’ve done plenty of research so you are able to lead your group of employees through anything that comes along your way.

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Analysis for the Car Market Case

 

The key challenge facing CarMax is the threat to its continued rise in the future. This is based on uncertainties raised by the questions like how it could effectively scale its business while maintaining a steady supply of used cars and profitability. It is also faced with how it will survive without its competitive edge given by data advantage. Further, information systems have become cheaper making it easy for the competitors to duplicate it, whether it should reconsider its decision to leave the new car market and how wholesaling fits into its future plans. The challenging economy with unprecedented recessions and competitors are other major challenges that CarMax cannot ignore.

External Analysis, the Industry, and Economic Environment

PESTEL Analysis

The PESTEL analysis is a framework or tool through which marketers analyze the external marketing environmental factors affecting a business. Its results are then used to identify the strengths and weaknesses and hence prepare a SWOT analysis.

Competitors are the major macro environmental factor affecting CarMax. It has however been able to stay above the competition by having very good policies like its comprehensive data program, extended services, pricing of their cars, smooth reliable operations, and an efficient management team with in-house trained personnel.

The other major external factor affecting CarMax is economic crisis arising from recessions. During the 2008-2009 economic crisis, CarMax’s growth slowed and profits dropped but unlike some of its competitors, it was able to spring back and resumes a steady growth. Other than Honda, it was the only other automobile company to post profits during this period.

Legislation regulating sale of both new and used cars also affects CarMax and the fact that these legislations differ from state to state complicates this issue. CarMax has however been able to comply with these regulations without any listed breach of the laws.

Porters Five Forces Analysis

The five competitive forces analyzed by Poters Five Forces analysis are used to identify the strengths and weaknesses of the business and include:

Competitors

Threat of new entrants into the industry

Power of suppliers

Power of customer

Threat posed by substitute products

So far, CarMax has been able to stay above the competition with some of them not being able to withstand the challenges facing the car trade and folding up. New entrants are hindered from entering the car market by high initial costs and the fact that returns are not immediate. CarMax derives about half of its supplies from wholesale auctions and the other half from customer trade-ins both of which are reliable sources of its cars. CarMax has a customer focused business model aimed at giving the customer the best deal at the best price, which has endeared it to the customers hence its continued growth and profitability. The substitute to what CarMax offers is new cars but this is not a threat to its market share as there will always be people who cannot afford the new cars or prefer older models offered by CarMax especially with the challenging world economy.

SWOT Analysis

SWOT is an acronym for strengths, weaknesses, opportunities, and threats to a business. CarMax’s major strength was its being able to identify a niche in the way cars were being sold and how customers wanted to buy them. Its retail and management skills from Circuit City were also a major strength for CarMax. Its ability to adapt to different economic situations, growth, and expansion potential are other strengths exhibited by CarMax. Its major weakness is lack of diversification in product and the fact that its customer experience remains the same except that it is faster because of application of technology. Opportunities for CarMax lie in the fact that a lot of the used car market is untapped both within the United States and outside which it can tap by franchising. The biggest threat is the possible rise of its competitors because of information systems becoming cheaper hence making it lose its competitive edge given by its wide database.

INTERNAL ANALYSIS

VRIO Analysis

VRIO an acronym for Value, Rareness, Imitability, and Organization

CarMax was able to identify the niche in the used cars market and had the capability and resources to fill this gap. Its management and retail skills were its biggest resource. Shareholder investments and profitability provided the needed capital base for growth and expansion. This created value for the firm and its ability to neutralize any threats.

The used cars market is described as having a fragmented competitor base and there was no strongbox player who was successful in it.This meant that its control was in the hands of a few and CarMax was easily able to penetrate it.

CarMax was able to come up with a very unique and customer focused business model which emphasized a broad variety of popular merchandise at attractive prices, with economies of scale which it copywritted protecting itself from imitators. The company sued Republic for copyright infringement successfully and it was awarded $50 million.

CarMax’s top management had the appropriate skills and a vision that employed the best principles that enabled it to flourish in the used car market. This enabled it to expand profitably hence capture value.

SWOT Analysis

CarMax’s biggest strength is its business model coupled up with its visionary management and a big capital base that enables it to grow and expand. Its major weakness is lack of diversification both in terms of product and customer experience. Its opportunity lies in the fact that the market is still not fully serviced with room for growth and the fact that it is still fragmented with few competitors. Its biggest threat is the new digital age where information that was only available from them can now be accessed elsewhere diminishing its competitive edge.

REMEDIES

CarMax could review its decision to stop the sale of new cars. It could use its establishment and already available outlets to negotiate for dealership deals with car manufacturers. This could include both retail and wholesale sales. It could also diversify its products by opening a spare parts department, services, and car repair department that is not just limited to its trade in customers but is open to the public.

CarMax could also franchise its business model to other businesses both within the United States and globally.

In an opinion, CarMax should apply a blend of all these remedies with due consideration of the already available resources and costs in a way that maximizes profit and its competitive edge for its growth to be sustainable. This will ensure that it retains its position as the top car seller.

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6 ways to conquer your fear and resistance to challenging tasks

Life is full of difficult tasks – tasks that are already a massive chore on their own. The thing is, we then end up making them harder by procrastinating, hemming and hawing and staring up at the steep incline ahead of us with such dread we don’t actually ever get started. The result? The time we have shrinks, the fear mounts and the quality of our lives drops.

Sometimes we let so much time pass and we get so stressed out that when we do actually get to the task, we end up making a hash of it. Even worse, our fail of failure might well become so overwhelming that we end up not taking the plunge. And so amazing opportunities pass us by and fear gets replaced by regret.

Now how can that ever be the right way to live?

The good news is that you can overcome your fears. There are a number of strategies which will help you overcome the crippling fear and anxiety that you’re feeling.

Acknowledge your fear

Just because you’re ignoring your fear doesn’t mean you’re no longer feeling it. That is not how these things work. So don’t try that route. Instead, acknowledge your fear. Understand what is causing you to feel this fear. Move through that.

After all, bravery isn’t blindly ignoring your fear, it is accepting it and moving on despite it (and even because of it).

Make things concrete

Abstract activities are much harder to wrap your head around than things which you’ve actually made more concrete. And that’s not that strange. Abstract things, after all, are filled with far more unknowns and unpredictable things, which leaves a lot more space for the fear to live.

For that reason, when you have to do something that you’re afraid of, the first thing that you want to do is sit down and write out what it will actually consist of. Create an outline, which includes the steps you have to take and the processes you’ll have to go through. Now, make sure that you add detail. I mean, it doesn’t have to be up to the level of a professional writing service, but it should still be detailed and comprehensive.

Even better, divide it up into short tasks that are actually relatively easy to achieve. In this way, you take the focus off the mountain you have to climb and instead focus on the individual steps you’ll be able to take to do that climbing. That will be much less overwhelming.

Small steps are better than none at all

Sometimes promising yourself that you will only do this task you don’t want to for a short time will make it far easier to actually start doing the task. That’s what such things as the Pomodoro timer is based on. Twenty five minutes of focused time on a task you don’t want to do can already make a dent, after all. It can even show you that it’s not half as bad as you have made it out to be.

If you like using something like the Pomodoro timer, also check out Stay focused, be present, as this doesn’t just make you work for 25 minutes, but blocks specific sites that you’ve listed as well – so that you don’t go check social media or read the news.

Start with something you know you can do

Now that you’ve got your outline and you know what you’ve got to do to actually complete the task, start with one of them that you know you can actually do. It’s fine if you pick something that you might actually enjoy doing as well.

The goal here is to build on your successes. For the more we’ve succeeded, the more confident we end up feeling. And the more confident we feel, the easier it becomes to tackle the harder tasks still ahead.

Be honest about when you’re avoiding

Of course, you can’t let that go too far. There is doing the simple tasks first and then there’s using whatever excuse you can to avoid the hard tasks you don’t want to do. If you find that you’re engaging in busy work, like organizing your sock drawer, then it’s time to realize you’re avoiding again.

When this happens, don’t be too hard on yourself. We all avoid our problems at one time or another. Of course, don’t accept that this means you can continue avoiding. Instead, return to the task and move forward – keep doing this again and again and eventually the task will be done.

Reward yourself

In psychology they’ve managed to get pigeons playing ping pong by using a simple strategy of rewarding them when they do what they’re supposed to. Now, obviously we’re more complicated than pigeons, but there are still a lot of mechanisms in our brain that work the same way. If we do something and we then reward ourselves, we can condition ourselves to find the task less objectionable and do it more consistently in the future.

The easiest way to do so is to use the reward centers in the brain. This can be anything from having your favorite candy, to cuddling with your cat. After you’ve managed to work for a while on the task at hand, to giving yourself a break with a task you really enjoy.

Now, do note you don’t have to make the reward huge. It can be a small thing. What’s more important is that the one has to follow the other consistently and without too big of a break, as that’s the easiest way for our brain to learn the association.

Watch the distractions

Getting yourself to do something that you fear or dislike can be hard enough if done once. It can be neigh-on impossible if you have to do it over and over again. For this reason, make sure that you turn off the distractions.

This means putting your phone away, blocking websites which are likely to draw you in and telling the people who might try to get your intention to not bother you (consider actually posting a sign). This might sound like a trifling thing, but the truth is the research indicates that people who are the most effective at what they don’t resist temptation, but manage to avoid it instead. After all, we don’t want to waste our willpower resisting the world outside. We want to use our willpower to stay focused on the task at hand. For that’s how we’re going to surmount the challenge and get it out of the way.

 

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