Neel Chaudhari

Neel Chaudhari

Ms. Kohler

Capstone

5 May 2020

Starting My Own Business

My Capstone Project is really interesting as well as complex: I am starting my own business. As a kid, I have always wanted to start my own business because it means the world to me which includes my family and friends. I am interested in the topic I chose because I want to become a businessman when I grow up. Becoming a businessman is what I want to do because my dad and mom own their own business. I am passionate about starting my own business because I have seen from my parents that it can be great fun, but at the same time it can be quite the challenge. In addition, I am interested in making a food and sports mix because those are the two main things that I enjoy doing in my free time. Sports and cooking are two of my favorite things to do and play so, I am trying to incorporate them into one subject. Another reason why I am interested in the topic I chose is because I can have a lot of fun with what I am using which includes the cooking material as well as the sports materials. My plan for my Capstone project is to start my own business incorporating a food and sports mix. I am planning to make at least 3 different dishes of my choice and, for sports, I am planning to make my own books with statistics.My project is going to take quite a while to accomplish, but I am fully capable of doing these different tasks. My resource count is fine, but in case I do not have enough, I am going to change my project in different measures. But, through my research, I learned much more about the topic and the way to start a successful business.

In addition to my research, the history of small businesses in the United States has had a long past dating back to the late sixteen hundreds. In the seventh and eighteenth century, many of the colonialists who started were farmers in areas of vast land and plain fields (Mike). This meant that each family would have to produce and make their own things for survival and for their own benefit towards their business. In the past, no one really knew what business was, but they used to sell their items to other families for money which is exactly a business (Mike). However, most of the white farmers owned land which meant that the other farmers were slaves to the white farmers (Mike). Taking this to consideration, this was the real reason why they had to sell their items in order to survive and move away from the farm (Mike). In the nineteenth century, one farmer spread the attributes of a business man in American which then grew the population rapidly in the United States (Mike). People from all over the world came to start their own businesses in order for them to succeed on this planet (Mike). In the 20th century, economic activity heavily increased following the 19th century (Mike). Most small families were having trouble producing their goods to people which meant hardship for most people who were not successful (Mike). These families lacked either a business person perspective or were not suited for this job. Either way, small businesses in America today have thrived with there being more than 22.5 million small businesses in the United States because of hard work and the increase in population (Mike). Anybody can start a business in the United States as long as they are willing to work hard and put their one hundred percent into their company.”

Starting in the nineteenth and twentieth century, Nike has had a major history when starting their company for the public. It was a huge process in which two men found each other and got interested in the way each other taught (Jack). Bill Bowerman, a coach of the track team, made great shoes out of local materials which got Knight very interested in the development of a shoe (Jack). Knight was a teenage boy who was very interested in the development of shoes. He got very interested because of Bill and the way his shoes looked and the quality of them (Jack). In addition, Knight was the first person to try his shoe and he gave it to his friend who just won the Olympics in part of the shoes (Jack). By that point, these two men decided to pursue their journey into making shoes and selling them by starting a company (Jack). After Knight joined with Bill Bowerman, he then went to Stanford University and wrote a paper on shoes which then went to Japan to export popular shoes (Jack). As this process finished, they worked with many companies to exchange shoes to find differences for themselves to alter to make it look like a great shoe (Jack). There was one major problem that let them down, the Government said no working together (Jack). This caused a superior difference within the companies (Jack). So, they split from working with others and teamed up (Jack). They called their now company, “Blue Ribbon Sports (Jack).” The first main shoe was called, “Waffle Trainer” which was a hit for everybody in the United States. (Jack) As their company grew, they changed the name to Nike in 1971 (Jack). That was the beginning for these two men in the shoe industry.

Moreover, there are ten major steps of starting a business or company. These steps will

define how successful the company will be in the future according to how organized they are as a society. The first step is to conduct market research in which the owner has to get employees to become successful for the future (US). If you do not have any employees, the business is basically over. The second step is to write a business plan to convince the employees to work with the owner’s business (US). They will not join if they are not told what exactly is the business or company's mission. Third step is to fund the business, which means the owner needs to figure out how much money he or she has to continue (US). Fourth step is when the owner picks the business location to punch down where to settle for the business. Fifth step is to choose a business structure to incorporate for the requirements from law and the sixth step is to choose a good business name to attract customers (US). Seventh step is to register the business to make the business legal and ready to operate. Once it operates, the eighth step is to get federal and state tax ID’s from the government (US). The ninth step is to apply for permits to stay legal and out of trouble (US). Finally, the last step is to start a business account to keep all your money safe (US). When taking these steps in consideration, you will certainly become successful as you grow bigger.

Furthermore, there are seven major tips of growing a successful business in the company context. The first tip is to always be organized on a daily basis (Chris). I interviewed an entrepreneur myself; who said “it is really important to always make sure your employees and yourself are on task at all times.” The second tip is to keep detailed notes somewhere hidden to analyze your competition (Chris). The third tip is to understand risks and rewards that the company is going through to verify where we rank in the future (Chris). The fourth tip is simple but important: being creative makes you stand out against other companies (Chris). This aspect of the company is unique which makes a stand in social ranking. The fifth tip is to always stay focused on the company work by avoiding any obstacles to the best of your ability (Chris). The sixth step is to provide great care towards customers and the overall society for greater reviews (Chris). The final step is to always stay consistent on a day to day basis when working and helping customers (Chris). As all business owners know, employees always come before themselves.

In addition, being a great entrepreneur lifts up your business which makes you very successful. There are many qualities that define a successful entrepreneur when lifting a successful business. A good business owner should always have a positive attitude as well as plan to achieve in the long run (Rogoff). If you are two sided at all times, your business will eventually corrupt causing a disaster for you in the future. The owner should be strict, welcoming, and respectful to its employees so they can work in the business (Rogoff). An owner should know how to avoid obstacles that will affect the business in a huge way. Avoiding obstacles causes less distractions when working in and out of the business (Rogoff). He or she should always be on the lookout for innovation and new ideas that are in trend (Rogoff). Ideas that are in trend cause much more customers which equals reviews which is equivalent to money (Rogoff). However, an open minded owner has ideas stored in it’s brain for the long run if something is not working out with our supplies or employees. This is a major quality that all successful business owners need to have to become successful as a company (Rogoff). Competition with another company should not affect the business owner in any way because it will haunt them in the future. This causes distraction within the company which drives your employees out (Rogoff). This is bad and will cause the company to shut down. There are four major steps of being a successful owner of a business. First, organization is a major thing when being a successful owner because everybody needs to be on track of what is ahead of us (Rogoff). Second, diligence means to be hard working and strict to become successful (Rogoff). Third, prudence applies to the business owner of being strict with himself or herself because everybody is the same in the company (Rogoff). Last but not least, a business owner should always be willing to work harder than its employees (Rogoff). These are the main qualities that define a successful entrepreneur.

In addition to my research, it will help me get additional information that will help me contribute towards my project as well as the different materials I will use. It will also help me get in sight of what I have to accomplish because of my information that I have gathered. The research is a huge component because it helps me better understand ways of the business which is my Capstone Project. The research helped me get better knowledge of my topic which really helps when developing the project. It helps me incorporate different aspects into my project as well as thinking out of the box since starting my own business is a passion. Starting my own business is going to be challenging but, with my research, I have full knowledge of the topic and I am capable of adding special elements to make it stand out. The research is a big component when building the Capstone Project itself because without research, you will have absolutely no clue of what you are doing. The biggest thing to be successful is to always be alert and stay on task. These two assignments will make your project successful and everybody will love it.

Works Cited

Greenstein, Rogoff. “The Qualities that Define a Successful Entrepreneur.” Groco, n.d,

https://groco.com/readingroom/lead-successful-entrepreneur/.

Accessed April 13, 2020.

Meyer, Jack. “History of Nike: Timeline and Facts.” TheStreet, Maven Channel, August 14, 2019,

https://www.thestreet.com/lifestyle/history-of-nike-15057083. Accessed April 13, 2020.

Moffatt, Mike. "The History of Small Business in the United States." ThoughtCo, Feb. 11, 2020,

https://www.thoughtco.com/history-of-small-business-in-the-us-1147913. Accessed April 13, 2020.

Seabury, Chris. “9 Tips for Growing a Successful Business.” Investopedia, Dotdash, June 25,

2019,

https://www.investopedia.com/articles/pf/08/make-money-in-business.asp.

Accessed April 13, 2020.

US Small Business Administration. “10 Steps to Start your business.” SBA, n.d,

https://www.sba.gov/business-guide/10-steps-start-your-business/. Accessed April 13, 2020.