Question about business
What business degree should I study in and where?I'm planning to get a business degree in the United States but I'm am unsure of what type of business I should major in or even where should i study in.
I'm more of an entrepreneur-minded person and I have look into Business Administration for some time now. I'm more of creative person and I love to challenge new ideas.
I am also looking for a university that offers cheap and reasonable fee and good education with good credibility. I'm currently looking into University of Nebraska but I am also interested in other options.
Thnx
Recent economic meltdown might compel many small business owners to put their businesses for sale. With many layoffs due to the fall of three of the five major US investment banks, Bear Stearns, Lehman Brothers and Merrill Lynch, and other the two remaining banks, Goldman Sachs Group Inc. and Morgan Stanley, under siege, aspiring entrepreneurs will shoot up leading to larger buyer pool. If you were planning to onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” rel=”external nofollow” target=”_blank” href=”http://www.sunbeltne.com” target=”_blank”>sell your business you need to know how to leverage the best deal in the current slump.
Read the following 10 steps to avoid wrecking the deal:
1. Establish a reasonable price for your business. An inflated figure either turns off or slows down potential business buyers. Hire an expert business broker for business evaluation to avoid costly mistakes during business sale.
2. Continue with “business as usual.” Obsessing about selling business to such an extent that your attention wavers from day-to-day demands, affecting sales, costs, and profits is not a good idea. Remember selling a business takes time, and your need your business listed in hot listings for sale to attract business buyers.
3. Hire business brokers to ensure confidentiality. A confidentiality breach during the sale of a business can change the course of the transaction. A professional business broker will ensure all parties maintain complete confidentially till the dotted lines are signed.
4. Prepare for business sale well in advance. Ensure business records are complete for at least several years back and do all pertinent legal or accounting “housecleaning”–as well as a literal sprucing-up of the plant or store.
5. Be prepared for business buyers questions. The buyer will need appraisals on all assets as well as all pertinent information to satisfy environmental regulations (when real estate is concerned). The buyer might request other information for sourcing finance to buy business.
6. Maximize leverage through competitive bidding. This is something you should let a professional business advisor handle as it can get tricky. Business broker will create a competitive situation to position you to get most out of the deal.
7. Be flexible. Don’t be the kind of seller who wants all-cash at the closing, or who won’t accept any contingent payments or an asset transaction. Depend on the advice of an expert business broker – their knowledge of business financing and tax implications will ensure your deal is sweet instead of sour.
8. Learn to Negotiate; not “dominate.”You’re used to being your own boss, but remember the buyer also is used to having their way. Learn and follow your business broker’s council on when “to hold” and when “to fold.”
9. Don’t over drag the deal. To keep the momentum up, work with your broker to keep your potential buyers interested and wrap the offer within a reasonable time. Don’t hold out for unreasonable demands.
10. Stay focused and involved. You might feel pressured and burnt-out. But realize that the buyer may want you to stay within arm’s reach for a while. Consult with business brokers to determine how you can help them to sell the business without unnecessary hitches.
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Ken
on January 4 2010
You need to keep accurate records when running a business. This will be your best defense if you ever get audited.
For IRS purposes, you need to make a profit every 3 out of 5 years to have the IRS prove that you are not running a business. Otherwise, it is up to you to prove that you are running a business and not doing a hobby. You can prove that you are running a business by keeping your business accounts and personal accounts separate.
You can write off any legitimate business expense including dinners with clients, car expenses, equipment, etc.
Having a separate checking account and credit card is a good idea. However, it isn't necessary. You can comingle your business and personal expenses using your personal accounts. But, if you do this, then it will be harder for you to prove that you are running a business.
For your revenues, you don't need a corporate account to make you deposits. You just need to make the deposits in your separate account that you use for business.
You can read Publication 334 for more information.
Chev
on January 4 2010
Hi,
i have found a site to be usefull, just check this out
nacao
on January 4 2010
China is really taking this advice to heart. Even now the Chinese government is investing heavily in the African oil and minerals sector, using their expertise to help African countries upgrade their infrastructure (roads, electricity, pipelines etc.), and providing cheap capital for African countries to exploit and grow, thereby making many friends and allies in the process. China is helping them grow, gaining strong geopolitical influence and privileged access to growing markets.
guzen
on January 4 2010
Well Said!!
cooolioooo
on January 4 2010
business school is the right field to study, if you choose your college carefully, some have an entrepreneurship track/program
truth
on January 4 2010
You have just proven my point.Two sentences to show that you have nothing more useful to say and I suppose this discussion ended when I said BYE Earlier.Wishing you Goodluck and hope you somehow get out of your IGNORANCE,DENIAL,ARROGANCE,AND SELF HATE.I STAND BY MY OPINION,NIGERIAN GOVT.OUGHT TO DO MORE!!! IF THAT ANNOYS YOU WELL GET OVER IT AND STOP PRETENDING THAT THEY ARE DOING ENOUGH.I STRONGLY SUGGEST YOU FIND A LIBRARY AND EDUCATE YOURSELF A LITTLE MORE.SINCE BUYING BOOKS MAYBE EXPENSIVE.
Gina G
on January 4 2010
Are you asking the same question or was my answer deleted? YOU CANT COLLECT ONCE BANKRUPTCY IS FILED.
psychic
on January 5 2010
Sorry Mrs Ngozi, you’re well educated, but Nigeria is a s***hole. The corruption is deeper than a black hole. Maybe, just maybe, if Nigeria started with something as little as (um… i don’t know) STABLE ELECTRICITY???
I don’t know how a nation is meant to develop, let alone tackle corruption if the electricity is constantly being switched off on random daily basis. Start with a stable power supply and then i’ll take you seriously.
Austinite
on January 5 2010
You can't post a Proposal for Sale of Business here. It is a comprehensive document similar to a business plan with dozens to hundreds of pages. Contact a broker like VR Business Brokers and see if you can get help. Yours is a unique business driven by personal contacts and is not easily sold.
The Invisible Woman
on January 5 2010
The requirements vary according to your state. Call the business license office for your county and just ask them if you need a business license to operate an internet store. I live in Georgia, and in my county, you do.
urbantool
on January 5 2010
chinnyization, you have brashfully expressed your thoughts (and I dare say without proper reason). I agree with Bladen12345 that your argument is very weak. You obviously have misunderstood Ngozi; she is making a point on the power of foreign direct investment. I am sure that she pointed out that african governments have their failings, but her aim is to illustrate the wisdom of higher FDI as a better means of aiding africa as opposed to ‘Charity Aid’.
Wayne R.
on January 5 2010
Yes, the courses you speak of will help you to become a Business Analyst.
A BA can be on the client side or the IT side. If on the client side, they are interfacing with work group domains that process the work and review what they need. They generate requirements and then work with the IT side to update or generate processes and applications to fullfil the business needs.
If you're a BA on the IT side of the house, then you're taking all the requirements and developing processes and application solutions. Your job is to work with the client to generate a business solutions document (there are many names for it) and get signoff. Then, you need to make sure that solution becomes reality by working with systems analysts, programmers, and testers. You're generally responsible for the delivery of the solution. Although, if the solution revolves around process changes with other work group domains, you normally work with a PM (Project Manager). Never the less, you have end to end responsibilities for the IT delivery to insure the client gets what they need (and paying for).
With the offshoring of work to cheap labor, to remain associated with software development, the BA role is a good profession.
jpro
on January 5 2010
Your reasoning is fairly weak. Ngozi explained it well and I think a lot of people understand, because I sure did.
What you need to come to terms with is that your views hold extremely little significance here.
Mikelo
on January 5 2010
How about a book store, if you are looking retail?
I cant say if it would work in your town, you need to do marketing research to see what would succeed in your town.
Also in business .. Location, Location, Location is VERY important to success .. not only do you need the right business, you need the right location ..
Passion, YES .. you do have to work long hours but passion because you believe in what you are doing.
I work from home and have the utmost compassion and belief for what I do, I believe that is what brings me success ..
If you don't like books, don't like to read .. then a book store probably wont make sense. Did deep .. Only you know what you really want to do.
GL!
corpo
on January 6 2010
You’re an idiot.
Shut up and get out.
SarahR
on January 6 2010
Hiiiiiii..
I think you have to choose the Marketing section in Human Resource Management(HRM) because in marketing you get the nice job in the good reputed company on a high post..
rails
on January 6 2010
The Africa of put the white man out and let the chinese in and embrace the muslim and now they want some chinese out and the muslims are slaughtering the black africans and as always the rich forget the poor that is world wide
earthlink
on January 7 2010
My reasoning may hold very little significance on HERE,but at least people like you are reading it.Whatever you may think might be better, doesn’t change the fact the TALK IS CHEAP!!! I LOVE NGOZI FOR WHAT SHE STANDS FOR,BUT IF SHE REALLY IS DIFFERENT FROM ALL THE OTHER CROOKS THERE HAS TO BE SOME OBVIOUS RESULTS FOR WHAT SHE STANDS FOR!WE DON’T NEED ANY MORE TALKS,and I don’t need anymore talks with you,SINCE YOU SEEM NOT TO REALIZE THAT ANY TALK WITH NO RESULT IS OBVIOUSLY CHEAP.GOODLUCK & BYE