How Small Business Drives US Economy

How Small Business Drives US Economy What really drives the U.S. economy? No, it is not war. In fact, it is small business firms with fewer than 500 employees that drives the U.S. economy by providing jobs for over half of the nations private workforce. In 2010, there were 27.9 million small businesses in the United States, compared to 18,500 larger firms with 500 employees or more, according to the U.S. Census Bureau. These and other statistics outlining small business contribution to the economy are contained in the Small Business Profiles for the States and Territories, 2005 Edition from the Office of Advocacy of the U.S. Small Business Administration (SBA). The SBA Office of Advocacy, the small business watchdog of the government, examines the role and status of small business in the economy and independently represents the views of small business to federal government agencies, Congress, and the President of the United States. It is the source for small business statistics presented in user-friendly formats and it funds research into small business issues. Small business drives the American economy, said Dr. Chad Moutray, Chief Economist for the Office of Advocacy in a press release. Main Street provides the jobs and spurs our economic growth. American entrepreneurs are creative and productive, and these numbers prove it. Small Businesses Are Job Creators SBA Office of Advocacy-funded data and research shows that small businesses create more than half of the new private non-farm gross domestic product, and they create 60 to 80 percent of the net new jobs. Census Bureau data shows that in 2010, American small businesses accounted for: 99.7% of U.S. employer firms;64% of net new private-sector jobs;49.2%   of private-sector employment; and42.9% of private-sector payroll Leading the Way Out of the Recession Small businesses accounted for 64% of the net new jobs created between 1993 and 2011 (or 11.8 million of the 18.5 million net new jobs). During the recovery from the great recession, from mid-2009 to 2011, small firms led by the larger ones with 20-499 employees accounted for 67% of the net new jobs created nationwide. Do the Unemployed Become Self-Employed? During periods of high unemployment, like the U.S. suffered during the great recession, starting a small business can be just as hard, if not harder than finding a job. However, in March 2011, about 5.5% or nearly 1 million self-employed people – had been unemployed the previous year. This figure was up from March 2006 and March 2001, when it was 3.6% and 3.1%, respectively, according to the SBA. Small Businesses Are the Real Innovators Innovation – new ideas and product improvements – is generally measured by the number of patents issued to a firm. Among firms considered â€Å"high patenting† firms – those being granted 15 or more patents in a four-year period small businesses produce 16 times more patents per employee than large patenting firms, according to the SBA. In addition, SBA research also shows that increasing the number of employees correlates with increased innovation while increasing sales does not. Do Women, Minorities, and Veterans Own Small Businesses? In 2007, the nation’s 7.8 million women-owned small businesses averaged $130,000 each in receipts. Asian-owned businesses numbered 1.6 million in 2007 and have average receipts of $290,000. African-American-owned businesses numbered 1.9 million in 2007 and have average receipts of $50,000. Hispanic-American-owned businesses numbered 2.3 million in 2007 and have average receipts of $120,000. Native American/Islander-owned businesses numbered 0.3 million in 2007 and have average receipts of $120,000, according to the SBA. In addition, veteran-owned small businesses numbered 3.7 million in 2007, with average receipts of $450,000.

Saltman Engineering Co Ltd V Campbell Engineering Ltd2 Essay

Saltman Engineering Co Ltd V Campbell Engineering Ltd2 - Essay Example This essay discusses that where information has economic value, it can be treated like any form of consideration. This is because it has a worth which becomes the property of the original owner or holder of it. And as such, when the 'owner' of such information feels his rights have been breached, he can take legal action against any losses. This situation has led to the development of confidentiality laws. Cases involving the abuse of rights to information are handled under the category of breach of confidence. In the earliest cases of the 19th century, people who brought action for the breach of confidence were required to show proof of a contract that restrained the defendants from making economic use of information given to them. This means that the initial courts invoked a common law position which required plaintiffs to insert clauses in the contracts they signed which involved the transfer of information that could potentially be used to the advantage of defendants. However in Saltman Engineering Co Ltd V Campbell Engineering Ltd a significantly different ruling came to force. In this case, Saltman Engineering conceived a business idea. They asked Campbell Engineering to draw up the plan and put it on course for the commercialisation of the invention. Campbell instructed a third party company to proliferate the idea and put the final product on the marketplace as though it was Campbell Engineering's original invention. Saltman Engineering took the matter to court. ... The case was therefore decided in favour of Saltman Engineering. This case was decided on the basis of equity. In other words, the common law position which required plaintiffs to show proof that there was some kind of contract which restrained the defendant from giving off the information was sidelined and the court pursued fairness. This laid the precedence for courts to use the principles of equity to decide cases involving the breach of confidence. Equity and the Breach of Confidentiality The concept of the breach of confidence was to be decided on the basis of equity rather than common law after the Saltman case. From the way it emerged, the concept of confidentiality was to cut across four main aspects of interaction and communication: personal information3, government information, artistic/literary secrets and trade secrets4. However, there was an issue related to the invocation of equity in cases relating to confidentiality. This mainly has to do with the inherent nature of t he development of the principles of equity. By default, equity acts in personam and this therefore means that every case had to be examined according to the special facts and cases relating to it. This meant that the courts would always have to spend considerable time looking at the main elements of each case they receive, appraise it and take decisions where appropriate. This called for the need to build some hedges around the concept of the breach of contract and define the parameters of this legal concept. This finally came in the landmark case of Coco V AN Clark5 where Judge Megarry made the landmark ruling: 'I doubt whether equity would intervene unless the circumstances are of sufficient gravity: equity ought

Automobile Assembly Line Essay Example | Topics and Well Written Essays - 2750 words

Automobile Assembly Line - Essay Example Technology has made many tasks easier if not eliminated them all together. And, technology has redefined what 'work' is too many people. From farm operations to processing of the products the farms produce evidence of the impact of technology is clear. The technology available has change the way society operates. Society, in turn, has been reshaped by this technology. Society has then continued to develop technology to support its changes in the way it lives. 2. History and Development of the Moving Assembly Line. Many different versions of the assembly line were used throughout history. In recent history the assembly line was used to move meat from one station to another in the meat packing plants of Cincinnati, Ohio (USA). The meat packing plants in Chicago followed with suit by installing the system in their plants. These assembly lines were powered by overhead trolleys with chains. But, the most notable use of the assembly line occurred at Ford Motor Company in Michigan (USA). Ford first began using the assembly line in 1913. It allowed workers to learn one task in production of the auto and complete that task repeatedly as autos passed their station. The assembly line greatly increased the number of autos made at one time. Specialization of the workers meant that workers knew one part of the assembly really well and could repeat the task over and over with great speed. Ford's competition was left behind as Ford could produce more ve hicles at a lower price than its competitors. Ford also did not need as many employees to build an auto because the auto was no longer made all at one station but moved between stations with specialized assemblers at those stations. Ford had successfully implemented the use of the assembly line and created mass production of its product: the automobile. "Ford's famous Model T was assembled in ninety-three minutes."(About, History of Cars) Previously Ford had used a team approach that had a group all working at one station building the auto from beginning to end. Development of the assembly line continued and it became a widely used technology to build different products. The skills needed to build products were gradually transferred to mechanical devices on the assembly line. This skills transfer allowed the industry to hire lower skilled workers that were paid less than their skilled counterparts. This automation of the assembly line required less and less workers who controlled more and more specialized equipment along the assembly line. In essence, the assembly line and automation eliminated the need for most workers. 3. The Social Shaping of Technology. The social shaping of technology (SST) can best be explained as the development of technology to satisfy social needs. These are not needs in the sense of social relationships but rather the social needs to work, be profitable, live at a comfortable socio-economic level, etc. Using assembly line development as an example, this social shaping of technology began with an idea. Ford wanted to produce more cars but make them affordable so that people could, and would, buy them. Ford needed to remain profitable with an affordable product. Producing a car a day vs. a car every ninety-three minutes can have a big effect on profits. The assembly line gave Ford this opportunity. SST is all about choices that shape outcomes. SST offers negotiability to the technological process

Dispersed Team Dynamics Assignment Example | Topics and Well Written Essays - 500 words

Dispersed Team Dynamics - Assignment Example The success of an organization depends upon the quality of its functions based on its original principles while respecting the truth of innovations necessary for meeting the challenges that are inevitable part of the management process. The run for excellence demonstrated by various managements exposes every organization to a rather demanding field of competition where the leadership is forced to focus on creating opportunities among multiple choices. Any such innovation which can bring positive result in the business process involves risk-taking. More often, the risks appear to hit the functional areas such as goal-setting, communication and organizational changes which can together act as the blue-print for innovations. According to Stasi (2013), the most essential player that drives the virtual team in every organization is the communication system. A technically sound and mechanism of communication eliminates substantial amount of risk lying in the process of connecting people fr om different geographical and cultural regions of the world who form part of the working staff. There are a number of key players that structure the virtual team and enable the managers to continue with the successful chase of long-term and short-term organizational goals. A close association of important elements like the organizational purpose, human stakeholders and the tools meant for their coordination can ensure the accomplishment of success of every organization with thoughtful and dedicated application of management skills by their leaders. Among all the inputs given to the business, communication plays the most important role. As a result, there is a rapid change in the organizations across the world with regards to their information processing and communication systems. Today’s economic world doubtlessly requires the managers to give first priority to making such virtual teams which

Caravaggio’s David with the Head of Goliath Essay Example for Free

Caravaggio’s David with the Head of Goliath Essay Caravaggio’s David with the Head of Goliath is a truly important picture expressing arts underlying paradigm, every painter paints himself, in a clear and unmistakeable way. It was reported in the mid-seventeenth century that both heads, Goliaths and Davids, are self-portraits at different stages of life though David is described as â€Å"il suo Caravaggino†, or in English â€Å"his little Caravaggio.†1 This clearly refers to how Caravaggio painted himself when young because although his real name was Michelangelo Merisi he was known in Rome as Caravaggio. 2 Remarkably, despite this, few art historians have noted Caravaggio’s self-identification in both figures. One thought it was partly sub-conscious, a psychic echo of the artists violent past.3 Michael Fried, on the other hand, a scholar who often recognizes the act of creation depicted in art thought otherwise. He recently described Davids gesture as a disguised mirror representation of the act of applying paint to canvas, though there is also an important sense in which the head of Goliath may be taken as standing for the painting itself.4 God bless Fried! Other scholars unable to explain why Caravaggio would kill himself, even in a painting, suggest the phrase refers to someone else, â€Å"a boy from the town, Caravaggio† though they cannot say who.5 It is an escape clause. In the world of literal art scholars, artists do not kill themselves in a painting so they imagine something else or ignore the problem. Few early masterpieces so clearly express that every painter paints himself but scholars, convinced that artists tell logical stories that even a patron can understand, have long tried to deny the obvious: both heads represent the artist. This painting, like so many others over the centuries, depicts its own creation in the artist’s mind. Goliath, too, is not a symbol of evil, as conventionally claimed, but of chaos, the chaos so central to creative thinking. Art is first imagined in a mind full of chaotic and random thoughts. As two or more combine spontaneously, the artist begins to impose order on the chaos to create the work. Goliaths death, his head tamed by being depicted forever in mid-scream, is a metaphoric description of that process. Yet while David with the artists frown looks inward to depict the inner process of creation, Goliath also with an artists frown looks outward. He is the painting.

Personal Writing: My First Time Experiencing Riding A Bicycle :: essays research papers

Personal Writing: My First Time Experiencing Riding A Bicycle Sangho Kang After a very meaningful conversation with my dad about the old days, we came up with an object that we both remember cleary. It was my very first biclycle. My mind told me that I got it when I was only eight but my mom insisted that I was seven when I got it. Either of us had a proof, and so we desided that when I got it was not important. My dad put together all the small pieces of the bicycle. From a beautiful material that he called, "Your own car." Of course I knew that he had some magical ability, but I didn't think he could make such an awsome object. He added the seat and the pedals. Last so that I would not have any problems. My dad recalled that the bicycle was the smallest he could find. I remember how gigantic it was. I was so afraid of it and there was no way that I was going to control that monster-sized material. The bicycle remained in my backyard as a decoration for a month because I refused to ride it. Honestly, I was scared to try it. After a month, my dad gave me a lecture to teach me what being a man was all about. I was finally determined to try it. My dad was proud of me and I felt very manly. He and I went to the park to see what we could do there. The park was empty when we arrived. I had no dought that my dad told everybody not to be there because we had to use it. I felt badly for other people, but I was proud to have such an onnipotent person as my dad. We found a smooth and a often space. My dad was holding the rear of the seat to make sure I didn't fell. He assured me that I was not going to fall because he would be running right behind, holding the bicycle. He reassured me by saying that it was the word of a man and I could trust it. I started to pedal and the bicycle moved. Once it started to move, I felt pedaling was much easier than expected. I asked my dad if it would be as easy to ride a bicycle without him holding on it. He did not answer me because he couldn't run, hold the bybicle, and talk at the same time. I told him we could stop if he was tired.

Tainted Milk Powder

Question 1: Given strong profit growth, has there been any damage to Baidu. com’s reputation? Answer: Yes, there was damage to Baidu. com’s reputation. The examples of damage to Baidu. com’s reputation are: * The rumors made the company’s information appear unreliable. * Baidu. com’s users may start to boycott from using this search engine. They are hoping that Baidu. com may change their behavior after the protest. * Due to the boycott activity, the number of daily visitors may reduce drastically. * Due to the number of visitors decreased, those existing advertisers may withdraw their advertisement and switching to other company.As a result, they lost valuable contracts/customers. * Baidu’s shareholders also may sell off their shares in market. As a result, the share price dropped, this is also indicating that they lost public trust. Question 2: What the future reputational damage affect and how could it be measured? Answer: * Damage public trust, number of viewer and user drop * Mostly for a company to gain trust and confidence from the user of their product is not easy and take time. * But, to damage it just take a short period of time. For example doing unethical action in managing business operation. * Many news and rumors spread in media about Baidu. om have received some payment from tainted milk manufacturer for not advertise any news about them. * No concrete evidence about the rumors, but could damage their reputation, public trust and confidence of their source of information. * The number of viewer or user that use their search engine that been lower after the spread of bad news and rumors could be used to measure for the damage of public trust. * Investor not interested to invest, share price drop * The bad news and rumors about the unethical action by this company triggered the public trust toward them * It makes many people debate and alked about their action after the spread of issue regarding informatio n hidden, thus make many speculations towards this company. * Too much bad speculation been made toward their company impact to drop of share price. * We think that it would make investor or future investor might be not interested to invest in this company if the rumors are true due to the share price dropped continuously. * Affect company profitability, low income from advertiser * When the trust or confidence from the user or people toward this Baidu. com has decreased, it means that the viewer or user their search engine also decreased. Thus, the better for advertiser to promote their product in the search engine which have more viewer compared to Baidu. com * Besides, we think that Baidu. com might have to reduce the advertising fee in order to attract the advertiser use their search engine to promote products * Thus, impact from advertiser being changed to the other search engine or lower the advertising fee make the Baidu. com would faces low profitability and income. Question 3: What steps could Baidu. com take to restore its reputation, and what challenges will it have to overcome?There are 3 steps to restore the company reputation as below: 1. Know The Truth * The Company will first have to look at themselves and seek the reality. * Is there any truth in what the people say about themselves? * Baidu. com will have to look at the rumor of how they were said to have accepted payments to withholding a company’s information from online searches. 2. Take Action * Baidu. com might held a press conference to admit its wrong doing and try to fix it from there. * Although there were many are upset by the admittance, but they will be more upset if the Baidu. om have not admitted to their wrong doing. * That’s the matter related to trust and knowing that they will stand up for the mistake that have been made. 3. Dispel the Rumors * Baidu. com will have to overcome the rumor of how they were said to have accepted payments for withholding a companyâ €™s information from on-line searches. * They will have to disclose all of their financial records. This is done in an effort to make the company financial activities as transparent as possible and display that they are confederate in their financial activities. This will aid the company in regaining the trust of the public and the public will ultimately trust the information that is contained on the search engine. The biggest challenge is regaining trust from the stakeholders, investors and then the consumers as the company bad reputation has built over a period of time. * Do not expect to get rid of it within a few hours or days. It will take time for people to remove the company old, bad image from their mind and replace it with the new, pleasant one. * It is a matter of trust and knowing that one will stand up for the mistakes that have been made. Therefore the company needs to take social responsibility for the crisis. * There were innocent lives lost all because no one spo ke up about the tainted product. * Naturally there will be repercussions for all involved but consumers are forgiving if the situation is handled correctly. So, just keep on making efforts and soon, people will get used to the image of the ‘new you'. Question 4: Governments throughout the world have been slow to react publicly to serious problems such as SARS, mad cow disease, and now melamine contamination. Who benefits and who loses because of these delays?Answer: a) Benefits * Companies involved in related industry. * Government’s slow reaction gave opportunities for these companies to continue supply consumer with no quality product that bring harms to the consumer itself as long as the company gain benefit from it. * Eg: Mad cow disease was cause through nutrient give to the cows itself. Naturally, cows are supposed to eat grass. However, the ranchers try to cut costs by feeding these animals with dead animal. Besides, the ranchers feeding them with hormones and ot her chemical to fatten them up faster for marketing.In a nutshell, the ranchers along with other related parties are benefited through cost reduction as well as faster â€Å"harvesting†. * Government * Government itself gain benefit from their action. * One of the examples is from tourism industry. When the government announces the serious problem face by the country, especially if it is health related, it might frighten the tourist to visit the country. Thus, it can affect income received by the country. * The government usually will try to protect their local market and local product.For instance, what happen in China when the news of contaminated milk spread is that it causes sales of dairy product to drop by 30-40%. * Government slow action has given them opportunity to search for proper solution before expose it to the public. Aside from avoid panic among public, this action can also benefit them from loss of income and maintain country’s reputation. b) Loses * Pu blic * Public were negatively affected from government slow action, especially when it’s involving human’s life. * Eg: The melamine-tainted milk powder was responsible for the deaths of four infants and the sickening of more than 6,200 more.If the public are aware of the situation, they won’t buy the milk powder, thus can prevent loss of lives. * Also, it can hurt public’s finance when they spend their money on the products that they can’t even use. * Most importantly, public might lose faith on the government itself. Public rely on the information given by the government. If the government itself didn’t disclose important information, from whom the public can depend on. * In addition, when the countries are facing serious problem such as diseases, the government need to diverge the limited public money to support medical costs.It is burdensome since the public monies are use to clean up the mess done by irresponsible parties that only have view on profit only. * Pharmaceutical industry * It is not a one-day task in developing a new cure for new disease * The scientist needs to do research, identify the cause of disease, and find suitable chemical/element needed to produce the drugs. * When the government gave late announcement to public, all scientists are not able to create new medicine and thus, bring loss to them in terms of profit. Question 5: In some cultures, a ‘culture of secrecy’ or manipulation of the news is tolerated more than others.How can this be remedied by other governments, corporations, investors and member of public? Answer: * Governments * Government can design law to prevent this culture because it can affect public. * They can impose fine and penalty to those who are exercised the culture of secrecy. * The penalty imposed is a way to punish company and people who involve in this case. * It is as a warning to others firms so that they are not doing the same thing in the future. * The law and penalty should be imposed when there is evidence that the company is exercising this culture. * Corporations They should disclose all the information that concerns about public because public has the right to know what happen because it relate to them. * For example, corporations can disclose about their Corporate Social Responsibility (CSR) in their website. They should include all information so that public didn’t lost trust to them. * Investors * Investors can take action such as disapprove the unethical activities done by companies. * They have a great power towards companies because they are the shareholder. * Investors can sell their shares as a way to disapprove action taken by companies. If by taking that action also cannot alert the company, they can be a whistleblower by telling the authority about the company wrongdoing. * Member of public * Member of public can prevent this culture by the increasing of press freedom. * They can work with press to make sure that news spread faster. But, immunity should be given for public interest disclosure where the matters give serious harm to public. Before the immunity given, the news should be disclose to authorities both internally and externally and no action taken. Besides, public can complain to non-profit organization (NGO) or consumer association about companies wrongdoing. * Thus, when this action can be taken, companies may be thinking twice before they hiding something from public and consequences that they are going to face in the future. References 1. Tainted-Baby-Milk Scandal in China, RetrivedMarch 8, 2013 from http://www. time. com/time/world/article/0,8599,1841535,00. html, 2. Tainted Baby Formula Scandal Blows Up in China, Retrieved March 9, 2013 from http://blog. foolsmountain. com/2008/09/12/tainted-baby-formula-scandal-blows-up-in-china/ 3.Baidu Caught in Backlash Over Tainted Milk Powder: Search Engine Denies Screening Out News; More Rivals Online, Retrieved March 9, 2013 fro m http://online. wsj. com/article/SB122176870268453547. html 4. The Google of China: The Secret of Baidu’s Runaway Search Engine Success, Retrieved March 9, 2013 from http://www. time. com/time/world/article/0,8599,2111545,00. html 5. Lorraine Day, M. D. Mad Cow Disease: What the Government didn’t Telling You. Retrieved March 9, 2013 from http://www. drday. com/madcow. htm 6. 2008 Chinese Milk Scandal. Retrieved March 9, 2013 from http://en. wikipedia. org/wiki/2008_Chinese_milk_scandal#Chinese_industry . Pharmaceutical Industry. Retrieved March 9, 2013 from http://en. wikipedia. org/wiki/Pharmaceutical_industry 8. Tainted milk: Unravelling China’s Melamine Scandal. Retrieved March 9, 2013 from http://thinkbusiness. nus. edu/articles/item/118-tainted-milk-unravelling-china%E2%80%99s-melamine-scandal 9. Storer, J. A chance to tackle the culture of secrecy in government. Retrieved March 12, 2013 from http://www. thepunch. com. au/articles/a-chance-to-tackle-the-cu lture-of-secrecy-in-government/ 10. 2008 Chinese milk scandal. Retrived March 12, 2013 from http://en. wikipedia. org/wiki/2008_Chinese_milk_scandal