Essay Example on Business: A Catalyst for Employment and Opportunity

The business has many benefits to a country. One thing stands out when looking at all the other professions; businesses create opportunities for most if not all of the other professions. Take, for instance, law. Lawyers work for law firms which are generally businesses. One of the benefits of business to a country is employment. The global youth unemployment rate stands at 13%, which is three times higher than that for adults which stands at is 4.3% (World Employment and Social Outlook: Trends, 2018). The number of jobs available in the market today does not match the number of graduates. Research conducted in the Caribbean showed that youths who are unemployed turn to illegal activities (Wong et al., 2017). Businesses create job opportunities for the unemployed and in turn prevent the youth from getting involved in unlawful activities. This project will cover the significance of business, business experiences from successful entrepreneurs amongst other aspects of business in Newark.

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I chose to explore Business from all other profession options. Several reasons made me make this decision. Firstly, Business plays a crucial role in the economic development of a nation (Kullabs, par.2). It enables the exchange of goods and services at the regional level, national level, and international level. Through the export of products, a country earns foreign exchange which leads to economic development. Secondly, Business creates employment (Kullabs, par.6). When a business is established, employees are hired to help in running the business. People who would otherwise be idle get jobs. Employment contributes to less crime in the neighborhoods (Myers, 2017). Thirdly, Businesses generate more revenue for the government (Kullabs, par.8). The various forms of taxes paid to the government include the excise duty and sales tax. Other payments include customs duties and royalties. Increased government revenues imply that the government can carry out more developments mostly in the form of infrastructure.

Fourthly, Business enables a country to be self-sufficient (Kullabs, par.9). Through the establishment of different industries, a country can manage to provide for the needs of its citizens without relying on other countries. Therefore, Business is crucial in making a country self-reliant. Fifthly, Business enables the utilization of a country's natural resources (Kullabs, par.3). For instance, the mining of limestone to be used in the manufacture of cement. Natural resources are utilized by businesses to benefit a country's citizens. In the example previously stated, cement would contribute to the development of infrastructure. These reasons made me realize that Business is the backbone of a country's economy.

The process of identifying the sphere of business involved a few steps. I first selected five professions; Architecture, Business, Engineering, Medicine, and Law. I then researched each and discovered that they are all based on business. Architects come up with drawings which clients are charged for, to ensure that the architecture firm stays afloat. Engineers work for firms that provide goods and services at a fee to customers. For instance, aeronautical engineers repair and maintain aircraft that fly passengers to their destinations for a fee. They work for airlines which are businesses. Doctors and other medical specialists work for hospitals that are operated as businesses. Lawyers work for law firms which are businesses. With this information in mind, I decided to focus on Business. I had a couple of preconceptions before I undertook the interviews. One was that I assumed that business owners invest in any city they like without carrying out any due diligence. I thought that a business could be established in any city and thrive. I was surprised to learn that there are factors that business owners consider before investing in any city or place. The second is that I assumed that a business could be shut down in one city and set up in another and thrive as much as it did in the original city. The information I obtained from my interviews proved otherwise.

I faced two difficulties in terms of logistics. The first is that the interviewees were busy and it was difficult to find the right time to schedule the interview. The second difficulty is that many people did not accept to participate. I requested other business people to be interviewed, but they turned me down. Only Joseph and Dana accepted.

I managed to conduct two interviews. The first interviewee was Joseph. Joseph has worked in Newark for 25 years, and he's in the import and export business. Imports are the goods and services bought by a country's residents from another country while exports are the goods and services sold to other countries by a country that produces them. According to USTradeNumbers, the port of Newark's exports for 2018 totaled $14.93 billion, and imports came to $147.9 billion (USTradeNumbers, par.2). Through February of 2019, Newark was ranked number three among the nation's 450 airports, seaports and border crossings (USTradeNumbers, par.2). The top three exports from the port of Newark are plasma, vaccines and drugs, motor vehicles for transporting people, and scraps of precious metal. The top three imports are motor vehicles for transporting people, gasoline and other fuels, and medicines in individual dosages (USTradeNumbers, par.1). These statistics show that Newark is a hub for international trade.

Joseph described Newark as the heart of New Jersey where all business is done. Newark is New Jersey's largest city, and its location is at the heart of Metro New York region (Wikitravel, par.1). It has an international airport; Newark Liberty International Airport. It also has the port of Newark and the Newark Penn Station for buses amongst other facilities. Joseph admits that there's no difference in business in Newark now as compared to business 25 years ago. His view is that Newark has always served as the center for all businesses in New Jersey and its surrounding areas such as New York and Pennsylvania. He also believes that Newark is a place where money can be made. Newark has an international airport that allows the operations of several airlines such as the United Airlines and businesses such as restaurants. It also provides the opportunity for the movement of goods both nationally and internationally. Newark also has a port that handles goods worth billions of dollars annually. Newark Liberty International Airport and the Newark port provide opportunities for entrepreneurs to make money.

When I asked Joseph whether he would consider moving his business to another city, he answered that he had already tried it before. In the last couple of years, he had moved his business to other cities hoping to make lots of money. No matter which other cities he went, he wouldn't make as much money as he made while in Newark. He believed that his import and export business only thrived in Newark. Due to this reason, Joseph moved his business back to Newark city and has no intentions of moving it elsewhere. Joseph believes several elements have made him successful in business in Newark. Firstly, he believes he is intelligent when it comes to business. Business intelligence means that Joseph can make smart decisions concerning the running of his business. He can weigh all the options and make the best decision from the options presented. Secondly, Joseph believes he is a go-getter. A go-getter is someone who has a lot of energy and is determined to make his business successful. Bates states that there are seven qualities of go-getters; they have dreams and aspirations, they show up every day, they count their victories, they do what they love, they are courageous, and they possess an iron resolve (2012). Thirdly, Joseph believes he is an honest individual. An honest person is one who is truthful in his/her business dealings. Honesty is a key characteristic in business that establishes one's work culture, forms consistent work behaviors and helps in building trust with the customers (Quain, 2019). Honesty is a key ingredient to building successful businesses. Fourthly, Joseph believes he is a hardworking person. A hardworking individual is one who is diligent and committed to a certain task. She/he puts a lot of effort and perseveres to ensure the tasks are completed. Tamim states that there are two main reasons that hard work is important in business; work wins over talent and work wins over smarts (2016). A hardworking person always beats talented people who are lazy. This attribute can set a business apart from its competitors and give it an advantage. Hard work also beats smart work. Francois Parenteau, the top independent analyst on Wall Street according to BusinessWeek said, "I'm certainly not that smart. I can't even remember my own zip code". He also says: "Work is a big part of my life. I think about investments pretty much 24 hours a day, seven days a week" (Tamim, 2016).

Joseph believes that Newark is a special city because it's a commercial neighborhood where there's everything. When one's car has a mechanical issue, there are many mechanics available. When your car tires need repair, there are many repairmen available to offer the service. Whatever one needs in any industry, it's readily available. To make Newark a better place, Joseph believes that millions of dollars have to be invested in infrastructure. By infrastructure, he means that buildings should be constructed for people who work in Newark to live in. Currently, outsiders go to Newark and work and then leave.

The second interviewee was Dana. Dana is a part owner of MetroPCS on Harrison Avenue in Newark, New Jersey. She explains that MetroPCS is owned by T-Mobile and they have franchised it under T-Mobile. MetroPCS sells cellphones, lines and data lines for lower prices than T-Mobile. MetroPCS also sells iPads and accessories amongst other products. Dana's business has a different network from that of T-Mobile and sells products at lower prices.

Dana believes that a few features of Newark city led her to invest in it. The first feature is that it's a historic city. Newark has many historical places. They include the Pennsylvania Station (completed in 1935 and is a mixture of Art Deco and Neo-classical), Newark City Hall (located at Government Centre and was built in 1902), the Feigenspan mansion (dated back to 1905 and was built for Christian Feigenspan, who was the owner of one of the largest breweries in USA), the Krueger-Scott mansion (built in 1888 and is now called Martin Luther King Boulevard), and Essex County Courthouse (dates back to 1906 and features marble columns, ornaments and a glass-domed roof) (Leticia, par.2). The second feature is that there are so many cultures. There are different sorts of people in Newark with different cultures. The third feature is that there are many options for food, entertainment, and business. There are many types of food served at different restaurants. The most popular local foods are Taylor Ham and salt water taffy. There are also many entertainment places that include the New Jersey Performing Arts and Newark Museum. The fourth feature is that Newark is crowded. Many people go in and out of Newark, and there are businesses. A large number of people in the city makes it special.

Conclusion

Dana has been in business in Newark for seven years. She said that the difference between business then and now is that more competitors offer price rates that are close to the price rates offered by MetroPCS. MetroPCS now has fewer customers as opposed to back then when they were the cheaper network. When I asked her about the idea of moving her business to another city, Dana said she that wouldn't. She reasoned that the business was already established and many of the clients were in Newark. In other cities, peopl...