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Sample Essay about Principles of Economics
The most available way to investigate basic principles of economics is the analysis of economic aspects of a company, its process of building, developing, improving, and as a result, its profit. The article “When Your Company is Working, but Another is Beckoning” is quite available for such a purpose (Williams, 2013). In the article such points as different methods of entrepreneurship, ways of solving business problems, rules for economic development, and reasons for firms’ bankruptcy are described in detail.
The main idea of the article is to show and teach young entrepreneurs how to solve business problems taking into account previous experiences of the same businessmen. The author examines benchmarking of two companies such as Uptown Treehouse and Socedo of the same owner. He wants to show principles of their successful development at the same time (Williams, 2013).
According to common economic principles and rules, it is very difficult and sometimes even impossible to manage two companies equally. As for the experience of leading firms, one company becomes something like a donor of another one. An entrepreneur of such a company uses its profits for the development of another one and in order to improve it he spends much time forgetting about his first prosperous organization. Churchill and Lewis (1983) determine five stages of a firm’s development such as existence, survival, success, take-off and resource maturity. In order to achieve a success and become profitable organization, each firm has to pass all these stages and continue its process of development, however, a firm with the help of which another company is developing becomes out of business.
As an example of such a business situation, there is the coexistence of Uptown Treehouse and Socedo. The first company is already developed and profitable and it deals with media and product organizations creating social media campaigns. Aseem Badshah who is an owner of Uptown Treehouse founded it three years ago in Los Angeles. It is very important to note that its annual profit is more than 300 thousand dollars, and the total revenue of its company is 1.3 million of dollars. Trying to increase his profits and develop his business Badshah and a programmer Kevin Yu found a new company which is Socedo. Its task is to promote and sell the software. After that some difficulties appear first of all it concerns the problem of financing the start-up, and second it is the time allocation between two companies that are in different cities (Williams, 2013).
In order to solve such problems, the author of the article presents different points of view towards this situation and ways of these problems. He recommends Badshah to improve and invest in Uptown Treehouse or to sell this company and develop Socedo or, as the most available according to my point of view, to delegate a general manager to Uptown Treehouse and develop Socedo by himself (Williams, 2013). It means that the owner has to choose the appropriate way of doing business, make and develop his own strategy and follow it (Eisenhardt et al., 2001)
To draw a conclusion I should admit that by analyzing the process of development of these two firms it is easy to examine the basic principles of economics concerning the foundation and development of a profitable prosperous company. According to the analysis I want to note that coming across business problems an entrepreneur has to take into account the experience of previous leading organization and only after that to choose the available and appropriate way of doing business. In order to develop two companies at the same time it is necessary, to my opinion, correctly divide the energies of a businessman between them and follow a definite strategy. In another case, the coexistence and improvement of such an organization is impossible.