Can the Music Industry Change Its Tune - 3244 Words

Case Study 1B  ¡V The questions The online downloading of music from the Internet has ripped apart the old business model of record companies controlling the production of albums which are purchased through record shops. The last few turbulent years have seen many high profile law suits; some of which went in favour of the music industry and some of which went against. 1. Apply the value chain and competitive forces models to the music recording industry. 2. What role did the Internet play in changing value propositions and the competitive environment? To what extent has it been responsible for declining CD sales? Explain your answer. 3. Analyse the response of the music recording industry to these changes. What management,†¦show more content†¦Constantly, new substitute products are introduced to the market (eg. iPod and MP3 players, MP3 files replacing CD ¡Ã‚ ¦s and tapes). The Role of the Internet The internet is fast becoming the way in which consumers do business, where consumers once went to a retail store to select their product or any service they needed, now they only need to log onto the internet and make a purchase. The internet has cut the time between production and sale by allowing distribution direct from warehouse to consumer. In turn the internet has reduced cost of marketing, information storage and to make their products or services more widely available and at reduced cost to consumers. This is having an effect on old business models and thus creating a new business model. For the music industry this has meant that consumers are not physically going into their stores but using the internet to obtain their information. They can order music over the net, see what is topping the charts and even find information about their favourite singer. This has also led to consumers legally and illegally downloading music for their iPOD or MP3 players or burning CD ¡Ã‚ ¦s with their favourite songs.. This has also meant that some authors/artists are not receiving the royalties from their music. Research by BigChampagne LLC state more than 1 billion songs per week are downloaded from file-sharing programs (Laudon and Laudon 2006, p. 143). TheseShow MoreRelatedBefore the Music Dies794 Words   |  4 Pagesâ€Å"Before the Music Dies† A simple topic that everyone seems to wonder over is Music. What is Music? Some say that Music is a concept that consists of notes, tempo, flats and sharps. Others say that Music is a melody that we either can play using an instrument or sing using our voice. Even though those concepts are true, but what about reason behind the melody or music notes. What are the emotions that one feels when one is listening to the type of Music he/she enjoys? What are the emotions behindRead MoreTechnologys Effect on Music Essay908 Words   |  4 PagesAuto-Tune has been the death of real music, just as Charles Manson killed Sharon Tate. While the program didn’t hold a gun to music’s head, it was the mastermind behind the decline of raw emotion. In the 70’s and 80’s music was more than just perfect figures and dance moves, music was real. When someone got up to sing in front of an audience they really sang, there was no other option. In the 2000s though, whenever thereà ¢â‚¬â„¢s a performance it’s commonplace to sing to a track. Because of Auto-Tune mostRead MoreThe Effects of Autotune on the Music Industry1405 Words   |  6 Pagesattained, the Dr. had decided to move on to his next task at hand. In 1997, Auto-Tune was released. Auto-Tune was a program designed to fix and correct pitch problems in not only singers, but other musicians who played instruments as well. The release of the program gained instant notoriety, as Auto-Tune became an instant phenomenon and grew to become the largest-selling plug-in of all time (www.antarestech.com). Auto-Tune is based on â€Å"phase vocoding technology†, which is an analysis-synthesis algorithmRead MoreImpact of New Media in Music Industry1394 Words   |  6 PagesNew Media in Music Industry Introduction In the recent years, there have been changes in the structure of the Music industry and the paths that have been used for creating, promoting and distributing music. Most of these changes resulted from the advancements in technology, which affected both economic and technological structures of the industry. The digitization of music and its migration on to the Internet has been one of the biggest challenges to the traditional music industry. Ever since theRead MoreThe Concert Hall, Raleigh, Concert, By Paul Randall And Composed By Bill Evans1721 Words   |  7 PagesEspecially the Saxophone and a piano subsequently switched the tune of the tune as if they were dancing like two lovers. As the saxophone took the airs as well as the piano and other instruments within the ensemble were in accompaniment for the love of the tune the texture altered within the tune. The tempo, which was always steady appeared to get quicker like a pulse by the climax of the tune. It was also at this point the dynamics of the tune were increasingly becoming louder until all instruments metRead MoreThe Mystery of Jazz and its Powerful Impact on the Community807 Words   |  3 Pagesand its powerful impact on the music community can be explained largely by the context of it’s creation. Jazz was born in the United States, and because of this, many have referred to Jazz as â€Å"America’s music.† Like America, Jazz has a balance between structure and spontaneity. It capitalizes on the fluidity of the musicians, having several different instruments with independent spirits, coming together as one to form a great piece of music. Unlike other styles of music, Jazz has a certain way aboutRead MoreThe Evolution of Music Culture1332 Words   |  6 PagesMusic has been evolving since its creation. This evolution of music has led to a vast variety of music that all people can enjoy. Artists who make good music, are praised and revered for their talents, and recently this ha s led to many aspiring musicians who want to acquire fame and fortune through their music. In the United States music in constantly evolving, and in recent years this evolution of music has sped up to a very fast rate. Music has evolved for many reasons including, improved technologyRead MoreAn Innovative And Vibrant Music Format1566 Words   |  7 Pagesvibrant music format application that will give clients and users a new way and approach to listening to their most loved music and tunes. We plan to set up our studios around Oregon State University, which has a large number of students and young population that is attracted to music and is identified to redefine the way music is heard by its fans. It should be realized that with the utilization of our application, customers will have the capacity to synchronize, and also select different tunes andRead MoreThe Envisaged Brainybits Is An Innovative And Vibrant Music1564 Words   |  7 Pagesvibrant music format application that wi ll give clients and users a new way and approach to listening to their most loved music and tunes. We plan to set up our studios around Oregon State University, which has a large number of students and young population that is attracted to music and is identified to redefine the way music is heard by its fans. It should be realized that with the utilization of our application, customers will have the capacity to synchronize, and also select different tunes andRead MoreCeltic Music : An Important Influence Influential Part Of People s Lives1597 Words   |  7 PagesFor centuries, music has been an important and influential part of people’s lives. Music can evoke so many emotions, ranging all the way from fear to surprise (Mohana). As a style, Celtic music seems to be the most well-known music â€Å"genre† worldwide. Between the instruments used, the different styles, and the most famous musicians Celtic, music is an iconic art-form that is used and heard aroun d the world, but in many different styles and instrumentations. Celtic music has been around for

What I Learned in the Eighth Grade Essay - 756 Words

Throughout my academic life, I have learned many essential lessons from being organized, to treating others with respect. However, my 2013 eighth grade school year has taught me the most important lesson of all, team work. Team work is the ability to get along with others, and its the central piece of being respectful to your peers and doing your part! As my eighth grade year began, my teachers have taught me that getting along well with others is a splendid way to gain great success. They also mentioned, In order to get to the top, you must know someone to lead you there! This memorable life changing quote made me think about how important teamwork is because without the method or ability to get along with others, you may†¦show more content†¦This is a question I tend to wonder about when Im stuck in a situation, and it seems to shift me in the right direction. Equally important, teamwork has taught me how to be a successful leader. Through team work I learned that some peo ple are leaders, and others are followers, and that is okay! It taught me that I work well as a leader, and am good at giving people tasks. Working with other people can be difficult, but I learned how to overcome those obstacles and be a more exemplary person. Also I learned, through school, that by leading a team, I am working and motivating my group. To illustrate, a precocious girl is put with a group of her peers to finish a project. The girls group was extremely unmotivated and did not want to work on the project. The girl took it upon herself to give everyone an individual job, and inspired them to work. This is a prime example to show how teamwork and work to create a successful leader. Lastly, teamwork through sportsmanship has taught me to put in extra effort to get the results I want. Elbert Hubbard once stated â€Å"A little more persistence, a little more effort, and what seemed hopeless failure may turn to glorious success. I’ve learned that in order to have a strong team, you need to put superfluous work. You cannot expect to get a maximum amount of results with a minimum amount of endeavor. Working with a team of peopleShow MoreRelatedThe Importance Of Education979 Words   |  4 PagesEducation is what makes me the person I am today. My school experiences are what I feel have had the most impact on my life. Everything that I have learned, I have learned from school. Whether it be social experiences or actual lessons, that is what made me and that is what keeps me going. Looking back on everything that I have accomplished with my education, is my motivation. The elementary school I attended was about 5 minutes away from my house. Every day one of my parents would drop me off andRead MoreWriting And Thinking For The Middle School English Language Arts Curriculum Essay1475 Words   |  6 PagesThe textbook that teachers in grades sixth, seventh, eighth and ninth grade at Wanye-Finger Lakes BOCES are utilizing Expert 21: Reading, Writing and Thinking for the Twenty-first Century (2010) textbook for their Middle School English Language Arts Curriculum. This textbook was published by Scholastic and is utilized as the curriculum that teachers are required to teach and modify as needed. The textbook is divided into eight workshops that present students with real-world themes. There are a totalRead MoreEssay about 8th grade graduation speech605 Words   |  3 Pagesremember middle school and our eighth-grade year, all of our teachers, parents, and peers who made this day one of the most joyous yet sad days of my life as an adolescent middle school student. Sixth grade was the year we indulged our childish impulses. We played at recess (now only ten minutes long) swinging tetherballs and jumping off of slides (sorry Ms. C). It was our first step into the harsh jungle of No. 2 pencils, algebra, and dare I say it?.upper class eighth graders. Once again, we wereRead MoreGraduation Speech - Original Writing1375 Words   |  6 Pages Day one of sixth grade, there I was excited yet nervous, very nervous. I had no idea what was instore, no one I knew previously was going to Jefferson with me. I was sitting in Mr. Bausch s language arts class. For our first assignment we had to make a cereal box about our selves. Once we were finished we had to present in front of the class. Once my name was called I went up and stood in front of the class. My legs were shaking and my heart was pumping. I speed right through it and hurried backRead MoreShort Stories About Failure And Help, Perseverance, And Faith857 Words   |  4 PagesI am honored to be speaking here today. Eighth grade was a fun, but tough year. At the beginning of eighth grade I was excited and worried for the year to come. Now I think of this year and I think of how fast it went, the fun I had, and the troubles I had. I think of how I am going into high school. It’s hard to believe. I am not here to talk to you about freaking out about high school. I wa nt to tell you about eighth grade and what you will experience. I have three stories to tell you. Only threeRead MoreThe Importance Of Starting At A Young Age912 Words   |  4 Pagesa young age. Even before I started 1st grade. I was a pretty smart kid. My grandma would show me math problems and I would answer them. Shed make me read for a few minutes a day. Learning came easy to me at a young age. So starting first grade when I was six years old, it was a cake walk. A+’s in every class. I’d always finish my homework in the morning before I went to school. School was so natural to me. Starting second grade, it was just as easy. Again, I was going through schoolRead MoreEssay About My Education723 Words   |  3 Pagesmy time at school I have challenged myself and enjoyed myself. Through my time at school I have found I am completely motivated to work and get things done when I am challenged or when I am interested by what is being taught. I will strive to be one of the best at what I do in college. I believe this mindset I have is created by my want for new knowledge. I have had this mindset for most of my life and it wont change, which I believe is an amazing thing. In elementary school, I always wanted toRead MoreMiddle School Is My Home Away From Home For Three Whole Years1621 Words   |  7 PagesLike many other incoming freshman students, I believe that a big fear is getting separated from the friends you grew up with. Yet, I understand that you meet new people and create more memories together which calms me down a bit. Another big fear/concern is being able to get to one class to another quickly in order to arrive on time. I signed up for ROTC which I have always wanted to do, and I know that you have to put on your uniform once a week, but I also have P.E first period so I’m worried thatRead MoreA Resource Math Class At A Middle School For This Field Project897 Words   |  4 PagesI choose to do an onsite visit in a resource math class at a middle school for this field project. I was there from 9:30-1:00. The classroom I observed had 2-3 teachers in it at a time. One student teacher, one head teacher and sometimes a teacher that had to help a specific student would be in the classroom. There were about 15 students in the class at a time. Two of which had to have teachers who followed them to every class. I asked the head teacher how many of these students have a learningRead MorePressure At A Young Age1724 Words   |  7 PagesSince I was in the seventh grade, pressure has always been a part of everything I have done. This has stemmed from a variety of different sources, mostly standards that I set for myself. Without these standards, I would never have become the person I am today. The lifestyle I live brings pressure along with it. But, I enjoy everything that comes with the way I live my life. Unlike others, I was put under a tremendous amount of pressure at a young age in the classroom, and on the court. Pressure

The Definition of an Emulsifying Agent

Essay On Silico Analysis Of FLT3 Gene - 1051 Words

In silico analysis of single nucleotide polymorphism (SNP) in human FLT3 gene ABSTRACT FLT3 is a member of extracellular receptors on hematopoietic precursors and belongs to the class 3 tyrosine kinase receptor. The FLT3 receptor is receptor gene encodes a 993-amino acid protein. Its location on the chromosome is 13q12. FLT3 receptor ligand , FL-like tyrosine kinase poisoning 3 receptor interaction works to maintain, spread and differentiate from the normal hematopoietic stem. The damaging mutations for FLT3 gene have not been predicted in silico. The current work was done to determine the harmful single nucleotide polymorphisms in FLT3 gene of Homo sapiens by Several bioinformatics tools to identify functional SNPs, predict damaging†¦show more content†¦In addition, FMS-like tyrosine kinase-3 receptor expressed in most acute lymphoblastic leukemia cells and acute myeloid leukemia(Drexler, Meyer et al. 1999). FMS-like tyrosine kinase-3 receptor mutations are identified in about 30% of the adult with acute myeloid leukemia, and leukocytosis and poor prognos is(Rasko, Metcalf et al. 1995, Kiyoi and Naoe 2002, D Kottaridis, Gale et al. 2003, Levis and Small 2003, Stirewalt and Radich 2003, Naoe and Kiyoi 2004, Kiyoi, Yanada et al. 2005). In normal bone marrow, expression appears to be restricted to early progenitors, includingCD34_ cells with high levels of expression of CD117 (c-KIT)(Rasko, Metcalf et al. 1995, Drexler 1996, Kiyoi, Yanada et al. 2005). FMS-like tyrosine kinase-3 receptor is also expressed at high levels in a spectrum of hematologic malignancies including 70% to 100% of myelogenous leukemia of all French-American British subtypes-precursor cell acute lymphoblastic leukemia , a fraction of T-cell acute lymphoblastic leukemia, and chronic myelogenous leukemia in lymphoid blast crisis(Mackarehtschian, Hardin et al. 1995, Kiyoi, Yanada et al. 2005). Targeted disruption of FMS-like tyrosine kinase-3 receptor in healthy adult mice with normal mature hematopoietic populations(Savvides, Boone et al. 2000). However, there are deficiencies in primitive B-lymphoid progenitors, and bone marrow transplantation experiments that show reduced ability of stem cells lacking FMS-like tyrosine kinase-3

My Experience With My Mother Essay - 2334 Words

I didn’t know what to expect when I opened the door, but when I did I just saw two people sitting in this sitting area that almost looked like a living room. They were both sitting on a couch about the size of a love seat, which was adjacent to another chair. They were both in a somewhat casual attire. My mother was dressed in jeans and a plain white t-shirt. My father was dressed in a striped polo shirt match with a pair of tan slacks. If you looked closely you could tell that my mother had been in the kitchen, with small speckles of flour on her clothes and aims a discarded apron hanging off the side of the arm rest on the couch. My father on the other hand had been sitting at the computer all day. His glasses slightly tilted to the side. The fabric of his pants slightly more wrinkled towards his thighs and waist. I could remember my mom cooking in the kitchen whenever I came home from school. Discovering new recipes and concocting new sweets ready for my consumption when I entered. And my dad would be in his office tapping on his keyboard and the whisper of a clickity-clack, tippity-tap of the keys as he worked, a look of determination etched on his face. Eyebrows furrowed in concentration in comparison to the song leaving my mom’s lips and the smell of food wafting in from the kitchen. You would’ve thought we were perfect. I thought we were perfect. Little did I know that it would leave me so soon. Now here we were almost 8 years later. My mother and father standing inShow MoreRelatedMy Experience At Home, My Mother, A Registered Nurse875 Words   |  4 PagesThroughout my life I have had numerous milestones that have helped me to grow. However, there are two areas of my life that have shaped me to become the person I am today: my time at home and my time in school. In each of these places I have led a separate lifestyle, both intertwined in many ways but strikingly different in others. While at home, my mother, a registered nurse, i nspired my desire to contribute to medicine, and my university furthered that desire by providing an educational backgroundRead MoreMy Personal Experience With Heavenly Mother1170 Words   |  5 PagesHeavenly Mother, the New Jerusalem is the female image of God that gives eternal life in the Last Days. For thousands of years people have known we have a Father in Heaven. What many still do not know is that there is a prophecy being fulfilled right now, this very moment. This states that wo not only have a Father in Heaven, but we also have a Heavenly Mother who is being revealed in the Last Days to give us eternal life. I can truly believe in The New Jerusalem because I have personalRead MoreMy Mother s Experiences That Changed My Life2261 Words   |  10 Pagesabout a powerful woman in my life that was influential to me and had gone through a lot. Many women struggle in the world with such things as family, education, and being in the work force and are often tim es undervalued. Many things that happen in life can affect women’s thoughts, feelings, emotions, actions, and finances. I chose my mother, Ellen Murphy, to discuss how certain events throughout her life had affected her with all of those that I listed. My mother’s experiences of adopting two childrenRead MoreReflection of How to Fire Your Mother and How it Relates to My Experience521 Words   |  2 Pagesâ€Å"How to fire your mother† is a short interview between the representative of Markkula Center for Applies Ethics and Kevin Beals, the CFO, and Bryan Wargo, the CEO of Nearby system. They both graduated from college in 1995 and had 15 years of experience in working in Silicon Valley. The video is 6:35 minutes length and you can watch it at this link http://www.youtube.com/watch?v=GKFb2A0U-mgindex=40list=PL4AE76B235A9EB6FE In this video, Bryan Wargo thinks that we spend more time with people at workRead MoreMy Life With My Mother887 Words   |  4 Pagesamounts of separation from my mother, even thou now I can look back and see if was just more then I was use to. Once into high school the separation grew larger, as I got older, her time for her boyfriends grew larger and I was left alone. I experienced a large disconnect with my mother, in which I spent more time living with my friends parents then I did my own. Also going back to throughout my junior high years a medical condition for numerous years that had gone undiagnosed and it created largeRead MoreMy Mother Has Been The Primary Caregiver1656 Words   |  7 PagesMy mother has been the primary caregiver to myself and my sister who is two years older. My mother was a single parent, who worked two to three jobs at a time, which did in a way affect our experiences throughout childhood. I cannot remember my childhood from when I was very little b ut do have memories from the age of 5 and onward. As I child, I remember having the opportunity to explore the outdoors around me. These exploring adventures had the appropriate supervision if it was needed; however IRead MoreMulticultural Experience : My Family1696 Words   |  7 PagesMulticultural Experience My identified family My Nuclear family consists of my mother, my father, my little brother and I. While this is my nuclear family, my external family has played a crucial part in my development. Growing up, I have always counted on an extensive family system during some stressful situations. This is one of the reasons why when my family had to separate to come to the United States, I was able to cope with the transition gracefully. This experience provided my family withRead MoreMost Memorable Experience In My Life1490 Words   |  6 PagesThere are many memorable critical occasions that I encountered throughout my life. However, these occasions played a great role in helping me to find what I want to accomplish in my future life. The most vivid memories I had as a child were my most traumatic. These are when my mother and grandmother were diagnosed with cancer when I was in Ethiopia. After three years, my mother suffered from a horrible headache that sent her to the hospital and that was when she foun d out that she was diagnosed withRead MoreMental Illness And Its Effects901 Words   |  4 Pagesseven immediate family members in my family genogram. These family members include my grandfather, John Brown, who was a deacon at a Baptist church before his passing. My grandmother, Susan Brown, who is currently caring for my sister and her child. 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Corporate Finance Case Questions essay free essay sample

Problem 16-4: a) The after-tax cash flows for the two options are: b) The Net Present Value (NPV) of the two alternatives using an after-tax cost of debt of 8% is: c) Based on the NPVs of the two alternatives, I would recommend JLB Corporation to purchase the research equipment as it has a lower cash outflow than the leasing alternative. The cash flow after the three –year period is identical for both the alternatives thus the difference in the present value of the outflows of the three years is the basis for this recommendation. Problem 16-8: Conversion Price =Â   a) Conversion Price =Â   Conversion Price = $50/stock b) Conversion Price =Â   Conversion Price = $20/stock c) Conversion Price =Â   Conversion Price = $20/stock a) [1] Straight-debt value = PV of Loan Payments – Value of Warrants = $3,224,574.60 $50,000 = $3,174,574.60 [2] Implied Price of all warrants = $102,500 [3] Implied Price of each warrant = $102,500 / 50,000 = $2.05/warrant [4] Theoretical Value of a warrant = Book value = $1/warrant b) I think the price of debt with the warrants is too low with the warrants. We will write a custom essay sample on Corporate Finance Case Questions essay or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The price of the straight-debt is 5.82% which, in comparison with the price of the debt (no warrants), is quite low. c) The cost of debt (without warrants) is 7% while the cost of straight-debt with warrants is 5.82%. In the light of this comparison, I would recommend that the financing be carried out by issuing a debt with warrants. d) [1] Debt amount: $3,000,000 Interest expense: $300,000 [2] The following will be the after-tax cash flows for the next three years under the debt (with warrants) alternative: [3] The PV of the cash flows using a discount rate of 5.82% is: ($2,704,800.04). e) [1] The following will be the after-tax cash flows for the next three years under the financial lease alternative: [2] The PV of the cash flows using a discount rate of 5.82% is: ($2,116,656.45). Problem 17-1: a) If the Connors do not make the acquisition, for the next 15 years Salinas Boots will have the following tax and earnings: Tax Liability = $112,000 Earnings (after-tax) = $168,000 b) Since the acquisition would not change the pre-tax profits, the tax liability would be $112,000 and the after-tax earnings would be $168,000. Both would remain unchanged for the next 15 years. c) Based on the tax considerations, it would be a feasible action for the Connors to acquire Salinas Boots for $350,000 in cash. This is because of the fact that the $800,000 tax loss carry forward can be easily adjusted over the next fifteen years so that the tax liability of Salinas Boots will be lesser and the after-tax earnings would be higher than $168,000 per year. This cumulative earnings over the 15 years will have a higher value than the $350,000 cash payment today. Since Salinas Boots falls under the 40% tax bracket, the carry forward tax loss can be used to save significant amount of tax dollars. Problem 17-11: Ratio of Exchange =Â   Ratio of Exchange =Â  = 1.11 I would expect the share price of Henry Company (after the merger) to e $50.68/share. This is because of the price ratio of the stocks being different from the actual swap stock ratio. This difference will drive the price down from what is would have had been if the two ratios had been the same. Problem 18-1: a) Foreign Tax Credit available: Net Funds = $250,000 * (1-33%) * (1-9%) Net Funds = $152,425.00 b) No tax credit Net Funds = $250,000 * (1-33%) * (1-9%) * (1-34%) Net Funds = $100,600.50 Problem 18-6: The conflict between not paying bribes and maximizing shareholder wealth is clearly inevitable. Paying bribes would mean that the shareholders’ value would be maximized since the cash inflow generated from the bribes would be higher than the outflow of the bribes – this makes sense or else companies would not be paying bribes. If a company does not pay a bribe at all while doing business abroad, it will be confined to ethical standards, however, its competitors would be taking away the benefits of the market by paying the bribes. Thus there exists a conflict between ethics and the accountability towards shareholders of the responsibility to maximize shareholder wealth (Ross, Westerfield Jaffe, 2008). Foreign competitors paying the bribes would be able to maximize the wealth of their shareholders but at the cost of their ethical values. Thus, it is a very precarious decision that needs to be made for the management of companies operating abroad. The decision to pay bribes naturally would mean shareholder wealth would increase, however, the cost of losing an ethical position for the company could prove to be detrimental in the future. Thus, the choice is a difficult one for management leaders to make and often the pressure of shareholders can lead to companies foregoing their ethical considerations for the return of the shareholders to be decent. References Ross, Stephen E.; Westerfield, Randolph Jaffe, Jeffrey (2008) Corporate Finance, 8th ed. New York: McGraw-Hill.

National Characteristics of Entrepreneur Behavior

Question: Discuss about the National Characteristics of Entrepreneur Behavior. Answer: Introduction In the modern global economy, the young generation is highly unemployed while other, lot lack the resources to start their own business. This has led to unproductivity in the economy of many countries such that the population that is economically producing is less than that which is consuming and not producing. For Australia the case seems to be different, the young generation seems to be dealing with the problem directly. This paper looks at the young entrepreneurs who have defied the odds and norms to start their enterprises. For the purpose of simplicity, the paper focuses of the LifeStyle.com.au, an online retail business that was founded back in 2012 by two young entrepreneurs. Max Fang together with Peter Xie founded the online business retail LifeStyle.com.au in October 2012. The retailer deals with furniture, lighting, kitchenware and rags. The business was launched to address the gap in online retail, particularly on good furniture by providing quality and branded furniture. The business has a membership of 260,000, leveraging simple marketing techniques as well as small business resources. The business generates over 2,500 0rders per month. A photo in the appendix shows Max Fang receiving the Australian Small Business Champion Awards 2014 in the first new business category, apart from this award, the business has also won the top 100 cool company awards and the BRW fast starters (Phillips Phillips, 2017). Discussion Max Fang is one of the founders of Lifestyle, who has previously worked as an online retailer for seven years. Max has also worked in the furniture industry for three years. The launch of lifestyle is, therefore, a logical step of combining the two fields of experience together. This shows that an entrepreneur ventures in areas which one has expertise. This is important in starting a business since it provides one with an opportunity to solve the problems and use existing networks to find a solution. The most contradicting thing with Max is the low-key social behavior that this entrepreneur exhibits. Max is surprisingly private in his life such that not much has been written about him concerning his life. Unlike most of the renowned successful entrepreneurs, who write books and journals about themselves this one is a humble one. The humble nature of Max can be attributed to the entrepreneurs common phrase that states, Nothing fails like success." Once Max starts boasting about his success through books and documentary that is when failure kicks in, so he deals with new challenges day by day. The great performance of the online retailer is as a result of proper planning of the business. As an entrepreneur, it is important to ensure that the business plan considers all the possible outcomes. In this case, Max and Peter developed the first plans of the business model and devised a schedule in July 2012. Another characteristic that one serves in max that is also observed in many other entrepreneurs is the effort and techniques in mobilizing the required resources to start the business. According to Max, their first employee was a buyer whom they hired in August 2012. Next, they hired a graphic designer who was tasked with the duty of developing the website. The online business launched its website in October 2012. Another trait exhibited by entrepreneurs is the trait of perseverance and consistency in business and customer service. In an interview with Power Retail, he explains that the value proposition of the online retail business has remained consistent from the beginning. The business provides customers with the largest range of products with highly competitive prices possible A good entrepreneur is always finding was to better position the business regarding competition and pricing, or this case Max Fang is always facing a constant challenge of keeping the prices competitive as well as reduces the cost of logistics. Proper negotiation skills exhibited by this entrepreneur have enabled him to structure a proper relation with the suppliers to be able to supply Australia wide (Phillips, Phillips, 2017). The target market is also another fundamental consideration that entrepreneurs have to set during their business planning. Lifestyle according to how Fang explains it, deals with the medium and high-end market that has enabled the business to attract top brands, which deliver expected standards. Networking and marketing contribute to the success of the business; Fang and his partner Peter have ensured that they use simple marketing strategies to make the consumers aware of their products. Some of the strategies include direct email and referrals from satisfied customers (Phillips, Phillips, 2017). Having a system that ensures that the internal controls are in place is a tool that aids the success of the business. The lifestyle company has been in the forefront to ensure that most of the functions are performed by softwares that process orders. The programs have been brought on board with the help of the in-house programmer of the company. The desire to progress in technology is made possible through the efforts of the entrepreneur t=wanting to know more about taking the business to the next step (Roberts, 2011). Max and his colleague Peter are focused on making their businesses grow. They do whatever is in their capacity to eliminate any obstacles or distractions to the survival of lifestyle online business goals. They have adopted various strategies and have outlined tactics to help accomplish the goals of the business. To be successful entrepreneurship, one has to be disciplined enough to be able to take a step every day, however, small to ensure that one works towards the set goals (Shin, 2013). A good and willing entrepreneur trust in his abilities he does not ask questions about whether he can succeed or whether they are worthy of success. They care less about other peoples opinion regarding their abilities. They are confident in themselves that they will make their businesses succeed. They show that confidence in everything they do. Regardless of the age and experience that Max has, he is confident enough to start the business and propel it to its success (Wadhwa et al., 2014). Entrepreneurs such as Max Fang realize that every event and situation that people see as a problem is a business opportunity. Entrepreneurs are constantly generating new Ideas are about workflows and efficiency, people skills as well as potential new businesses that can be merged to create a solution for a problem. Entrepreneurs possess the quality of analyzing their environment and aligning everything around them and focus it toward their goals (Yong, Wang, 2013). Entrepreneurs recognize that something needs to be done to counter a certain problem and that they are the motivated by oneself. This prompts them to organize and plan themselves by setting parameters that ensure that the project follows the desired path. They are proactive and do not wait for any anyone to give them permission (MacGregor, 2011). Many companies are formed based on the fact that an entrepreneur has realized that he can do a job better than another and that they need to win at the sports they play by shining at the business that they create. An entrepreneur will build an outstanding companys record of accomplishment by their own (Levine, 2012). Entrepreneurs are observed to have a quality of creativity that helps them see the possibility despite the logic behind the move. Creativity is the ability to make connections between seemingly unrelated events or situations. Entrepreneurs often find ways to come up with solutions, which are a synthesis of other items. Entrepreneurs repurpose products to market them to new industries aiming to solve a problem in that industry that has slight similarities for the original industry (Hines, 2014). Entrepreneurs are not put down by their defeats whenever they encounter a failure. They view defeat as an opportunity to start again wiser and stronger headed for success. They are propelled by the determination to see all of their ventures succeed. This makes the entrepreneur try several times until the business succeeds. They have the mentality that everything is possible and that it can be done (Grimm, 2011). The entrepreneur has mastered the quality of strong communication skills to sell the product and keep the employees motivated. Successful entrepreneurs acknowledge that the success of a business is directly related to the success of the employees as well as the sales. For this reason, entrepreneurs have mastered strong communication skills to be able to motivate the employees. They are good at emphasizing the benefits of any situation as well as coaching others to their success ("Entrepreneurship: Theory and Practice," 2017). Successful entrepreneurs will always the first person to arrive at the office and the last one to leave. They even come during off days to ensure that everything is in order and the outcomes have met their expectations. Their mind is continuously in their work, whether they at work or on their off days (Boutillier, Uzunidis, 2017). Passion is the most important character of the successful entrepreneur. They genuinely love whatever they are doing. They are willing to put in those extra hours and effort ensure the business succeeds because there is a joy they derive from the success of the business that goes beyond the money. The successful entrepreneur never stops learning once school is over he will always be reading and researching ways to make the business better that is why most of the entrepreneurs own a library of books. The successful entrepreneurs will want to see the view at the top of nay Business Mountain that he sets to climb. Once they spot it, they want to go beyond that level. They know how to motivate the employees, and make their businesses soar as a result (Be A Great Entrepreneur, 2010). Conclusion The individual I have analyzed in this paper has a lot in common with many of the entrepreneurs, especially young entrepreneurs. This, therefore, leads to the conclusion that to be an entrepreneur one ought to possess various traits to be successful. Most of the common traits include communication skills, confidence, discipline, and passion. Max Fang together with his colleague and the business task force has taken the business to greater heights, to such a point that the Australian market has rewarded their efforts. The analysis also shows that the bigger business does not exist in the physical form but rather as an abstract form in the mind of the entrepreneur. The entire progress of the entrepreneurial thinking of Fang and his colleague is what has guided the business to where it is to date. Therefore in most of the countries where the youth are complaining, that the economy is rogue. They ought to emulate the efforts portrayed by Max Fang. 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