7 Things Confident Entrepreneurs Never Do - 1190 Words

Sujan Patel, a self-proclaimed entrepreneur and marketer and VP of Marketing at When I Work, wrote an article for Entrepreneur.com titled â€Å"7 Things Confident Entrepreneurs Never Do.† While this article is not an exhaustive list of mistakes entrepreneurs can make, it gets the main point across—entrepreneurs need to be confident because self-confidence is key in the decision-making process (Schermerhorn). Patel says they need to be tenacious and determined and have faith in order to be successful, but he points out seven things to avoid at all costs. The first thing he says entrepreneurs should avoid is â€Å"second guessing themselves and their employees.† As a manager in any situation it is extremely important to trust yourself and your team.†¦show more content†¦It is important to dedicate time to the business and its employees, but everyone has important priorities like friends, family, and things done for enjoyment, like exercise or reading. Hobbies often make people happier than money because they help reduce stress and improve confidence Entrepreneurs must make time in their busy schedule to address these priorities—when quality of life outside of work decreases, the quality of the business may decrease, as well. The third thing Patel says entrepreneurs should avoid is â€Å"refusing to learn new skills.† In an ever-changing business market, companies and the people that run them need to learn how to adapt. In today’s society, technology is rapidly advancing and companies are changing in parallel. An entrepreneur should be open to learning something new because it will diversify their background and open up their mind to new ideas. It can also provide several opportunities that would not have presented themselves if they did not learn new skills. For example, a confident entrepreneur can take on the challenge of learning graphic design or coding if they do not have the resources to hire a programmer. Patel mentions several websites that offer to teach entrepreneurs a variety of skills at a low price point. Taking advantage of these resources can allow an entrepreneur to become more confident in running their business. The fourth thing he

How Emotions Can Be Broken Down Into Four Basic Emotions

Emotions play a major role in our everyday lives and reflect how we feel towards a certain situation. Upon reading through the chapters in the e-book, the topic of emotions peaked my interest. Relationships are common in society, but the emotions involved seem to be the downfall of most relationships. Which proposes the question; are we only able to show aspects of love at certain maturity levels? Emotions are displayed in a variety of ways. Based on research, an emotion is a, â€Å"Superordinate program whose function is to direct the activities and interactions of the subprograms governing perception (Cosmides). According to research by Glasgow University, â€Å"Human behavior can be broken down into four basic emotions† (Scotland). These emotions are generally noticed as: happy, sad, angry/disgusted, and afraid/surprised. Emotions are similar to classical conditioning due to the fact that they coincide with the stimulus and response situation. Emotions are both conditioned and unconditioned. For example, if an individual associates a conditioned stimulus such as a song, scent, or a location, with a certain emotion such as anger, fear, or happiness, then the response is conditioned because the stimuli brings forth the emotion. On the contrary, if we experience unconditioned stimuli such as being alone and lost in the dark, the unconditioned response of fear overwhelms you. Emotions are not only dependent upon a situation, but are also influenced by an individual’s level ofShow MoreRelatedEmotional Intelligence, By John Mayer And Peter Salovey1445 Words   |  6 Pagesshould be included to comprise it. The most basic model of emotional intelligence is the four branch model described by John Mayer and Peter Salovey in 1997. The key concepts included in the four branch model are: emotional intelligence is the ability to perceive emotions, to access and generate emotions so as to assist thought, to understand emotions and emotional meanings, and t o reflectively regulate emotions so as to promote both better emotion and thought (Mayer Salovey, 1997).† The scientificRead MoreIs Emotional Intelligence Beneficial for Effective Leadership?1509 Words   |  7 Pagesshould be included to comprise it. The most basic model of emotional intelligence is the four branch model described by John Mayer and Peter Salovey in 1997. The key concepts included in the four branch model are: emotional intelligence is the ability to perceive emotions, to access and generate emotions so as to assist thought, to understand emotions and emotional meanings, and to reflectively regulate emotions so as to promote both better emotion and thought (Mayer Salovey, 1997).† The scientificRead MoreEssay about Wrapping My Mind Around Stephen Crane’s Mind1363 Words   |  6 Pagesfocused on death, survival and suffering. In the first place, Stephen Crane focuses on death in many of his pieces. Death is a very powerful topic, demanding emotion from most readers, making death the tool that Crane was looking for to evoke the emotions he wished to see. An example of death found in the work â€Å"The Open Boat.† The four men in the story are stranded on a boat, and they work together to try to return to land. Everyone makes a safe return to land excluding Billie the Oiler, who diesRead MoreChemical Senses1251 Words   |  6 PagesChemical Senses Chemical senses are the connection of smell and taste. Different fluids and water are chemical substances that dissolve in the mouth that is a stimuli of taste. â€Å"There are four basic descriptions that stimuli taste, they are the following, bitter, salty, sour and sweet. These sensations can be combined to stimulate different types of stimulation of taste,† (Bartoshuk, L. M., Beauchamp, G. K.) (1994), Chemical senses. Examples would consist of salt and vinegar potato chips, sweetRead MoreAnalysis Of E. Ee Cummings1103 Words   |  5 Pagesâ€Å"l(a)† and even though it is only a sentence in length, its simplicity truly makes it a form of art. Comprised of only twenty letters, it reads â€Å"A leaf falls, loneliness†, and it displays how a piece of minimalistic literature still has an impact on the reader, regardless of its short length. Totaling a mere four words, the overall message of loneliness is still quite clear. The image of a single leaf falling is familiar to many; countless movies, television shows, music videos, and other formsRead MoreA Business Is Like A Living Organism Essay1352 Words   |  6 Pagesorganism. It takes care and nurtures to get it off its hands and knees so it can start walking. Then when it starts walking it needs to be fed good food so it can grow big and become strong. A business takes all kinds of people to make it successful. All different kinds of personalities, roles, and decisions make it successful. So starting from the business as a how first, let’s see what all goes into the basics of a business, and how it is organized from the corporate level, manger level, and employee levelRead MorePsychology : A Theory Of Hierarchy Needs1237 Words   |  5 Pagesview and not just theirs. There are four famous psychologists in the humanistic. Carl Rogers believed that the focus of psychology is not about behaviour. BF Skinner believed the best way to understand t he way a person is behaving is it to look at the reason behind the action and its consequences. Sigmund Freud believed that our thoughts explained by the way we behave. Wilhelm Wundt believed the consciousness mind could be broken down or even reduced to the basic elements. In 1943, Abraham MaslowRead MoreEffects Of A Psychological Intervention On Adolescents1494 Words   |  6 Pages Development has been one of the most interesting branches of psychology that many psychologists has spent time the most throughout the years. Development can be defined as the pattern of movement and change that begins at conception and ends at about old age. This branch of psychology, can be broken down into many categories or periods since development is not only one thing, it is multi dimensional. The period of development that I choose was adolescents development, and the dimension I am goingRead MoreDefinition Of Definitions Of Marketing1471 Words   |  6 Pagesny definitions of marketing. Mar keting can be summarised as a process by which a product or service is presented and promoted to potential customers. Customer value also has many definitions. The simplest form of customer value is defined as being what customers get from buying the product and the functional use of the product versus what they pay, resulting in an attitude toward, or an emotional connection with the product. There are four types of customer value which are functional/instrumentalRead MoreThe Swedish Film Force Majeure Essay1672 Words   |  7 PagesWhat it means to have a good character? Furthermore, how might we tell that somebody has it? The Swedish film Force Majeure (2014) is obtusely unambiguous on both accounts. A character and morals are inward and ostensibly the most profound piece of ourselves. Unpredictable events well may come down to us with ferocity and mercilessness that remind us of a divine act. However how we confront them is a long way from arbitrary. Furthermore, it is this example of our reaction that we know as character

Terrorism And Its Effects On Economic Refugees - 1826 Words

Since the September 11th terrorist attacks on the World Trade Center in 2001, a world-wide war has been waged against terrorism. For the past fifteen years, countries actively involved in the effort to thwart terrorism, and even unwilling participants, have learned what it takes to fight such an intangible threat. While dissecting terrorists thresh holds, these countries have learned that the war on terrorism carries with it many casualties. One of these casualties is economic refugees. The more significance that is placed by the host country on economic refugees the better their living conditions tend to be; thus, the better the economy will be and the potential for terror attacks will be minimalized. While conducting this literature review it was found that just in the year 2015, 15 million refugees were put into camps in developing countries overseas as cited in a research study from the University of California (Taylor, Filipskib, Allousha, Guptaa, Valdesa, 2016). This study r elates well to another analysis conducted by Nusair (2013) who also concluded that refugees are the majority group of people affected by the war on terrorism. Research and interest in the war on terrorism and economic refugees is expanding exponentially and in this paper it will be reviewed up to the current year. The literature was first divided into two categories of how refugees affected the host country: positive impacts or negative impacts. However, these two categories were not enough toShow MoreRelatedAlcoholism And Drugs : A Bird s Eye View On Socio Demographics1325 Words   |  6 Pagesproblems that are related to drug and substance abuse. These problems can be categorized as economic and social. The author posits that this phenomenal drug usage has brought a lot of devastating effects on the psychological and physical welfare of the people and this has adversely affected the manpower and hence the economic development of Pakistan. Depriving the country of its labor force is the major economic problem Pakistan is facing due to drug abuse whilst health risks including enhanced spreadRead MoreThe Threat Of Terrorism And Overpopulation Concerns1222 Words   |  5 Pagesaccording to the Syrian refugees, fleeing their homeland with nothing more than the shirts on their bodies and a sense of optimism. Their war-ravaged country portrays their unfortunate situation that they currently face. Millions of Syrian nationals seek a new life, and this desire has forced them to relocate to various European countries, as well as the United States. With an influx of refugees set to reside in the country, they bring diversification and positive economic implications to AmericaRead MoreThe Peace Of The Middle East1445 Words   |  6 Pagesviolence have risen in the Middle East due to rise of terrorism. The rise of groups, such as Al Qaeda and ISIS, caused violence and chaos throughout the Middle East which is seen as a huge antagonist to any sort of peace plan. The ne w plan would give the Palestinians the something they always wanted ever since Israel became a nation, their own nation for themselves to call home. This new peace process brought up by Samer Shehata, involves economics, relocation, distribution of land, and the involvementRead MoreMigration And Its Effects On The Global Economy729 Words   |  3 Pagesmigration, a contribution to economic growth in the host country and the flow of remittances, money the migrants earn working abroad and then sending the earnings back to the family, to the home country. 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Fringe Benefit Tax Assessment

Question: Discuss about the Report for Fringe Benefit Tax Assessment. Answer: 1. Issue To ascertain the liability on account of FBT for the employer ABC Ltd. which has extended host of fringe benefits to Alan, their employee. Rule The tax treatment of fringe benefits is governed by the Fringe Benefit Tax Assessment Act, 1986 or FBTAA, 1986. Section 58X of FBTAA, 1986.states that the employer may provide particular electronics hardware such as laptop or mobile to the employee for use in relation to work, then the same would not be included within the ambit of FBT. Further, for other employee expenses that are borne by the employer, fringe benefit would arise only if the expense is personal in nature for employee and despite that is paid or reimbursed by employer. Hence, fringe benefit is likely to result if the employer pays for the utility bills including mobile provided these are used for personal calls. If the utility bill is derived purely on the basis on expenses related to work, then fringe benefit would not arise. Further, the fringe benefits whose value is lower than $ 300 and thus are of token value would not be included for FBT as they can be exempted as per the minor benefit exemption clause (Wilmot, 2012). School fees - FBT Treatment The fee payment for children of employee leads to extension of fringe benefit and hence would result in FBT being levied on the part of the employer (Gilders et al., 2015). Fringe benefits taxable value = Fees paid * Gross up factor Since no GST is applicable, the gross up factor that would be used is 1.8868 FBT liability for employer = 0.47* Fringe benefits taxable value Dinner The employer may provide mean for employees along with clients outside the business premises which would lead to the extension of fringe benefit and may result in levying of FBT. The FBT computation on meal is dependent on two factors namely the count of invitees along with the invitees composition. The invites count becomes significant as with sufficient count, it may be possible that the employer may be able to escape any FBT through the usage of minor fringe benefit exemption clause. The invitees composition assumes significance due to differential tax deduction treatment extended by the tax department since any expenses on clients in this regard are not deductible for tax whereas employee along with their associated related expenses are deductible for tax purpose (Barkoczy, 2015). There is choice that employer has with regards to the method used for computation of meal related FBT. The two available choices are briefly explained as follows. Actual Method In this, FBT is computed on 100% of the meal expense incurred. This is preferable when only employees are invited and thus deduction to the extent of 100% on food expenses is allowable. Besides, the liability associated with FBT can becomes less by claiming the GST input credits that can be available due to the GST paid on dinner (Deutsch et.al, 2015). 50-50 Split Method In accordance with this method, FBT needs to be paid on only half of the actual meal related expenses incurred. This method leads to the reduction of FBT liability but the major issue with this method is that even the deduction on tax would be halved. As a result, this method is preferred when meal expenses are extended to clients also since these are anyways tax non-deductible. Thus, the endeavour of the employer is to minimise the FBT liability (Sadiq et. al., 2015). Application In accordance with Section 38X, the FBT implications for mobile handset do not exist since Alan uses the mobile only for purposes related to work. Additionally, the bill paid by ABC cannot be assumed to be a fringe benefit as Alan is not using the mobile phone for personal purposes. School fees School fees paid by ABC = $ 20,000 Hence, in line with the discussion in the rule section, we get that FBT levied on school fees = 0.47 * 20000 * 1.8868 = $17,736 Thai Restaurant Dinner As per the information provided, a total of 20 employees along with their respective partner form the invitees. Since no clients are invited, hence the preferable method is actual method. Dinner expense by ABC = $6,600 Assuming all employees come in pairs, hence the expenditure on employees is 50% of total or (1/2)*6600 = $ 3,300 Thus, per employee expense on dinner = 3300/20 = $ 165 The employer can claim exemption from any FBT on account of minor benefit exemption clause since the taxable value of the above dinner spend if computed would not cross the set limit of $ 300. Now there has been a reduction in the employee strength to five and hence the minor benefit exemption would no longer be applicable as the taxable value of meal fringe benefit would be greater than $ 300. FBT on account of meal = 0.47 * 6600 *2.0802 = $ 6,453 It is noteworthy that additional tax credits would be available to the employer because of the GST paid. Now there has been an alteration in the composition and even the clients have been invited. As a result, the 50:50 split method would be used. Hence, FBT on account of meal = 0.47 * 0.5* 6600 *2.0802 = $ 3,227 Besides, tax credits can be availed to the extent of 50% of the GST payable on dinner. 2. As per Division 40, ITAA 1997, there are namely two approached for calculation of the decline in value of a given depreciation asset which are highlighted below (ATO, 2015). Prime Cost Method Diminishing Value Method The given division does not provide guidance with regards to the method deployed. However, for the case given, diminishing value method is used as the machine is sold before full utilisation of the asset over the effective life. For any asset which had been owned by an entity afterwards May 10, 2006, the value decline using diminishing value method can be computed as shown below (Gilders et. al., 2015) The company has the option of availing input tax credits on account of GST paid but for the computation in this case, the underlying effect of these has been ignored (ATO, nd). Year 1 ( January 2010 - January 2011) Machines base value = $1,100,000 Life of the machine = 10 years Since the machine is deployed only for business, hence the days would be considered as 365. Therefore, machines decline in value = 1100000*(365/365)*(200%/10) = $ 220,000 Residual value of asset (machine) = $1,100,000 - $ 220,000 = $ 880,000 A deduction equal to the decline in value i.e. $ 220,000 would be available in the given tax year. Year 2 (January 2011 - January 2012) Residual value of asset (machine) at the beginning of year 2= $880,000 Life of the machine = 10 years Therefore, machines decline in value = 880000*(365/365)*(200%/10) = $ 176,000 Residual value of asset (machine) at the end of year 2= $880,000 - $ 176,000 = $ 604,000 A deduction equal to the decline in value i.e. $ 176,000 would be available in the given tax year. Year 3 ( January 2012 - January 2013) Residual value of asset (machine) at the beginning of year 3 = $604,000 Life of the machine = 10 years Therefore, machines decline in value = 604,000*(365/365)*(200%/10) = $ 120,800 Residual value of asset (machine) at the end of year 3= $604,000 - $ 120,800 = $ 483,200 A deduction equal to the decline in value i.e. $ 120,800 would be available in the given tax year. It is evident on the base of computations carried out above that the opening value of machine as on January 1, 2014 is $ 483,200. But the asset owner liquidates the machine for a net consideration of $330,000. The company would be able to claim a capital loss on the machine since its selling price is considerably lower than the acquisition price (Barkoczy,2015). Capital loss (machine) = Acquisition cost Sales Proceeds = 1100000 330000 = $770,000 It is known that the above machine was exclusively meant for business and not utilised for personal or private gains. As a result, all the capital loss computed above will have to be adjusted against the capital gains during the current year if possible or will have be carried forward to the future years till the time these are nullified against the derived capital gains (Sadiq et. al., 2015). Besides, Rubber company can also file a deduction in tax which is equivalent to the difference in value of the selling price and the carrying value of the machine in the books of account (ATO, 2015). Thus, tax deduction available in 2014-2015 = $ 483,200 - $ 330,000 = $153,200. Reference list Books Barkoczy,S 2015.Foundation of Taxation Law 2015,7th edn, CCH Australia Limited, North Ryde Deutsch, R, Freizer, M, Fullerton, I, Hanley, P, Snape, T 2015. Australian tax handbook, 8th edn, Thomson Reuters, Pymont Gilders, F, Taylor, J, Walpole, M, Burton, M Ciro, T 2015. Understanding taxation law 2015, 8th edn, LexisNexis/Butterworths. Sadiq, K, Coleman, C, Hanegbi, R, Jogaranjan, S, Krever, R, Obst, W Ting, A 2015. Principles of taxation law 2014. 8th edn, Thomson Reuters, Pyrmont Wilmot, C. 2012 FBT Compliance guide. 6th edn, CCH Australia Limited, Sydney Web site ATO 2015. Guide to Depreciating Assets 2014-2015, Australian Taxation Office, Available online from https://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/Guide-to-depreciating-assets-2015.pdf (Accessed on May 22, 2016) ATO n.d. Prime Cost and diminishing value methods, Australian Taxation Office, Available online from https://www.ato.gov.au/Business/Income-and-deductions-for-business/Depreciating-assets/General-depreciation-rules/Prime-cost-and-diminishing-value-methods/ (Accessed on May 22, 2016)