The Impact Of A Minimum Wage Increase - 1153 Words

The Impact of a Minimum Wage Increase Who gets paid the minimum wage? Well, at some point in our lives we all have been paid the minimum wage. But who are those people earning the minimum wage right at this moment? These are the people who have menial jobs. They work in restaurants, retail stores, bars, and maintenance services (OEA, 9). In 2014, the city of San Francisco proposed an initiative indicating that it would raise the minimum wage to $15 by 2018 (Ballotpedia). So would a typical low-wage worker and low-income family benefit significantly from a minimum wage increase? It would probably help them but not that significantly. In today’s economic standing, people earning the minimum wage are considered below the poverty level if living in San Francisco. In my opinion, the minimum wage increase will give a slight rise to the quality of life for those working on minimum wage as well as their families and could potentially result in narrowing the income inequality gap for workers. Over the years, the cost of living in San Francisco has sky rocketed, so raising a family on a minimum wage has become almost impossible. In fact, the city of San Francisco is ranked the most expensive place in the United States to rent housing (Erin Carlyle of Forbes) Based on my research, the average rent on a two-bedroom apartment in the city of San Francisco is $1,795 per month. While renting a studio is ranging closely from $900-$1,000 (Budget chart). This shows that someone would need toShow MoreRelatedImpacts Of A Minimum Wage Hike900 Words   |  4 PagesImpacts to a Minimum Wage Hike in America There has been much controversy over the years on the impacts resulting from an imposed minimum wage and how it relates to the economy. It wasn’t until President Franklin D. Roosevelt signed a Bill enacting the Fair Labor Standards Act of 1938 that American’s gained the right to a minimum threshold by which their labor could be sold. Against much opposition President Roosevelt was for a law that banned oppressive child labor and set the minimum hourly wageRead MoreThe Economic Impact of Raising the Minimum Wage1474 Words   |  6 Pageswith it a national minimum wage. Echoes of that speech are still heard today. Senator Edward Kennedy (1989: S14707), in his criticism of the most recent increases in the minimum wage, declared: The minimum wage was, as it should be, a living wage, for working men and women ... who are attempting to provide for their families, feed and clothe their children, heat their homes, [and] pay their mortgages. The cost-of-living inflation adjustment since 1981 would put the minimum wage at $4.79 today, insteadRead MoreA Higher Minimum Wage May Help Workers Essay1251 Words   |  6 PagesLabor Standards Act established minimum wage in 1938 (Grossman). Overtime, the minimum wage has been raised in order to account for inflation (BLS 14). However, what the overall economic impact of raising the wage will be is once again a daunting and extensive question. The controversy over raising the minimum wage seems to come from often conflicting economic opinions. While raising the minimum wage is done with good intentions, critics argue that a higher minimum wage will harm those it is actuallyRead MoreThe Minimum Wage Should Be Legal905 Words   |  4 PagesRise in minimum wage has sever al impacts apart from unemployment. The minimum-wage workers would have to pay more taxes and receive fewer benefits if they are subjected to rise of minimum wage. The federal marginal rate for tax is 32 percent on an average for low earning members. This would amount to almost one third of the income of a worker. The tax rate is quite high for low paid workers. The rise of minimum wage would also reduce some of the advantages and leverages that the low-wage workersRead MoreImpact Of Minimum Wage On Unemployment1305 Words   |  6 PagesImpact of minimum wage on unemployment The supply and demand factors show significance towards growth of unemployment. It has been observed that the price floor above equilibrium wage should cause unemployment. There are many people who have provided their arguments against the fact. However, it has been observed that whenever there has been a rise in the minimum wage of workers, unemployment rate goes very high. For example, an organization has to maintain its expenses as well as its incomes.Read MoreThe Effects Of Raising The Minimum Wage1311 Words   |  6 PagesThe Negative Impacts of Raising the Minimum Wage While the debate over the effects of raising the minimum wage continues, there are countless studies and statistical data to support both sides of this controversy. Often the negative impacts of these wage increases are overshadowed by those who want to help the working class who live at or below the poverty level. Do these increases actually help the ones that they were intended to help? What are the negative impacts on the rest of the working classRead MoreEconomic Outcomes Of Raising The Federal Minimum Wage1489 Words   |  6 Pagespercent of all wage and salary workers. Among those paid by the hour, 1.3 million earned exactly the prevailing federal minimum wage of $7.25 per hour. About 1.7 million had wages below the federal minimum. Together, these 3.0 million workers with wages at or below the federal minimum made up 3.9 percent of all hourly paid workers†(Ratio of Minimum Wage). The Federal minimum wage drives debate among people today, and with many wanting the federa l government to raise the minimum wage to fifteen dollarsRead MoreThe Benefits Of Raising The Minimum Wage1656 Words   |  7 Pagesto be should the minimum wage be raised or should it be lowered or eliminated altogether. From where I stand minimum wage should be raised. Everyone is more successful when people are paid a living wage. Changes to the minimum wage would strengthen the economy and business, Lift Americans out of poverty, and will be unlikely to significantly impact prices. The only way to grow the economy in a way that benefits 90% is to change the structure of the economy. Paying people a fair wage is a sign of respectRead MoreShould Minimum Wage Be Increased?1691 Words   |  7 PagesShould Minimum Wage be Increased? Introduction The term, â€Å"minimum wage† refers to a lowest payment that an employer is bound to pay to its workers. Today minimum wage is made compulsory in more than ninety percent of nations including Canada where workers are demanding to increase minimum wages for a long time. Minimum wages are revised by governments in order to met growing needs of workers. There is a difference of opinion on the issue of increasing minimum wages among people of Canada. EmployersRead MoreShould Minimum Wage Be Increase?996 Words   |  4 PagesIntroduction Should minimum wage be increase to $15 an hour? That seems to be the million dollar question. Minimum wage is the lowest wage an employee can receive for working. Minimum wage is a contract or legislation by the government or legal authority. How would the increase in minimum wage impact the economy? Summary According to, a news article in the Star Phoenix called â€Å"Pros and cons of a minimum wage increase hourly† (Tyndall, 2015). Tyndall states that, minimum wage is basically the lowest

Chinese Influences Free Essays

China affected Asian countries culturally, socially and politically. Korea, Vietnam and Japan are the typical nations of Chinese influences. Chinese moral ethics, ideal roles of women and the government system considerably impacted those countries. We will write a custom essay sample on Chinese Influences or any similar topic only for you Order Now Even so, among these countries, they developed their own unique aspect to some varying degrees. First of all, Korean, Vietnamese and Japanese authorities respectively emphasized Confucianism through education. For example, Confucian-based schools were established in Korea and Vietnam. In spite of those schools, Korean students studied Confucianism in China. Japanese students were also taken to China for learning Confucianism by Shotoku Taishi, a leading member of a major clan. After visiting China, he issued the â€Å"Seventh Article Constitution. † Taishi encouraged practicing Confucianism in Japan. Nevertheless, when the Japanese came up with samurai that emphasized bushido or the way of the warrior, they valued warriors rather than scholars whom Confucianism valued. Second, while Korean women had limited roles as Chinese women, Vietnamese and Japanese women had unbounded roles. Confucius highlighted women as subordinate characters to men. Therefore, as Confucian-influenced countries, they were expected to have limited roles of women. In fact, Korea was the only one in which restricted wide social activity of women. Korean women formerly raised her children at her parents’ home, but after adapting to Confucianism, she belonged to husbands’ family and raised her children at her parents-in-law’s houses. On the other hand, Vietnamese women had wide sphere of social and economic activities. Also, Japanese women were not restricted. They were able to inherit properties and live with her parents’ house when they were married. Most importantly, Vietnam, Japan and Korea borrowed the Chinese government system although Japanese developed their own in the later years. Vietnam was under Chinese rule for more than 1,000 years and the Chinese officials tried to assimilate into China. Korea is located right under the northeast of China. Therefore, there were a lot of political influences. For example, in the 7th century, the Silla Kingdom united the peninsula with help of Tang dynasty. Chinese tried to control and assimilate Korea. Chinese intervention led Trung sisters’ uprising in Vietnam and military resistance in Korea. Vietnam was able to establish as an independent state in the 10th century and China withdrew military in Korea. Whereas Japan, it was never invaded and conquered by China. It is 100 miles away from the mainland. Hence, Chinese influences were not significant. They did borrow Chinese political system. Then again, the Japanese government was decentralized and came up with feudal system and samurai. How to cite Chinese Influences, Essay examples

Entrepreneurship Business Plan Analysis †Free Samples

Question: Discuss about the Entrepreneurship Business Plan Analysis. Answer: Introduction Business plan is a written document that defines the business objectives, sales, strategies, financial and marketing forecasts. Analysis of business plan involves the evaluation of a business plan so that the entrepreneur or investor can provide a logical breakdown. The three main functions of a business plan are to communicate the future of business, to act as an organizing tool, and to convey the credibility of business. Business planning is important as it provides a clear statement of direction, provides a holistic perspective on the firm, encourages goal setting and encourages entrepreneurs to research their business idea. Further, a business plan can help raise finance and provide a suitable yardstick to evaluate the organizational performance. However, a business plan does not guarantee success. It may have biased or outdated information. Also, it cannot eliminate uncertainty. The three main elements of a business plan are operations, finance and marketing. The business plan i ntegrates operations, marketing and financial aspects of the business. This report involves the evaluation of The Pasta Tree, the only fresh pasta retail producer in Springfield. The main components of a business plan are executive summary, company background, marketing, production and operations, financial projections, implementation timetable and appendices. Evaluation of Executive Summary The executive summary is the introductory segment that briefly summarises key features such as business objectives and goals, marketing, operations and financial segments. In the business plan of The Pasta Tree, a brief description of the company is provided. It is stated that the company has built a loyal customer base while increasing sales 15% every year in the past three years (Bplans.com 2017). The figures for initial investment are stated as $80,000 (Bplans.com 2017). The executive summary also states the plan of expanding operations within the city to meet the increased demand. It is evaluated that the business plan seems practical as it has a clear direction and target. The business plan states the objectives of expanding production facilities, establishing strong sales and maintaining tight control of cost during expansion. Further, the organizational mission is making high quality products, offering greater value to the consumers and having commitment to the highest standard (Bplans.com 2017). It helps in getting a brief idea about the basic attributes or key value of the company. The brief statements of the marketing program, operations planning and financial charts give a clear picture of how the objectives and goals shall be attained. The financial highlights are represented in the form of chart that makes the understanding stronger. Therefore, the executive summary covers all the important aspects and components giving it a clear direction (Watson, McGowan and Smith 2015). Evaluation of Company Background Company background describes the background, history, types of products and services, number of employees, business goals, mission statement and other relevant details about the company. This gives the readers an understanding of the issues that supports the organization to grow. The business plan states about the ownership of The Pasta Tree by Jill Forman and John Wingate. However, no details are stated about the two owners regarding their background or education. The company history is stated how the fresh pasta was first created (Bplans.com 2017). The details are mentioned about how the two owners have come a long way to bring the product and sell to the public. The graphical representation of the past performance regarding the sales, net profit and gross profit helps in easy understanding of the plan. Further, the business plan states the analysis of previous years balance sheet to analyse the sales, gross profit, and net profit (Bplans.com 2017). These statements could only be s tated in the appendices and a detailed account of the previous years could be avoided. The business plan states the location and facilities. The greatest strength is that is mentions about the convenience offered by the location. This gives an idea about the strategy for new location (Bplans.com 2017). Further, the list of products is stated that are offered by the company such as linguini, tricolour fusilli, fettuccine and various others (Bplans.com 2017). However, the services offered by the brand are not stated such as fulfilment of customers needs, customer care service or home delivery options (Brinckmann and Kim 2015). Evaluation of Marketing For determining the marketing strategies, the company needs to undertake market research. The market needs to be assessed using frameworks and strategies to analyse the market environment. The business plan uses the segmentation strategy to target a group of customers. According to Neill, Metcalf and York (2015), the market segment can be divided demographically, geographically, behaviourally and psychograph. It is analysed that the market is segmented only based on the purchasing pattern of the consumers. The market segmentation could be wider so that a group of customers could be targeted. Based on demographic segmentation, the market could be divided for men and women of all ages. The geographic segmentation is identified as sale in supermarkets and small grocery stores where the product shall reach the customers (Bplans.com 2017). Based on psychograph, the market can be segmented as the people who have a moderate lifestyle but wish to consume freshly made products. According to b ehaviour, the market can be segmented as the consumers who have frequent usage of pasta. The consumers who make pasta at home so that they can consume it fresh can be chosen as a prime market segment. The target market is selected as the urban professional segment that would be attracted to the freshness and quality of The Pasta Tree (Ghandour 2014). It is argued that no external environment analysis is made that would affect the operations in Sydney. The market trends and demand of the consumers for pasta needs to be analysed. The plan does not identify a few competitors in the same industry and their distinctive advantage over The Pasta Tree. However, the plan identifies the packaging strategy used by The Pasta Tree to make the product competitive (Bplans.com 2017). It is further argued that the marketing mix strategy is not defined that would help products reach the consumers. The extended marketing mix could be framed so that the products reach the consumers in a proper way (Martin, McNally and Kay 2013). Evaluation of Operations and Production The business plan mentions about the management co-owners Jill Forman and John Wingate who conduct and manage the daily operations at The Pasta Tree. No details are stated about the legal and licensing requirements to operate business in Sydney. The business needs to have a license and must undergo the administrative and security check processes to ensure safe food. No details are mentioned about the approval required in Sydney. The business plan mentions about the personnel required for the business such as production manager, store staff, sales manager, delivery staff and others (Bplans.com 2017). The details lack organizational structure and responsibilities to be undertaken by the staffs. No details are mentioned about the professional advisers who would help in making the business plan successful. The insurance and risk factors that could arrive in the business are not mentioned. The business plan needs to take into account the organizational risk factors in operations, staff or others so that mitigation techniques can be formulated and uncertainties can be managed. The plant and equipments required to set up the pasta business in Sydney is not mentioned. The production processes and the manpower to be used are determined (Bplans.com 2017). Evaluation of Financial Projections The financial projections are the considerations and information about the financial data. The three areas must be considered to prepare this segment- basic assumptions and information, financial forecasts and analysis of financial forecast (Bplans.com 2017). The business plan only presents the numeric data for financial forecast. No explanation is given about the assumptions made or about the forecasts is prepared. No details of the bank accounts are provided of the management. The details about loans and overdrafts are not mentioned that support the investment of the firm (Bplans.com 2017). It is analysed that the financial forecasts such as projected profit and loss statement, pro forma cash flow, break even analysis and a few business ratios are stated. The greatest strength about the financial projections are that three years are analysed that provides an idea about the financial condition of the company. However, no analysis or explanations are given that would be supporting reasons for the data. The data interpretation or the scope of growth is not stated in the business plan for The Pasta Tree. The milestones set by the firm for sales and revenue is represented graphically that adds to visual attractiveness and understanding (Bplans.com 2017). Evaluation of Implementation Table The implementation table provides the owner/manager with a schedule of the activities needed to be carried out to set up and run the business. Also, it is organised on a monthly basis, so it provides a set of milestone schedules for the owner/manager to work by. The Pasta Tree can push its three most popular products- spaghettini, linguini and fettuccine (Bplans.com 2017). The marketing strategy is determined to advertise the products with discounting feature to introduce it in the supermarkets. It is recommended that the marketing mix could be designed for details about the specific elements. The sales strategy is also forecasted that presents the products better than the competition. The milestones are graphically represented regarding assigned dates, responsibilities and budgets (Falik, Lahti and Keinonen 2016). The visual representation of the data is for better understanding and the targets to be achieved in every quarter. It is assessed that the canal run must be conducted in a ll the four quarters, whereas the in-store displays, product facility expansion and production equipment are to be run in certain parts of quarters only (Bplans.com 2017). The marketing strategies and pricing strategies are not determined using which the business shall be conducted in Sydney. All the financial statements and forecast figures are well represented in the appendices (Demil et al. 2015). Conclusion Overall, it is assessed that the business is suitable to conduct in Sydney. The business plan is practical, but there is a need to identify several sections such as pricing strategies, promotional strategies and others. There is no biased information presented in the business plan. The political conditions of the business are favourable to conduct business in Sydney. It is evaluated that the business plan seems practical as it has a clear direction and target. Further, the organizational mission is making high quality products, offering greater value to the consumers and having commitment to the highest standard. The business plan states about the ownership of The Pasta Tree by Jill Forman and John Wingate. The graphical representation of the past performance regarding the sales, net profit and gross profit helps in easy understanding of the plan. There is a need to state the services offered by the brand such as fulfilment of customers needs, customer care service or home delivery o ptions. The market segment can be divided demographically, geographically, behaviourally and psychograph. The plan does not identify a few competitors in the same industry and their distinctive advantage over The Pasta Tree. Therefore, a few competitors and their core advantages need to be identified. The business needs to have a license and must undergo the administrative and security check processes to ensure safe food. The business plan needs to take into account the organizational risk factors in operations, staff or others so that mitigation techniques can be formulated and uncertainties can be managed. The greatest strength about the financial projections are that three years are analysed that provides an idea about the financial condition of the company. The marketing strategies and pricing strategies are not determined using which the business shall be conducted in Sydney. References Bplans.com (2017).Pasta Manufacturer Business Plan Sample - Appendix | Bplans. [online] Bplans.com. Available at: https://www.bplans.com/pasta_manufacturer_business_plan/appendix_fc.php [Accessed 21 Apr. 2017]. Brinckmann, J. and Kim, S. (2015). Why We Plan: The Impact of Nascent Entrepreneurs' Cognitive Characteristics and Human Capital on Business Planning.Strategic Entrepreneurship Journal, 9(2), pp.153-166. Demil, B., Lecocq, X., Ricart, J. and Zott, C. (2015). Introduction to theSEJSpecial Issue on Business Models: Business Models within the Domain of Strategic Entrepreneurship.Strategic Entrepreneurship Journal, 9(1), pp.1-11. Falik, Y., Lahti, T. and Keinonen, H. (2016). Does startup experience matter? Venture capital selection criteria among Israeli entrepreneurs.Venture Capital, 18(2), pp.149-174. Ghandour, A. (2014). Identifying Dimensions of Business Continuity Plan from Common Expressions among Business Continuity Professionals.International Journal of Business Administration, 5(3). Martin, B., McNally, J. and Kay, M. (2013). Examining the formation of human capital in entrepreneurship: A meta-analysis of entrepreneurship education outcomes.Journal of Business Venturing, 28(2), pp.211-224. Neill, S., Metcalf, L. and York, J. (2015). Seeing What Others Miss: A Study of Women Entrepreneurs in High-Growth Startups.Entrepreneurship Research Journal, 5(4). Watson, K., McGowan, P. and Smith, P. (2015). Leveraging effectual means through business plan competition participation.Industry and Higher Education, 29(6), pp.481-492.