Practical Financial Management on Actual Scenario

Every individual is aiming for an effective financial management for personal budget.
Establishing a balance between inflow of income from different resources and expenses is often
quite a tedious and complicated matter when encountered on an actual scenario. For a fresh
college graduate looking for an entry level job at the employment market, handling personal
financial management tends to be more challenging. With this concern, this paper aims to present
an economic overview of the involved scenario along with gathered ideas and suggestions from
people who have experienced such concern.
One of the main issues in developing personal financial management for new job seekers is their
budget particularly their income. At first, fresh graduates and new job market entrants tend to
rely on their accumulated savings to fund their pursuit while others seek temporary or part-time
jobs to gather income and experience. It is also important to understand that seeking job
opportunity would have their expense in the form of transportation, document requirements,
living allowance and other necessities. To manage such concern, some experienced individuals
suggest to start job search locally or within nearby organizations to minimize cost. Also,
conducting research on the job market particularly based on personal academic field is
advantageous in terms of time and money. During this, applicant can also send out resume
electronically and set up application interview appointments thus maximizing travel concerns
and schedule.
In particular to this author, the concern of job application is considered as a next step after
graduation. Prior to this period, schedule plans and researches have already been done with
regards to market opportunities evaluating them based on personal qualification, preference,
workplace plausibility, and income return. Likewise, since previous debts and educational loans
will be settled before graduation, this author will have the less expenditure concern during job
search whereas his previous saving sum will be allocated largely on paying food and living
expenses during application period. In addition, to gain additional income, this author plans on
having a part-time job at a local business enterprise for the benefit of both professional
experience and income without obstructing scheduling for application interview and follow-up
calls. Through such approach, the demands and necessities of the job application period can be
effectively addressed gaining the best possible opportunity for both financial and professional
concern.

I love stories of people who establish a business and then the business becomes an overnight success. This is because such stories are inspiring. However, in many cases, the idea of “overnight” actually means “after trying and failing over and over again.” Trying and failing after many attempts help one to gain talent and skills that will enable them make the necessary adjustments and eventually succeed. It is for this reason that trying to replicate stories of overnight success is very futile. My friend Matt had just received a sizable inheritance from his grandfather, as the will stated; he would receive $120,000 that his old man had accumulated when the grandfather passed away. He was looking for a viable business to invest in, and he told me to help him think of a good business idea. After much research, I advised him to invest in a box making startup, just ordinary boxes, and the everyday cardboard shipping cartons. He was thrilled, and told me he will consult widely on that idea. After much though and doing his own research he wanted out of the idea, “Manufacturing is deserting the country,” he told me, “I mean every overseas container that enters the country will be effectively putting a nail into my business coffin.” But I told him that this is where the real opportunity lies. “Think about it, every item that is in these containers will be eventually shipped at a certain location all over the country, and it will get shipped in your cartons. Besides every item that shoppers buy online will also need one of your boxes for it to be shipped.” But he was unconvinced, eventually; he teamed up with a mutual friend and went into a business I had advised him against. He invested $100,000 into a web design firm at a posh location. The firm was profitable for some time, but that was until people realized that they did not need to pay $6,000 for a simple website. Meanwhile, a small carton making startup continued to thrive, and overtime it will accumulate a significant number of slow bucks and that is what that matters. My friend overlooked this opportunity because he wanted to make, and was only willing to invest in a business that seemingly offered better prospects and this quick bucks, as opposed to capitalizing on ways to improve a business through its products and services (Shi and Tom 52). These explanations amount the same thing because when it comes to business, there are those who invest where they think they can become overnight success stories and those who take time to understand the prospects of a business considering everything else and stay the basic course while investing on ways to increase their products and services (Hicks 54). 

Works Cited

Hicks, Stephen RC. "What business ethics can learn from Entrepreneurship."Journal of Private Enterprise 24.2 (2009): 49-57.

Shi, Yuwei, and Tom Manning. "Understanding Business models and business model risks." The journal of private equity 12.2 (2009): 49-59.

  In my last summer, i had a very successful experience about  other two of my friends floated a company in my home country. Which focus on medical consumable and equipment. During the teamwork of us, we trust each other and solve problems together. I enjoy the moment of when i work in this team. 
  At the beginning, we divided the category of work and the amount of work we need to finish one day. This will help us get used to the work efficiently, and will not be mess up. Then the company will have a system of process. What i be responsible part is the account management, such as the money paid to the manufactures and the money received from every hospital. 
  The other function we used just like Katzenbach and Smith mention that is communication with each other. Sometimes one of teammate have a problem which we never had, then the team need communication because sometimes different people will have different view when we need solve problems. If we can stand in different views then we probably can solve problem efficiently. In our team, we will have several meetings each day to talk about the process of our work and what problem need to be solved. This is one of reason why we become a high function team.
During the life, we are good friends and we know each other very well. When we work together, we encourage each other a lot. From my perspective, responsibility is very important for teamwork. Each of people's work build a chain of company, and the organization can not work normally without each chain.

John Roberts

John Roberts is the author of Economics, Organization, and Management and is a current professor Emeritus at Stanford University. He was born in 1945 and completed his studies in the Universities of Winnipeg, Manitoba, and Minnesota before ultimately joining Northwestern University’s Kellogg School of Management as a professor. Through his experiences at Northwestern, he joined the Stanford faculty in 1980 where he worked within the last 35 years as an Economics professor. Currently, he is working at Stanford as a Professor of economics, Strategic Management, and International Business. At the same time, he is also a Senior Fellow at Stanford Institute for Economic Policy Research and primarily focuses on strategic economic decisions.

Dr. Roberts have primarily based his research on the field of economic theory and game theory, specifically focusing upon the concept of applying such theories to strategic management and implementation for different industries. Currently, he have published over 70 scholarly articles, 30 business cases, and two books related to such topics while still undergoing additional research within these fields. As a researcher in management policies, his current research is heavily focused on changing the management practices of large firms and understanding how these procedures can ultimately benefit or cause detriments to the firm. As a professor for MBA executive programs, he pays special attention to the field of management and have taught many students who have progressed within this field. At the same time, his focus on multinational firms have saw him become a special consultant for many large multinational firms who are focused on changing their management procedures.

Dr. Roberts is currently one of the two primary authors who have written our book, Economics, Organization, and Management and have finished the book in 1992 though newer additions have been added within the last few years. Currently, he is still working on additional research and have progressed to focus on the field of international research and global management.