BUSINESS DISCUSSION
Topic 1: Balance between the profit motive and various philanthropic efforts.
In a business that of a going concern, the profit motive and philanthropic efforts should achieve a perfect balance. If the objective for the investors is to make a profit while likewise making humanitarian endeavours, then I figure the organisation should initially look for speculators that are willing to participate in an in their benefit making objectives as well as in their social or natural objectives. The investors inject their capital into the business with the hope of much higher returns. Still, in the process, they become mission and vision of the company in the long run by establishing the objectives and goal which the company should achieve within a specified period(Chaudhary, 2009). They also address all the inefficiencies of the company and solving them. Afterwards, the success of the business is achieved and the more the profits are made the company can consider investing in the philanthropic ventures(Chaudhary, 2009). The objectives of the company should not only focused on maximising profits but also meeting the social needs of society.
Topic 2: Salaries in Not-for-profit organisations.
Indeed, I would be agreeable to restricting CEOs compensations as a component of the necessities for being allowed the not-revenue driven status. I think CEOs more than anyone ought to know about how significant the cash in these associations is. They ought to be sensible in their pays since they are not on a similar level as other revenue driven associations. These pioneers ought to be increasingly keen on satisfying the associations strategic of their very own benefits. The associations ought to be progressively stressed in the achievement of their objectives, rather than how they are going to come up the cash for the CEOs compensation. The administration that these pioneers give ought to be granted, yet it ought to inside the control of the association’s accessible resources.
Topic 3: Members of the Board of Governors of the Federal Reserve.
The Federal Reserve is the central bank of the United States, and the members of the board of Governors are listed below;
- a) Jerome Powell, Chairman.
- b) Richard Clarida, Vice Chairman
- c) LaelBrainard
- d) Michelle Bowman
Topic 4: Appropriate insurance policy for a sole proprietor
As a Sole Proprietor, I would not impart benefits to any other person, in a similar sense, I would not divulge the risks to anyone. I would bear the entirety of the risks of everyday business activities, particularly those of a law care entrepreneur. As a free entrepreneur, the hazard for claims is significantly more noteworthy. Also, as a sole owner, the entirety of the duty regarding these claims will fall on the proprietor. Protection inclusion will help the business be secured as well as will give monetary assurance to the business person in numerous unanticipated cases(Strategic Insurance, 2014). The comprehensive business protection approaches that a sole owner ought to have ought to incorporate Product risk. This protection ought to be included an instance of a mishap brought about by perhaps the utilisation of pesticides that can hurt people as well as their pets. Another protection inclusion that ought to be included would be Professional obligation protection. In the event of mishaps happened during the time spent cutting somebody’s yard or in the fog of the administration being given. Additionally, there ought to be Commercial auto inclusion.
Topic 5: Types of insurance needed to protect the business.
There are seven types of insurance policies which are useful in covering the business against the potential risks
- Errors and omissions insurance which protect against negligence claim due to failure to perform well(Strategic Insurance, 2014).
- Property insurance which is required which protects the property against risks.
- Workers compensation insurance
- Home-based businesses.
- Product liability insurance.
- Business interruption insurance
- Vehicle insurance.
References.
Chaudhary. (2009). Striking a balance between profit and philanthropy. Livemint. Retrieved 15 February 2020, from https://www.livemint.com/Money/N7l3Aps4fQl5z5YvHaKx4J/Striking-a-balance-between-profit-and-philanthropy.html.
federalreserve.gov. (2020). Federal Reserve Board – Board Members. Board of Governors of the Federal Reserve System. Retrieved 15 February 2020, from https://www.federalreserve.gov/aboutthefed/bios/board/default.htm.
Strategic Insurance. (2014). Sole Proprietorship Business & Liability Insurance – 5 Reasons. Strategic Insurance Agency. Retrieved 15 February 2020, from https://www.strategic-insurance.com/five-reasons-sole-proprietors-get-business-insurance/.