The world of american business

Contents Rooster and Evaluation sheet 2 I. Introduction 3 1. Sole Proprietorship 3 2. Partnership 3 3. Limited Liability Company (LLC) 3 4. Business Corporation 4 II. The world of American business 4 1. Characteristics of American business 4 2. The prestige of business and the dream of getting rich 4 2.1. Why American Business have high prestige ? 4 2.2. The ideal of competition 5 2.3. The dream of getting rich 5 3. Two kinds of American Business Heroes: 6 3.1. The Entrepreneurs as Hero: 6 3.2 The organization man woman as Hero. 8 4. American business in the Global Marketplace 9 5. The American workforce: 10 5.1 The changes of American workforce : 10 5.2 American workforce problems 11 5.3 Sex discriminations in US and Vietnam 12 III. Conclusion 14 References: 15

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Contents

Rooster and Evaluation sheet

A

3 Lê Thị Mỹ Duyên 18D170007 2.2 The ideal of

competition2.3 The dream of getting rich

6 Đỗ Thị Ngọc Hà 18D170159 4.American business

in the Global Marketplace

workforce problems

B+

discriminations in US and Vietnam

A

I. Introduction

Business has a very important role to play in economy Because business activitygenerates most of a nation's wealth, creates most job, increase people's income, andprovides most of the funds for government spending Businesses are the prime engine ofwealth and economic growth in the capitalist system, governments routinely attempt tocome up with policies that are beneficial to them

Here are some forms of business in America:

1. Sole Proprietorship

Sole proprietorship is the simplest form of business type It is a business owned andcontrolled exclusively by one person This person is responsible for the business,including all liability and any profit or loss

Features:

● Inexpensive to form

● Easy to dissolve

● Generally have no tax aspects

● Virtually no formalities to be observed except basic bookkeeping

● Firm's liabilities are treated as personal liabilities of the owner

● On death of the owner sole proprietorship immediately ceases to exist.

2 Partnership

A partnership is the relationship existing between two or more persons who join to carry

on a trade or business Each person contributes money, property, labor or skill, andexpects to share in the profits and losses of the business

Each partner reports his share of the partnership net profit or loss on his personal taxreturn Partners must report their share of partnership income even if a distribution is notmade

Partners are not employees of the partnership and so taxes are not withheld from anydistributions Like sole proprietors, they generally need to make quarterly estimated taxpayments if they expect to make a profit

There are three main types of partnership:

● General Partnership

● Limited Partnership (a Partnership with Limited Liability)

● Joint Venture

3 Limited Liability Company (LLC)

An LLC lets you take advantage of the benefits of both the corporation and partnershipbusiness structures

LLCs protect you from personal liability in most instances, your personal assets — likeyour vehicle, house, and savings accounts — won't be at risk in case your LLC facesbankruptcy or lawsuits

Profits and losses can get passed through to your personal income without facingcorporate taxes However, members of an LLC are considered self-employed and mustpay self-employment tax contributions towards Medicare and Social Security

● A business corporation

● A not-for-profit corporation.

II. The world of American business

1.Characteristics of American business

It is essential to become familiar with two words in order to understand the meaning ofbusiness to American: They are private and profit Businesses are directly or indirectlyowned and operated by private individuals (or groups of individuals) in order to make aprofit In contract privately owned, for-profit businesses, there are also public,government owned and operated institutions and nonprofit organizations such aschurches, charities and educational institutions These organizations and institutionsshould not be confused with businesses

2. The prestige of business and the dream of getting rich

2.1 Why American Business have high prestige ?

Business institutions have more prestige in American society than any other kind oforganization, including the government Most Americans believe, for example, thatbusinesses are more efficient and better-run than the federal government

One reason is that Americans view business as being firmly based on the ideal ofcompetition than other institutions in society

There is a second reason why business institutions receive respect in the United States.One aspect of the great American Dream is to rise from poverty or modest wealth to greatwealth In the United States, this has usually been accomplished through successfulbusiness careers

2.2 The ideal of competition

Today, there is an important truth that business institutions are at the heart of theAmerican way of life One reason for this is that Americans view business as being morefirmly based on the ideal of competition than most other institutions in society Sincecompetition is seen as the major source of progress and prosperity by most Americans,competitive business institutions have traditionally been respected Competition is seenalso as the means by which other basic American values such as individual freedom,equality of opportunity, and hard work are protected

Competition protects the freedom of the individual by ensuring that there is no monopoly

of power In contrast to one all-powerful government, which is a monopoly, manybusinesses compete against each other for profits Because business is competitive, manyAmericans believe that it may be even more supportive of freedom than government,even though government leaders are elected by the people and business leaders are not.Many Americans believe that competition is vitally important in preserving freedom Competition in business is also believed to strengthen the ideal of equality of opportunity.Americans compare business competition to a race open to all, where success and status

go to the swiftest person, regardless of social class Business is therefore viewed as anexpression of the idea of equality of opportunity rather than the aristocratic idea ofinherited privilege

Business competition is also seen by most Americans as encouraging hard work If twobusinesspeople are competing against each other, the one who works harder is likely towin Because businesspeople must continually compete against each other, they mustdevelop the habit of hard work in order not to fail

2.3 The dream of getting rich

One aspect of the great American dream is to rise from poverty or modes wealth to greatwealth This has been accomplished through who were successful business careers.Careers in business still offer the best opportunity for the ambitious individuals tobecome wealthy

Alexis de Tocqueville observed the great attractiveness of business careers for Americans

as early as the 1830s He wrote that Americans strongly preferred business to farmingbecause business offered the opportunity to get rich more quickly American farmers had

a strong business spirit and were more interested in buying and selling land for a profitthan in farming it

Business is also seen as benefiting the entire nation Through competition, more peoplegain wealth By contrast, a government-run system of production and distribution ofgoods is seen as inferior It is distrusted because of the monopoly of power held by thegovernment, which eliminates competition For instance, the United States is one of thefew industrialized countries in the world that does not have universal health careguaranteed and managed by the government Americans have preferred to have a systemwhere health care providers compete with each other in a free market and individuals arefree to choose their own doctors and hospitals

3. Two kinds of American Business Heroes:

Because of the many beliefs that connect business to the wealth and the traditionalvalues of the United States, people who are successful in business have sometimesbecome heroes to the American people

There are two kinds of American business heroes:

3.1 The Entrepreneurs as Hero:

Entrepreneurs provide examples of traditional American values in their purest form for anumber of reasons The first reason is that they succeed in building something great out

of nothing The people who, more than 100 years ago, built up the nations greatindustries, such as steel, railroads, and oil refining, were usually entrepreneurs Theystarted with very little money or power and ended up as the heads of huge companies thatearned enormous fortunes

The fact that these early entrepreneurs built great industries out of very little made themseem to millions of Americans like the heroes of the early frontier days, who went intothe vast wilderness of the United States and turned forests into farms, villages, and smallcities The entrepreneur, like the earlier hero of the frontier, was seen as a ruggedindividualist

Entrepreneurs often began as common people themselves; without the aid of inheritedsocial title or inherited money, they became self-made millionaires They were thusperfect examples of the American idea of equality of opportunity in action

The strong influence of the success stories of the early entrepreneurs can be found in thegreat popularity of the novels of Horatio Alger, which were published in late —nineteenth — and early-twentieth-century America About 17 million copies of thesebooks were sold to the American public The central theme of Algers novels is that in theUnited States a poor city boy or a poor farm boy can become a wealthy and successfulbusinessman if he works hard and relies on himself rather than others By diligence aquick witted young fellow can rise from rags to riches

In Algers first published novel, Ragged Dick, a poor city boy who shines shoes for aliving becomes Richard Hunter, a successful and wealthy businessman The hero risesfrom rags to riches and fulfills the American Dream Dick succeeds only partly because

he lives in a land of equality of opportunity His success is also due to the fact that hepractices the American virtues of self-reliance and hard work According to Alger, Dickknew that he had only himself to depend upon, and he determined to make the most ofhimself which is the secret of success in nine cases out of ten Dick was also ahardworking shoe-shine boy, energetic and on the alert for business This quality marked

him for success, explained Alger, because in all professions, energy and industry arerewarded.

Although few Americans today read Horatio Algers stories, they continue to be inspired

by the idea of earning wealth and success as entrepreneurs who make it on their own Afinal characteristic of entrepreneurs which appeals to most Americans is their strongdislike of submitting to higher authority Throughout their history Americans haveadmired entrepreneurs who conduct their business and their lives without taking ordersfrom anyone above them Americans have great respect for those who can say, I am myown boss More than half of all American workers dream of one day having their ownbusinesses and being their own boss

In the 1990s, there were thousands of individuals who started companies to do business

on the Internet For a time, some of these "dot-com'' start-up businesses were wildlysuccessful Millions of dollars of venture capital poured into new technology companiesbecause of their promise, rather than their performance Stock prices shot up suddenlyand young millionaires were created overnight And then the dot-com bubble burst Most

of these companies were not yet making a profit, and they were heavily in debt Wheninterest rate rose, they were not able to manage their debt Investors quickly withdrewtheir support Stock prices fell as fast as they had risen, and fortunes made overnight werelost as quickly Only a relatively few companies, such as Amazon.com and Yahoo.com,survived and became profitable large businesses

Today, many Americans are still willing to take the financial risk that is necessary to starttheir Own small business Although half of new companies fail within the first few years,small businesses Tal account for the majority of new jobs created in the modernAmerican economy

The queen of the talk, the media mogul and the humanitarian man, those are the namesthat people always remember when talking about Oprah Winfrey This woman not onlyrepresents the power of the American entertainment industry, but also represents therelentless rise and extraordinary effort It can be said that Oprah Winfrey has become anendless source of inspiration and example to everyone who once watched the show orread about her life

Before becoming an MC and producer of famous TV shows, Oprah Winfrey's lifeexperienced many ups and downs Oprah Winfrey is the daughter of a teenage singlemother in the impoverished rural state of Mississippi, USA

She grew up in poverty, without electricity and clean water When she was a child, theclothes that Oprah wore were all made by her grandmother from potato sacks Even at theage of 14, Oprah was sexually abused and became pregnant at the age of 14 Her lifechanged when she moved in with her father

Since entering college, Oprah began to become the celebrity it is today First year at theUniversity of Tennessee, Oprah became the Black Miss of Nashville, as well as the BlackMiss of Tennessee With fame and a great speaking background, Oprah became the firstwoman of color to win a job on television at the age of 19 After winning a beautycontest, got a job from a radio station Her media career began and achieved great success

as her talk shows became popular across the US Winfrey also emerged as a politicalforce in the 2008 presidential race, bringing in the about one million votes were cast forBarack Obama in the 2008 Democratic primary In 2013, Winfrey was awarded thePresidential Medal of Freedom by President Obama and an honorary doctorate fromDuke and Harvard Universities In 2008, she founded her own television network, OprahWinfrey Network (OWN)

At the age of 32 she became one of the first black self-made millionaires in America Atthe age of 65, she holds a fortune of up to $ 3 billion Even at the peak of success, Oprahwas always mindful of bringing that success to share with the poor She turned to theNelson Mandela and Christmas Kindness' funds, which are dedicated to disadvantagedchildren Helping those unhappy children, she says, helps her alleviate her childhoodpain Oprah also donates to other charities such as the Moorehouse College, the HaroldWashington Library, the United Negro College Foundation, the Tennessee StateUniversity Foundation, among others This also marked the beginning of Oprah's laterphilanthropic activities

3.2 The organization man/ woman as Hero

The great entrepreneurs of the late 19th century built huge business organizations thatneeded a new generation of business leaders to run them These leaders have often been

called organization men/ women They are considered heroes and the role models of

success in American society They acquire power and wealth, but they do not have asstrong a hero image as entrepreneurs because they are managing businesses started byothers

Lee Iacocca is an example of an “organization man” admired by Americans Hegraduated from Lehigh University, Bethlehem, Pennsylvania, in 1945 and received amaster’s degree in engineering from Princeton University in 1946 Hired as an engineer

by the Ford Motor Company, he quickly proved that he was better suited for sales By

1960 he had become general manager of the Ford division and a vice president of thecompany Iacocca’s increasing influence at Ford was hastened by his successfulpromotion of the sporty yet inexpensive Mustang He was named president of Ford in

1970, but his brash, unorthodox manner led to his dismissal in 1978

Later that year Iacocca was hired as president by the Chrysler Corporation, which, havingaccumulated a huge inventory of low-mileage cars at a time of rising fuel prices, facedbankruptcy; he became chairman in 1979 Iacocca appealed to the federal government foraid, gambling that it would not allow Chrysler to fail when the national economy was