How you define the term ‘profit’ in terms of the changes that Hussain adopted to move one business to another Essay Example for Free

How you define the term ‘profit’ in terms of the changes that Hussain adopted to move one business to another Essay Question 8: How you define the term ‘profit’ in terms of the changes that Hussain adopted to move one business to another? The term ‘profit’ that Hussain earned when he changed from one to another business is the result of success as he willing to take chances and risks. He started from zero and his creative business minds be the ladder of sucess to him. A lot of challenge that he had faced make he became a great entrepreneur nowaday. He had struggled very much to expand his business in other word to change and overcome his miserable circumstances. We can see the ‘profit’ that Hussain gained from his small business as chocolate’s hawker to became an entreprenuer is started with his first petty step. He started the business with selling chocolate at the market for the beginning of his business is because he want help his family. As the bread earner replaced his illness father, he must search income to support basic needs of the family. He is lucky because although oman’s economy grow at thelower level those day, his small business still growing faster. But, due to the rising price index, he had difficulty to make ends meet. This difficulty had bring him to another business which gave him more profit than the profit of chocolate sale. He found a new avenues in business by started selling book. When he made a comparative analysis between the two product, chocolate and book, he realized that the percentage profit he gained by selling a book is very high than selling a chocolate. He use this good opportun ity to change his business from a chocolate hawker to become a bookseller. So, he gained more profit. From this changes, we can see the ‘profit’ that he had gained by changing the product. Then, Hussain not longer selling chocolate. He focused to the book sale. He had found a new way of a profitable business by selling book. But, he faced difficulty to bring many book everyday and return with them the next day. This situation leads him to find the alternaltive to solve this problem. Finally, he got a brilliant idea. He make a decision to convert his late father’s steel workshop where are had rented to become a bookshop. He try to convince his uncle that idea and because his sophisticated way of looking at thing differently made his uncle proud and agree with him. So, husin managed to open his own bookshop and it became the first bookshop in the village. he was the sole book seller at his village and this situation had bring him to became a sucess book seller at t he village. So, we can see the improvement that he had done by change the way  of his business from a book hawker to became an owner of bookshop. Hussain’s teacher had make he thought a new great idea. It started when his teacher gave him a mission to buy some gifts at the market. hussain brought the required gifts as his teacher order but with a cheaper price. Another teacher heard about that and asked him to do the same ones. This condition made he think that he should selling the same product as the teacher want. This idea bring him to provide products that were used as gifts such as pens, pencils, notebooks and other school’s needs. Since that, he became popular not only at his school but also in other schools. He able to explore more opportunity in businees by convinced the school to buy from his bookshop. So, from this we can see that he was success in converting the bookshop concept to became more wide concept. Hussain again change his business. He sold his bookshop with high price then he opened a new company. He established a new company for office supplies not far away from the bookshop. This is a good techniques for him as a alternative to reduce the cost at once increase the profit and income. Because the buyer of bookshop can not go through the business challenge, he failed and closed the bookshop permanently. Hussain closed the new office and reopened the bookshop. He relocated the office that he had closed in the bookshop for serving wholesale. But the bookshop still served individual customers. So, customer can buy from the bookshop and at the same time, the wholesale buyers can see the product and test them before placing order. He can reduce the cost facilitate his work. Finally, hussain succeeded to convert his bookshop into a big company for office supplies. With the new technology just entered the country made his work more easier. He started provide new office equipment suah as printers, photocopies and other related devices to the customers. Then, he became a major supplier of various stationery and office suplies. His company was developed with very advanced and he became an icon for leadership and entrepeneurial fields. We can see the high profit that hussain gained when he convert his bookshop into a big company. For the conclusion, from this case, Hussain who is the Sultanate of Oman have proved that hardship make people stronger. He proved that people can earned more profit if they are wise in taking opportunity and willingness to take risks in business.