The World Business

Posts Tagged ‘CEO’

Liberty Media Corp. Chairman Gregory B. Maffei crowned as this year's highest-paid executive in the Wall Street Journal's latest survey which was released some time ago. Maffei, reportedly received total direct compensation before tax amounting to USD87, 1 million during 2009. The amount is four times higher than its earnings in 2008.

After Maffei, in second place there is the Chief Executive Officer Larry Ellison of Oracle's total compensation this year reached USD68, 6 million. Ellison main income comes from ownership of shares valued at USD61, 9 million. Another executive who signed the list of highest-paid CEO Ray Irani, chairman of Occidental Petroleum Corp.. His position was shifted to third with a total salary amount of USD52, 2 million. The amount of income considered adequate Irani Occidental reflect performance in the last year which was considered improved compared to previous years. And last October the oil company's shareholders have agreed to cut executive compensation for a maximum of three quarters of the previous salary.

Apple Inc. Chief Executive Corporate., Steve Jobs became a star in American business. His success brought Apple from bankruptcy into a company renowned sparkling encourage American media, MarketWatch rewarding tribute to Steve as the CEO of the top in this decade. MarketWatch, Dow Jones-owned subsidiary of United News Corp media magnate, Rupert Murdoch rate that Apple has developed into the most successful technology companies in the world.

I started my company (EMJ) from the trunk of my car (and it was a small trunk so that's a small business). I grew EMJ to $375,000,000 in sales prior to selling it to SYNNEX. I am now CEO of a $1 billion business. My successful blog at (jimestill.com) generates a lot of comments and questions. I want to share one of these thoughtful questions with you, and share my answer.

The question:

"First off I just want you to know all I'm asking for is advice, which is the most valuable thing I can get right now.

I have been working in a field of interest for many years now as a hobby. I've always had many very good ideas but I never had the resources to make them happen. I always figured it was because I was too young. Now I'm older, I have a job and I'm plagued with the same problem. I'll have a great idea but it will usually be out of my range because I either do not have the technical ability, the funding or resources to make the idea I vision happen.

My most recent plan evolved from my experience running similar websites, I found there was an un-fulfilled need. I decided to start judging the need for what I was offering so I did my homework and contacted over 130 other similar sites. Within a day I had 20 sites interested in what I had to offer. That's great and all but those 20 sites generate about 6 times the traffic I could handle. So once again I'm in the same position. I do not have the resources I need to properly execute my idea.

My basic question, what is the best route to take when you have a great ideal that is more then you can handle.

A little more about me, I'm 23 years old, I have been running web sites and involved in the industry for around 6 years. I have a good paying job in another industry which makes it even more difficult to make the "jump".

Thank you for your time."

My response:

1 - There is never a right time. Entrepreneurship involves risk. This means yous sometimes need to just jump. This said - I always say "fail often, fail fast, fail cheap" so I always look at the downside.

2 - It is very powerful to be under resourced. It will make you more resourceful and likely allow you to run a leaner more competitive business.

3 - I like to choose opportunities that are the right size for me now. This is a beautiful thing for business - there is always a right size business opportunity for everyone at every size. When you are starting from your basement, you can take a $100,000 opportunity and do well. Bigger companies cannot do this so will leave you alone.

4 - When the opportunity is too big for me, I consider narrowing my scope. Instead of being the biggest seller of bar code equipment, be the bigger in bar code for warehouses etc.

5 - Consider partnering. It is better to have 10% of something that is worth something than 100% of an idea.

6 - Ideas are a dime a dozen. It is the implementation that counts. How often do you see a restaurant with a line outside and the one next to it goes bankrupt. All the time. Ideas are easy.

7 - I know a lot of people who almost start businesses. They are not successful. To steal from Nike - "Just do it". And do it now. Time is the enemy of ideas and business. Someone else has the same idea. It is the one who perfects it that wins.

In 2002, there were approximately 23 million small businesses in the United States according to the US SBA (Small Business Administration). Small businesses have now come to play a vital role in the US economy creating over two-thirds of new private sector jobs. Small businesses also employ more than half of all workers and account for more than half of the output of the economy. In fact small businesses represent more than 99.7 percent of all employers, pay 44.5 percent of the total US private payroll and generate 60 to 80 percent of net new jobs annually.


The SBA defines a small business as an independent business having fewer than 500 employees. However this is standard varies from industry to industry and firms who wish to be designated as a small business must meet standards specified by the SBA Office of Size Standards.

When most people think of small businesses the first thing that comes to mind is a small firm with few employees. However this perception of a small business is completely wrong. Many small businesses are actually quite large with a number of employees working in different administrative, clerical and executive positions. Small businesses range from an import/export company to a web designing firm to an online merchant account.


Small business administration jobs

Small businesses offer many types and forms of jobs from administrative posts to entry level positions. Working in a small business can be a great advantage as it:

* Offers frequent contact with top and higher level management.
* Gives employees a greater sense of personal involvement.
* Leads to broader work experience.
* Provides better opportunities for on the job learning.
* Provides jobs more tailor made to persons talents.
* Provides faster promotion and personal growth opportunities.

Some small business administrative jobs include:

* Data Entry Clerks

Data Entry Clerks are sometimes called database administrators as well. They play a key position in a small business organization and are primarily responsible for updating, maintaining and retrieving information especially in computer systems. They also transfer paper-based records and information into a spreadsheet or database. The basic work of a data entry clerk involves entering details of new clients; maintaining a client database, transferring paper-based results to a computer; and so on. Data entry clerks are employed in sales and marketing organizations, banking firms, medical organizations and educational institutions.


* Receptionists

Receptionists mainly deal with members of the public, who could be prospective or current clients, or visitors of a small business. Their main job entails providing front desk customer support with answers to queries, and directing visitors/clients to the person they need to see. Receptionists also organize appointments and take bookings as well as keep the reception area tidy, organize reading material and provide refreshments. In smaller firms with not many clientele receptionists also perform a wider range of tasks such as answering the switchboard, take messages, dealing with telephone enquiries, and doing some basic clerical work. They may also handle petty cash and do simple bookkeeping.


* Secretaries/Administrative Assistants

Secretaries are sometimes known as administrative assistants especially in small businesses where their job descriptions overlap one another. They provide administrative support to one or more people in an organization. Though their duties and responsibilities vary according to an employer, their main duties include: using word processors, spreadsheets and databases, answering the telephone, dealing with public enquiries, making appointments and keeping diaries, preparing and distributing papers, documents and files for meetings as well as taking minutes of a meeting, dealing with all incoming and outgoing mail, drafting letters and other essential documents, transcribing important confidential information and maintaining a filing system for the entire office or department. Well-qualified secretaries, can compile accounts, control budgets and present reports.


* Executive Assistants
Executive Assistants usually provide direct support to the Chief Executive of a company and executive staff members. They ensure that CEO remains organized and informed at all times. An executive assistant handles confidential company information as well as manages executive calendars and complex travel arrangements. They interact with high profile clients and corporate executives and co-ordinate company meetings and events.


* Other essential duties and responsibilities include:

o Providing executive administrative assistance to CEOs and executive staff.
o Managing, arranging and scheduling meetings, conference calls and web conferences, as well as making business travel arrangements.
o Composing memos and office correspondence as well as proofreading all forms of communication, and maintaining confidential documents.
o Composes and assists with presentation materials.
o Creates and maintains database spreadsheet files and reports.
o Maintains and creates Confidential Disclosure Agreements.
o Provides investor relations support; distributing press releases and coordinates and compiles literature for meetings and conferences.


* Operations Manager

An operations manager is involved in the day to day management of a small business, when the CEO or GM is not available. Their key responsibilities include; supervisory duties of the entire office staff, maintaining personnel records and confidential files, supervising daily office business when the CEO is unavailable, and so forth. Operations managers are also involved in purchasing, hiring, training and quality control in a company. Their job description varies with each industry; however they work in close contact with the CEO or GM of a company and are usually involved in work policy formulation, salary issues, and manage the day-to-day activities necessary to operate an effective business.