Starting a Business
I recently made the decision to give up the successful offshore company I once started, and this Fall I will begin a full-time MBA program with a focus on entrepreneurship. I partnered with two colleagues to start what would become a successful call center outsourcing firm in 2008. I saw the company grow from what was once just a simple website to an organization currently staffing over 120 employees. The call center opened in 2008 with just $16,000 in capital, and saw revenues grow to exceed $600,000 in 2012. My active role in the company’s growth has provided me with a foundation of experience on which I would like to now build. My present focus is to develop the necessary skills to lead a larger enterprise, and my long-term goal is to implement them at high levels within an organization.
Though I wore many hats and served numerous functions within my company, my primary role was marketing. My previous career experience had been in sales, but I quickly realized that marketing was my true passion. I learned as much as I could by scouring the web for tips and tactics, reading books, and seeking the advice of former colleagues. I taught myself marketing methods including pay per click, search engine optimization, and email marketing, and implemented telemarketing and appointment setting campaigns similar to those I had practiced as a salesman. However, my self-taught approach was tailored specifically to helping my organization grow, and this customized approach could potentially be a hurdle as I move on to the next opportunity. I would now like to build on my experience, and believe that a classroom education combined with experience working with an established company upon graduation will ultimately enable me to successfully lead a larger organization at the highest levels. My immediate goal is to become more well-rounded by improving my market research and analysis capabilities, and expanding my scope of knowledge to cover other areas including product and brand management.
Immediately following graduation, I would like to work in a marketing role with an established organization, helping it to bring innovative new products or services to market, develop marketing strategies, and execute marketing plans. I plan to pursue a role that will allow me to continue working in a business to business marketing environment. I believe that an MBA business education would help me secure such a role and pave the way for my long-term aspirations.
I’m an entrepreneur. My dream has always been, and continues to be, to launch and operate my own business. An MBA would provide a unique opportunity to further my entrepreneurial goals by granting me access to an esteemed faculty and staff, business leaders, and world-renowned programs. I believe that a successful entrepreneur must habitually seek new perspectives, routinely challenge his or her beliefs, and always hunt for new ideas. A quality business school’s extensive programs can help me do just that.
My education didn’t end when I received my Bachelor’s Degree, and it won’t end when I earn my MBA. A qualified business school could provide resources that could augment my past experience, accelerate my career progress, and enable me to achieve lofty goals throughout my entire career. I look forward to taking the next step.
Perhaps most importantly, I have experienced the ups and downs of entrepreneurship. I’ve had some success, want more, and believe that collaborating with, and learning from, a talented and ambitious MBA student body could help me excel in my future endeavors. I understand that the daily tasks and chores of an entrepreneur aren’t always glamorous, that humility is an essential trait, and that in the early stages of a venture, the only compensation can be the promise of a future reward. I believe that my collective experiences have instilled within myself a unique perspective that could add value to classroom discussions, and I look forward to sharing them with my classmates. While I am very proud of my accomplishments, it’s time for me to take the next step.
You’ve probably heard a lot about offshore outsourcing and company formation over the last several months. U.S. Presidential candidate Mitt Romney famously released his tax returns showing investments in offshore bank accounts. Or, perhaps you are merely interested in starting your own business overseas for other reasons. Nevertheless, there are numerous reasons many businesses create offshore companies or entities. Investors and entrepreneurs are naturally very interested in establishing tax havens, finding a cheap call center, avoiding strict regulations, or simply saving time.
1. Tax Savings
Companies can avoid the high taxes associated with doing business in the Western world by establishing an offshore corporation. Organizations can universally avoid these taxes so long as their company only does business in the offshore location. Developing countries typically bend over backwards and cut business taxes because of the level of investment and jobs created by large companies. However, this often isn’t the case, and businesses are taxed by their native governments. While some companies can get away with saving money by simply owning a post office box in the country in question, the level of taxation will depend on the countries in which you do business, and the way in which the corporation is structured.
2. Cost of Incorporation
Another advantage to starting your business in an offshore location is the reduced cost of incorporating. As is the case with taxes, developing countries see to it that business start-up costs remain relatively low.
Offshore companies can conduct business privately. Directors and employees are protected by obscure ledgers that mask every transaction.
4. Reduced Wages and Cost of Labor
This advantage probably applies to the majority of offshore outsourcing today. If you haven’t noticed, when you call the call centers for companies like Expedia, Amazon, Sirius XM, or virtually any airline, you are connected with an offshore call center. The majority of offshore centers are located in the Philippines and India, and the Philippines took the lead in 2011 in terms of total number of agents employed. Agents in the Philippines are typically paid on a monthly basis at a U.S. equivalent of approximately $250-300 USD.
5. Lack of Regulation
Businesses in the U.S. and Europe face a stunning amount of new regulations on a seemingly regular basis. While financial institutions such as banks must abide by international regulations, most businesses face minimal reporting, accounting, and auditing regulations. The lack of the burden of compliance can help offshore businesses avoid heavy overhead and operational costs.