Businesses are known to give services and products to the public, it’s also a way to give income to the customers who buy these services and products. It is an endless cycle that is constant and sustains the everyday lives of the people. But why is it considered as the lifeblood of the economy? Businesses have their own rules and regulations before they can fully operate and serve the people. One of these rules is to pay a certain tax. Tax is the most common way for a business to contribute to the economy. Taxes can also be considered as one of the major factors that is very beneficial to the economy. These circulate from the customers to the business itself, and the economy. By these taxes, businesses are one of the high contributors to the economy, big business establishments like malls and hotels alone have big contributions with the tax that they pay annually. Also, customers contribute to the economy by paying value-added tax (VAT), which can be connected to the business because this is where the customers get their VATs from. All of these can be associated with the heart, blood cells, and the body itself. The heart is the business, it gives oxygen to the blood cells, which can be considered as the taxes, these blood cells will be delivered throughout the body, which is considered as the economy. These taxes are essential for the economy to live like giving oxygenated blood cells to the other systems inside our body. The business can be associated with the heart because it gives life to the economy, it gives taxes for the economy to operate well. By these, businesses are the ones who can be considered as the lifeblood of a certain country’s economy.
The COVID-19 pandemic is a major problem that the whole world is encountering at this very moment. Almost all of the countries are in lockdown and all people are forced to stay inside their homes. In the Philippines, enhanced community quarantine was implemented by the government. The public transportation system is halted and only groceries, hospitals, and some government facilities are open. With these scenarios, there will be no other option but to force some businesses to close until there is a clear solution to this crisis. Businesses and the economy are tied up, and if one of these falls, it’s the end of the other. The Philippines is known to be a country that always observes its economy because a country needs to survive. During this pandemic, The fund of the government is concentrated on funding healthcare services and vaccines. The lives of the population are at risk and that is what the government is focused on because without the safety of the residents, business establishments will never be open. Even customers have limited capacity to buy food and supplies because there can be no source of income, Taxpayers are also not required to pay their taxes, and even electricity and water bills are also halted. Because of these arising problems, the economy can never sustain a good stand because almost all of the business establishments are forced to close. Economists are having a bad time on how to solve this recession. If this pandemic continues for months, there will surely be a high possibility of a drastic recession in the economy because there might be some business establishments that will never open because of the orders of the government. What makes us sure that the government can sustain healthcare services while there is a risk of recession? This is how the pandemic affects the business and the economy
Example Business For Students
The market that the product will focus on is students who are mostly popular among your age just like those celebrities on slingo.com. Students are known to carry a lot of things like bags and stuff and are always on the go, so they cannot carry large amounts of food. So the product that we have in mind is a chicken skin on a stick with a twist. It will have a twist because there will be chicken skin and potato twister in one stick. There can also be a wide range of flavors like sour cream, barbecue, and cheese. It can be marketable to students because it doesn’t require too much effort to eat and it is a finger food, so it is recommended to them. Potato twister is composed of a potato strip peeled intricately to not rip the thin potato. The flavor of the twisted potato varies—from cheese to sour cream, from barbeque to fiery spicy. As time passed by, it became a bit common and people overlooked the creativity of these so-called finger foods. On the other hand, chicken skin is often categorized as something unhealthy—may it be because of the excessive oil and fats that emits from the skin. By putting these two together in one stick, we can expand the already innovative ideas to something more by adding chicken skin—another street food— and combining them to add not just to the rich flavor but to the creative design of the twisted potato. Of course, along with varying flavors. The product is existing, but we never have seen it in the market. So, we chose to combine chicken skin and potato twister to have a new fusion. We somehow innovated it by blending the foods that are mostly eaten by the students during their break time in the canteen or after class outside the campus. The purpose it serves is that satisfy the cravings of our target market at a budget-friendly price, also it is twisted and fun to eat. Yes, it has a problem, on how to look it physically pleasing in the eyes of our customers. So, we decided in an alternate pattern we put on the stick the potato twister and bite-size chicken skin, in this way it has a pleasant presentation in our product. Our target market which is the students will benefit from this innovation since we combine the two of the popular snacks that are consumed and purchased by the target market. It is a 2-1 product wherein it is finger food, so it is truly suggested to them since it is less hassle to consume also, we satisfy their cravings. Plus, we the entrepreneurs since we create a new fusion that will click to our customers and may earn a profit because we innovate the product that is a popular snack to munch. The making of innovations is a risk for a business but it would also be a great step for a business to grow. Since innovating a product is new to the public eye, we couldn’t avoid its pros and cons. Our product which is the potato twister with chicken skin, already exists even if it is uncommon to the public eye the uniqueness of the product itself will grab the attention of the consumers and they will be encouraged to try out the product. Starting with the pros of the potato twister with chicken skin, it is easy to consume since it is on a barbeque stick you can immediately take a bite of it, it has a very affordable price which won’t break the bank, the combination of the soft texture of the inside of the potato and the crispiness of the chicken skin won’t make you feel like you’ve had enough. The potato twister with chicken skin would also have some cons such as the process of preparation, maintaining the crispiness of the chicken skin, and lastly the uncertain popularity of the product since it is a new innovative product that’s not familiar to the public eye. To determine the effectiveness of our product, potato twister with chicken skin, we will do research by taking a risk. Our product innovates by combining two salable products, the potato twister, and chicken skin. Since our target market is the students, we’re going to sell our products beside the campus. For the first three days, we will observe if the innovative product is marketable by achieving the quota that we will set. Every day the number of fifty potato twisters with chicken skin on sticks must be achieved or exceeded, the number of sticks that we planned depends on its investment. If the everyday quota is achieved or exceeded, therefore the food product that we innovate is marketable to the target market.