This website uses cookies to ensure you have the best experience. Learn more

The Business Of Business Is Business

735 words - 3 pages

Essay B1
Financial manipulation, improper accounting, and fraud are morbid realities of business. In fact, the Association of Certified Fraud Examiners reveals that an average organization “loses five-percent of its annual revenue to fraud.”1 Containing and eliminating fraud is particularly relevant to the sports representation industry, which I plan to pursue.
From Kirk Wright to Tank Black, the list of “advisors” who have manipulated their relationship with professional athletes is reprehensible. Whether a player’s loss is from fraud or negligence on the agent’s part is irrelevant. It does not change the bottom line. The numbers speak for themselves; from 1999 to 2002, criminal fraud lost 78 NFL players $42 million, and this only includes those cases that have been reported. 2
An agent’s fiduciary duty to his client stretches beyond their responsibilities at the negotiating table. Agents don’t merely determine a player’s value, convince a team to pay it, and then shape the compensation package. They also protect an athlete’s union rights, market a player’s image, locate outside sources of financial advice, and plan for his career after sports. However, one of an agent’s most undervalued and overlooked duties is to protect them from shady business individuals and endeavors.3
One enormous aspect of this, especially given the history between athlete’s and financial manipulation, is loss prevention from both inside and outside the company. An agent is typically the quarterback of a team of experts—lawyers, financial advisors, business managers, and accountants—all charged with maintaining and improving the athlete’s finances and life. Despite the fiduciary duty an agent owes to his client, the instances of deceit are well documented, and it is thus the agent’s job to prevent them.
Donald R. Cressey’s fraud triangle theory states that fraud occurs when three factors are present: motive, rationalization, and opportunity. A business only holds tangible control over the last factor, reducing opportunity is a necessity if a business plans to prevent fraud. Of course, establishing an ethical moral fabric within the company resolves this problem at its core. However, a company should be ready for anything, and there are two keys to reducing opportunity,...

Find Another Essay On The Business of Business is Business

What is the structure of a business organisation?

2909 words - 12 pages International Racecourse Management (I.R.M) Ltd was founded in 1990 by the current Chief Executive, John Sanderson. I.R.M´s core business is the management of horse racecourses. At present the company holds contracts to manage three racecourses in England, Catterick Bridge, Doncaster and Redcar, as well as holding consultancy agreements with racecourses in Vietnam and the Czech Republic. In addition to this I.R.M are regularly approached

A look into the world of business ethics and a review of Albert Carr's article: "is Business Bluffing Ethical?"

1761 words - 7 pages Albert Carr's article entitled "Is Business Bluffing Ethical", explains that business is like a game with its own set of rules and ethical standards, such that deception does not apply to the business world as it does in ordinary life. In Carr's opinion, a businessperson will only succeed and be profitable in the business industry if that person follows a set of ethics, separate from society's religious ethics. These fundamental business rules

What is the importance of the concept of the product cycle for business planning and budgeting?

1572 words - 6 pages amount of revenue brought in by the product at certain stages. All products have varying life spans depending on several factors; some have shorter spans like months whereas some items last a lifetime such as petrol fueled vehicles. In any event, when a business decides on putting out a new product the concept of the product cycle is of utmost importance to planning and budgeting. The product cycle concept suggests that all products go through

The title of the essay is "Business Ownership" The question was: Name the three different types of Business ownership and name the advantages and disadvantages of each form

1591 words - 6 pages Business OwnershipThere are three different forms of business ownership, the Sole Proprietorship, the Partnership, and the Corporation. Each of these businesses have major advantages and disadvantages.The sole proprietorship is a business which is owned and managed by one individual. Some of its advantages are, the ease of formation, its management control, and its distribution of profits. Some of the disadvantages are, its unlimited liability

Explain why the Schulich School of Business is the best place for you to study?

749 words - 3 pages business so much, I generally scored the highest marks in all my business classes and even won competitions and scholarships related to Business. Schulich School of Business is definitely the perfect place for me to study because it coincides with my personal and professional goals. The reason why Schulich is the perfect place for me is because of their unique clubs, competitions, extra-curricular activities and their Exchange Aboard program. In

What is culture? What effect does culture have on the conduct of business? Explain, giving examples

1388 words - 6 pages The effect on award achievements p. 64.2 The effect of making decision p. 75.0 Conclusion p. 86.0 Bibliography p. 91.0 IntroductionAs the globalization invades our daily business in present times, people activities starts to become interrelated across boundaries. Different people might have different backgrounds and culture affects a person's behaviors. Culture is the invisible backbones to our societal body. Because of globalization

The Cost of Capital is a critical element in business decisions

4025 words - 16 pages The Cost of Capital is a CriticalElement in Business DecisionsA Report submitted in partial fulfilment of the requirements for the award of Master of Science of the Loughborough University.November 2004ABSTRACTThis paper discusses the issue of whether the Cost of Capital is a critical element in business decisions through the topics of Capital Structure and the effects of the Cost of Capital on a company's competitiveness.Through the use of both

The Cost of Capital is a Critical Element in Business Decisions

3689 words - 15 pages PAGE \* MERGEFORMAT 15 The Cost of Capital is a Critical Element in Business DecisionsMark FrystakAmerican Public University SystemFINC 600 Corporate FinanceMany of the critical decisions that business owners and senior management face can be categorized as investment opportunities. Whether building a new facility, taking over another business or expanding their investment portfolio, managers and owners are frequently making investment

What is Knowledge Management(KM), the use of KM in today's business environment

3024 words - 12 pages ............................................... 86. Knowledge Management Strategy ............................... 107. Conclusion and Recommendation ................................ 118. Reference and Appendix ............................................. 12Executive SummaryThe coursework is mainly focused on the organisational changes in past few years. According to Prof. Petew , from Warwick Business School. There is a huge change in UK and some of the international firms across the

What is the purpose of work and why does it matter? - Business - Essay

725 words - 3 pages BUSI 1213 Stewardship Work: Reflection Chapter 6 All Christians share a common calling, which is to serve. As Paul Stevens says, “Work is a good gift of God” (page 56), and there is no work that cannot be used for God to do his work. Most people have their jobs that they do daily, in which they get paid for, but what Martin Luther is trying to say is that even by doing the everyday work, it is still possible to serve your neighbors. Ruth is

discuss why business ethics is concerned with issues of wright and wrong behaviour in business context? Comment on the four alternative views of e

2169 words - 9 pages This essay will outline why business ethics is concerned with the issues of right and wrong behaviour in a business context. Furthermore, this essay will mention four alternative views of ethical behaviour in the context of business organisations. Additionally with the use of examples, it will state how this could link to definitions of corporate social responsibility. Furthermore, I will also be using books, academic articles and journals to

Similar Essays

What Is The Future Of E Business

1611 words - 6 pages Alaska."This technological development would have the images of the patient beamed back to the doctor over the Internet, hence linking the provider with an E-Business organisation. This development could seriously improve health conditions in developing countries, where medical care is limited.Information Privacy and Confidentiality will be affected in the next decade due to Internet growth. It is very likely that without sufficient monitoring

What Is The Social Responsibility Of Business?

1379 words - 6 pages the business, there would not be a business in the first place. Not all business owners have the same ethics of those of John Mackay. In an article titled “Put Profits First” T.J. Rodgers argues that putting customer first is good business (197). In his business world what is important making money. He believe that in making money his investors and shareholders will be able to profit while continuing to invest in the business, budget for

Business To Business Messages The Purpose Of This Paper Is To Select And Analyze Three Business To Business Messages Using The Communication Process

1765 words - 7 pages proposals. Communications are delivered via, e-mail, interoffice mail, and postal services. The purpose of this paper is to select and analyze three business to business messages using the communication process write a business-to-business message that has ABC Company asking to create a working relationship with XYZ Company; and write an unfavorable reply message to ABC Company.Memo Concerning Policy TO: All Employees FROM: Mr. Madd DATE

Profit Maximisation Is Not The Sole Objective Of Business

1090 words - 4 pages at the output level where marginal cost equals maginal revenue (MC=MR). This is the point where firms will decide to produce.The control of firms is likely to lie with one or more of the firm's stakeholders. It might seem obvious to state that it is the owners or shareholders of a company who control it. This is perhaps true for small businesses where the owner is also the director or manager of the business. The owner of a small local corner