I just took this from one of the examples in the sticky thread.
It'd be great if someone could look over this and give me some feedback!
I write my GMAT on Saturday!
Your help is much appreciated!
Thanks!
Question:
"The secret of business is to know something that nobody else knows."
Explain what you think the above quotation means and discuss the extent to which you agree or disagree with it. Support your position with relevant reasons and/or examples from your own experience, observations, or reading.
Answer:
The secret of business has always been an intriguing and complex issue, which many people strive to understand. To conclude that the secret of a business is to know something that nobody else knows, however, is too bold of a statement to be valid. I disagree with this statement because many other businesses succeed even if they are not the first to develop an idea, and because there could be many other factors affecting the success of the business.
The primary reason into why I disagree with this statement, is because the sucess of a business does not solely depend on being the first to come up with the business idea. For example, McDonald's was the first to invent the idea of fast food back in 1960. Presently, there are numerous fast food restaurants such as Wendy's and Burger King that have increasing profit margins. Clearly, being the first to market, in this case, being the first to come up with the idea that hamburgers and fries are always in high demand, is not the significant factor in a business being successful.
In addition, there are many other factor's which affect the sucess of a business. A few of these factors include managing, cultural, and economic factors. These are all crucial things to consider when determining the secret or success of the business. For example, General Motors may do much better in North America than in Japan. This would likely be attributable to people in Japan preferring smaller, more city focused vehicles, than people in North America who prefer larger, more outdoor focused vehicles.
On the other hand, one may argue that the secret of business is to know something that nobody else knows. Again, this may not be true. Take for example the invention of the social networking site Friendster. Back in 2004, Friendster was invented and was the first to market a social networking website. Facebook, was consequently created in 2006 following the idea of Friendster. Fast forward to today, Facebook has elminated the competition of social networking, exploded in popularity and is worth over $30B dollars. Furthermore, patents for other ideas and products can always be reverse engineered and improved. Many Japanese electronics are examples of this.
In sum, the statement of the secret of business being attributable to knowing something that nobody else knows is clearly false. There have been many cases where success has been achieved even though the secret was widely known. Furthermore, the success of business is also dependent on numerous other things such as managing, cultural and economic factors. Because of the statements presented in the preceeding paragraphs, I disagree with the conclusion that the secret of business is to know something that nobody else knows.
It'd be great if someone could look over this and give me some feedback!
I write my GMAT on Saturday!
Your help is much appreciated!
Thanks!
Question:
"The secret of business is to know something that nobody else knows."
Explain what you think the above quotation means and discuss the extent to which you agree or disagree with it. Support your position with relevant reasons and/or examples from your own experience, observations, or reading.
Answer:
The secret of business has always been an intriguing and complex issue, which many people strive to understand. To conclude that the secret of a business is to know something that nobody else knows, however, is too bold of a statement to be valid. I disagree with this statement because many other businesses succeed even if they are not the first to develop an idea, and because there could be many other factors affecting the success of the business.
The primary reason into why I disagree with this statement, is because the sucess of a business does not solely depend on being the first to come up with the business idea. For example, McDonald's was the first to invent the idea of fast food back in 1960. Presently, there are numerous fast food restaurants such as Wendy's and Burger King that have increasing profit margins. Clearly, being the first to market, in this case, being the first to come up with the idea that hamburgers and fries are always in high demand, is not the significant factor in a business being successful.
In addition, there are many other factor's which affect the sucess of a business. A few of these factors include managing, cultural, and economic factors. These are all crucial things to consider when determining the secret or success of the business. For example, General Motors may do much better in North America than in Japan. This would likely be attributable to people in Japan preferring smaller, more city focused vehicles, than people in North America who prefer larger, more outdoor focused vehicles.
On the other hand, one may argue that the secret of business is to know something that nobody else knows. Again, this may not be true. Take for example the invention of the social networking site Friendster. Back in 2004, Friendster was invented and was the first to market a social networking website. Facebook, was consequently created in 2006 following the idea of Friendster. Fast forward to today, Facebook has elminated the competition of social networking, exploded in popularity and is worth over $30B dollars. Furthermore, patents for other ideas and products can always be reverse engineered and improved. Many Japanese electronics are examples of this.
In sum, the statement of the secret of business being attributable to knowing something that nobody else knows is clearly false. There have been many cases where success has been achieved even though the secret was widely known. Furthermore, the success of business is also dependent on numerous other things such as managing, cultural and economic factors. Because of the statements presented in the preceeding paragraphs, I disagree with the conclusion that the secret of business is to know something that nobody else knows.
