Substantial Incomes – Wealth Creation

Earlier, I offered a list of types of letters, essentially routine. In fact, these designators or definitions specify or imply an objective or each of those types of letters. Before you can even begin to formulate a letter, you need to know just what you want the letter to do. If you want to placate a dissatisfied and complaining client, that requires a much different letter than the one you will send to a client who wants to be assured that you understand their problem and can solve it satisfactorily.

Substantial Incomes

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The planning process for any piece of writing, however long or short and formal or informal, involves the same steps, although the method for doing them may vary considerably from one case to another. For a lengthy document, it may be wise or even necessary to develop a formal “book plan,” a written plan detailing all the many steps preliminary to drafting the item. For a simple writing job, such as  a brief letter, all the planning may be in your mind, with nothing formal on paper, but that is a difference in degree, not in kind. Many journalists and other professional writers use a “lead” as the planning document for a short article (I confess to being one who does so), and we may write and rewrite that lead many times before going on, as our way of planning and outlining, but we don’t proceed, usually, until we are sure that we have that lead – plan – right.

I don’t know that the “lead” method works for everyone. As one writer expressed it to me once, for him it was “thinking on paper.” I happen to agree with that. I find that scratching out a lead “on paper” (actually on a computer screen now) helps me think things out. As I “see” what is wrong with my first attempt, I begin editing and revising my rough-draft lead until it seems right to me: It defines and sets the goal, as it should; the reader should get a firm clue from your first sentence or first paragraph of what you are about to tell him or her. But let’s look at the three major stages:

1. Setting a goal or objective: What is it you want to do with this letter or other writing? Provide information? Placate an unhappy client? Report progress? Sell an idea? Ask for the order? Ask for payment? Request an interview? Explain the problem? Reassure the client?
2. Choosing a strategy: How do you plan to achieve this goal or objective? Logical argument? Promise of something? Offer to trade? Reinforce your guarantee?
3. Outlining: What information will you present and how?

Substantial Incomes

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In all things generally, but in all business writing especially, you must always sell. That means writing persuasively, no matter what the subject of the letter. Even a response to an inquiry can benefit or hurt your organization by presenting a favorable or unfavorable view of it. (Do not use those cold and stilted form letters of government  agencies and many corporations that create that adverse image so many of us have of government agencies and major corporations.)

Do not be any more formal than circumstances and good taste dictate. Obviously you must address strangers and those you know only slightly by such titles as Mister, Madam, Colonel, and so forth. In the real business world, executives often address business letters to “Dear Bill” and sign them “Harry,” when they happen to be friends or business associates of long standing. However, before leaving this introduction and going on to present a few specific examples, let us have a brief look at planning, which is principally a system of outlining your material, once you have set your goal, although the importance of that preliminary step ought not to be minimized either.

Substantial Incomes

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If there are three rules for writing well, this could easily be all three of them, for this identifies the most common problem: Far too many people write letters (and other things) without knowing exactly what they want to say. They simply doodle verbally, in fact, as though they were engaged in idle conversation over tea, in the hope that eventually they will stumble across the right thoughts and words. It rarely works, and even when it does the result is that much of it is rambling and pointless and most certainly not at all businesslike. (Have you ever gotten a letter that left you mumbling to yourself, “What are they trying to tell me?) In short, if you don’t know clearly and in advance what you want to say, how can you ever be sure that you have said it?

Substantial Incomes

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Suppose that the fradistat industry is a monopoly, in which Consolidated Fradistats is the only producer. Since Consolidated Fradistats is the entire industry, the entire market demand for fradistats is the demand for Consolidated Fradistat’s product. This demand is illustrated in Figure 10-1, in both schedule and graph form.

What price will the monopoly charge for fradistats? While our initial reaction may be that the monopoly will select the highest price, Figure 10-1 shows that this is incorrect, since the highest price may not be the most profitable price. From Figure 10-1 it can be seen that, by charging a price of $5 and producing 700 units, the monopoly can maximize its total revenue. Note that we are only looking at the revenue side of the picture, and are ignoring the costs. In effect, we are assuming that if the monopoly maximizes total revenue, it is maximizing profits also. Under these assumptions, the monopoly will raise its price as long as the demand is inelastic – it is because the demand becomes elastic above a price of $5 that higher prices will not be charged.

Substantial Incomes

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By making prices higher and output lower than they would otherwise be, monopoly imposes a twofold burden on society economically. As an example, suppose that the minimum price for which widgets could be sold profitably were $3. If there were strong competition in the widget industry, the price would fall to $3 (instead of $5) and production would be 1000 units (instead of 700). But with a monopoly in the industry, the public is burdened with both higher prices and lower output than would exist under competition.

In a competitive industry, it is the consumer who is most powerful in the marketplace. If consumer demand for a product increases, higher prices and profits will attract producers into the production of that product. Furthermore, they will offer it for sale to the consumer at the lowest possible price, due to the intense competition among themselves. In a monopolistic situation, on the other hand, the shoe is on the other foot. The monopolist is in the dominant position: since the consumer must deal with the monopolist, the monopolist can restrict the supply of the product, forcing its price to higher levels. The higher price and profits will not call forth increased supply, because new firms cannot enter the field. Obviously, the key to the monopolist’s position lies in the control of the supply of the product.

Substantial Incomes

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1. “Perfect competition” is the most competitive situation possible, in which the individual firm has no control over the price of its product since it faces a perfectly elastic demand curve.
2. The incentives for a firm in perfect competition are to minimize production costs per unit (maximize efficiency), produce as much output as it can afford to, and sell its output for whatever price the market determines.
3. Generally, profits in perfectly competitive industries will be very low, with only those firms that have below-average production costs able to earn above-average profits.
4. Monopolistically competitive industries are also very competitive, but differ from perfect competition in that firms have an opportunity to practice product differentiation, thereby making demand somewhat less elastic, and (possibly) to increase prices a little.
5. Competitive industries, consisting mainly of the small business sector of the economy, constitute an important part of the economy, probably producing about two-fifths of its output.

DISCUSSION QUESTIONS

1. Can you think of additional examples of perfectly competitive industries or monopolistically competitive industries? Would you like to go into business for yourself in any of these industries? If so, what strategy would you follow in order to be successful?

Substantial Incomes

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