Auctions are those events where properties or goods are sold to the highest bidder. Auctions are mostly public events, where bidders make a series of bids and purchase a particular item for a high price. During auctions, bidders decide the price of an item rather than the seller. It depends on bidders to decide the amount they would want to pay for a specific item. During an auction, a bid is a proof of a legal binding. Bidders agree to pay the amount that they have bid. In a high profile auction, bidders may have to pay a deposit in escrow accounts or give a proof that they can pay for those items.

Types of Auctions:

Different types of auctions take place around the world. Below mentioned are some types of auctions:

1. English auction:
This is a basic type of auction. In this type, people can see the item and then start bidding. Bidders slowly raise the value of their bid until everyone gives up. The highest bidder is the winner. An auctioneer manages an auction, keeps records of the on going bid and decides the winner. Sometimes, the seller will quote a minimum amount for an item to the auctioneer, below which the auctioneer cannot sell that item.

2. Dutch auction:
In this type, the auctioneer sets a particular price and then gradually lowers the price. People in public will start bidding and later decide which prices are suitable for the item. A seller may use this type of auction to sell large quantities of same products to the public. For instance, a seller may want to sell a large amount of hay and will thus, decide to sell this hay to people for the same amount, once a reasonable price is decided.

3. Silent auction:
In this type, the bidders in public will present their bids in a sealed format. These sealed bids open at the same time and bidder with the highest bid wins. There could be a modification in this type of auction. The bidders are allotted a specific period to bid. They can roam in a room displaying the items, and write their bids on an associated sheet of paper. The bidders are allowed to see bids of other bidders and can choose a higher price for an item. At the end of the allotted time, bidder with the highest bid is the winner.

Examples of Auctions:

Auctions can be of two types either public or private. Sellers may trade any kind of items in both types of auctions. Some areas where auctions take place are:

1. Antique auction: An antique auction consists of a trade opportunity as well as provides entertainment.

2. Collectable auction: In a collectable auction, the seller may put up collectables like coins, vintage cars, luxury, stamps, real estate, and luxury for sale.

3. Wine auction: In wine auction, bidders can bid for rare wine, which may not be available in retail wine shops.

4. Horse auction: Bidders can bid for young horses of the best breed.

5. Livestock auction: In livestock auction, bidders can buy pigs, sheep, cattle, and other livestock.

The other examples of auctions may not be public. These auctions are for bidders from corporate levels. Some examples of private auctions are:

1. Timber auction
2. Spectrum auction
3. Electricity auction
4. Debit auction
5. Environmental auction
6. Auto auction
7. Electronic market auction
8. Sales of business auction

Bidders in an auction need to examine the items displayed and decide an appropriate price for an item. Thus, auctions help buyers in getting the best deals and in gaining better profits for sellers.

As you begin to venture into home based business it is important to have a mission statement. Businesses at all levels from simple mom and pop stores to large fortune 500 companies all have a mission statement and you should not be any different. A mission statement is defined as a brief one or two sentence statement of the fundamental purpose of your business, or put another way why does your business exist. In the home based business arena people have the tendency to not view their business like a real business and that is a mistake. Having a mission statement can have a dramatic impact not just on the type of business but also in the way you conduct your business as well. Here are 3 other things a mission statement will do for your home business:1. It defines your why – Have you ever asked yourself why do I want a home based business? Identifying this one thing is critical to your motivation to continue. Running a business from home takes time, commitment and effort for it to work. It comes with frustrations and successes. Sometimes when you are first starting out there are more frustrations than successes. Knowing why you are in business can keep you focused on the prize you are trying to grasp while you are learning and growing your home business.2. It defines your values – All businesses have some type of business culture which is driven by the values of the company. Your values in essence tell who you are. They are ultimately the way you will choose to operate your home business. They will dictate how you treat your customers and how you build your team. If you are building a network marketing team your values can become a critical selling point as to why someone should join your team. They will speak volumes to your character and your integrity. Your values should flow directly out of the reason why you are in business. Remember you are not just running a business but you are creating a culture and your values will help shape that culture.3. It keeps you on track – One of the biggest problems especially in this internet age is distractions. If you search online there are thousands of home business opportunities out there. Knowing what your mission statement is will allow you to only consider opportunities that line up with your purpose and what you want to accomplish. In fact before you even consider a business you should write your mission statement and only find businesses that correspond with that. Imagine the power you will now have because now you can’t be sold into just any home business because now you’re not just looking for any opportunity. Opportunities you consider must now meet your criteria and not the other way around. By the way every successful business person looks at opportunities this way.Your mission statement is critical to your why, how and way you will do business. Not knowing these things can damage your home based business before it ever gets off the ground. Take some time and identify these things. It will change the opportunities you consider and it will make a huge difference in your home business.

In a home based business, trust is of utmost importance. you just cannot forge trust regardless of how one tries. It is very important for an entrepreneur to say what they mean and stand for what is said consistently for it to penetrate through to your customers and potential customers. You have to be constantly straightforward and honest. If something is declared regarding merchandise, a business owner must ensure to deliver on that assurance since it is hard to get a second opportunity to build a first impression.Home based business customers distinguish that they have a say and if they perceive a sham, they would not think twice of telling others. If you wish to spoil your home based business and your name or business name, do not make a guarantee and observe what comes about. If somebody has a query that is difficult to answer, then you should not be embarrassed to let them discern that you will do all in your ability to get the answer right away, and do not disregard them no matter what you do otherwise they would not speak of anything although you will no longer hear from them for a second time and they will set off to the business rival and open out the remark regarding your pitiable service. An entrepreneur’s goal is to be distinguished from the competition.Innovative technologies, in addition to a revolution in the way people, as a social order, feel regarding work, has caused a lot of people leaving the office or work place for the autonomy of a home office. However, home is not only an annex of the office or work place. It is a home base business for a lot of entrepreneurs who are in search of finding a totally new way of making a livingHome based business is a very extensive subject matter. Something essential to keep in mind is that the marketplace is constantly shifting. To be thriving, you have to be ready to continually check and try new-fangled ideas. By no means should you take something for granted and you should constantly seek progress. One factor is obvious, if one proactively endorses oneself and their product, his or her business will fail. Ensure that the product is practical to your projected customers. Check that the product really does what it declares it does. Take on a business at home that is suitable for you and you will discover that it can be satisfying and profitable. Also, when it comes to home based business, distinguish what people require, what they want and willing to shell out for it.Home Based Business is the future for many people of today, the world is changing at such a fast pace today, that sometimes it’s hard to keep up with all the technology that surrounds us. So long as you try to keep yourself updated by spending a few hours each week catching up with the changes, then there is no reason why you will not have the success you desire with your home based business.Copyright (c) 2011 Steve Duval