...Term Paper on Leadership and Management Leadership and management in Small business Outline In the 21st century era, small and large, private and public businesses are all aiming towards economic growth. However, this growth has slowed following emergence of unprincipled leaders whose main aim has been satisfaction of individual needs as opposed to their employees and customers. With such unethical practices, it is obvious that a strong impact has been witnessed in economic growth, which boils down to declining capital investments and unemployment for small businesses. Emergence of economic uncertainty can be traced back to WorldCom and e-business sector failure (Luthans, Luthans, Hodgetts, & Luthans 2001). Before the famous 9/11 attack, United States economy was already declining following increased unemployment and reduced consumer spending. This condition was further worsened by the 9/11 attack that resulted in increased uncertainty in economic change (Shaw & Shapiro 2002). These changes have challenged the need for leadership and management at all levels of business focusing on ensuring nothing but absolute success. For leadership and management to achieve these roles, there is need for redefinition from the commonly held perspective. Management and leadership are two terms that are commonly and differently used in small businesses and importantly in rejuvenating a dwindling economy. To some people, these terms are seen as synonyms and hence used frequently...
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...Preliminary Business Studies Assessment Task 3 Notification SCEGGS Darlinghurst Preliminary Business Studies Assessment Task 3 Notification BUSINESS STUDIES PRELIMINARY ASSESSMENT TASK Assessment Task 3 Notification Assessment Task 3: A BUSINESS REPORT Date Issued: Wednesday 6th May, 2013. Subject: Preliminary Business Studies, Topics: 1-3 Title of Task: Business Report on an SME Weighting: 30% Due Date: Part 1 - This should be presented to your teacher by Friday 17th May (Wk 3). It may be presented as either one page of notes or a one page mind map. Part 2 - Tuesday 11 June 2013 (in your lesson), 2013 Term 2, Week 7 (PF- P4, MW-P3) Component: Inquiry & research, Communication of business information, ideas & issues in appropriate forms, Knowledge and understanding of course content Outcomes: P1 discusses the nature of the business, its role in society and its legal structure P2 explains internal and external influences on business P3 describes factors contributing to the success or failure of small to medium business enterprises P4 assesses the processes and interdependence of key business functions P6 analyses the responsibilities of business to internal and external stakeholders P7 plans and conducts investigations into contemporary business issues P8 evaluates information for actual business situations ...
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...Group Summary Starting a business is a difficult task and one that will call upon the business owner to possess or learn the skills necessary to make his or her dream of business ownership a successful reality. The entrepreneur must understand and be able to apply these skills on a daily basis, in every aspect of the business. A business owner’s leadership abilities, management style, selection of employees all influence the success of a business. An entrepreneur must take on the role of leader and manager if he or she desires to provide the best possible opportunity for an organization’s success. Of all of the skills a business owner must have, leadership if the most vital. Nevertheless, management skills allow the business owner to accomplish the goals of an organization in a helpful and well-organized manner using planning, organization, leading and controlling of the resources used within the company. Scarborough (2012) states, “Leadership is the process of influencing and inspiring others to work to achieve a common goal and then giving them the power and the freedom to achieve it” (p. 636). An entrepreneur’s attitude and ability to create an atmosphere that allows an employee to perform is an important role in the success of the organization as a whole. Management is different from leadership in that it involves coordinating and motivating people using planning, organizing, and leading. Management skills allow the business owner to ensure that vendors...
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...Management of Small Business Firms | Analysis Report – Assignment 2 | Mersha TantaryS0223372MGMT11109 – Introduction to ManagementGenevieve HealyCQUniversity Sydney Campus | 5/10/2012 5/10/2012 Executive Summary The focus of the paper is on the article by Verreynne (2012) the secret to running a successful small firm? Mind your own business. The main idea is to determine the success small businesses and how their management practices differ from the large companies. The small business can differ from the lifestyle focused and the growth oriented firms, the lifestyle focused emphasise most on the customer and employee retention through providing them a sense of ownership whereas the growth oriented firms keep working in learning and development. Behind the unique way on how the small firms manage their companies, there is a laxity of business plans in most of the organisations which end up with slower progress or growth. While leadership in small firms are the best aspect compare to other firms since most of people in the organisation play an important role by working independently. Small entrepreneurial businesses without family ties and household or family businesses are strongly concerned with economic security, business survival, maintenance, and growth. For the small businesses, leaders are vision process-oriented, where managers are organizational-oriented. Both leaders and managers focus on people, but managers also focus on systems and structures. Leaders...
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... 2, 2013 TABLE OF CONTENT Introduction…………….........................................................................................................1 Justification………………………………………………………………………………..2 Decision model to support the SMEs’ decision to participate or leave a collaborative Network…………………………………………………………………………………. Measuring the Success of Information Systems (IS) from Users' Point of View Using Goodhue Index………………………………………………………………………….. How small businesses master the art of competition through superior competitive advantage… The Role of Management Information System (MIS) and Decision Support System (DSS) for Manager’s Decision Making Process. The Role of Management Information System (MIS) and Decision Support System (DSS) for Manager’s Decision Making Process. Management information system by O Brien j and George Marakas. Introduction The case study is about ‘FixItNow’ (FIN) which is small medium enterprise (SME) business. This initially starts with the Adam smith and his two younger brothers Ian and Paul in the small regional town of shockhampton. This company is a supplier for building, plumbing, and gardening businesses and home clients. After some years FixItNow started grow and become a household name. they hired the Gillian Cole, a former employee of their previous work place to as an office manager to organize the office functions. Gillian did everything manually which took lot of time to record...
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...Role of StakeHolder Lucy Hernandez November 23rd, 2015 MGT/420 Professor Rita Foster Role of StakeHolder - Intro The word “stakeholder” means any person with an interest in the business -- someone who can contribute to the company’s growth and success or who benefits from its success. There are various stakeholders in a business such as Employees, StockHolders, Customers, Vendors, and even the community. Each plays different roles and their involvement time is also different from each other. The reason for this is that the company’s CEO seeks to utilize the skills, experience and knowledge of each stakeholder group to further the organization’s long-term goals and ensure it’s success. Employees While management sets the overall strategic direction for the company, it is the employees that are responsible for carrying out the tasks specified by the managers in the company’s strategic plan. Employees are the closest to the action. In a manufacturing environment, they work directly on the company’s products, and they interact with customers on a daily basis. The company’s success depends greatly on the skill and dedication of its employees. Without the employees performing their roles and implementing the ideas of the CEO, business planners and financial managers , the company will not reach its revenue and profit potential. Stockholders The initial role of a stockholder is to provide the capital a company needs to grow and expand. If we talk about a startup company,...
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... Date: 21.11.2013 | Management Structure Topic Area: How can structure and effective management influence reorganising a business? Scenario Charlie Brown and his brother Ben Brown started up a business in 1999. They both enjoy sports, so decided to invest in starting up their own travel agency company, which they called Beyond Sports Travel Belief. The company offers package holidays for worldwide events, such as football tournaments, Olympics and a range of other sport events. Beyond Sports Travel Belief expanded having two branches, employs 2 supervisors and 6 booking clerks. Charlie was the one who managed the business, recruiting staffs and issuing responsibilities, while Ben’s role was to market their products, building the company’s brand. Unfortunately, Charlie left in 2010 leaving Ben as manager to manage his employees; including his two supervisors. This deteriorated the structure of the business. Charlie leaving had a massive impact on the company and it went to a stand still due to overloaded responsibilities. Introduction This essay is a reflective review and appraisal that has been put together to emphasis the importance of an organisational structure and how the effective management of a business could lead to business success. This topic has a massive impact on businesses as it takes a vital place in business success for example; the loss of a manager will potentially jeopardize the company, having no form of solid control because all responsibilities...
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...financial markets and of course the credit crunch. These give a great impact on the business sector. Reduction orders or demands have led to closure of many companies across all sectors. Small businesses are struggling to access the capital needed to stay open, pay debts, maintain payroll and expand operations. The problem is worse for those looking to get into business for themselves for the first time. The Federation of Small Business indicated that about 280 small companies are going out of business every week during this current economic downturn. Why do we need to recover the small business sector? Small and medium enterprise or SME play a vital role in the economy, providing new ideas, products, services and jobs. The UK’s 3.7 million SMEs account for approximately 40% of UK’s gross domestic product or GDP and have an annual turnover of one trillion pounds. Giving jobs over 12 million people in the UK, they also account for 85% of the 2.3 million extra jobs created by new businesses in the private sector between 1995-1999 and more than half of the 3.5 million jobs gained from expansion over the same period. International Franchise Association mentioned that small businesses offer the best opportunity to promote a strong economic recovery by sustaining and creating jobs, but more needs to be done to promote capital access to create new businesses and to keep existing businesses growing. Small businesses are recognised as the backbone of the British economy, accounting for...
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...The Corporations Role in Small Business Success Your Name Here English 122: Composition II Aimee Garten October 14, 2013 The Corporations Role In Small Business Success Devastation. This describes the state I was in when I walked into my favorite coffee shop and was notified by the owners that they would be closing the doors for good at the end of the business day. I had been going to Donut Connection, a small family owned business, for about a year. I had been loyal to Starbucks since my coffee drinking days began, but this place came highly recommended and it was right on my way to work. I was quickly enamored with their amazing customer service, and I have to admit, the coffee was better than Starbucks. As all good things come to an end, the Donut Connection had to close down for financial reasons. This was a shock to most of the regular customers and myself because the establishment was jam-packed every morning. But this poses the question: Are large corporations, such as Starbucks, responsible for the failure of small businesses? Because consumers appreciate great customer service, and small businesses dominate the economy, corporations should be looked at as nothing more than competition as small businesses are responsible for their own success or failure. A major reason why consumers shop small businesses is the family feeling they experience as well as superior customer service. People appreciate going into a business and being greeted by name and also knowing...
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...A study of factors related to successful and failure of entrepreneurs of small industrial business with emphasis on their level of education and training Yadollah Mehralizadeh (PhD)1 & Hossain Sajady (PhD)2 (With Ahmad Zandavanian and Yaser Timoury) Abstract This paper examines the determinants of business start-up, long and short-term success, and failure of small businesses. Entrepreneurs and small firm success and failure have been the subject of extensive research. It is important to understand the external, internal, and motivational factors responsible for business start-up, the barriers faced during the initial and continuous stages of trading and the advice and assistance available to entrepreneurs. This paper is aiming in explaining the main factors are related to successful, and failure of entrepreneurs in small industrial business in Ahvaz city3. Based on a random sampling 51 enterprisers marked as successful and failures are selected. The data collected based on a triangulation method (interview, questionnaire, and observation). The results show that: a- from the failure entrepreneurs point of view the following issues were important effects on their weak performance and failure their business: weak managing technical skills, financial issues, planning and organizing of their business, economic issues, informal issues, weak managing conceptual skills, personnel skills, education and low training, and weak human relation. b- from the successful entrepreneurs point...
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...Leadership Plan Guide Rex Pruitt, PREMIER Bankcard, Inc., Sioux Falls, SD 57104 ABSTRACT In my 20+ years of experience using SAS and organizing projects, the success or failure of any project, no matter how small or large, generally resulted from how well a project was planned, organized and executed. This paper presents an easy to use Project Organization Proposal (POP) that can be implemented without adding additional resources to the MIS or IT divisions. It simply suggests the effective use of existing resources. However, as would be expected, the POP will only succeed if it receives support from 1) business MIS Management, 2) IT Management, 3) and their respective staff. The collaboration of all resources associated with a project is critical to its success. Clearly defining roles and accountabilities must be established prior to project initiation. Also included in this paper is a Project Leadership Plan guide. This guide will serve as a critical planning document, or checklist, that can be used to ensure that any project meets with success. If this guide cannot be completed, the project should not be initiated. 1 SAS Global Forum 2007 Planning, Development and Support INTRODUCTION In my 20+ years of experience using SAS and organizing projects, the success or failure of any project, no matter how small or large, generally resulted from how well a project was planned, organized and executed. This paper presents an easy to use Project Organization Proposal...
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...Business Failure Analysis LDR 531/Organizational Leadership Business Failure Analysis Businesses are created with the intention to be successful, achieve goals, and create profits. The continuity of business success depends on the capability to forecast changes on markets and economies, and create a plan to adapt to change, if management failure to forecast changes, the business welfare will be unstable. Blockbuster was a leader on the movies rental business, and failure to reinvent as company, leading to failure. Business Failure Analysis determined Blockbuster’s vision and mission, indicators of the business failure and success from research, how organizational behaviors lead company’s failure, and how the role of leadership, management and culture of the organization in business failure. Business Failure Analysis explained techniques that Blockbuster must used to prevent the impending failure, identified potential barriers during the change process, evaluated the power and political issues within the organization, and described the steps followed to implement the organizational change based on John Kotter’s 8-step plan for implementing change. BUSINESS FAILURE ANALYSIS Blockbuster Inc. was an American-based home movie rental provider, and at its peak in the 2000’s had up to 60,000 employees and more than 9,000 stores. Companies objectives were achieved, become number one movie rental provider in United States of America, and spread their branch thru the world with...
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...An Investigation of Personality on Entrepreneurial Success Owoseni Omosolape Olakitan and Akanbi Paul Ayobami Department of Business Administration. Ajayi Crowther University, Oyo, Oyo State Corresponding Author: Owoseni Omosolape Olakitan __________________________________________________________________________________________ Abstract Various personality variables determine entrepreneurial intentions and ultimately entrepreneurial success. This paper investigated the influence of personality on entrepreneurial success. We examined the impact of gender, locus of control and risk-taking behaviour on the success of an entrepreneur. The participants in this study were thirty-five solo entrepreneurs located around Agbowo, University of Ibadan area, Ibadan, Oyo state, igeria. 34.3 percent were males and 65.7 percent were females aged between 21 and 60. Six hypotheses were tested using various statistical techniques including independent ‘t’ test, analysis of variance and multiple regression. The results showed that risk-taking behaviour and locus of control had no significant interaction effect on entrepreneurial success. There was also no significant difference between risk-taking behaviour and entrepreneurial success. The findings showed that a significant difference existed between internal locus of control and entrepreneurial success. The study also showed that there was no significant difference in the entrepreneurial success based on gender differences. Finally, locus of control...
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...SUITABILITY FOR SMALL BUSINESS ENTREPRENEURSHIP THROUGH COMPETENCY PROFILING I- PERSONAL SKILLS IDENTIFIED THROUGH SELF-REFLECTION (10 Marks) Skills Gained:From Work | From School | From Hobbies:as Computer Games) | Communication skill: As a doctor, I deal with different kinds of people with diverse backgrounds and expectations. I acquire the techniques helping me have more effective and trouble-free communication. | Self-study:This good habit helps me constantly update my knowledge, find effectively relevant info to solve my issues. | Internet surfing: I am quite “addicted” to the Internet but in fact, it not only broadens my knowledge but also engages me in positive social relationships, helps me develop a curious and skeptical attitude, and open my mind to changes. | Time management:Repeated high workload at hospital enables me to manage my time more efficiently to finish my tasks. I often prioritize tasks in order not to miss important jobs. | Research skill:As I did several research work at university, I have research skills including critical thinking, literature review, perform experiments and data analysis. | Music listening:By listening to different types of music over the years, I become more sensitive to others ‘emotions and able to anticipate expectations and reactions of people in normal life. | Planning skill:I usually make a plan before starting a project. I like thinking over all aspects of the task and make a good preparation in order to heighten the...
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...Entrepreneurial Leadership Jessica M. Jones Dr. David Rall The Business Enterprise April 22, 2011 Abstract Leadership to any entrepreneur is vital to the success of business operations. In today’s economy individuals that possess the entrepreneurial characteristics should take advantage of this opportunity. Businesses are no longer worried about who will be their competitors. Organizations now are more in tuned with protecting and securing the businesses from deflating. Together, the suggested findings will illustrate what it takes for entrepreneurs to motivated, what attributes leaders need to influence, and the philosophy one should consider when starting an entrepreneurial business. Keywords: Entrepreneurial Leadership, philosophy, type of organizations, small business administration Entrepreneurial leadership is the key attribute to any successful organization. The competency to lead by example defines a great leader. With recent years, leadership has been described as the ability to empathize with others, communicate effectively, and perform consistently. These are not the only characteristics that illustrate leadership. According to James Kouzes (2008), there are five (5) basic principles to rise to leadership that any leader could implement in order to motivate: “(1) Model the ways, (2) Inspired shared vision, (3) Challenge the process, (4) Practice/enable others to act, and (5) Encourage the heart.” AOL chairman and CEO, Steve Case, also has a set of entrepreneurial...
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