...A company cannot succeed without customers and profit. Therefore those are the two areas that I am going to cover today. The structure of a company is its backbone. That structure is a system co-dependent on a number of components. In order for a company to succeed they need all their components to work together and reflect the company’s mission, vision, and values statements. We are all familiar with mission statements but I don’t know if we all realize the part we play in our employers specific mission. A company with employees that are educated about the company are going to be able to better service their individualized customer needs. Every company has an important shared goal, which is to make a profit. How they go about accomplishing that goal varies. There are a variety of theories on the right way to reach that goal. I want to focus primarily on the aspects of the basic company structure and customer srevice as it relates to overall customer satisfaction. A business with employees that are educated about the company’s mission are going to be able to better service their individualized customers needs. When companies are formed there are steps taken to formalize their vision with vision statements, mission statements and value statements. These are the backbone of a company and should be made public. Each employee should have a thorough understanding of such information. Idealistically, practicing the core values of the company will...
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...the risks of a business or enterprise. An entrepreneur is an agent of change. Concept Entrepreneurship can be defined as the process of using private initiative to transform a business concept into a new venture or to grow and diversify an existing venture or enterprise with high growth potential. Entrepreneurs identify an innovation to seize an opportunity, mobilize money and management skills, and take calculated risks to open markets for new products, processes and services. Characteristics of Entrepreneurship • Interest and Vision The first factor for entrepreneurial success is interest. Since entrepreneurship pays off according to performance rather than time spent on a particular effort, an entrepreneur must work in an area that interests her. Otherwise, she will not be able to maintain a high level of work ethic, and she will most likely fail. This interest must also translate into a vision for the company's growth. Even if the day-to-day activities of a business are interesting to an entrepreneur, this is not enough for success unless she can turn this interest into a vision of growth and expansion. This vision must be strong enough that she can communicate it to investors and employees. • Skill All of the interest and vision cannot make up for a total lack of applicable skill. As the head of a company, whether he has employees or not, an entrepreneur must be able to wear many hats and do so effectively. For instance, if he wants to start a business that creates...
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...John Douglas MGT3302 A. 12 traits description: Desire for Responsibility: In my opinion, as an entrepreneur the first and the principal step is feeling responsible for the Business I run since I want to control the resources I used to achieve my goals. On the other hand, being irresponsible means the end of the business because there are creditors that wait for me to pay them back for example. Preference for Moderate Risk: an Entrepreneur must manage the risk in a wise way; he or she must not be risk taker 100% and not risk eliminator 100%. But, in my opinion Entrepreneurs are calculated risk takers. A successful entrepreneur must prepare a business plan to avoid risk. Confidence in Their Ability to Succeed: as an Entrepreneur confidence in the ability to succeed is very important that why Entrepreneurs must be optimistic about their chance for success. Otherwise, Entrepreneurs with no self confidence on their abilities may result to fail to make their businesses succeeding. Desire for Immediate Feedback: An entrepreneur is doing a big effort to take care about him or her business. As a result, he or she is looking for feedback on him ideas to see if he’s or she’s doing well. In other words, entrepreneurs need feedbacks on their daily activities. High Level of Energy: Entrepreneurs are more energetic than the average person by making more efforts and showing the hard working capacities. In addition, they must be giving a perfect example to the other workers by working long...
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...up a business may be one of the hardest things one can do. There is a great amount of effort that goes into creating a business and even greater effort to make it successful. Before opening a business, owners are obligated to keep fresh, open ideas, have good management, and being able to financially sustain their business. Even this may not be enough to create a striving, successful business. There are many factors that go into whether a business is successful or a failure. One of the main reasons why small businesses fail is because of the owners/entrepreneurs themselves. This mainly goes for poor management skills that bring businesses to their demise. Owners who are stubborn, greedy, and self-righteous often don’t do what’s best for the company but choose what they think is the best. Also, owners who cannot operate their business financially are another reason for failure. Making mistakes such as paying too much in expenses including labor, rent and materials also factor into business failure. Businesses that don’t succeed often have poor accounting meaning there’s no organization of where the money comes and goes, and failure to have a backup plan financially. Another main reason for failure is not giving the people what they want. Entering a market that has low or no demand for their product is bad business planning. Advances in technology and a declining market also factor into the downfall of businesses. One of the main reasons why small businesses succeed is proper...
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...has aroused as much discussion as that of foreigners living abroad. In the twenty first century, people live in a globalization world. “Globalization is a process of interaction and integration among the people”. “This process has effects […] on culture, […] and on human physical well-being in societies around the world.” (globalization101.org). The globalization is not new. It has been on for centuries. However, it has never been as important as today. In the middle age, people were already traveling and doing business abroad. One of the consequences of globalization is immigration. Today, people travel freely all around the word and the population of most of countries have changed. It now mixed. Many countries are cosmopolitan and people that live in poor countries have the opportunity to change their life and to live the American dream. Most of the wealthiest people succeed because they daily do business and invest internationally. Moreover many foreigners also succeed abroad due to their skills and what they bring to a country. However this does not completely reflect the reality. Many foreigners have a lot of difficulties to live abroad, either because they are disappointed of what they experience or because governments use them. In the story of Flight Patterns, written by Sherman Alexie, one of the main characters, Fekadu, is from Ethiopia. He used to be a fighter pilot. One day, he ran away from his country because he could not drop bombs on his own people anymore. He left...
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...character and morals and possibly not succeed, or to have bad character and morals and get ahead. Machiavelli describes this relationship in chapter fifteen where he states “how one ought to live is so far removed from how one lives” (p. 57). Machiavelli knows that men are supposed to have good qualities and therefore good character, but often people are removed from how they are “ought to live” in order to be successful. The chapter lists qualities including being “considered a giver, [being] rapacious, [being] cruel…someone humane, the other haughty” (p. 58) The book does not comment on which character traits a man is supposed to have, but Machiavelli does state that “because of the human conditions which do not permit, it is necessary for [the prince] to be so prudent as to know how to avoid the infamy of those which would take the state from him” (p. 58). Machiavelli believes that a man must do whatever is necessary to keep his kingdom, in order that the state is not taken from him. While this may only concern a man who has a kingdom in which he is able to rule, it may also be true of business owners or parents. A business owner will attempt to be humane, but if something happens and he or she is taken advantage of, he or she will need to be the “someone hard” or “someone cruel” (p. 58) in order to continue a successful business. These owners will need to use the traits that are needed at the time to keep their “state” which in this case is a business. Some may be upset that they are...
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...5 Ways to Succeed in Today’s Technology-Driven World I have learned some valuable considerations about marketing by leveraging technological advancements while reading the article “5 Ways to Succeed in Today’s Technology-driven World” by Bart Foster posted on August 6th on the website Mediapost.com. His article outlines how technology is changing the face of the healthcare industry by way of data digitalization, mobile applications, and self-service customer platforms. He argues that healthcare companies should pay attention to the importance of technology driven marketing not only for the benefits of aiding their clients/patients but also so they can ride the tide of the social media and data cloud technology. Conventional marketing techniques are becoming outdated and, according to a source of the article, chief marketing officers will be budgeting more for technology than Chief Information Officers by the year 2017. According to Mr. Foster’s article, healthcare companies must take full advantage of their technology by reaching the following five goals. First, professionals need to get technical with their understanding so as to ensure a full understanding of the possibilities of the benefits of technology rather than only relying on their technology department to serve in this capacity. Secondly, executives need to embrace collaboration. Chief marketing officers and chief information officers are working more and more together in a daily operational setting with...
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...In Functional Areas Of Business 1 Managers Role In Functional Areas of Business MGT/521 January 12,2015 University of Phoenix Managers Role In Functional Areas of Business 2 According to University of Phoenix MBA overview, businesses have eleven areas within the company that play a major role with its overall success. (University of Phoenix). Without these functional areas working symbiotically, the business would most likely not be able to operate at its fullest potential, and it would ultimately not succeed. Each functional area is important and offers a very specific objective to ensure the organization’s success but what is more important than these functional areas of business is the manager, the person behind the scenes making sure that all of these areas of a business and the employees are operating to the best of their ability in order to make the businesses a success. “Managers perform certain activities or functions as they efficiently and effectively coordinate the work of others (Robbins & Coulter).” In this paper I will discuss three of the functional areas of business management, human resources and marketing and what role a manager plays in that functional area of business. Management is a company’s...
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...Pashmina refers to a type of fine cashmere wool and the textiles made from it and was first invented in India. The name comes from Pashmineh , made from Indian pashm wool. The wool comes from changthangi or Pashmina sheep, which is a special breed of sheep indigenous to high altitudes of the Himalayas in Nepal, Pakistan and Northern India. Pashmina shawls are hand spun, woven and embroidered in Nepal and Kashmir, and made from fine cashmere fiber. The fiber is also known as pashm or pashmina for its use in the handmade shawls of Himalayas. The woolen shawls made in Kashmir find written mention in Afghan texts between 3rd century BC and the 11th century AD. However, the founder of the cashmere wool industry is traditionally held to be the 15th century ruler of Kashmir, Zayn-ul-Abidin, who introduced weavers from Central Asia .Cashmere shawls have been manufactured in Nepal and Kashmir for thousands of years. The test for a quality pashmina is warmth and feel. Pashmina and Cashmere are derived from mountain goats. One distinct difference between Pashmina and Cashmere is the fiber diameter. Pashmina fibers are finer and thinner than cashmere fiber, therefore, it is ideal for making light weight apparel like fine scarves. Today, however, the word pashmina has been used too liberally and many scarves made from natural or synthetic fiber are sold as Pashmina creating confusion in the market. Some people believe Pashmina from Nepal are the best in quality because of the conditions to...
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...Case Study 1 Paolo De Cesare will need to consider various factors before making a decision to take the proposal to the beauty care global business unit to expand. One significant factor that needs to be considered is the fact that the consumers in the market outside Japan have totally different cultures than those consumers in Japan. In order for SK-II to be successful in the international market, P&G and De Cesare must first analyze the current situation in those markets to be able to identify the strategic opportunities and threats. In order to make the best possible decision regarding product expansion to Mainland China and Europe, it is important to analyze those international markets based on the SWOT analysis. One of the biggest opportunities in China is that consumers there have similar skin types than consumers in Japan. One of the biggest threats is that most Chinese residence has relatively low average incomes, which could affect their purchasing behaviors especially towards high priced products like SK-II, which cost about $100 a bottle. Europe’s market is quite different from China’s. European women have skin types unlike that of Chinese and Japanese women. The biggest threats are the difference in skin types among European women, the cultural gap between Europe and Asia, and the overcrowded skincare and beauty market in Europe. Thus, the big challenge for P&G would be to successfully introduce a new brand into an already crowded market. One of the biggest...
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...ingredients of start-up right. People who are lending money look at the person first and foremost, so motivation is the most critical. You need to convince your bank manger you can make your business work because you’ve researched your market, you’ve costed out the business and you know where you want the business to be in 5 or 10 years time. A means of showing your commitment to the business would be to save and invest money. Abilities & skill: The second element is one of ability and skills. The individual has to have skills appropriate to the kind of business they’re proposing to run. And if they don’t have them, they should have a reliable person who can. It could be that one person knows how to run a business from an operational and management perspective, whereas another person has the technical skills to develop the product or service. Resources: The third element is resources. That’s not purely about money and equipment; it’s also about intellectual capability. (The ability to persuade others is important. Many entrepreneurs have been able to negotiate very favourable deals against the odds, when establishing their business). Strategy & vision: The fourth element is strategy and vision in terms of thinking four or five years ahead and having some idea of where that business might be in the future and putting in place a plan to achieve that goal. Planning & organisation: The fifth element is planning and organisation. Without planning, organisation, coordination...
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...Financial Accounting Course Code: ACT 101 Ques: What is ethics? Why it is important for business? What is your opinion about the ethics in business? Ans: Ethics & Ethics in Business One's action affects other people or organizations. The standards of conduct by which one's action are judged as right or wrong, honest or dishonest, fair or not fair, are ethics. Every one has his or her own ethics. It is a part of our life. Ethics are principals of behavior that distinguish between right or wrong. Ethical conduct conforms to what a group or society as a whole considers right behavior. People working in business frequently face ethical questions. Business ethics is the evaluation of business activities and behavior as right or wrong. Ethical standards in business are based on commonly accepted principals of behavior established by the exception of society, the firm, the industry and an individual's personal values. Importance of Ethics in Business In business, ethics are more important. Now-a-days most business leaders realize their firms cannot succeed without the trust of customers and the goodwill of the society. So, most of the people related with business are ethical. They are very responsible and honest. Here some points based on the importance of ethics in business are given below… Internal communication To run an organization the owner or the manager need to communicate with others, for example: co-workers, colleagues, investors, other organizations etc. If they...
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...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 (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...
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...interview with Harvard Business Review what best explains the company’sspectacular success over the years, Dell founder Michael Dell and CEO Kevin Rollins focused on something else.“While Dell does have a superior business model,” said Rollins, “the key to our success is years and years of DNA development that is not replicable outside the company.” Added Michael Dell, “Culture plays a huge role.” They’re hardly alone in their belief that culture is at the heart of competitive advantage, particularly when it comes to sustaining high performance. Bain & Company research found that nearly 70% of business leaders agree: Culture provides the greatest source of competitive advantage. In fact, more than 80% believe an organization that lacks a high-performance culture is doomed to mediocrity. At a time when enterprises can stretch around the globe, culture is the glue that holds a complex organization together. It inspires loyalty in employees and makes them want to be a part of a team. It motivates people to do the right thing, not just the easy thing. At companies with winning cultures, people not only know what they should do, they know why they should do it. Yet, while business leaders recognize culture’s crucial role, research also indicates that fewer than 10% of companies succeed in building a winning culture. The best companies succeed, we found, on two dimensions simultaneously. First, every winning culture has a unique personality and soul that cannot be invented or imposed...
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...become clear that culture cannot be simply defined. Critique of the prior definitions of culture lead us to conclude that culture should be understood as being derivative of the individual’s experience. Culture is no longer a singular concept, but rather contains multiple influences and is experienced differently by different individuals of the same group. Previous definitions of culture included some very limiting Most would agree that entrepreneurs are people who take risks, invest capital, or think up new concepts for products. These different aspects may not all take place in the same situation. An entrepreneur does not necessarily have to do all of these things to be considered an entrepreneur. He or she may invest in an existing business and not change anything about it but still be called an entrepreneur due to the risk taken in running the business. People think of good ideas all the time, but an entrepreneur is someone who can successfully implement one. The entrepreneur has been identified as someone with unique characteristics that allow them to succeed at what they do. For example, they are described as having confidence, self-determination, creativity and the ability to “see the big picture” among other such qualities (Lambing & Kuehl 2007). I think Kevin Avruch cite more anecdotal evidence than necessary. I find it hard to accept such arguments that the entrepreneur necessarily has certain personal qualities that make them succeed. It does not seem that there...
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