Free Essay

The Business of the 21st Century

In: Business and Management

Submitted By jcrl14
Words 4615
Pages 19
THE

OF THE
ST
CENTURY

21
THE

OF
THE

21 CENTURY
ST

Other Best-Selling Books in the Rich Dad Series
Rich Dad Poor Dad
What the Rich Teach Their Kids About Money That the Poor and Middle Classes Do Not

Rich Dad’s CASHFLOW Quadrant
Rich Dad’s Guide to Financial Freedom

Rich Dad’s Guide to Investing
What the Rich Invest in That the Poor and Middle Classes Do Not

Rich Dad’s Rich Kid Smart Kid
Give Your Child a Financial Head-Start

Rich Dad’s Retire Young Retire Rich
How to Get Rich Quickly and Stay Rich Forever

Rich Dad’s Prophecy
Why the Biggest Stock Market Crash in History Is Still Coming… and How You Can Prepare Yourself and Profit from It!

Rich Dad’s Success Stories
Real-Life Success Stories from Real-Life People Who Followed the Rich Dad Lesson

The Business School for People Who Like Helping People

The Eight Hidden Values of a Network Marketing Business

Rich Dad’s Guide to Becoming Rich Without Cutting Up Your Credit Cards
Turn “Bad Credit” into “Good Credit”

Rich Dad Poor Dad for Teens
The Secrets About Money—That You Don’t Learn in School!

Rich Dad’s Before You Quit Your Job
10 Real-Life Lessons Every Entrepreneur Should Know About
Building a Multimillion-Dollar Business

Why We Want You to Be Rich by Robert Kiyosaki and Donald Trump
Provide Insight on How to Improve Your Financial Future

Rich Dad’s Increase Your Financial IQ
How to Get Smarter with Your Money

Rich Woman: A Book on Investing for Women
How to Take Charge of Your Money and Your Life

Conspiracy of the Rich: The 8 New Rules of Money
Learn How the Worst of Times Is Actually an Opportunity in the Making!

THE

OF THE
ST
CENTURY

21

Robert T. Kiyosaki

THE

21 CENTURY

With John Fleming and Kim Kiyosaki

OF
THE
An imprint of

ST

If you purchase this book without a cover, you should be aware that this book may have been stolen property and reported as “unsold and destroyed” to the publisher. In such case, neither the author nor the publisher has received any payment for this “stripped book.”
This publication is designed to provide general information regarding the subject matter covered.
However, laws and practices often vary from state to state and are subject to change. Because each factual situation is different, specific advice should be tailored to the particular circumstances. For this reason, the reader is advised to consult with his or her own advisor regarding that individual’s specific situation.
The author has taken reasonable precautions in the preparation of this book and believes the facts presented in the book are accurate as of the date it was written. However, neither the author nor the publisher assume any responsibility for any errors or omissions. The author and publisher specifically disclaim any liability resulting from the use or application of the information contained in this book, and the information is not intended to serve as legal, financial, or other professional advice related to individual situations.
Copyright © 2010 by Robert T. Kiyosaki
All rights reserved.
Published by DreamBuilders, an imprint of VideoPlus, L.P., in association with CASHFLOW
Technologies, Inc.
CASHFLOW Technologies, Inc.
4330 N. Civic Center Plaza, Suite 100
Scottsdale, Arizona 85251
U.S.A.
800.308.3585 www.richdad.com CASHFLOW, Rich Dad, Rich Dad’s Advisors, Rich Dad’s Seminars, ESBI and B-I Triangle are registered trademarks of CASHFLOW Technologies, Inc.

200 Swisher Road
Lake Dallas, Texas 75065
U.S.A.
800.752.2030
Tel: 940.497.9700 www.DreamBuilders.com www.VideoPlus.com
VideoPlus is a registered trademark of VideoPlus, L.P.
Printed in the United States of America
Designed by DreamBuilders, an imprint of VideoPlus, L.P.

Dedication
I dedicate this book, The Business of the 21st Century, to the millions of you who are at a crossroads in life—who are affected by the current economic crisis and feeling helpless as to what you can do to secure your financial future. I want you to know that these are, despite what they may seem, the best times to take control of your future. I have spent my life educating people on how to attain financial freedom, and
I know that this book, like the others in my Rich Dad series, will provide you with insight needed to create—and sustain—wealth for years to come. Once you learn the truth of how money works and the business opportunities available to you in the
21st century, you will be able to begin building the life you desire.

Contents
Acknowledgments ...................................................................................................x
Introduction...........................................................................................................xi
Part One: Take Control of Your Future
1. The Rules Have Changed ................................................................................ 3
2. The Silver Lining ............................................................................................. 9
3. Where Do You Live? ..................................................................................... 15
4. Your Core Financial Values ........................................................................... 19
5. The Mindset of an Entrepreneur ................................................................... 23
6. It’s Time to Take Control! ............................................................................ 27
Part Two: One Business—Eight Wealth-Building Assets
7. My Years in the Business ............................................................................... 33
8. It’s Not About Income: It’s About Assets That Generate Income .................. 39
9. Asset #1: A Real-World Business Education .................................................. 43
10. Asset #2: A Profitable Path of Personal Development .................................... 49
11. Asset #3: A Circle of Friends Who Share Your Dreams and Values ............... 55
12. Asset #4: The Power of Your Own Network ................................................. 59
13. Asset #5: A Duplicable, Fully Scalable Business ............................................. 65
14. Asset #6: Incomparable Leadership Skills ....................................................... 71
15. Asset #7: A Mechanism for Genuine Wealth Creation .................................. 77
16. Asset #8: Big Dreams and the Capacity to Live Them ................................... 83
17. A Business Where Women Excel ................................................................... 87
Part Three: Your Future Starts Now
18. Choose Wisely ............................................................................................... 97
19. What It Takes .............................................................................................. 103
20. Living the Life.............................................................................................. 111
21. The Business of the 21st Century ................................................................ 115
About the Authors ............................................................................................. 119
Rich Dad’s Resources ......................................................................................... 122

ix

Acknowledgments
I would like to thank my wife, Kim, for her continued love and support, as well as my Rich Dad family who has helped me get the message of financial education out to millions of people around the globe.
I would also like to thank John Fleming for his invaluable insight on network marketing, and Stuart Johnson, Reed Bilbray, and the staff at VideoPlus for their assistance in putting this book together.
Lastly, I would like to thank John David Mann and J.M. Emmert for bringing their crafts and passions to this project.

x

Introduction
The economy is in tatters; your job is in trouble—if you still have a job. And you know what? I’ve been saying it for years.
It took a global financial meltdown for most to hear it. But this book isn’t about how or why everything has gone to hell in a handbasket. It’s about why this bad news turns out to be very good news—if you know what to do about it.
I learned about business from two people: my father, who was a very welleducated, highly placed government employee, and my best friend’s father, who was an eighth-grade dropout and self-made millionaire. My real father suffered financial problems his entire life and died with little to show for all the long years of hard work; my best friend’s dad became one of the richest men in Hawaii.
I thought of these two men as my “poor dad” and my “rich dad.” I loved and admired my real dad very much, and vowed that I would help as many people as possible avoid suffering the kinds of indignities and failures that plagued his path.
After I left home, I had all kinds of experiences. I served in the Marines as a helicopter pilot in Vietnam. I went to work for Xerox, starting out as their worst salesperson and leaving four years later as their best. After leaving Xerox,
I developed several multimillion-dollar international businesses and was able to retire at the age of 47 to pursue my passion—to teach others how to build wealth and live the lives they dream of living, instead of settling for mediocrity and sullen resignation.
In 1997, I wrote about my experiences in a little book. I must have touched a chord with at least a few readers: Rich Dad Poor Dad shot to the top of the New
York Times best-seller list and stayed there for more than four years, and has been described as “the best-selling business book of all time.”
Since then, I’ve put out a whole series of Rich Dad books, and although each one has a slightly different focus, they all deliver the exact same message as that first book, and it’s the message at the heart of this book you now hold in your hands:
Take responsibility for your finances—or get used to taking orders for the rest of your life. You’re either a master of money or a slave to it. Your choice. xi Introduction

I was incredibly fortunate in my life to have experiences and mentors that showed me how to build genuine wealth. As a result, I was able to retire completely from any need to work ever again. Up until that time, I was working to build my family’s future. Since then, I’ve been working to help build yours.
For the past ten years, I have devoted my life to finding the most effective and practical ways to help people transform their lives in the 21st century by learning how to build genuine wealth. Through our Rich Dad books, my partners and I have written about many different types and forms of enterprise and investment. But during these years of intensive research, I have come across one business model in particular that I believe holds the greatest promise for the largest number of people to get control of their financial lives, their futures, and their destinies.
One more thing. When I say genuine wealth, I’m not talking about money alone.
Money is part of it, but it’s not the whole. Building genuine wealth is as much about the builder as it is about the built.
In this book, I’m going to show you why you need to build your own business, and exactly what kind of business. But this isn’t just about changing the type of business you’re working with; it’s also about changing you. I can show you how to find what you need to grow the perfect business for you, but for your business to grow, you will have to grow as well.
Welcome to the business of the 21st century.

xii

Part ONE

Take Control of Your Future
Why you need to have a business of your own

Chapter 1

The Rules Have Changed
We live in troubled times. The last few years have brought us a steady parade of fear and panic in the headlines, boardrooms, and kitchen tables across America. Globalization, outsourcing, downsizing, foreclosures, subprime mortgages and credit default swaps, ponzi schemes, Wall Street fiascoes, recession … it’s just one piece of bad news after another.
During the first few months of 2009, U.S. company layoffs reached about a quartermillion per month. As I write this in late 2009, unemployment is at 10.2 percent and still rising, and underemployment (where your job stays in place but your hours and pay are drastically cut back) is even worse. The rampant decline in gainful employment is a ravaging epidemic to which few are immune. From executives and middle managers to administration employees and blue-collar workers, from bankers to retail clerks, all are at risk. Even the healthcare industry, until recently considered a job-safe zone, is trimming away significant chunks of its workforce.

In a 2009 USA Today survey, 60 percent of Americans polled said they see today’s economic situation as the biggest crisis in their lifetime.
In the fall of 2008, a lot of people’s retirement portfolios suddenly lost half their value—or more. Real estate crashed. What people thought were their solid, reliable assets turned out to be about as solid as water vapor. Job security is gone, a thing of the past. In a 2009 USA Today survey, 60 percent of Americans polled said they see today’s economic situation as the biggest crisis in their lifetime.
Of course, you already know all this. But here’s what you may not know: None of this is really news. Sure, it took a major economic crisis for people to start waking up to the fact that their livelihoods were at risk. But your income didn’t become at risk overnight—it was always at risk.
Most of the U.S. population has been living for years on the knife-edge precipice between solvency and ruin, relying on the next paycheck or two to meet each
3

C hapter 1: The Rules Have Changed

month’s expenses, typically with only a very thin cushion of cash savings—or more often, no cushion at all. That paycheck is called “trading your time for money,” and during a recession, it is the least reliable source of income there is. Why? Because when the number of employed people starts dropping, there is less disposable income in circulation to pay for your time.

I Told You So

Not to be an I-told-you-so, but … I told you so.
I’ve been saying this for years: There is no longer such a thing as a safe and secure job. Corporate America is a 20th-century dinosaur, trembling on the edge of extinction, and the only way for you to have a genuinely secure future is for you to take control of that future.
Here’s what I wrote in 2001, in a book titled The Business School for People Who
Like Helping People:
In my opinion, the United States and many Western nations have a financial disaster coming, caused by our educational system’s failure to adequately provide a realistic financial education program for students.
That same year, in an interview for Nightingale-Conant, I said:
If you think mutual funds are going to be there for you, if you want to bet your life on the ups and downs of the stock market, that’s your retirement you’re betting on. What happens if the stock market goes up and then comes crashing down again when you’re 85 years old? You have no control. I’m not saying mutual funds are bad.
I’m just saying they’re not safe and they’re not smart, and I wouldn’t bet my financial future on them.
Never before in the history of the world have so many people bet their retirement on the stock market. That is insane. Do you think Social Security is going to be there to take care of you? Then you also believe in the Easter Bunny.
And in an interview I did in March 2005, I said this:
The No. 1 strength of a paper asset is its liquidity—and that is also its No. 1 weakness. We all know there’s going to be another market crash and we’re going to be wiped out again. Why would you do that?
So what just happened? There was another market crash and many people got wiped out again. Why? Because our habits and mindset caught up with us.
In 1971, the American economy went off the gold standard. This happened without the approval of Congress, by the way, but the important thing is that it happened. Why is that significant? Because it cleared the way for us to start printing

4

The Business of the 21st Century

more and more money, as much as we liked, without it being tied to any actual, hard, real value.
This shift away from reality opened the gates for the biggest economic boom in history. Over the next three and a half decades, the American middle class exploded.
As the dollar devalued and the on-the-books value of real estate and other assets inflated, ordinary people became millionaires. Suddenly credit was available to anyone, anytime, anywhere, and credit cards began popping up like mushrooms after a spring rain. To pay off those credit cards, Americans started using their homes as
ATMs, refinancing and borrowing, borrowing and refinancing.
After all, real estate always keeps going up in value, right?
Wrong. By 2007 we had pumped as much hot air into this financial balloon as it could take—and the fantasy came crashing down to earth again. And it wasn’t just
Lehman Brothers and Bear Stearns that collapsed. Millions lost their 401(k)s, their pensions, and their jobs.

The number of people living officially below the poverty line is rising rapidly. The number of people who are working beyond the age of 65 is increasing.
In the 1950s, when General Motors was the most powerful corporation in
America, the press picked up a statement by GM’s president and turned it into a slogan that carried for decades: “As GM goes, so goes the nation.” Well, folks, that may not be all good news, because where GM went in 2009 was into bankruptcy, and by that same summer, the state of California was paying its bills with IOUs instead of cash.
Right now, the percentage of Americans who own their homes is dropping.
Mortgage foreclosures are at an all-time high. The number of middle-class families is dropping. Savings accounts are smaller, if they exist at all, and family debt is greater.
The number of people living officially below the poverty line is rising rapidly. The number of people who are working beyond the age of 65 is increasing. The number of new bankruptcies is going through the roof. And many Americans do not have enough to retire—not even close.
Has all this bad news got your attention? Sure it has, and you’re not alone.
Americans everywhere have finally stopped rolling over and hitting the Snooze button.
Great! Now you’re awake to what’s going on, and it isn’t pretty. So let’s take a deeper look and see what it really means—and what there is you can do about it.

It’s a New Century

When I was a kid, my parents taught me the same formula for success that you probably learned: Go to school, study hard, and get good grades so you can get a secure, high-paying job with benefits—and your job will take care of you.
5

C hapter 1: The Rules Have Changed

But that’s Industrial-Age thinking, and we’re not in the Industrial Age anymore. Your job is not going to take care of you. The government will not take care of you. Nobody’s going to take care of you. It’s a new century, and the rules have changed.
My parents believed in job security, company pensions, Social Security, and
Medicare. These are all worn-out, obsolete ideas left over from an age gone by.
Today job security is a joke, and the very idea of lifetime employment with a single company—an ideal so proudly championed by IBM in its heyday—is as anachronistic as a manual typewriter.
Many thought their 401(k) retirement plans were safe. Hey, they were backed by blue-chip stocks and mutual funds, what could go wrong? As it turned out, everything could go wrong. The reason these once-sacred cows no longer give any milk is that they are all obsolete: pensions, job security, retirement security—it’s all IndustrialAge thinking. We’re in the Information Age now, and we need to use InformationAge thinking.
Fortunately, people are starting to listen and learn. It’s a shame that it takes suffering and hardship to bring the lesson home, but at least the lessons are hitting home. Every time we experience a major crisis—the dot-com bust, the economic aftermath of 9/11, the financial panic of ’08, and recession of ’09—more people realize that the old safety nets just won’t hold up anymore.
The corporate myth is over. If you’ve spent years climbing the corporate ladder, have you ever stopped to notice the view? What view, you ask? The rear end of the person in front of you. That’s what you get to look forward to. If that’s the way you want to view the rest of your life, then this book probably isn’t for you. But if you are sick and tired of looking at someone else’s behind, then read on.

Don’t Be Fooled Again

As I write this, unemployment is still on the rise. By the time you read these words, who knows? The situation may have changed. Don’t be fooled. When employment and real estate values turn around and credit loosens up again, as they inevitably will, don’t be lulled into that same-old sense of false security that got you and the rest of the world into this mess in the first place.
In the summer of 2008, gas prices were soaring over $4 a gallon. SUV sales sank like a stone, and suddenly everyone was on the small-car-and-hybrid bandwagon. But look what happened next. By 2009, gas prices had fallen back down below $2—and so help me, people started buying SUVs again!
What?! Do we really think fuel prices are going to stay nice and low? That gas prices are down for good now, and therefore gas-guzzlers make perfect sense to buy?
Can we really be that shortsighted? (I’m trying to be nice here. The word I was going to use was “stupid.”)
Unfortunately, the answer is yes. We aren’t just fooled once; we let ourselves be fooled over and over again. We all grew up hearing the fable of the ant and the

6

The Business of the 21st Century

grasshopper, but the overwhelming majority of us keep living with the foresight of a grasshopper anyway.
Don’t be distracted by the headlines. There is always some idiotic buzz going on that tries to pull your attention away from the serious business of building your life. It’s just noise. Whether it’s terrorism, recession, or the latest election-cycle scandals, it’s got nothing to do with what you need to be doing today to build your future.
During the Great Depression, there were people who made fortunes. And during the greatest boom times, like the real estate surge of the ’80s, there were millions and millions of people who neglected to take charge of their future—who ignored everything I’m going to share with you in this book—and ended up struggling or broke. Most of them, in fact, are still struggling or broke today.
The economy is not the issue. The issue is you.
Are you angry at the corruption in the corporate world? At Wall Street and the big banks that let this happen? At the government for not doing enough, or for doing too much, or for doing too much of the wrong things and not enough of the right things? Are you angry at yourself for not taking control sooner?
Life is tough. The question is, what are you going to do about it? Moaning and groaning won’t secure your future. Neither will blaming Wall Street, the big bankers, corporate America, or the government.
If you want a solid future, you need to create it. You can take charge of your future only when you take control of your income source. You need your own business.

7

ROBERT T. KIYOSAKI

Investor, Entrepreneur, Financial Education Advocate, and
Best-Selling Author
Robert Kiyosaki is the author of Rich Dad Poor Dad— the No. 1 personal finance book of all time—a book that challenged and changed the way tens of millions of people think about money. Rich Dad Poor Dad ranks as the longestrunning best-seller on all four of the lists that report to
Publisher’s Weekly—The New York Times, Business Week, The Wall Street Journal, and
USA Today—and was named “USA Today’s No. 1 Money Book” two years in a row. It is the third-longest-running “how-to” best-seller of all time.
With perspectives on money and investing that often contradict conventional wisdom, Robert has earned a reputation for straight talk, irreverence, and courage. His point of view that the “old” advice—get a good job, save money, get out of debt, invest for the long term in a diversified portfolio of stocks, bonds, and mutual funds—is “bad”
(both obsolete and flawed) advice, challenges the status quo. His assertion that “your house is not an asset” stirred controversy, but has been proven to be accurate for many homeowners. Other Rich Dad titles hold four of the top ten spots on Nielsen Bookscan List’s life-to-date sales from 2001–2008. Translated into fifty-one languages and available in
109 countries, the Rich Dad series has sold over 28 million copies worldwide and has dominated best-seller lists across Asia, Australia, South America, Mexico, and Europe.
In 2005, Robert was inducted into the Amazon.com Hall of Fame as one of that bookseller’s top twenty-five authors. There are currently twenty-seven books in the Rich
Dad series. Among the notable titles is Why We Want You to Be Rich: Two Men—One
Message, a book written with Robert’s good friend Donald Trump in 2006 that debuted at No. 1 on the New York Times best-seller list. Already, the two friends and business giants are at work on a second book to be published in 2010.
Robert’s latest books include The Real Book of Real Estate, a compilation of reallife lessons and advice from veteran real estate investors and advisors to Robert, and
Conspiracy of the Rich: The 8 New Rules of Money, an innovative and groundbreaking free interactive online book that has garnered an unbelievable amount of unique visits and climbed as high as No. 5 on the New York Times how-to tradepaper best-seller list.
Robert has been featured on shows such as Larry King Live and Oprah, and was recently featured in TIME magazine’s “10 Questions” column, a notable Q&A column that has featured such names as director Spike Lee and actor Michael J. Fox, among others. In addition to his books, Robert writes a column—“Why the Rich Are Getting
Richer”—for Yahoo! Finance and a monthly column titled “Rich Returns” for
Entrepreneur magazine.

119

Ideal Prospecting Tools

for Building Your Network Marketing Business!

When Robert Kiyosaki talks, people listen!
New Book and Audio CD from Robert Kiyosaki!

And Robert has plenty to say about why network marketing is the business of the 21st century! This new book and audio will help you show distributors and prospects how network marketing:
• Offers a worldwide network and global reach
• Produces a duplicable, fully scalable business
• Develops strong, effective leaders
• Creates genuine wealth
Share the eight wealth-building assets of network marketing that can build stronger financial futures and happier lives in tough economic times!

The Business of the 21st Century Book

The latest book from Robert on the power of network marketing!

This is the definitive book for helping you get started in a network marketing business! In The Business of the 21st Century, Robert
Kiyosaki shows you that while these may be economic hard times for the majority, for some entrepreneurs, they are times ripe with economic potential. Perfect for recruiting and distributor training.
142-page paperback book.

The Business of the 21st Century Audio
The ideal business-building tool!

Robert Kiyosaki explains how you can take advantage of these economic times to build wealth and create a happier life through network marketing! Multimillionaire investor, business owner, educator, speaker, and the best-selling author of the Rich Dad
Poor Dad series is sold network marketing and wants to share his insights with you. Approximately 27 minutes.

Free chapter, audio and video exceprts available at www.TheBusinessofthe21stCentury.com! Published by

Similar Documents

Premium Essay

Business in the 21st Century

...Businesses in the 21st Century Gia Serrette Dr. Tina Lamb Business 101 January 30,2012 Businesses in the 21st Century Businesses in the 21st Century face many challenges, and these challenges are based on the fact that there is a need for managing change and resources more effectively, in the current global marketplace and because of the fast developments of infrastructures. The below review will attempt to review the role and challenges of a business or non-profit organization and the marketing strategies that would make any venture competitive. The role of a business or non-profit organization can be determined by the services it provides for its stakeholders. (Carroll and Buccholtcz, 2008.) The relationship between the government and businesses has changed significantly since World War II. The government has a regulative role in the life of businesses, while businesses communicate with the public through advertising and public relations. Globalization has created some new ground rules, and these are changing the role of businesses and non-profit organizations alike. (Norén, Göran, 2004) The role of businesses The basic role of a business originally is to develop and supply goods and services for customers. Profit oriented companies do this for a profit, while non-profit organizations choose to work for the benefit of the society. The profit generated by companies is the foundation of the society’s prosperity; therefore, it is a driving force. Governments...

Words: 910 - Pages: 4

Free Essay

The Internet of Things & Business in the 21st Century

...alienation because it can create jobs that require no specialist knowledge. The internet in its current form was developed as a free exchange of information, unregulated by any one government or owned by any one person or company. The free flow of information, has brought about technological advances at an unprecedented rate and has made many rich and brought companies who failed to adapt to a standstill. The internet dissolves all boundaries; already the barriers between countries are non-existent. Any person can use the Internet to search for a company’s details and can commence trading without ever having met. Resisting the tide of technological advances has become almost impossible for any company who wants to remain competitive. Business today is about remaining competitive and technology is the leverage. The impact of the technology revolution means e-commerce will affect the middle man and allow direct trade with consumers. Efficiency brings about lower prices for the consumer, though it is more accurate to argue that efficiency brings about greater...

Words: 722 - Pages: 3

Premium Essay

Challenges of Business Leaders and Hr Managers Meeting the 21st Century Workforce

...Challenges of business leaders and HR managers when managing the 21st century workforce ” A company’s workforce represents one of its most valuable resources: for this reason the way this workforce is managed represents a critical element in enhancing internal effectiveness and improving the organization’s competitiveness” (Rennie 2003)”. Introduction Most HR management systems available in most firms were formed at a time when business and technological practices were completely different. As the world is becoming more economic globalized so is the workforce. The 21st century workforce will consist of multi-generational team and a mix of minorities. With a more diverse and complex workforce, the challenges facing the HR managers also expands. There are several issues faced by contemporary business leaders. First is globalization-which is the present flow of capital, goods, services, ideas, people, and information virtually. Second is talent acquisition and talent management issues- HR Administrations are still struggling with managing their talent efficiently.  Most corporate employment and talent meanings are reactive and hardly are they future focused. Third is fruitful human capital administration-the explanation to handling your multi-generational staff. As we move towards 2020 there will be four generations working side by side, how can we accomplish knowledge transfer and maintain good team work when there exists intergenerational problems due to generational differences...

Words: 1411 - Pages: 6

Premium Essay

Are Idea’s Such as Mutualism and Industrial Democracy of Relevance to the 21st Century Business Management?

...Remalli DATE \@ "d MMMM y" 9 April 2015 “Are idea’s such as mutualism and industrial democracy of relevance to the 21st Century business management?” The world as we know it today is in constant advancement of technology and knowledge. In result, economists have developed a myriad of theories that have shaped and changed the way we manage people, time and resources. Organisation theorists such Russell Ackoff, Warren Bennis & Chris Argyris have been advocating the need for a more ‘free-form, humanistic, and democratic organisation’ (Nodoushani & Nodoushani para. 23), whereas theorists with the names of Henry Ford and Frederick W. Taylor oppose such notions. Some theories stand true and thrive in today’s economy, while others have faded as time has progressed. However, are ideas such as mutualism and industrial democracy of relevance to the twenty first Century business management? Is there still social and economic inequality? Or do citizens have natural rights to liberty, justice and property? Perhaps these ideas may have been diminished with time? This paper argues that the business management has had a major shift in its structure due to the concepts and influences of mutualism and industrial democracy. Although these ideas may not be prevalent in its purest form, there have been major refinements in the structuring of management in twenty first century, including the focus on de-layering and a more co-operative environment. Not all economies and establishments embrace...

Words: 1788 - Pages: 8

Premium Essay

Critically Assess the Various Legal Structures Available to Northern Ireland Business Enterprises in the 21st Century

...structures available to Northern Ireland business enterprises in the 21st Century. There are various options to anyone wishing to establish a business in the Northern Ireland economy in the 21st century. This paper will discuss and assess the three legal structures; sole traders, partnerships and incorporated bodies. Thus, establishing the features, operations, advantages and disadvantages of each. A sole trader is the simplest type of business structure. Tracey defines a sole trader as “a term used to describe an individual who carries on a business or profession without partners”. An alternative term is ‘sole practitioner’. The individual is free to engage in any kind of lawful business activity. Although small, a sole trader is not necessarily any less successful than a larger business. According to the Office of National Statistics, as of 2013, sole proprietors represented 62.6%, of all UK private businesses. Martin McNaughton, from Newry, founded Glen Dimplex in 1973, manufacturing heating pumps. He now ranks at number 736 on the Forbes Rich List, employing 10,000 staff, making a billion sales each year.The main advantage of being a sole trader is having total control over the business. There are no shareholders nor business partners one can be held accountable to. The business person can therefore make any decisions they see fit. In addition to this a sole trader receives, and keeps, 100% of the profits earned by the business and can cease trading at any time. Sole...

Words: 2537 - Pages: 11

Premium Essay

Neion and Conflictotatg

...Issues Facing Organisations of the 21st Century (Source: Hewitt Associates – Best Employers to Work for in Australia 2001) 1. The emergence of employee networks (flexible staffing models) 2. More diverse workforces 3. Growing importance of information to employees 4. Power shift from leaders to workers 5. Empowered employees 6. New ways to connect to work 7. Speed blurs work life and personal life 8. More diversity in employee needs and concerns Best Business Results (Source: Hewitt Associates – Best Employers to Work for in Australia 2001) Talent acquisition & retention (Accelerated development) Economic Conditions Customer Loyalty Best Business Results Employee Motivation (Compelling employment offer) Organisational Culture & Values People Leadership A PAUSE FOR REFLECTION In a recent paper, 21st Century Corporations, Hewitt examined the demographic and technological forces impacting businesses this century. The key trends impacting the employer/employee relationship are interesting to consider as we reflect on the practices and secrets of Best Employers. As you read this report, it is worth bearing in mind the issues facing the organisations of the 21st Century. The Emergence of Employee Networks As technology speeds product life, companies’ workforce needs will change frequently. Companies will need to implement increasingly flexible staffing models and rely on networks of employees, independent contractors, consultants, part-time employees and...

Words: 852 - Pages: 4

Premium Essay

Important Strategies in the 21st Cetury

...(Amar V., 2000 pg 265). ‘Broadly, strategies encompass the set of approaches that the company will use to achieve its objectives’ (Jobber and Lancaster, 2006 pg 49) A well defined strategy should therefore integrate decisions about; scope of the business, objectives, resource allocation, developing sustainable differential advantage and synergy. The importance of strategy in the achievement of business goals cannot therefore be over emphasized judging from the above features. Split into corporate and competitive strategies, the former determines the scale and scope of the business while the later determines the sustainability of the company in the ever dynamic and competitive business environment. Whether inward out (resource based) or outward in (market based), competitive strategy is cardinal to the continued existence if the firm. Since successful strategies are those which adapt firms to the opportunities and threats in their markets/environments and which develop their internal capabilities, it means that in order to remain relevant, firms must adopt strategies suitable and consistent with the market changes, its development and the environment at large, either responsively or proactively. The business environment has by no means been stable, with each era presenting its own set of problems and need for adaptability. Strategic approaches and fits in the 1800s, 1900s,...

Words: 1929 - Pages: 8

Premium Essay

Business and Management

...Scientific Management and Human Relations Approaches in the 21st century Authored by: Nguyen Thi Kim Anh Submited to: Mr. Tran Quoc Trung Foreign Trade University Submission date: May 22, 2015 The development of management in the 21st century is seen as the result of a process of change from the past. Managemant specific to the driver and guide all parts of an organization, usually economic organizations, through the establishment and change of resources (human, financial, material, intellectual real and intangible value). Surely, the managers always hoped that they could find the appropriate management approach and effective to increase work efficiency, labor productivity, as well as enable them to easily manage job and humans. The birth of the company from the years of 1780s to mid 1800s has created a significant influences on management, making it became a necessary element for the survival of a company. However, until the start of the 20th century, the knowledge of management was unified, development and transmission. Early 20th century, writers management called Mary Parker Follett defines management as "the art of getting the work done by others.". Since then, there have been many management methods and the human approach were launched, which included: Scientific Management and Human Relations Approaches. The founding father of Scientific Management is Frederick W. Taylor ( 1856 – 1915). He came from a mechanic in the US, who has made the positions as foreman, chief...

Words: 3084 - Pages: 13

Premium Essay

Broadway Cafe

...THE BROADWAY CAFE BRINGING IT TO THE 21ST CENTURY 1 THE BROADWAY CAFE BRINGING IT TO THE 21ST CENTURY 2 Abstract I just recently inherited my grandfather's coffee shop called the Broadway Café. In this paper we are going to examine how to bring it up to the 21st century. To get a better understanding of how to bring the coffee shop into the 21st-century; we are going to talk about the history of coffee and how it got started, and what life must have been like in the 1950’s. We are also going to talk about running today's coffee shops with today's technology. Wi-Fi allows us to access the Internet, check our bank accounts, and read electronic books & magazines. Another piece of technology we're going to talk about is a Point of Sale or POS unit, which is an electronic cash register. THE BROADWAY CAFE BRINGING IT TO THE 21ST CENTURY 3 History Coffee supposedly started in Constantinople, Turkey. According to the International Coffee Organization: “The global spread of coffee growing and drinking began in the Horn of Africa, where, according to legend, coffee trees originated in the Ethiopian province of Kaffa. It is recorded that the fruit of the plant, known as coffee cherries, was eaten by slaves taken from present day Sudan into Yemen and Arabia through the great port of its day, Mocha. Coffee was certainly being cultivated in Yemen by the 15th century and probably much earlier. In an attempt to prevent its cultivation elsewhere, the Arabs imposed...

Words: 2566 - Pages: 11

Premium Essay

Effects of Workingstudent

...Framework for 21st Century Learning The Partnership for 21st Century Skills has developed a vision for student success in the new global economy. 21st Century Student Outcomes and Support Systems 21ST CENTURY STUDENT OUTCOMES To help practitioners integrate skills into the teaching of core academic subjects, the Partnership has developed a unified, collective vision for learning known as the Framework for 21st Century Learning. This Framework describes the skills, knowledge and expertise students must master to succeed in work and life; it is a blend of content knowledge, specific skills, expertise and literacies. Every 21st century skills implementation requires the development of core academic subject knowledge and understanding among all students. Those who can think critically and communicate effectively must build on a base of core academic subject knowledge. Within the context of core knowledge instruction, students must also learn the essential skills for success in today’s world, such as critical thinking, problem solving, communication and collaboration. When a school or district builds on this foundation, combining the entire Framework with the necessary support systems—standards, assessments, curriculum and instruction, professional development and learning environments—students are more engaged in the learning process and graduate better prepared to thrive in today’s global economy. Publication date: 12/09 177 N. Church Avenue, Suite 305 Tucson, AZ 85701 ...

Words: 686 - Pages: 3

Free Essay

What Are the Skills and Competencies Needed for the 21st Century Entrepreneur?''

...recent studies indicate that newly hired college graduates do not excel in these higher-level knowledge and information based skills at the level that employers desire. Entrepreneurs have also indicated that the shortage of highly skilled workers inhibits the growth and development of new entrepreneurial firms. In response to this there have been multiple calls for educators at all levels to recognize the challenges and opportunities in today’s economy and to ensure that students develop the “21st century” knowledge, skills, and abilities (KSAs) they need. A closer look at these 21st century KSAs alongside research and data on entrepreneurial competencies reveals a meaningful overlap between the two. This overlap can be developed into a useful heuristic to determine appropriate outcomes for assessment of undergraduate entrepreneurship programs. Sample outcomes and program assessment processes are illustrated and discussed. INTRODUCTION As the “new” economy of the 21st century continues to develop around knowledge, service, and information based activities, a company’s ability to create and commercialize knowledge has become tantamount to its ability to generate sustainable returns (Apte, Karmarkar, & Nath, 2008; Audretsch & Thurik, 2000; Black & Lynch, 2003; Ewing Marion Kauffman Foundation, 2007). This emphasis on knowledge, service, and information creates space for more new firms to emerge, but also pressures existing companies to hire employees with higher level...

Words: 1360 - Pages: 6

Premium Essay

Importance of Business Communnication

...Why Is Effective Business Communication Important to Employers? by Lisa Nielsen, Demand Media Effective communication is important to employers as they build a 21st century work force. Effective communication is important to employers as they build a 21st century work force. Related Articles Why Employers Want Good Business Communication Keys to Effective Business Communication Effective Business Communication Methods Why Effective Communication Is Important for Businesses 7 C's of Effective Business Communication How to View a Blocked or Deleted Profile on Facebook Business in the 21st century is more complex than ever, especially in companies that conduct operations at several locations, or even worldwide. In this environment, communication skills have become paramount and employers are increasingly looking for those who can communicate well so they can function in complex business environments. Ads by Google Free Employee Handbook 100% Free! Print, Save, Download. Employee Handbook w/ e-Sign.employeehandbook.rocketlawyer.com Communication Skills Defined Communication skills are the ability to absorb and transmit ideas orally and in writing. A subset of communication skills is interpersonal skills or the ability to relate well with peers, management, company stakeholders, clients and suppliers. Employees who know how to inspire others and help mediate conflict are in high demand. A company's most valuable employees are those who are great communicators...

Words: 362 - Pages: 2

Premium Essay

Business Report

...Name: Trương Quỳnh Trang Class: K52_BFA Student ID: 1301BF5901 17/5/2015 Are scientific management and human relations approaches still applicable to organization of the 21st century? Scientific management and human relations approaches had been a well-known and well-used in business management in the 1900s. It is, however, still a question whether or not those methods are applicable to organization of the 21st century. Some opinions stated that these practices are still appropriate for organizations nowadays due to the benefits and effectiveness they brought to the organization, while other people based on the grounds of different features between recent organizations and organizations of decades ago to disregard the effectiveness of any of management theories from the 20th century. Therefore, the main focus of this essay will be demonstrating the illustration of some principles of scientific management and human relations approaches, comparison between them and writer’s personal view of their capabilities to determine whether or not they are still suitable for the modern organization. Even nowadays, it is no difficult to find examples of Scientific Management, for instance the car and computer manufacturing plants, work environment and anywhere that required a strict and accurate function to serve men. In fact, these methods of working seem so commonplace and so logical to a citizen of the modern world that it is almost impossible to accept that they...

Words: 3026 - Pages: 13

Free Essay

Farmers Insurance Acquisition of 21st Century Insurance Finalized

...Insurance Acquisition of 21st Century Insurance Finalized SECTION: EXPANDED REPORTING; Pg. 15 LENGTH: 725 words The Farmers Insurance Group of Companies(R) announced that it has completed the acquisition of 100 percent of AIG's U.S. Personal Auto Group, which includes 21st Century Insurance. In addition to 21st Century Insurance, the acquisition includes the former AIG Direct business and Agency Auto business. The purchase price amounts to approximately $1.9 billion. Under the agreement, AIG's U.S. personal auto insurance business is being sold to Farmers Group, Inc., a Los Angeles-based subsidiary of Zurich Financial Services Group. Farmers Group, Inc. will sell the underlying insurance entities to the Farmers Exchanges, which Farmers Group, Inc. manages but does not own, for approximately $1.4 billion. This acquisition by the Farmers Exchanges strengthens Farmers' place as the 3rd largest personal lines insurer in the US. And, the acquisition positions the Farmers Exchanges as the largest auto insurer in several states, including California. The acquisition is the largest in the 81-year history of Farmers. The acquired companies operate in 49 states and Washington, D.C.; have more that 2.4 million customers; and insure more than 4 million vehicles in the US. Further, 21st Century Insurance is the nation's 3rd largest traditional "direct" writer of insurance. Without including 21st Century customers, Farmers already provides auto, home, business, specialty, life insurance...

Words: 2298 - Pages: 10

Free Essay

Organizational Behavior at Whole Foods

...Organizational Behavior at Whole Foods Introduction This paper will discuss the organizational behavior concepts that relate to Whole Foods. These concepts include Theory X and Theory Y, human and social capital, the profile of the 21st century manger, Carroll’s Global Corporate Social Responsibility Pyramid and the seven moral principles. Whole Foods Market is a supermarket chain that functions through several completely maintained divisions. The supermarkets are located in the US, Canada and the UK. It is headquartered in Austin, Texas and employed about 72,700 people as of September 30, 2012, of whom 16,400 were part-time employees and 3,200 were seasonal employees (“Company Profile”, 2013). McGregor’s Theory Y Role at Whole Foods In 1960, Douglas McGregor wrote The Human Side of Enterprise, which framed two sets of molds about human nature. The first one is Theory X is unenthusiastic and negative. It assumptions people don’t like working and must be forced to do their work, avoid responsibility and have little motivation. As Kopelman and et al. (2012) stated “the manager who holds Theory X beliefs may unwittingly engineer a low level of employee motivation and (ironically) lament to a colleague that you can't get good workers nowadays” (pg. 451). Theory Y is the counterpart. In this Theory, mangers assume employees can be self-motivated, committed, responsible and creative workers. Whole Foods hires people that are well-trained who flourish in their workplace...

Words: 1293 - Pages: 6