...at least keep the business stable. The characteristics of a successful entrepreneur would include the entrepreneur having innovation, commitment and self-motivation. They must be able to have innovative ways to present and improve the business. They also need to have willingness to work hard, have ambitions, have energy and they need to always stay focus on their work. Furthermore, they need to be multi-skilled and have good leadership skills. An entrepreneur would have to make/ provide the product/ service, promote it, sell it and count the money, therefore an entrepreneur need to be multi-skilled. They also would need to lead their employees and set a good image and have a personality that encourages people in the business to follow and be motivated by them. Moreover, they need to have self-confidence and an ability to ‘bounce back’ and also need to take risks. Businesses often fail at first but an entrepreneur needs to have self-confidence that the business would soon be successful. Also, they need to take risks in order to see results. Entrepreneurs also need to be able to identify successful business opportunities. When they are able to do this, then they need to be able to decide the best source of finance and the best location for the business. Furthermore, when they are done, they need to be able to overcome business competitions. If they only depend on luck rather than their personal qualities and skills, I doubt that they would be able to keep the business...
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...Change in Business During the past few weeks, I have watched episodes and lessons of the shows; “Bar Rescue” and “Restaurant Impossible.” These shows air on Spike TV and also on Food Network. Throughout each program, the expert visits a failing business and tries within his power to turn the business around. In doing this, the expert has to reach through strides of work and stressful situations as do the owners of the business. Also in viewing the shows, I have noticed each owner being frustrated as their business is failing and frustrated that the expert knows how to fix and deal with the problems. They undergo many difficult tasks and changes. Both “Bar Rescue” and “Restaurant Impossible” are similar in certain ways. The basic premise of each show is to have the expert go into a failing business who is reaching bankruptcy and save the day. The expert and host of “Bar Rescue” is Jon Taffer. Jon Taffer is a professional bar consultant and a Nightclub Hall of Fame inductee. Overall, he knows the “in’s” and “out’s” of the Bar scene and how to manage his field of business. Being the expert that he is, Taffer is certainly qualified for hosting this show. The other show that is very similar to this one is “Restaurant Impossible.” It has the same basic premise and is designed to not only help bars, but to help struggling business get back on their feet. The host of Restaurant Impossible is Chef Robert Irvine. Robert Irvine is a British-American celebrity chef...
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...Is retrenchment the best strategy for a business that has lost its position as market leader? Retrenchment is the decision made by managers to reduce the size of the business by withdrawing from markets, closing some divisions of the business or making employees redundant. Companies may use retrenchment if there is increased competition in the market, the business is having financial difficulties or economic conditions such as the 2008-2009 recession caused demand for products to fall. These all show a clear need for strategic change. A retrenchment strategy will depend on the type of business and the reasons why it has lost its position as market leader. A reason why retrenchment can be the best strategy for a business that has lost its position as market leader is that the business can withdraw from a certain market that isn’t profitable or withdraw a product that has lost demand and focus on their strengths. A number of businesses generally have a few ‘core’ products that they began their business with and then they expand and create a range of products within a certain market, this is to try and offer a large number of products that will appeal to a wider audience and hopefully improve sales and increase their market share. However, if the demand and sales for some of these products is low, which can be as a result of external factors such as a recession or decline of a market, a retrenchment strategy can help a business to realise that they have a number of products that...
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...of house system in Kmart. I will touch on lean thinking, and how this is the way forward for business today. Recommend a more streamlined approached to the back of house system Table of Contents 1. Introduction – What is Operations & what does it mean 3 2. Replenishment, its not working 4 3. Current issues with Replenishment Team 5 4. Is lean the way to go? 7 5. Recommendations: Decanting 8 6. Conclusion - 9 References 10 Kmart is a large diverse retail organisation, which has many different aspects of operations and processes. From designing and sourcing manufactures of goods, to supply chain logistics to get goods to stores, to finance and marketing, to support teams to the customer service teams in store who sell the goods. Even in my role as administration manager, I actively control processes within the business, in terms of this definition I could also been seen as an Operations Manager. (Slack, et al., 2012) 1. Introduction – What is Operations & what does it mean Many years ago the process was referred to as production, however this never took into account the tangible service aspects of goods and service supplied, and for that reason today it is now known as Operations. The importance of operational management within business should be an integral part of every task that is carried out, especially to ensure that the business achieves its primary goals on the most cost effective manner by...
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...management is a need common to both large and small businesses alike. In its simplest terms, cash management is the assurance that today's receivables plus today's account balances exceed today's payables. Failure to practice this business management process guarantees bankruptcy. Every large organization has a cash management group, sometimes called the treasury. This group's function includes management of such items as investments and borrowing in addition to the organization's daily cash flow. In small to medium businesses (SMBs), usually the chief financial officer (CFO), president, or owner performs the task of cash management. Regardless of a company's size, the important thing is that cash management is practiced on a regular basis—at least weekly—and with sufficient attention to details. In difficult times, when liquidity is "tight" (at a minimum), it should be performed daily. Crucial to organizations' successful cash management are the deals they make with their financial institutions for short-term placements and for borrowing funds. Unlike in other countries, in the United States, a bank account that is credited with deposits does not begin to earn deposit interest until three business days have passed. Furthermore, an American business account specifically may not be overdrawn, which necessitates cash management to be the most important activity of a business's financial management. For all companies—and in particular, public traded companies—major financial...
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... Indonesia, Asia’s Stumbling Giant What political factors explain Indonesia’s poor economic performance, what were the factors and were they related? From 1967 to 1998 President Suharto used a “crony capitalism” style of government to control his country, (Hill, 2013). In this style of government, leaders such as Suharto can favor the business enterprises of his supporters and family. Instead of placing money in the country’s infrastructure or possibly better ran companies, Suharto placed the countries money in failing enterprises. When President Suharto placed enough money into the failing businesses of Indonesia he eventually ran the countries debt up to over $43 billion, (Hill, 2013). When The International Monetary Fund stepped in to assist with these debts, the people of Indonesia were realizing where the money was really going back into companies that Suharto had an interest in. There was an uprising, and a democracy quickly moved in to replace Suharto’s dictatorship. The political and economic short fallings are very much related. Instead of President Suharto supporting the best companies for his country he supported failing companies. Instead of Suharto putting money into the infrastructure of his country, he placed money in his own pocket. Why do you think foreign firms exited Indonesia in the early 2000s, what were the implications and what is required to reverse the trend? Lack of infrastructure repairs placed 90% of the population without modern sewerage...
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...knowledge and experience they need to achieve their goal, failing can push a person to work harder, and lastly failure can provide one with opportunities they would not have had before. Failing can teach people things, when successful entrepreneur Ben Huh’s first business (Raydium) failed due to lack of finances Ben learned that mixing personal finances with business finances can lead to financial ruin. However, he didn’t let past mistakes keep him from succeeding. He now owns the wildly successful blog “I Can Haz Cheezburger” which received 375 million views a month in 2010. Perfectionists might say that failing leads to financial...
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...began as a tobacco company in 1875, and the extent to establish food business. The main bidding group includes KKR, The Management Group and The First Boston Group. Several features of RJR Nabisco made it a particularly attractive LBO candidate. The factors leading to election of the lowest bid and major risks will be analyzed in this report. This report adopts Problem-Oriented Method to analyze the RJR Nabisco case study. Table of Contents Core theme for RJR Nabisco LBO 3 sub-theme for RJR Nabisco LBO 4 Major problems 4 Major risks 5 Conclusion: 6 Recommendations: 7 Reference: 7 Core theme for RJR Nabisco LBO RJR Nabisco exhibited steady growth which was unaffected by business cycle. Moreover, RJR had low capital expenditure and a low debt level. Therefore, the firm was a particularly attractive LBO candidate. RJR's problems appeared fixable. Between 1985 to 1988, the return of firm on asset declined from 15.5 per cent to 11.5 per cent. Moreover, inventory turnover fell from 10.0 to 3.9. For solve these problems, RJR had potential for value creation and used discounted-cash-flow methodology to determine value. The quality of the bidding team includes KKR, Management Group, and The First Boston Group, which is a key factor to success. (Michel &Shaked, 1991)Moreover, KKR sold percentages of the company to pay down the debt. It was one of reasons this deal was failing. In the RJR Nabisco case, there are some factors leading to selection...
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...Common Business Plan Mistakes Writing a business plan is often a crucial first step to getting your start-up off the ground. A good plan can help you raise money, recruit members of your management team, set your marketing strategy and, perhaps best of all, refine your thinking. A plan riddled with errors? That can sink you. Here are 10 mistakes that entrepreneurs frequently make when crafting their business plans, according to Akira Hirai, a consultant in California who advises start-up companies on elements of business-plan writing, including competitive analysis and financial forecasting. Being All Things to All People You cannot expect a business plan to appeal to every possible audience. With this in mind, try to pick one business model, and to focus on one industry or one problem. Otherwise, you risk spreading yourself too thin, and potentially creating a sprawling plan that makes a bad first impression. Being Boring If a potential client gets two pages into your plan and is bored, that's a terrible sign. It is important to have the reader interested right from the executive summary on the very first page. And don't neglect your cover page: a well-designed logo never hurts. Measuring the Size of the Market Too Optimistically Although it may seem impressive if you project vast markets and the potential for huge sums of revenue, outsize financial estimates often appear gimmicky to investors. Worse, big numbers often make you sound as if you don't know what you're...
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...education, health, and energy, federal tax incentives, and expansion of unemployment benefits and other social welfare provisions. It also created the President's Economic Recovery Advisory Board. The goal of the stimulus plan was not only to boost the economy but to increase confidence in and restore faith in the ability to grow the economy. The average citizen didn’t understand much of what was being done. We knew that something had to be done and it had to be done quickly. I believe that the biggest challenge that the President faced was to create enough of a stimulus to help with the recession, but not be so big enough that it would increase the already huge U.S. Debt. From what I have read, the plan was blamed for doing both -- failing to...
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...Organizational Change in Today's Business “Developing Organization Change Champions” an article written by D.D. Warrick developed an insight on how organizational change should take place. Throughout the article Warrick explains how individuals can develop, train, and utilize change champions or professionals at conducting change and developing procedures that will allow them to persevere through these changes. Throughout article, the reasons that organizations should change is also a topic of discussion and is done so to validate comprehension of the change process, and the stages associated with it. He also discusses how they fail and optimize their potential at success during the changing process. In nearly every organization that exists globally, there are changes in which they faced consistently with the operation of business. These changes occur within their “missions, strategies, goals, cultures, processes, systems, practices, technologies, who owns them, and who they own, and in some cases even their core values” (Warrick, 2009). It is imperative for them to change, so that they may keep up with the concept of organizational change that faces them and allows them to be successful. These changes are present at all levels of the organization. Typically, changes reflect in more ways than one can imagine. “Organizational change is the process by which organizations move from their present state to some desired future state to increase their effectiveness” (Jones, 2010)...
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...As an industry moves from the growth stage into the mature phase of the life cycle, and consolidation (i.e. acquisitions of smaller players by larger players) begins, explain how EACH of Porter’s five forces are likely to change and the effect that this will have on competition and profitability. 1. Supplier Power (Bargaining) - There are many effects that this force would have on the industry. -Change: The potential changes that this force would have on the industry is the fact that suppliers could look at the situation being the industry is in the mature phase while implementing smaller players and take advantage where they see fit. For example, perhaps with the merge the suppliers if highly demanded could increase price as they see the potential of the merge being successful and highly profitable to the industry. On another note, if there are many options that are fairly considerable perhaps the current supplier could lose bargaining power if it is discovered through the acquisition by the industry that there are better and inexpensive other suppliers available. -Competition and Profitability: The effect that this could have on completion and profitability is if the supplier is one of very few with the best materials this could result in competition being stirred within the suppliers market if other suppliers feel that they can match or exceed current standings. On the other hand, it could result in the supplier changes inputs/outputs, distribution, and even labor unions...
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...Framework/Literature review 3. Methodology & Timescale 4. References 5. Bibliography 1. INTRODUCTION The primary purpose of this research is to examine the challenges that social vehicles such as Linked In, Facebook and Twitter bring to small businesses’. Social networks such as LinkedIn, Facebook, and YouTube etc. have made a significant impact on how todays Internet users communicate, search for and share data, this research aim to look at the disadvantages that come along with one of by far the most bewildering and comprehensive enhancement of information technology that has been witnessed in the past decade. A study done in October 2012 by online-Marketing firm Vertical Response showed many small business owners have jumped onto the bandwagon whole hog. But appears many are buckling under the added social media marketing workload. Carol Tice (2012) In the present day everything is about Social Media, some industry gurus claim that if you do not participate in Facebook you are not part of the cyberspace anymore. Social Media allow firms to engage in timely and direct end-consumer contact at relatively low cost and higher levels of efficiency than can be achieved with more traditional communication tools. This makes Social Media not only relevant for large multinational firms, but also for small and medium sized companies, and even non-profit and governmental agencies Kaplan, et al (2010) Social networking sites Primarily this...
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...require the use of the following resources: * The library * Textbooks * College notes * www.companieshouse.gov.uk * Relevent government websites 3.0 findings Insolvency is a formal measure used to deal with the companies debts. The initiation or the termination of insolvency must be notified to Companies House Edinburgh on form SE WU01. When a company is declared insolvent the reciever or administrator has a duty to send the Secretary of State for Business, Innovation and Skills, a report on the conduct of all directors who were in the office in the last 3 years of the companys trading. The Secretary of state will then decide whether it is in the public interest to seek a disqualifaction order against a director. The most commonly reported conduct are as follows: * continuing the companys trading when the company was solvent. * Failing to keep proper accounting records. * Failing to prepare and file accounts or make returns to Companies House Edinburgh. * Failing to send in returns or pay to the crown any tax that is due. 4.1 Voluntary liquidation A corporate voluntary arrangement or CVA is” an arrangement when a company makes an agreement with its creditors by proposing a composition in satisfaction of its debts or a scheme of arrangement of its affairs”. In other...
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...the internet. However, in the process of this the larger corporate image was lost. Was the business world really ready for this leap in technology? Unfortunately it seemed that the technology was not ready for the business world. While individual applications thrived, the equipment to sew them together could not keep up. Critical elements are not advancing as quickly as the components. The third problem has been aligning the technology with business management. The technology companies are failing to understand how big the impact of new IT systems is on business processes. Most users are quick to blame the technology, but most of the time it is the business process architecture. The cost of running this technology is increasing every year, due to increasing energy costs. More than half of budget big companies have goes to the running and upkeep of these corporate systems. A lot of companies increase the amount of servers they have very time they open a new department. As a result of this approximately 50% of the potential in the servers is going unused. This is due to a lack of understanding of the new technology. Companies are not ready for the advance in technology. Lack of training within large corporations on understanding how the technology works and its potential means that corporations are not incorrectly using the resources they have. The technology itself cannot keep up with how fast it is evolving. The result of this is constant...
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