...Small Business Owners: Small Business Cherie Hembree 04/08/2013 After doing a lot of research and reading different articles. I have come to the conclusion that a lot of businesses make the same mistakes, they try rushing everything. You can survive your mistakes and tuen then into great learning tools and turn things possive for your business, instead of your business being a failure.I will be telling you some of the most common mistakes that are made . Ways to learn and remendy the problems. Enpretrenuers and Small Businesses Owners I read just a few articles on mistakes and failures .I found out a lot of small business owners and enpretrenures make a lot of the same common mistakes. Usually this happens when they are trying to get their business off the ground. Some of the mistakes that were made were very expensive learning lessons. However you can survive most of the failures and mistakes that are made. You can overcome them , but most importantly you must learn from them. Once you see where you went wrong. You must try again, just cause you failed one does not mean you will fail again . As far as mistakes go you will always make some mistakes. One of the articles I read that I thought was interesting to me was Greenbulb LLC . This a electronic cigarette company. These very young enpretreneurs had no problems listing off many mistakes that made getting their business of the ground. Some of the mistakes they made were inadequate research, financeing, and the...
Words: 640 - Pages: 3
...IT Project Implementation Failures Debra Carr HCS/483 August 7, 2014 James Thames IT Project Implementation Failures The typical information technology (IT) implementation begins once the health care organization has the IT system in place in the building and continues through the first weeks that the IT system is in real time use by the employees. The implementation process must be carefully planned, organized, announced to all employees, and followed closely throughout the following weeks while the IT system is installed. It is important for the management team to announce the IT project. The reason for the project, why the project is being implemented now, and the benefits of the project need to be communicated to all the employees. The CEO or COO should make the initial announcement so that all the employees understand that the project is approved at the top level. The CEO needs to display confidence and pride concerning the entire process. Once the instillation begins and throughout the process, the CEO should continue to update the employees on the progress of the project and any problems that are encountered. He should talk about his vision of the successful completion of the project and how it will benefit both the employees and the health care company. The senior executive should announce the establishment of an Implementation Team which will plan, manage, budget, and coordinate the IT project. The goals and objectives must be established. This...
Words: 1526 - Pages: 7
...many factors involved when there is a successful business, however, when a business takes a downturn that results in failure there are specific factors that can attribute to the outcome of the company’s demise. The closing of the electronic big box store, Circuit City is an example of a failed business. They were leaders in business for 60 years. Due to certain actions of management, this electronic retail giant, who was once the nation’s second largest electronics retailer was forced into bankruptcy on November 10, 2008 . 1 Circuit City’s success was built on a culture of discipline that practiced and followed the “4-S” model (service, selection, savings, satisfaction). “It was because of this consistency that Circuit City took off in the early 1980’s and beat the general stock market by more than 18 times during the next 15 years” (Collins, 2001). The slowly declining economy, housing market, limited available credit, unemployment rates, and increased competition compounded and accelerated the repercussions of the pre-existing problems that Circuit City faced started years before. Internally, Circuit City was already suffering from several years of declining sales. The Circuit City organization “made fatal mistakes which resulted in one of the most significant business failures in retail history. These mistakes undermined their own progress and ultimately killed them” (Eames, 2009 ). Today, many business leaders use this once thriving organization as...
Words: 956 - Pages: 4
...the American people with a price low enough that competed with foreign vendors. Walton had determination and passion for the retail business and that shows throughout this book. The book describes amongst several other business strategies, the relentlessness that Sam Walton had in searching for better ideas that would support the constant growth of Wal-Mart. Sam Walton was an entrepreneur that took advice and comments from people in all levels of his company and allowed his employees to be in the creative process of the company and the success in the company as a whole is largely owed to his ideas and willpower. 2. Sam Walton’s ideas were not always successful. He often had failed products or ideas that he couldn’t get just right. Many times products would fail in certain parts of the country and thrive in other parts. Sam Walton was a man that made mistakes and he was not afraid to admit them and improve his company. He often discussed his failures as learning tools for other employees. The open environment in the work place able to discuses each other’s failures led to a more successful company with employees willing to share ideas without fear of failure. 3. Sam Walton had much strength as a businessman and entrepreneur and it shows in the success of his company. Walton was a great leader and team builder, which created a perfect business environment that led to achievements around the world. Amongst founding one of the largest corporations in...
Words: 732 - Pages: 3
...Scipio the Learner Scipio was a courageous young Roman General who defeated Hannibal at Zama in the last battle of the Second Punic War. He earned recognition as a great leader and commander for his bravery and his tactical strategies. In the chapter “Scipio Africanus” in the book, “The Centurion Principles” by retired Colonel Jeff O”Leary, the military life and leadership qualities of Scipio are examined. Additionally, O’Leary shows how Scipio’s skills can be applied the business world. As a student at Houston Christian, these leadership principles can also be applied to my life today. Scipio’s life was severely affected by war and it helped him to become the leader he was. He survived a horrible massacre at Cannae by the Carthaginian commander, Hannibal. When he was only 17 years old, he saved the life of his father in an act of extreme bravery and selflessness. Later, his father and uncle would each die in battles against the Carthaginians, in part due to limited Roman forces sent by an uncommitted Roman senate. Instead of being bitter and turning away from responsibility from fear, Scipio learned everything he could about Hannibal’s war tactics. Eventually, in an act of obligation for his fallen patriarchs and from a desire to test his strength and skill, Scipio volunteered as Commander of Legions in Spain when no one else would. Following his appointment, he spent time to get to know his allies and to commend those he was leading in order to build their confidence...
Words: 747 - Pages: 3
...Entrepreneurs & Entrepreneurship ------------------------------------------------- Entrepreneurs typically learn from failure Florian Moron ID: 33265062 Lancaster University Management School Michaelmas Term 2012 Entrepreneurs typically learn from failure. “Develop success from failures. Discouragement and failure are two of the surest stepping stones to success”. In this respect, Dale Carnegie (2010) argues that one of the most important lessons from success is failure. It is interesting that Carnegie talks of failure being in everybody’s past, indicating that failure is not a process confined to the entrepreneur. The research undertaken for this paper has been concentrated on four different previous researches of Cope (2009), Ucbasaran et al. (2009, 2012) and Cardon et al. (2009). Attitudes toward failure are not homogeneous among entrepreneurs, however those who have experienced it are disputably more prepared for the battle of entrepreneurship. As a result it is beyond question to understand the deeply affective dimension of failure that include the loss of the venture and the personal loss. Cope’s paper (2009) stresses that learning from failure is not automatic or instantaneous but it represents an essential prerequisite for learning (Wilkinson and Mellahi, 2005, cited by Cope 2009). The learning entrepreneurial experience of failure is articulated trough a major “grief recovery” composed of three interconnected learning components: an initial hiatus...
Words: 3134 - Pages: 13
...| HND - Manufacturing | |Quality & Business improvement | |Ass 3- FMEA | | | |Jacob Helliwell | |30/06/15 | | | Contents Contents 2 Introduction 3 Task 1 3 Task 2 5 Task 3 7 Task 4 8 Conclusion 8 References 8 Appendices 9 Introduction In this assignment I have taken on the role of a business improvement engineer who is responsible for leading a team to develop continuous improvement principles and techniques within the workplace. This will be done through the use of FMEA which will show my...
Words: 1689 - Pages: 7
...the failure to provide the equipment, facilities, and staff to carry out the duties of the corporation in accordance with the established standard of conduct (Showalter, 2007). Corporate negligence is evident in this case in regard to the failure to ensure that sufficient healthcare personnel were available to provide the established standard of care to the patients in the facility. Moreover, the personnel that were required to remain at the hospital from the day shift were likely not performing at their peak after already working their own shift; which could result in errors in patient care. The nurse managers should have been proactive and had a plan in place in the event of severe weather such as forming a team of healthcare personnel who were willing to come to work at the beginning of the storm and stay until they could be relieved. This team should consist of a variety of personnel in sufficient numbers to allow for some personnel to rest while others work. Ultimately, it is the responsibility of the hospital to ensure proper personnel coverage regardless of the circumstances. Policies and procedures for handling this type of crisis must be in place and utilized as needed. The second legal consideration in this case is vicarious liability (respondeat superior). In this case a patient died as a result of be administered the wrong medication and several patients were injured from falling out of bed. The hospital could be held vicariously liable for the act or failure to act...
Words: 2042 - Pages: 9
...of entrepreneur will always see problems, challenges and uncertainties as an opportunity for them. The only job that don’t have any qualification to apply is an entrepreneur. Anybody can be an entrepreneur, once they sustain in this field over failure because failure is the only thing guaranteed. How they respond to failure determines their success. Successful entrepreneurs are paid for their high tolerance for stress and pain. Setbacks, obstacles and challenges are painfully common elements of entrepreneurship. Most people react to these hurdles with stress and pessimism, with an attitude that obstacles are negative experiences that only hinder progress. As an entrepreneur, they encounter so many challenges they simply can’t afford to react this way. Instead, successful entrepreneurs view challenges as opportunities. Each challenge or setback reveals a key opportunity to grow -either to improve upon an existing weakness or take measures to avoid experiencing a similar setback in the future. Competitors are research subjects. Rather than viewing competitors as a threat, like most people would, entrepreneurs see competitors as enriching opportunities to learn more about their industry and target market. By looking at competitors’ business models, they can learn what makes them unique and embellish that uniqueness in their branding and marketing efforts....
Words: 1434 - Pages: 6
...About the case The purpose of this case is to draw attention to how corporations are beginning to understand that being innovative, and taking risks, means coping with the potential of product failure. This case looks at how companies are trying to develop organizational cultures that are innovative, risk taking and able to deal with product failure. It identifies some of the major corporate flops like eVilla Sony Corp’s $500 internet appliance and General Motors crossover SUV. This case also quotes leading business school academics on how failure is important to the experimental process. It outlines how companies can learn from failure and suggests that the challenge is knowing how to balance organizational performance and learning cultures. Moreover it describes how some companies are tackling the issue for example how Corning examined its successes and failures spanning its 150 year history. It also highlights how being involved in learning from failure can impress present and future employers and presents best-practice ideas for getting the most out of failures. Case Analysis Experiential learning process Experiential learning involves learning from experience. According to Kolb, concrete experience provides the information that serves as a basis for reflection. From these reflections, we assimilate the information and form abstract concepts. We then use these concepts to develop new theories about the world, which we then actively test. Through the testing of our ideas...
Words: 761 - Pages: 4
...No matter how the other areas of the business are governed if they lose focus on the budgeting side of the business, it can lead to financial failure and failure of the business. As outlined previously with the Enron scandal leading to the failure of Enron from poor financial decisions from their chairperson. If the business is correctly governed by a team, there will be budgeting in place so these mistakes cannot occur. Budgeting involves setting out monthly or annual reports or budgets showing what the business will be spending the money on as to not over spend. Businesses will use the management accounting methods at the start of a year or budget and compare actual to budget at regular intervals. Budgeting contributes heavily to good corporate governance as they have a system in place. If the business plans and prepares its budgeting the business will...
Words: 1015 - Pages: 5
...MGMT 221 Assignment 1.6 Module Review Quentin Haynes Embry Riddle Aeronautical University MGT 221 Assignment 1.6 Module Review Chapter Questions 1.6 1) How can information technology support a company’s business processes and decision making and give it a competitive advantage? Information technology plays a key role in the success of a company. For example: information technology allows the use of communication medium such as e-mail, instant messaging, voice over IP, video chat, SMS messaging, cloud computing, etc. by employees located just across town or around the world. These types of communication help to reduce costs, save time, and increase customer satisfaction. Companies routinely use IT to track inventory, pay their employees, and monitor sales trends. Imagine if a large supermarket was not able to track inventory with a transaction processing system. They would be compelled to store a large quantity of items to ensure demand could be met. This directly leads to higher costs for the company and consumer. Overstocked items, such as perishables, could potentially expire before being sold. Non-perishable items would occupy valuable warehouse space. For example: Roundy’s Supermarkets were able to reduce backroom and overall store inventory levels without impacting product availability by implementing the SoftGrocer Inventory Management system. John Boyle, Chief Information Officer of Roundy’s Supermarkets stated that it “created an immediate...
Words: 832 - Pages: 4
...Harvard Business School, was a graduate of MIT and Harvard. He joined the Harvard Business School faculty in 1972 and who was voted tenure and a full professorship at the age of thirty-three in 1980. Kotter's honors include an Exxon Award for Innovation in Graduate Business School Curriculum Design and a Johnson, Smith and Knisely Award for New Perspectives in Business Leadership. He again gained the title as the #1 ¡§Leadership Guru¡¨ from a survey for 504 enterprises that was conducted by Business Week magazine. Outline of this book Leading Change was named the top management book of the year by Management General. There are three major sections in this book. The first section is ¡§the change of problem and its solution¡¨ ; which discusses why firms fail. The second one is ¡§the eight-stage process¡¨ that deals with methods of performing changes. Lastly, ¡§implications for the twenty-first century¡¨ is discussed as the conclusion. The eight stages of process are as followed: (1) Establishing a sense of urgency. (2) Creating the guiding coalition. (3) Developing a vision and a strategy. (4) Communicating the change of vision. (5) Empowering employees for broad-based action. (6) Generating short-term wins. (7) Consolidating gains and producing more changes. (8) Anchoring new approaches in the culture. Perspective on this book This book carries great discussions and uplifts our perspectives regarding business management in various ways. Frequent and common mistakes that were...
Words: 925 - Pages: 4
...complaint by the British home formed a major setback in the project. The project was now being seen as not fulfilling the requirements of the initial intentions. In the year 2010, the primary setback was faced and experienced. A national election was conducted to usher in a new government (Chakrabarty, 2016). This saw the income of a government that did not fully support the project. Though the project was still ongoing, the new government did not support it as it saw this as a waste of resources. UK border agency’s mismanagement caused more trouble in the implementation of the e-border implementation. This saw the Raytheon company experience more difficulties and complain to the government. They threatened to sue the government for the failure on its part, and a binding arbitrary process saw the company being awarded damages...
Words: 963 - Pages: 4
...necessary for most companies in the world who wish to broaden their business to expand to foreign markets. Thus, companies expanding internationally must consider the environment in their new country. There is no better way to explore said environment than by conducting marketing research in the area so as to formulate the most appropriate marketing strategies. Nevertheless, companies entering a new market still encounter difficulties even if they employ a marketing strategy because they make several critical mistakes in their marketing. Be it cultural misunderstandings, systemic political differences, or a poor understanding of the market conditions in a given country, marketing mistakes damage a company’s ability to enter (Ghauri and Cateora, 2010). While political differences or a poor understanding of the market strongly impact success in a foreign market, the slightly larger issue that multinational corporations encounter are due to cultural misunderstandings. However, the impact that cultural misunderstandings have on success in a foreign market is dependent on the industry in question. In some industries, international marketing mistakes can often be rooted in the lack of understanding of different cultures such as the aspects buying behavior and product preference. Take the retail industry for example, since the purchasing behavior of customers varies by region, foreign retailers might usually make marketing mistakes due to insufficient knowledge of a given region’s preferences...
Words: 2708 - Pages: 11
