...Course Project The Success and Failure of Businesses Business Policy What Any Organization Needs To Survive and Succeed Essentially five things or factors are needed by any organization wanting to succeed: * People – those who make up the organization * Purpose – a reason for organizing and working together * Processes – activities which the people undertake to fulfill their purpose * Physical Resources – a place to work, the right equipment, money to pay the bills and the people who work there * Customers – people outside the organization who are willing to pay money in return for the products and services the organization provides; for government organizations taxpayers are the customers; many nonprofits depend on contributions from donors who believe in the value of what the organization is doing. The 5 Key Success Factors Of Business (1) Managing and developing people - People today want some direction and structure, but they also want freedom and encouragement to develop their skills and knowledge. Effectively managing people requires balancing constraining forces (providing direction, structure, organization, some rules) with liberating forces (encourage personal growth, development and creativity). If you as manager/leader err too much in one direction or the other, your organization will be either too rigid or too chaotic. To make it more complicated, each person has a different set of needs for structure vs. freedom, order vs. opportunity...
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...This business report aims to provide information about the situation of SMEs and the considerations partnered owners must make to ensure the continued success of the business which has been prosperous for 4 years. The purpose of this report is to outline one external influence and one internal influence on the business. Also, the challenges the two owners face in the growth stage of their business’s life cycle will be described. Furthermore, this report will discuss valid arguments for and against why the owners should or should not go from a partnership business to a private company. Influences An external influence on a business is one which is outside of the business’ control. This business will experience an influence from multiple external factors inclusive of globalisation. Globalisation is the process of people, goods, money and ideas being transported all across the world quicker and cheaper than ever before. New means of communication, transport technology and information have revolutionised and thus broken the barriers of distance and time by developing a global market. Businesses and consumers are now able to access resources from within the global market through development of technology, particularly the internet. An accumulating demand results in a wider customer base therefore rising of the business, ultimately increasing its overall success. An internal influence on a business is one which is within the business’ control. Location is vital for businesses...
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...Keys to Business Success There are ten critical areas where your ability to think largely determines the success or failure of your business. The greater clarity you have in each of these areas, the better decisions you will make and better results you will achieve. Key Purpose What is the purpose of a business? Many people think that the purpose of a business is to earn a profit, but they are wrong. The true purpose of a business is to create and keep a customer. Fully 50 percent of your time, efforts, and expenses should be focused on creating and keeping customers in some way. Key Measure The key measure of business success is customer satisfaction. Your ability to satisfy your customers to such a degree that they buy from you rather than from someone else, that they buy again, and that they bring their friends is the key determinant of growth and profitability. Key Requirement The key requirement for wealth building and business success is for you to add value in some way. All wealth comes from adding value. All business growth and profitability come from adding value. Every day, you must be looking for ways to add more and more value to the customer experience. Key Focus The most important person in the business is the customer. You must focus on the customer at all times. Customers are fickle, disloyal, changeable, impatient, and demanding--just like you. Nonetheless, the customer must be the central focus of everything you do in business. Key...
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...Ethics and Business Success Overview Ethics are the principles of right and wrong that are accepted by an individual, a social group, or society as a whole. When it comes to professional ethics, we take into consideration our personal values, family background, culture, education, and religion or philosophy before making important decisions. These factors provide the framework from which we base our decisions and justify our actions. Unfortunately not everything in life is so cut and dry, there often exist many gray areas that can lead to ethical dilemmas, since what one person thinks is the right course of action might not always appeal to everyone else’s ethical sensibilities. For many the words “business” and “ethics” form an oxymoron. We are frequently inundated with reports of ethical misconduct in the business world—misappropriated finances, inflated earnings, labor misconduct, and environmental recklessness are just a few of the many egregious acts to which we have become familiar. In this reading, we will explore the importance of business ethics and closely study how it relates to corporate success. We will take a look at several stellar examples of companies that regularly exhibit high ethical standards. While you read, consider how your personal ethics come into play when you make business and personal decisions that affect others. Codes of Conduct The first step towards implementing ethical business practices is to clarify what types of behaviors a company...
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...Making a success of your business Essential checklists sponsored by sponsored by With more than 64,000 small and midsize customers worldwide, SAP is a leading provider of business applications and an established and highly successful player in the small and midsize enterprise (SME) market. SAP offers a broad and innovative solution portfolio for small businesses and midsize companies to meet the heterogeneous demands of SME customers. SAP solutions for small businesses and midsize companies include SAP(r) Business One, a single integrated application for successfully managing small businesses; SAP(r) Business ByDesign(tm), the software industry’s most complete, integrated and adaptable on-demand solution for midsize companies; and SAP(r) Business All-in-One, a customizable and extensible solution for midsize companies with deep industry best practices built in. Sold, implemented and maintained through SAP and an expanding network of qualified partners, all of the solutions are competitively priced, easy and quick to implement and scalable to customers’ growing business needs. The SAP solutions specifically designed for SMEs help enable small businesses and midsize companies to lower operating costs, improve operational excellence, gain better business insight and control, and grow their businesses flexibly. Additional information is available at www.sap.com/sme Chartered Management Accountants are the first choice for financially qualified business leaders. The Chartered...
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...Topic: The Role of Information Technology in Small Business Success Case Study: SME ERP System Sourcing Strategies. Research Question: Are ERP’s necessary for today’s small business to succeed. Annotated References: Sledgianowski, D., Tafti, H.A. M., & Kierstead, J. (2008). SME ERP system sourcing strategies: a case study: Industrial Management + Data Systems, 108(4) 421. doi: 10.1108/02635570810868317. Using Case studies of Small Medium Enterprises, this paper identifies ERP sourcing strategies that are available to them. In preparation, this case study utilizes several sources of input were made use of, including informal conversations, emails, interviews etc. The practices by SME’s compared to what they should be are also examined and compared. Deb Sledginaowski is a well-known writer in the business sector with 9 articles in the USMAI library catalogue. Mr. Tafti is also a prolific writer in information technology with as much as 7 journals in one research database while Kierstead, Jim does not appear to have previous articles written by him, his ability to team up with seasoned and respected writers Kyvik, O., Legar-Jamio, C., Tarabishy, A. (2009). The use of Information technology and innovation in entrepreneurial small frims. Council for Small Business (ICSB). World Conference Proceedings. This study explores the relationship of the entrepreneur’s ability and the use of information technology. The study also proposes the existence of the digital mindset...
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...A study of factors related to successful and failure of entrepreneurs of small industrial business with emphasis on their level of education and training Yadollah Mehralizadeh (PhD)1 & Hossain Sajady (PhD)2 (With Ahmad Zandavanian and Yaser Timoury) Abstract This paper examines the determinants of business start-up, long and short-term success, and failure of small businesses. Entrepreneurs and small firm success and failure have been the subject of extensive research. It is important to understand the external, internal, and motivational factors responsible for business start-up, the barriers faced during the initial and continuous stages of trading and the advice and assistance available to entrepreneurs. This paper is aiming in explaining the main factors are related to successful, and failure of entrepreneurs in small industrial business in Ahvaz city3. Based on a random sampling 51 enterprisers marked as successful and failures are selected. The data collected based on a triangulation method (interview, questionnaire, and observation). The results show that: a- from the failure entrepreneurs point of view the following issues were important effects on their weak performance and failure their business: weak managing technical skills, financial issues, planning and organizing of their business, economic issues, informal issues, weak managing conceptual skills, personnel skills, education and low training, and weak human relation. b- from the successful entrepreneurs point...
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...attraction of new customers through free word-of-mouth publicity, saving marketing and advertising costs, as well as retaining existing ones. According to Keiningham, Munn, and Evans (2003, p. 37), “both practitioners and academics have accepted the premise that customer satisfaction results in customer behavior patterns that positively affect business results.” While it is highly argued that retaining current customers is easier than attracting new ones, as it would normally cost 20 times more to attract new customers rather than keeping existing ones per Carson Research Consulting, Inc. report. Continuous customer satisfaction from the offered product will lead to an easy purchase decision every time the need for these products and services arises. Thus, customers tend to become loyal to these providers, where their satisfaction helps to increase customer loyalty, reducing the need to allocate marketing budget to acquire new customers, where their word-of-mouth will also bring potential customers, increasing revenue and profit. According to Hoyer and MacInnis (2001), satisfied customers form the foundation of any successful business as customer satisfaction leads to repeat purchase, brand loyalty, and positive word of mouth. As positive and negative feelings can coexist, customers may like parts of the service while rejecting other parts; nevertheless, these same...
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...small business success in Karachi Submitted By: Asad Ali Beenish Aslam Madiha Saleem Sunniya Zehra Rizvi Course: Methods in Business Research Instructors: Ejaz H.Mian Saima Husain Class: BBA (MIS) IV Date: November 26, 2008 Table Of Contents Acknowledgements 2 1. Introduction 3 2. Analysis Methodology 4 3. Questionnaire Data 5 4. Analysis 9 4.1 Simple Observations and Correlations 9 4.2 Expectations v. Observations X 4.3 Limitations X 6. Conclusions x 7. Appendix X Acknowledgements The following people have been very influential in the smooth running and development of this project report. We would like to thank them for their help and guidance during the making of this project: • Mr. Ajmal Hussain, nephew of the owner of Akhtar compound. We thank him for allowing us to visit and carry out our survey in his compound. He provided assistance and guidance to us in carrying out our survey in the compounds. • Mr. Faiz and Mr. Farhan. Their help is was indispensible towards the completion of this project. They took us around the different compounds ensuring safety and ease of entrance to meting the different business owners...
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...MARKETING LEAD TO BUSINESS SUCCESS? THE CASE OF M.C. TAMURA Luz T. Suplico-Jeong, De La Salle University-Manila ABSTRACT Does market niching lead to business success? Maria Cecilia G. Tamura has used this strategy in managing her businesses. These businesses are Okasaki Industrial Corporation, which is engaged in import and export, and Airily Corporation which is mainly a Business Process Outsourcing (BPO) company. The case discusses how a female employee, who later became the employer, use market niching and product life cycle as business strategies. In so doing, the case shows an example of how a highly motivated woman entrepreneur managed her businesses through good and bad times. THE ENTREPRENEUR Women entrepreneurship has been significant in economic development. The Philippines has compared favorably with other countries in women entrepreneurship. Based on a survey conducted by Let’s Go Foundation and GE Bank, Filipino women have a fairly equal chance of making it big as entrepreneurs (http://www.womenentrepreneurship.org). According to Tara Brannigan (2005), women entrepreneurs have formed businesses to make a better living for themselves. The sense of adventure and the thrill of challenge have motivated them to organize their businesses. The rise of women entrepreneurship has allowed women to create jobs for themselves and to create jobs for others. Female traits, such as patience and attention to details, have influenced their management styles and business success. One female...
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...Department: B.B.A Course: Introduction to Business Course Code: BUS 101 “Asssignment on” Why we should study business?including its success,failure,history and principels. Assignment No: 01 Prepared for: Farhana Nusrat Rumman Prepared by: Md. Mahadi Hasan Shawon ID: 2016-1-10-323 Submission Date: Why we should study Business: The study of business will help us to increase our skills,sharpen our knowledge and understand the business and economic links among nations.There are some other reasons for which we study business: 1.Increasing dependence on others: Over the years,people have become more and more dependent on others.The knowledge of business is increasing the understanding of mutual dependence through business system.For example-you drive a car that is manufactured in Japan. 2. International opportunities: In the 21st century,it has become indispensable for every one especially individuals educated in business to take exiting opportunities that will exit around the world.By studing business they can know how to start,operate,and sustain business successfully in the competitive world. 3.Improving standard of living: Standard of living indicate measure of how well a person or family is doing in terms of satisfying needs and wants with goods and service.This is possible through their knowledge of business.so we must study business to develop our standard of living. 4.preventing misconceptions: Understanding business also prevents us accepting misconceptions...
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...Q3: Business Report Background We have been hired by Gaby Darbyshire Gawker Medias president and chief operating officer to analyze their new blog site preggers.com and their magazine titled Teen Pregnancy. Gawker wants to see if this site will be a successful business decision. We have already put it up in a focus group and it has already stirred up a lot of anger among a few and others thinking it will be a good idea. We think it is a good business decision in with making this an actual website. The amount of attention that it got already says that it will be a success because it will generate profit from the amount of clicks you will have on the site. Many will go on to criticize and ridicule the site and others will go on to give tips on how to handle pregnancy. Gawker will need: * The right structure. * teams of analyzers, * the right technology, * And the right control over the site for it to be a success. With the way Gawker is and how all its other sites are set up; with their “snarky” attitude with the whole thing. They should do the same to this site as well. Even though that many different media groups such as MTV, TLC, and Oxygen have teen shows that express the teen life and their issues; Gawker will still have a success rate because the shows only have a “reality” based show. Now everyone knows that teens do get pregnant either by choice or not. This site will generate a lot of pop in the media world. Gawker is a network business with...
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...Cornell Hotel and Restaurant Administration Quarterly http://cqx.sagepub.com Why Restaurants Fail H. G. Parsa, John T. Self, David Njite and Tiffany King Cornell Hotel and Restaurant Administration Quarterly 2005; 46; 304 DOI: 10.1177/0010880405275598 The online version of this article can be found at: http://cqx.sagepub.com/cgi/content/abstract/46/3/304 Published by: http://www.sagepublications.com On behalf of: The Center for Hospitality Research of Cornell University Additional services and information for Cornell Hotel and Restaurant Administration Quarterly can be found at: Email Alerts: http://cqx.sagepub.com/cgi/alerts Subscriptions: http://cqx.sagepub.com/subscriptions Reprints: http://www.sagepub.com/journalsReprints.nav Permissions: http://www.sagepub.com/journalsPermissions.nav Downloaded from http://cqx.sagepub.com at Blue Mountains Hotel School on October 25, 2009 © 2005 CORNELL UNIVERSITY DOI: 10.1177/0010880405275598 Volume 46, Number 3 304-322 10.1177/0010880405275598 Why Restaurants Fail by H. G. PARSA, JOHN T. SELF DAVID NJITE, and TIFFANY KING , Past research on restaurant failures has focused mostly on quantitative factors and bankruptcy rates. This study explored restaurant ownership turnover rates using qualitative data, longitudinal data (19961999), and data from Dun and Bradstreet reports. In contrast to frequently repeated statistics, a relatively modest 26.16 percent of independent restaurants failed during the first year of...
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...one is in your view most important to the success of the firm? Explain. According to Brickley, J. Smith, C. and J. Zimmerman (1995), “A focus on organizational architecture helps identify the role of corporate culture in creating value. [Their] definition of architecture corresponds to some key aspects of what is often called corporate culture. “ The three aspects are composed as follows. The first of these aspects is the Decision Rights Assignment. This suggests person who makes important decision about companies should have all the relevant information available. Only those individuals with the relevant information should be designated to make key decision, which will enhance the ability of setting the organization in an effective direction. The second aspect is composed of the Reward System. This is rewarding individuals who make right decisions. Lastly, the third aspect is the Performance Evaluation System. This is a structure of systems to evaluate the performance of both individuals and business units. These three approaches rely on the basic principles of economics and provide an integrated approach to solve number of disciplines .The success of a firm depends on the successful interaction all three of these components, and not just one individually. Therefore, all three components are equally important. 2. Explain in which industries franchising has established itself as a more successful form of business organization (compared to small independently...
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...corporations have suffered from the failure of transformation, but some companies successfully overcame the challenge, and furthermore, dominated in their field and have had continuously expended until now. What makes them different are some crucial factors of business like strategy, structure of organization, leadership. Most of these play important roles during the development of enterprises and interact with each other. However, in a heavily competitive field, the key factor must be strategy. On the one hand, for huge corporations, strategy can not only guide the corporations on the correct track but also can even explore additional possibilities which bring up the positive effectiveness of development. On the other hand, for some immature companies, strategy is a suitable way to prevent disorder or disorganization, and it also helps them to define the location clearly in their field. The most importance feature of good strategy is: building up the core value of enterprise. Nowadays corporations face numerous issues of development which include human resources, supply chain, manufacturing and other relative fields. There are some external influences which keep changing the conditions of the environment. In the business field, globalization is a significant trend which has gradually become the most effective phenomenon and the most enormous challenge in the global market. This external influence significantly leads to some new situations and difficulties and there are no relative...
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