...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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...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...
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...Failure is a path to understanding success MGT302 Management and Leadership June 08, 2012 Failure is a path to understanding success Success means being a winner, an achiever. When we are successful, we feel good. This means that we have achieved a goal that we have set, or that we have experienced some good fortune. Too often, however, our successes run through our fingers like water, regardless of how tight we cling to them, and soon we find ourselves unsuccessful once more (Rock, 2007). By the time Steve Jobs’ (1955-2011) Wikipedia page had been adjusted to past tense, eulogists had added a footnote to his biography of success – failure. Steve Jobs, though wildly successful, also failed often and badly. Therein, perhaps lies the larger lesson of his life: Sometimes you have to fail to succeed (Parker, 2011). The truth is you usually have to fail to succeed. No one emerges at the top. Even those born lucky eventually get a turn on the wheel of misfortune. Anyone with a resume of accomplishments also has a resume of failures, humiliations and setbacks. Steve Jobs was fired by the company he cofounded. Yet it was during this period of exile that he picked up a little computer graphics company later called Pixar® Animation Studios, the sale of which made him a billionaire. This is to say, to fail is human. To resurrect oneself is an act of courage (Parker, 2011). If you want to learn the secrets of success, it seems perfectly reasonable...
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...Business Failure Analysis LDR 531/Organizational Leadership Business Failure Analysis Businesses are created with the intention to be successful, achieve goals, and create profits. The continuity of business success depends on the capability to forecast changes on markets and economies, and create a plan to adapt to change, if management failure to forecast changes, the business welfare will be unstable. Blockbuster was a leader on the movies rental business, and failure to reinvent as company, leading to failure. Business Failure Analysis determined Blockbuster’s vision and mission, indicators of the business failure and success from research, how organizational behaviors lead company’s failure, and how the role of leadership, management and culture of the organization in business failure. Business Failure Analysis explained techniques that Blockbuster must used to prevent the impending failure, identified potential barriers during the change process, evaluated the power and political issues within the organization, and described the steps followed to implement the organizational change based on John Kotter’s 8-step plan for implementing change. BUSINESS FAILURE ANALYSIS Blockbuster Inc. was an American-based home movie rental provider, and at its peak in the 2000’s had up to 60,000 employees and more than 9,000 stores. Companies objectives were achieved, become number one movie rental provider in United States of America, and spread their branch thru the world with...
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...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 operation. Results from this study indicated marginal differences in restaurant failures between franchise chains (57 percent) and .2 independent operators (61.4 percent). Restaurant density and ownership turnover were strongly correlated (.9919). A qualitative analysis indicated that effective management of family life cycle and qualityof-life issues is more important than previously believed...
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...Summary: When you're starting a new business, the last thing you want to focus on is failure. But if you address the common reasons for failure up front, you'll be much less likely to fall victim to them yourself. Here are the top 7 reasons why businesses fail and tips for avoiding them. According to statistics published by the Small Business Administration (SBA), seven out of ten new employer establishments survive at least two years and 51 percent survive at least five years. This is a far cry from the previous long-held belief that 50 percent of businesses fail in the first year and 95 percent fail within five years. Better success rates notwithstanding, a significant percentage of new businesses do fail. Expert opinions abound about what a business owner should and shouldn't do to keep a new business afloat in the perilous waters of the entrepreneurial sea. There are, however, key factors that -- if not avoided -- will be certain to weigh down a business and possibly sink it forevermore. 1. You start your business for the wrong reasons. Would the sole reason you would be starting your own business be that you would want to make a lot of money? Do you think that if you had your own business that you'd have more time with your family? Or maybe that you wouldn't have to answer to anyone else? If so, you'd better think again. On the other hand, if you start your business for these reasons, you'll have a better chance at entrepreneurial success: * You have a passion and love...
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...I will choose business technology analyst as my aspiring position. It is a position that requires people to have the technical background and business knowledge. As a student in information management, this position matched us best. A special profile is listed as follows. Maggie H Chen (https://www.linkedin.com/in/maggiehchen) who was graduate from Syracuse University is a business technology analyst. She have a dual degree in Finance and Information Management and Technology. She is aspire to become an effective international business communicator and is currently have more than one year working experience as business technology analyst. Practices that will cause failures in IM management In this specific position, the practice that you cannot correctly translate the business requirement into technical requirement will most likely be the case failure in IM management. Considering the specific profile listed above, it is possible for her to incorrectly translate the requirement since she didn’t have the strong technology background. Business analyst is now crucial for the success of the information management. Since this position provide the “translation service” for the business department and technology department, and imprecise translations will result in failure of the project. A study [2] has showed that poor definition requirements (50%), communications problems (14%) and inadequate risk management (17%) are the major reasons for failure of projects. And...
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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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... Honea Northcentral University ABSTRACT Michael Dell and Andy Grove were both successful businessmen who use different approaches to their businesses. Both men had success and failures that shaped their business into the successful company’s they are today. Michael Dell tried a new approach to his business that he quickly saw was a failure. He realized that the approach he currently uses is the most successful for his company. Andy Grove made his company successful twice. While in the memory business he had 100 percent of the market share. He learned a hard lesson when his company was pushed out of its market share by competitors. The company had to quickly find a new niche. After three years, the company was successful again. Comparison and Contrast of the Professional Stories of Michael Dell and Andy Grove Michael Dell Michael Dell became an entrepreneur at the age of 12 when he advertised his business “Dell Stamps” in a local trade journal. While in college, Dell turned his dorm room into a personal computer laboratory and started selling them. In 1984, Dell started Dell Computer Corporation. In 1988, the company went public raising $30 million at its initial public offering (Krames, 2003a). Dell’s philosophy is to put the customer at the center of his business. All computers are custom ordered by the customer. The production process does not start until the customer places an order. This direct one-to-one approach with the customer...
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...“A Study of Small Business Failure” Presented To: Dr. Roosevelt Ratliff, Jr. Action Research Facilitator By Shanika Williams ORGANIZATIONAL MANAGEMENT Cohort #34 In Partial Fulfillment of the Requirements For the Degree of Bachelor of Science TABLE OF CONTENTS I. INTRODUCTION…………………………………………………………………3 Description of the Problem………………………………………………………..…4 The Purpose of the Research…………………………………………………………7 The History, Setting, and Background of the Problem……………………………….8 Scope of the Research…………………………………………………………………9 Importance/Significance of the Research…………………………………………….10 Definition of Terms……………………………………………………………………12 II. REVIEW OF THE LITERATURE…………………………………………………15 III. DESIGN OF THE STUDY…………………………………………………………...26 IV. FINDINGS……………………………………………………………………………..27 V. SUMMARY OF RESULTS…………………………………………………………...33 VI. CONCLUSION AND RECOMMENDATIONS……………………………………..34 Bibliography…………………………………………………………………………….37 INTRODUCTION Why do some businesses succeed when others fail? While it may seem to be a matter of luck, in reality there are common mistakes that kill many small businesses before they ever get off the ground. When a business owner starts a new business, the last thing you want to focus on is failure. But if you address the common reasons for failure up front, you'll be much less likely to fall victim to them yourself. This is a far cry from the previous long-held belief that 50 percent of businesses fail in the first...
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...Week Five Failure Analysis/Change Strategy Deirdre Martin-Banks, Claudia K. Elizondo, Hana Habbal, Aisha Lawson, Elizabeth Walton, and Erika Williams MGT/521 August 9th, 2015 Dr. Arny Bereson Introduction Analyzing and comparing the organizational strategies of different businesses operating under the same circumstances can help in understanding the factors that affect the success or failure of a business. Team A indentified as an organization that managed to succeed, and Borders Books as a business that failed during the past few years. This paper examines each company by analyzing each of their structure, culture, strategies, and behavioral theories, and creates a change strategy for Borders Book to save the company assuming the failure did not take place yet. Part One A- Southwest Airlines Objective, Mission, and Vision Southwest Airlines was founded in March 15, 1967 by Rollin King and Herb Kelleher, ("About Southwest"). They wanted to start a different airline that advocated for the people. Their objectives were to get passengers to their destinations when they wanted to be there and for the lowest fare possible. From these objectives grew a successful company that passengers and employees alike will agree, advocates for them. The mission to customers then aligned with these objectives and became, “dedication to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride, and company spirit, ("About...
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...Failure is the new Success A great man once said that no human on earth is created in perfection. Yet, we, as members of the human race, fear failure. We are taught not to fail and, if we do, it is viewed as a shameful sign of weakness. Although we want to be succesful, it is ofren necessary to fail in order to learn the lessons that will lead to a more meaningful life. William Zinsser in “The Right to Fail” talks about how there is nothing wrong with failing. He uses some real life examples that could apply to many other people. He explains how the term failure mostly applies to all people under the age of twenty-one if they drop out of school. We all know that education and finishing school is very important but, just because a person dropped out from school it is officially over. We automatically think that “drop out” means they will never have a bright future. Zinsser then expresses his opinion that people who have actually dropped out of school or have failed multiple times still manage to reach similar success as people who did not drop out. Clearly, failing to finish school does not mean they will not be successful. He then also explains that parents are the ones who demand that we do not fail instead of telling us to “not” be afraid to fail. Although it may be difficult for parents, accepting their child’s future will offer a way for their child to become stronger and ready for the obstacles in their life. Furthermore, Zinsser cited Fred Zinnerman, the famous Hollywood...
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...Companies that have been Unsuccessful because of their Refusal to Implement Project Management Student’s name Institution Introduction To begin with, the major objective of a business is to maximize profits. At the beginning or startup of a business, the owner expects that the business will earn him or her higher returns from his or her invested funds. However, this is not always the case almost businesses fail to meet this desired goal. What then are the causes of these disappointments? How can the problem be resolved? Well, project management is among the best techniques or strategies that can enable a business to attain its desired goal of profit maximization. Failure to implement project management in a business has been found to affect the performance of many businesses (Robbins & Coulter, 2005). This paper contains a detailed explanation of three companies that have been unsuccessful because of their refusal to implement project management. The three companies with some background information Alpa, MiniScribe and Panther are among the companies that have become unsuccessful due to lack of implementing project management. Beginning with Alpa, it previously used to design and manufacture 35 mm SLR cameras. It was known as among the best companies in this task. However, Alpa could not attain their goal. Not only did they fail to earn higher returns or profits but they ended up experiencing a bankruptcy something that made them to sell the company. Today, those who...
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... – as he puts it, the company is his ministry. When asked to what extent his spiritual perspective is responsible for the successes/failures, I guess the we have to define what is success and what is failure. For Tom, success is staying true to his values, creating the moral framework and fashioning the entire company upon it. Numbers, or profits, are almost secondary to this. What he considered failures occurred when the company began to make all of its decisions based on profitability, almost to the point of forsaking his ethical & moral standards. What the business world would look at as failures (low profits, or in some years losses), were stepping stones for creating the successful morally & ethically pure business Tom desired. It was, after all, these “failures” which led him to studies at the Harvard Divinity School, which in turn strongly influenced his finalized mission statement & statement of beliefs. As the initial success of the company grew & Tom hired professionals/young MBA's to expand, there were conflicts (as in the suggestion of adding saccharin to the toothpaste) because the new team was making decisions based on numbers (profit) rather than Tom's vision to commitment to natural products. The addition of saccharin would have achieved more financial success, but would have been perceived as a failure by Tom to go against his own commitment. The possible risks an organization might encounter when encouraging spiritual expression/values...
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...They contain strategies and consider many environmental aspects that work together to affect the success of the product or service being marketed. Marketers must learn to do solid research in support of upcoming projects. The Unit 1 Individual Project is a research paper and should address the following: Provide a quick definition of marketing plans using your text. Include the following: Using an article from the library’s full-text databases, discuss an example of how a marketing plan helped make a product or service successful. On the other hand (using an article from the library’s full-text databases), discuss an example of how decisions in a marketing plan led to failure. Analyze what was different in the 2 examples. Abstract With marketing management, the marketing plan is one of the key factors to the success or failure of any type of product. This paper will define what a market plan is and give examples of how marketing plans has helped make a product or service successful and how they market plan has become a failure. This paper will also provide a quick overview of why some movies are considered a failure and extrapolate what could have gone wrong in the studio's plan with regard to forecasting demand for the project. Marketing Plan Successes and Failures Introduction Planning to market a product and how the plan is written can make or break the success of any product. Coca-Cola is definitely a product that has an outstanding marketing plan will...
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