The Stages Of The Entrepreneurial Process - 2056 Words

The corridor principle refers to the idea that with every new business venture pursued, there is often an unplanned and different opportunity that can be a result of its launch. (Morris, Kuratko, Covin, p.31) In other words, even with failure comes opportunity for success. This principle is related to the myth that most entrepreneurial initiatives fail. Although failure do arise, other great ideas may be sparked as a result of those failures which may result in unexpected success in a different direction. Identify and define the six stages of the entrepreneurial process outlined in the text. How is â€Å"opportunity† defined? How is a â€Å"business concept† defined? The six stages of the entrepreneurial process include identifying the opportunity, defining the business concept, assessing the resource requirements, acquiring the necessary resources, implementing and managing the concept, and harvesting the venture. In order to be successful, it takes more than an idea for a product or service. Instead, an opportunity, or as the book defines it as â€Å"a favorable set of circumstances creating a need or an opening for a new business concept,† must be present in order to begin in entrepreneurial ventures. The idea at hand must be satisfying a need or relevant want for the targeted consumers. It also must be appealing to a sizable target market size as a decent sized market is necessary for making sales. This is why it is so important for an entrepreneur to identify a specificShow MoreRelatedEntrepreneural process1087 Words   |  5 PagesEntrepreneurial Process HCS/567 September 16, 2013 Peter Albright Entrepreneurial Process Entrepreneurs are inclined to pursue a four-step method to realize their goals. The four steps include identifying opportunities, developing a plan, determining the resources needed, and lastly managing the newly developed enterprise (Hirsh, Peters, Sheppard, 2005). A well-defined grasp of the risk-taking progression is very significant in knowing the steps of a company officer or measuringRead MoreJetblue Airways: Starting From Scratch - Case Analysis Essay1121 Words   |  5 Pageslatest entrant in the airlines industry has gone through the initial stages (entrepreneurial and collectivity) of the organizational life cycle rapidly under the successful leadership of David Neelman. JetBlue Airways is currently in the formalization stage of the life cycle where in it needs to create procedures and control systems to effectively manage its growth. Also as it proceeds to grow further to reach the elaboration stage, JetBlue needs to continue to align itself with the environment inRe ad MoreBiography Of Joseph Schumpeter ( 1883-1950 )933 Words   |  4 Pagesunderstanding entrepreneurship and innovation and application of that understanding. Entrepreneurship Entrepreneurship is an organized effort that is aimed at pursuing a unique, innovative opportunity so as to make quick, profitable growth. Similarly, entrepreneurial opportunities are those circumstances where new goods, services, raw materials and organizing methods may be brought into the market at be sold at a higher value than their cost of production. These opportunities can be differentiated from otherRead MoreTaxation On Entrepreneurs Should Not Be Changed1183 Words   |  5 Pagesit’s valuable to meet others in the same formative stage. It is useful to think about the entrepreneurial procedure in three stages: Inspirational – potential business people hunting down circumstances; Start-up – beginning an organization; Scale-Growth – extending yearly income past $1 million. †¢ Celebrate and perceive effective nearby business people. †¢ Return to your administrative surroundings. Streamline your zoning endorsement process. †¢ Welcome foreigners – Immigrants have been twiceRead MoreJetblue Airways: Starting from Scratch - Case Analysis Essay1125 Words   |  5 Pageslatest entrant in the airlines industry has gone through the initial stages (entrepreneurial and collectivity) of the organizational life cycle rapidly under the successful leadership of David Neelman. JetBlue Airways is currently in the formalization stage of the life cycle where in it needs to create procedures and control systems to effectively manage its growth. Also as it proceeds to grow further to reach the elaboration stage, JetBlue needs to continue to align itself with the environment inRead MoreIs Turkey A Free Enterprise Economic System?776 Words   |  4 Pagesthat the free-enterprise economic system, all over the world encourages entrepreneurship because it permits individual s freedom to create and produce. This is not the case always, for example the culture plays an important role in this entrepreneurial process. Turkey has a stable economic and political conditions, variety of industries are performing well in the domestic market, the customers are early adopters which are all good signs for entrepreneurship, but only 6% of the population of entrepreneursRead MorePlanning For Long Term Success1009 Words   |  5 Pagessuccessful business is like a road map covering all the highways and streets of the organization. The organization must be able to give a complete plan of the necessary task to keep the business moving from stage to stage. There are critical developing task to successfully grow in each stage of the business life term. An organization can start with a strong foundation by using some key components with development. The development skills have to cover the necessary requirements to be able to keepRead MorePlanning For Long Term Success1014 Words   |  5 Pagessucce ssful business is like a road map covering all the highways and streets of the organization. The organization must be able to give a complete plan of the necessary task to keep the business moving from stage to stage. There are critical developing task to successfully grow in each stage of the business life term. An organization can start with a strong foundation by using some key components with development. The development skills have to cover the necessary requirements to be able to keepRead MoreThe Entrepreneurial Process1267 Words   |  6 Pages The Entrepreneurial Process Many successful entrepreneurs tend to follow a process to develop their businesses. This process contains four stages toward achieving their dreams. The processes are identifying an opportunity, developing a business plan, assessing the need for resources, and finally developing a management program designed to achieve success. The entrepreneur must develop an understanding of this process as an important step. Developing an understanding of the entrepreneurial processRead MorePlanning for Long-Term Success of a Business1051 Words   |  4 Pageslong-term success of a business venture or enterprise is the consideration of developmental tasks. Once an organization has identified its business foundation, the next process is to develop tasks that are necessary in determining success in every stage of growth. The processes of developing tasks that influence success in every stage of growth include identifying the various developmental tasks. Generally, there are six developmental tasks that are critical for the long-term success of a business enterprise

The Wind Up Bird Chronicle And Dante Alighieri s Inferno

As literature continues to evolve throughout the ages, human experience remains a purpose that novelists cease to abandon regardless of the century. Haruki Murakami’s The Wind-Up Bird Chronicle and Dante Alighieri’s Inferno each disclose a meticulous narrative that elaborates on such human experiences through the recurring theme of understanding and accepting the idea of suffering. While Alighieri’s Inferno takes on a physical journey through a Hell that he represents as a city, Murakami assumes a psychological and abstract mindset while writing the metaphysical journey in The Wind-Up Bird Chronicle. Through the particular writing styles of each author, the extensive application of symbolism, and the unique setting of each protagonist, both authors contribute to the meaning of their books whether it be a psychological or physical approach. Though both pieces center on the commonality of suffering, Murakami and Alighieri each have their respective styles of writin g. Murakami’s The Wind-Up Bird Chronicle exudes his usual psychological approach to such matters: â€Å"Which is to say, I was able to separate from the physical self that was feeling the pain†¦ I was able to divide myself into a physical and nonphysical self†¦. When pain comes to me, I leave my physical self.† (Murakami 306). As a result of this particular style, the human experience is perceived as enigmatic and ambiguous in nature, varying from person to person: â€Å"We can invest enormous time and energy in serious

Challenges and Strategies in Industry †MyAssignmenthelp.com

Question: Discuss about the Challenges and Strategies in Industry. Answer: Introduction Recruitment procedure of corporations includes various steps such as attracting potential candidates, evaluating the qualification of applicants, and posting them in the right job. The employees assist in the expansion of companys growth, therefore, the human resource management is required to select the right person for right job. The human resource management of software industry faces various challenges in their recruitment procedure. For succeeding in the software industry, it is necessary that software companies hire talented employees. This report will evaluate the challenges faced by corporations in the software industry. Further, the report will provide suggestions based upon HRM policies to address such problems. Software industry comprises development manufacturing and selling of software by various companies. Software organisations are making different kinds of software which companies are using in their accounting and production process. According to Lavie (2007), Software companies provide services like consultation data storage, data recovery and much more. According to estimation in 2013 this sector valued at the US$407.3 billion (approx.). It is growing with an estimating five percent growth rate. Microsoft, IBM, and SAP are some of the most successful companies in this industry. As per Lee et al. (2010), this sector started getting popular in 1953, and since that time they have never seen a negative growth. This industry has seen remarkable growth in last two to three decades, and it is generating millions of jobs in different parts of the world. Most of the government institutions and other industries are getting a significant amount of assistance to the facilities which software sec tor is providing in recent times. Every industry has to face various kinds of problems in the hiring process as they failed to get the desired candidate because of some reasons. Below are some of the major issues which software industry faces in the recruitment process. Software corporations require specific knowledge of different software and technology in a new employee. According to Agrawal, Khatri Srinivasan (2012), there has to be various tests procedures and infrastructure to check the ability and capabilities of candidates; all these require a high amount of time.Hours and even days are being consumed in selection processes of a software company. The recruitment process is significantly exhausting; some of the candidates leave in between the selection procedure. Due to lengthy recruitment process company has to face the consequences regarding talent loss. For example, Google prefers to hire only the talented programmers from the industry. Therefore, the recruitment process at Google takes around six to eight weeks. Human resource department prefers to check a candidate at various levels. They do not just check their technical skills, but they also prefer to know the social behaviour and logical knowledge of every candidate. Omnipresent Recruitment To recruit skilled and talented employees, human resource department has to explore various sources of recruitment. As per Swart Kinnie (2003), they have to check job applications of a large number of candidates through different sources, such as LinkedIn, Facebook, Twitter and their online portal. Software companies also need to take the assistance of various human resource firms to select the most eligible candidates. Potential candidates like to take the support of social media websites to find suitable jobs for them. The human resource department of companies face difficulties in maintaining a positive image over different social media platforms. The candidates can provide wrong information regarding their qualification over social media platforms; the human resource department finds difficulty in assessing such information and selecting employees based on such information (Agarwal Thite 2003). In the software industry, the demand for skilled and experienced employees is considerably high; it is an employee-oriented industry because usually talented employees decide their terms of working contract. According to Antony et al. (2007), Software corporations pay high salary packages and incentive schemes to talented employees to attract them in the organisations which can affect the budget of the company. The human resource department of enterprises, which did not have a large number of resources, find it difficult to attract or retain talented employees. Most of the companies did not fulfill their requirement of skilled programmers which causes them to work with limited employees, which increase the pressure of workers. High pressure at a job is one of the primary reasons for a developer to quit their organisation. The supply of skilled and talented programmers is low in the market, which causes human resource department to hire employees from foreign countries. If a large number of employees are from different countries, then corporations are require establishing diversity policies; without better diversity policies human resource department cannot recruit candidates from other nations (Richardson et al. 2010). Human resource department does not have any direct contribution to profit earned by a company; this issue creates funding problems for HR department because they fail to convince top-level management to allow the necessary amount of funds which is required to hire best candidates that are available in the industry. As per Chapman Webster (2003), for analysing talent and skills of candidates, human resource department require investing a large number of resources over machinery and test objects. Usually, the top level management did not allow a large budget for human resource department, which makes it difficult for them to select the right person for right job. In the software industry, a large number of corporations are start-ups; they did not have the proper funding or sources to hire talented employees. Therefore, most of the talented employees are hired by the large organisations which can be negative for the growth of start-ups. Millennial Retention People who were born in between the 1980s to 2004 are known as millennial. In the software industry, the majority of workers are young as compared to other sectors. Most aged people are not good with technology as compared to young adults. Issac, Rajendran Anantharaman (2004) provided that the average age of employees in the software industry is in between 24 to 32 years. The human resource department of modern companies finds it difficult to retain millennial employees in the organisation because they prefer to change companies quickly. The retention challenges are faced by even large software companies such as Apple, Microsoft, and Google. Most of the employees prefer positive and cooperative organisational environment over high salary packages. Therefore, many of talented employees establish their start-ups. Without an effective organisational environment strategy, it is difficult for human resource management to retain employees in the company. The growth of software industry is significantly high as compared to other industries, the companies which failed to keep up with the fast pace of growth, failed in the industry. As per Edison, Bin Ali Torkar (2013), for sustaining their growth, corporations are requiring to hire and retain talented employees in the organisation. High level of competition creates several problems for human resource department because competitive organisations pay large amount of salary package to attract talented employees in their corporations. Human resource department faces difficulty in retaining employees because they prefer to go for companies with higher benefits. In case of start-ups, they do not have significant sources which make it significantly difficult for them to recruit talented employees. Recommendations For improving the recruitment procedure in the software industry, corporations can implement various strategies of human resource management. These policies can benefit the company by recruiting and retaining talented employees. Following are few examples of HRM strategies which can be implemented by software companies. Most of the software corporations recruit employees through online portals or social media websites. The human resource management should include a separate department for talented profiling candidates through social media platforms. As per Christensen Hughes Rog (2008), the department should maintain a positive organisational image over social media sites and analyse various online application to find talented employees. Organisations should focus their sources on online platforms because it also reduces the recruitment expenditure of corporations. The human resource department can find and analyse the qualification of candidates through online portals. There is a significant demand of talented programmer in the software industry. High demand forces companies to pay high salary packages to talented employees. The companies can avoid such expense by providing training to their employees. Training the employees on their job can improve their skills and productivity which can benefit the companies. Organisations can establish a lock-in period for trained employees in the enterprise which can improve the retention of employees (Chan Kuok 2011). Most of the talented employees in software industry prefer positive working environment over high salary packages. The top-level managers of corporations should promote and implement policies regarding positive and cooperative culture in the company. A positive culture also attracts the talented employees in such organisation. For example, Google is known as the best place to work because of their positive environment culture. Google provide their employee's space to work, and their projects and the culture in their workplace is positive. This strategy allows Google to attract the best talent from the industry and sustain their future development (Lievens, Van Dam Anderson 2002). Conclusion Form the above report, it can be concluded that software industry in one of the fast-growing industries which include the development of software product and applications. The competition between software corporations is considerably high, and it is an employee-oriented industry. The recruitment procedure for software companies includes various problems such as high expenditure, long process, strong competition, the demand for talented workers, different sources of recruitment and retention of employees. For sustaining future growth, human resource department requires to employ and retain talented employees. The corporations can implement various HRM policies to address such challenges such as training facility can satisfy the demand for skilled workers, online process can reduce the expenditures and establishment of positive culture can improve retention of employees. These strategies can be valuable for the companies since they augment the development of the corporation. References Agrawal, N. M., Thite, M. (2003). Human resource issues, challenges and strategies in the Indian software industry.International Journal of Human Resources Development and Management,3(3), 249-264. Agrawal, N. M., Khatri, N., Srinivasan, R. (2012). Managing growth: Human resource management challenges facing the Indian software industry.Journal of World Business,47(2), 159-166. Antony, J., Jiju Antony, F., Kumar, M., Rae Cho, B. (2007). Six sigma in service organisations: Benefits, challenges and difficulties, common myths, empirical observations and success factors.International journal of quality reliability management,24(3), 294-311. Chan, S. H., Kuok, O. M. (2011). A study of human resources recruitment, selection, and retention issues in the hospitality and tourism industry in Macau.Journal of Human Resources in Hospitality Tourism,10(4), 421-441. Chapman, D. S., Webster, J. (2003). The use of technologies in the recruiting, screening, and selection processes for job candidates.International journal of selection and assessment,11(2?3), 113-120. Christensen Hughes, J., Rog, E. (2008). Talent management: A strategy for improving employee recruitment, retention and engagement within hospitality organizations.International Journal of Contemporary Hospitality Management,20(7), 743-757. Edison, H., Bin Ali, N., Torkar, R. (2013). Towards innovation measurement in the software industry.Journal of Systems and Software,86(5), 1390-1407. Issac, G., Rajendran, C., Anantharaman, R. N. (2004). A holistic framework for TQM in the software industry: a confirmatory factor analysis approach.The Quality management journal,11(3), 35. Lavie, D. (2007). Alliance portfolios and firm performance: A study of value creation and appropriation in the US software industry.Strategic management journal,28(12), 1187-1212. Lee, C. H., Venkatraman, N., Tanriverdi, H., Iyer, B. (2010). Complementarity?based hypercompetition in the software industry: Theory and empirical test, 19902002.Strategic Management Journal,31(13), 1431-1456. Lievens, F., Van Dam, K., Anderson, N. (2002). Recent trends and challenges in personnel selection.Personnel Review,31(5), 580-601. Richardson, I., Casey, V., Burton, J., McCaffery, F. (2010). Global software engineering: A software process approach. InCollaborative Software Engineering(pp. 35-56). Springer Berlin Heidelberg. Swart, J., Kinnie, N. (2003). Sharing knowledge in knowledge?intensive firms.Human resource management journal,13(2), 60-75.

Superior Organization free essay sample

The word â€Å"organization† can be really ambiguous. It may mean different things to different individuals. According to Macmillan English dictionary for advanced learners, organization has two meanings; a group of people who have a particular shared purpose or interest or the way in which different parts of something are combined or arranged in structural terms. When the dimension of business is introduced, business organization may refer to the physical aspects such as resources both human and material or it may refer to its core purpose and business activity. It may be argued that a definition of business organization that incorporates these two definitions is more holistic. Professor Child states that a superior organization is one of the last sustainable source of competitive advantage (Child, 2005, p. 23). Globalization seems to have changed the basic rules of business organization due to high paced technological innovations and advancement. Global trends have become critical for businesses to survive, hence the need to re-organize their way of doing business to be able to respond competitively to rapid changing global circumstances. We will write a custom essay sample on Superior Organization or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Professor Child argues for business organization that moves away from the traditional vertical, usually centralised organisation, to the horizontal organization structure with a skilled, motivated and coordinated workforce and business processes. He also underscores the importance of removing communication barriers within and with other organizations, ensuring efficient flow of information. The other aspect that Professor Child addresses is organisation reducing transaction costs through efficient allocation of resources thus serving as an alternative to market. Such superior organization is also to put in place a mechanism of setting goals and mechanisms of monitoring and evaluating them as the minimum of administrative control (Child, 2005, p8). In view of the many changes globalization has brought about, it may be argued that superior organization alone may only serve companies and not humanity. The change in basic rules of business may have brought its share of human suffering. It may be argued that multi-national companies with their superior organization have led to the collapse of many small businesses leading to loss of income among many small business owners. The argument may be that most small to medium scale businesses in low to middle income regions of the world are still relying on obsolete organization strategies. This change in business strategy may mean survival of the fittest companies, disadvantaging some regions in the world. Issues of perceived capital flight at the click of a mouse may also be an issue worth exploring. This calls for good corporate social responsibility on the part of multi-national companies to avoid having their good superior organization getting tarnished. It is therefore imperative also that business organizations in certain regions catch up with global trends. Resisting such changing trends could prove fatal for many a business. Someone may also argue whether superior organization alone offers competitive advantage, arguing in favour of courageous leadership. The pitfall with this view is the danger of having courageous leadership lacking in basic organization skills which can prove fatal for the company. Personal experience has exposed me to two types of organization in the same company. I have been privileged to witness positive transformation in the mining company I recently joined. With recent change of ownership, there has been a radical change in the organization structure resulting in improved productivity and staff motivation and coordination. There has been a change from a tall, very strict vertical organization to a flat, semi-formal organization structure. The work cycles have undergone tremendous change to make them more favourable for effective management of fatigue. A performance based reward system has also been introduced with the policy of equal pay for equal work. User fees for sporting and recreation facilities have been squashed to improve wellness in the workplace. Employee assistance programs have also been incorporated. All these measures seem to have improved workforce motivation and a corresponding reduction in the number of clinic visits due to fatigue and stress-related issues. The rate of injuries on duty and rates of workers found to be at work with over the limit level of alcohol have also shown a significant decline. Most important of all is increased production for the company. Information flow has also greatly improved with the development of intranet and internet system. Career development programs have also been introduced based on performance and commitment. There is also emphasis on work competence and there is a drive to integrate and career managing of all at different levels. These changes in organization strategy argue in favour of superior organization. In conclusion, it can be argued that superior organization is the wisest thing for companies to do if they are to survive and remain competitive and profitable in this globalized environment.