Title: Jack Welch and Sir Richard Branson: Which would you choose? Executive summary In business, an organisations survival, profitability and sustainability are in the hands of a few dedicated and success driven individuals. The degree and quality of internal desire, determination and persistence for self and for others will be the thermometer of their leadership. History judges their legacy, whether villain or champion and whether they will be role models of generations. Leadership in business is competitive and challenging, with the capacity to excel within and out is exponential and the potential for greatness at stake.
The strength or limitation of a capital market will result in the indication of how well a manufacturing company market value will be perceived. The most important goal of an effective manager is to raise the perceived value of a company. Hi Jamie This is a great response to the discussion question and was very informative. It is very important for a manager to have knowledge on capital markets. It is important to do a thorough review of all performance activities up to the current date.
Economic Goals of Business and Government VS Social Goals of Consumers Milton Friedman suggests that the social responsibility of a business is to increase its profits (Boardman, Sandomir and Sondak 221). While increasing profits is certainly one of the most important factors in a successful business, is it considered a social responsibility, or better yet, the only social responsibility of a corporation? Friedman seems to think so. But why is increasing profits a corporation’s social responsibility? According to Friedman, “A corporate executive is an employee of the owners of the business.
This was a very interesting assessment and it makes you think a little which is always a good thing in my opinion. During the “Connecting to the Real World” and “How willing are you to take risks in the workplace” assessment I realized that I am a bit of a risk taker. I don’t consider it a bad thing at all I feel that some risks should be taken. Being a business man sometimes you have to take risks some pay off and other don’t it’s just a part of being an entrepreneur. I kind of knew I was a high risk taker but this assessment just clarified everything for me.
Most innovators are looked at to also be entrepreneurs. Entrepreneurs are defined as people who initiate and organize a venture in order to take advantage of an opportunity that is within their grasp (entrepreneur). Some inventors want to go the extra mile with their inventions, they want to market and control the invention, and be paid handsomely for their efforts. A lot of these innovators have a personality that they are seeking challenges which stand for the opportunity for their greatness (USAID, 2013). In this Case Study I would like to examine the creativity and motives of one of the most successful entrepreneurs along with innovators in today’s world.
Opportunity recognition is the process of discovering a new business opportunity. Identifying and selecting the right opportunities for a business are among the most important abilities of a successful entrepreneur. (al., 1985) What most literature in entrepreneurship calls ‘‘opportunity recognition’’ appears to include three distinct processes: (1) Sensing or perceiving market needs and/or underemployed resources, (2) recognizing or discovering a ‘‘fit’’ between particular market needs and specified resources. (3) creating a new ‘‘fit’’ between heretofore separate needs and resources in the form of a business concept (Hills, 1995) (Koning, 1999) There are three theoretical models of opportunity recognition. The first is active searching; this is where an entrepreneur or often a corporate business consciously searches for new business ideas and gaps in the market.
* Mini Case (p. 45) a) Why is corporate finance important to all managers? All managers are mandated with a goal to improve the businesses bottom line. Successful corporations have two main goals they must meet to stay in business. The first goal is “identifying, creating, and delivering highly valued products and services to its customers.” (Brigham) The second goal is to generate “enough cash to compensate the investors who provided the necessary capital.” Behind every managerial action, the manager must ally every action they take with meeting the above two goals. In order to evaluate the success of those decisions, managers must be able to analyze their decisions and fully understand the impact past decisions will have on the past, present, and future health of the company.
If without the planning of a budget, the company may easily over spending on the cost. In addition, it helps to understand whether the business is in a healthy finance position by comparing with the actual figures with the projected figures. (John Tennent page179) mentioned that for a business planning on budgeting is a process used by management to create the blueprint for achieving that success. Financial planning is the most fundamental task for a business to determining on it strategic goals, objectives and achievement. The Financial plan needs to include the timeframes as well in order to achieve the goal within the budget set.
Entrepreneurship is a process of initiating a business venture, organizing the necessary resources and assuming the associated risks and rewards (Kuratko and Hodgetts, 1998)2. Entrepreneurs are actually leaders of innovation and change. They inspire themselves to come out viable ideas for new business, products or services. Most of the time, they will make finding and assembling all necessary resources to undertake the business venture. Entrepreneurs are decisive, they take risks and they act impulsively on gut feelings.
Having the love for what a Entrepreneur is creating is a must and will drive the force behind the business. Tenacity in an Entrepreneur demonstrates the ability to persevere through hard times of trial and tribulations. All individuals in any business will go through failure however overcoming these obstacles will make the brand and service of your idea even better. The last characteristic I find important in all successful Entrepreneur is the level of intelligence for the career he or she chooses. Knowing your field and every aspect to it will capitalize on all customers.