Macro-elements And Challenges In The Business Industry

Self-Introduction

Having enrolled for a business course in this prestigious school, my main objective is to learn skills that in future will be vital in running my businesses. Before joining college, my interest in class always favored subjects relating to management as opposed to sciences. Consequently, in addition to enterprising, I can also offer practical managerial solutions when challenges arise.

My life goals include investing gradually with an aim making enough capital to start up a company. Additionally, I want to develop a good eye for business such that I am able to predict the feasibility of an entity before putting my resources into it. Currently, I am involved in the management of a small firm where I get exposure to the real market situation and get enlightened on how to maneuver around them to remain relevant in the industry. The position has prepared me for the necessary research required if one is to successfully carry out business. In addition, I invest in stock shares with the little income I get.

My intuition in relation to investment has been rising gradually which is a major asset to my quest to be an entrepreneur. Additionally, I have been learning that businesses require patience because results must not be achieved in a short duration time and hard work should be the main priority. In five years, when all my minor investment accumulation is enough capital for my venture, I will put up a business with a partner who is equally passionate about investing.

Every business venture around the globe is heavily dependent on the government policies made in regard to the specific venture. Consequently, country’s politics can diminish or encourage investment in an industry depending on their contribution towards it (Colapinto & Porlezza, 2012). They also claim that offering incentives to an industry is vital in increasing their productivity (Colapinto & Porlezza, 2012).

When a country’s economy is doing well, consumers are able to purchase goods at the current market price (Prahalad & Hammond, 2002). As a result, more entrepreneurs are encouraged to produce goods and services to feed the high demand. Similarly, when the economy is poor the consumers restrict their purchases to needs thus a lot of industries may make losses (Prahalad & Hammond, 2002). As a consequence, employees in the industry lose jobs and those planning to invest do not get a slot in the already non-existent market.

Mega Trends and Challenges

Business relationship with the adjacent populations is essential in creating the image they desire for their brand. Where an enterprise is committed to creating a good relationship, they find favor to the society as compared to those that do not (Serkis, Helms&Hervani, 2010). Therefore, the performance of a business and security of employee partly depend on the relationship with the external community. 

Use of technology promotes efficiency within an enterprise thus saving time and resources that would have been consumed while carrying out activities manually. Small enterprises that cannot afford to invest in technology are not able to compete at the same level with those with modern facilities (Siqueira & Fleury, 2011). As such, depending on which type of company the employee works for as well as their skills in the use of technology, they could maintain or lose their jobs.

Population composition affects businesses in many different ways given that the consumers and workers are part of the society. Drastic change in employees would affect the company for instance if major players reach retirement age at around the same time (Jaimovich & Siu, 2009). In such a case, the young workers who are still in school get desired jobs immediately after graduating.

Natural disasters such as storms, floods, and earthquakes adversely affect businesses. These unpredictable occurrences could cause the permanent downfall of a business while others are able to recover immediately (Corey & Deitch, 2011). As an employee, the occurrence of these calamities affects them in a similar manner as they affect the entire enterprise.

As mentioned earlier, I am already involved in the management of a small manufacturing company management. In this position, I am able to have a practical experience of challenges as well as strategies that are employed to get through them. Additionally, it enables me to build a career out of my training which was the original plan.

From the remuneration earned at my work, I am able to invest a percentage of the income in company shares. The move is a way of planning for the intended startup in the future instead of putting the money in a bank where interest rates are low. Annually, if the company is able to make good profits the shares make a substantial value increment.

In five years, my plan is to get an investor with financial ability but looking for the brain behind the company. If the investment I am making follows a similar trend, there will be enough resources on my account that can be a part of the capital to be a partner. However, if I fail to get an approach on the same I will present my business idea to several investors to find out their willingness to invest on it. Additionally, if none of the above takes effect, I plan to get a loan from the financial institutions to fund the project.

Political

After the establishment of the business, given the scale of production, the profits are likely to be still low. It would take another five years while the entity keeps making progress and a name for itself while at the same time keeping all record and learning market dimensions. At this point, with good records of profit, it is a tempting offer for other entrepreneurs to buy a percentage of shares at a certain cost that will be the desired cost of intended expansion. Consequently, since the brand will already be known in the market there can be an establishment of branches around the country to be among the competitive players in the industry.

As a founder of a prestigious brand, it is necessary to leave a legacy in the field one is engaged in. Consequently, my ultimate goal is to leave the company stable and leave the younger people I mentored on the journey to run it. I would want to leave a culture whereby there is continuity of instilling skills to younger individuals who join by the previous ones. In retirement, I would offer consultancy services at a fee.

Ethics is the proper way of relating with people in our daily activities such that our respect for human dignity is evident. They vary in degree, as well as, from one individual to another and in many cases, the environment and experiences play a part in shaping them. I believe that how I relate to other people and discipline to do what I am expected to do while working is guided on my quest to build satisfactory relationships with people as well as fulfill the goals I have set for myself. I credit every person I have had interactions with for instilling the right values while growing up as well as the school systems for including it in the system.  However, according to Giacalone and Thompson, (2006), values relating to the proper way of conducting interactions should be instilled in the students through a training program to familiarize them with the expected behavior. Students put a lot of faith in the learning system hence they are more likely to adopt them if they are part of the curriculum (Giacamore and Thompson, 2006). The lack of a standard measure of ethics leads to confusion because individuals define it in terms of their perception of what is acceptable or otherwise (Trevino & Brown, 2004). Additionally, they claim that the context may dictate whether or not an individual does what they believe to be right especially if their perception and the established company code of ethics conflict. Bertland, (2009), insist that within a business employee exhibit better virtual if allowed to behave on their own accord, as a sign of responsibility.

Economic

I am able to look at challenges in a systematic manner to weigh the best actions to take in order to get through it. Additionally, I am able to consider what activities or mistakes could be the cause of the mishap being experienced so that they can be avoided in the future. As such, the occurrence acts more as a lesson than a misfortune. In addition, I am able to see through trends and predict correctly possible outcomes. In such an instance, I would contribute my insights to the company and avoid possible loss. 

In a group setting, I am able to interact positively with members, such that all contributions can be vital while brainstorming or discussing a course of action. As such, with other professional members the company is able to achieve the set objectives at a faster pace because the personnel is working towards a common goal. During team disagreements, my suggestion would always be a majority vote should be considered other than insisting that my opinion should count. I am a willing participant in social team building activities aimed at improving employee relationships.

In order for one to build proper work relationships, one should work on their interactions with every person they interact with in the place of work. These people include colleagues at the same rank with them as well as the support stuff as well as the executive. I am able to fit in this position such that all individuals can relate with me in a professional manner. Additionally, once an individual venture into a field, chances are the in the industry there are chances of interaction with the same people. Putting that into consideration, I tend to cultivate all relationships so in the future if either of us needs the other they just reach out. 

In most of my endeavors, I find that time runs out before completion of the intended time set aside for the task at hand. The main reason of this is because I take a lot of time in an activity in the quest to achieve perfection. However, this ends up taking the time that would be used to get to another duty. In spite of taking longer than some people, my end result is polished thus compensating for the extra duration. However, I am working on my speed to increase my productivity. 

I am familiar with the basic computer application programs as well as the crucial activities that require the use of the gadget. As such, I can be trusted with activities such as mailing, preparation of reports and presentation of the same, when required to do the same for the company. Unfortunately, use of some software that is specific to certain duties such analytical work would require prior training. The predicament is a result of spending minimum time on the machines hence an employer does not have to worry that I might spend work hours on the internet instead of follow my job description.

In my opinion, using verbal communication in a face-to-face setting is more effective than through a written formal document. When directly engaging with somebody there is a lot of information that can be exchanged even through non-verbal cues hence participants get more than anticipated. Documents meant for communicating have words or volume limit leaving someone in a dilemma of what to include or leave out.  However, this is not to mean I am not able to communicate but rather that I favor one method over the other.  

References

Bertland, A. (2009). Virtue ethics in business and the capabilities approach. Journal of Business Ethics, 84, 25-32.

Colapinto, C., & Porlezza, C. (2012). Innovation in creative industries: from the quadruple helix model to the systems theory. Journal of the Knowledge Economy, 3(4), 343-353.

Corey, C. M., & Deitch, E. A. (2011). Factors affecting business recovery immediately after Hurricane Katrina. Journal of Contingencies and crisis management, 19(3), 169-181.

Giacalone, R. A., & Thompson, K. R. (2006). Business ethics and social responsibility education: Shifting the worldview. Academy of management Learning & Education, 5(3), 266-277.

Jaimovich, N., & Siu, H. E. (2009). The young, the old, and the restress: Demographics and business cycle volatility. The American Economic Review, 99(3), 804-826.

Prahalad, C. K., & Hammond, A. (2002). Serving the World’s poor, profitability. Havard business review, 80(9), 48-59.

Sarkis, J., Helms, M. M., & Hervani, A. A. (2010). Reverse logistics and social sustainability. Corporate Social Responsibility and Environmental Management, 17(6), 337-354.

Siquiera, A. C. O., & Fleury, M.T.L. (2011). Complementarities of human capital and information technology: small businesses, emerging economy context and the strategic role of firm resources. Technology Analysis & Strategic Management, 23(6), 639-653.

Trevino, L. K., & Brown, M. E. (2004). Managing to be ethical: Debunking five business ethics myths. The Academy of Management Executive, 18(2), 69-81.

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