Managing Time And People Commerce Essay

Managing Time And People Commerce Essay Planning is essential in creating a new venture. This task remains principally on the entrepreneur starting the business. A good entrepreneur needs to have a variety of skills in order to be successful. SimVenture which is a business simulation game, is a good way of practising these skills. Indeed, teaching entrepreneurial and business skills is one of the main purposes of SimVenture, by allowing the users to create and run their own virtual company. SimVenture also gives the opportunity to learn how to make efficient decisions in all the different sectors of a business including marketing, human resources, operations, finance, and more. As a business administration student and perhaps future entrepreneur, it is fundamental to understand how to successfully operate a company and to practice and deal with diverse skills. I have learned many lessons by using that simulation and many of these will definitely be useful in my future life and enhance my knowledge and personal development. Three of the main that I have learned are how to manage time and people, how to develop a business model, and how to research and analyse the market. Managing time and people Firstly, managing time and people has been a crucial lesson that I have learned using SimVenture. An entrepreneurs most important and most difficult job is to manage these two components. The first component of the business that has to be well managed is people. Starting a business is not only a one person deal, in the contrary, well developed and directed teams are behind most of the most successful business start-up. Indeed, developing strong entrepreneurial teams are key to a well functioning venture. It is the entrepreneurs task to find individuals that can offer knowledge, experience, skills, and, thus, add up a to the social capital of their company. Furthermore, once the good ones are chosen, employees have to be motivated, leaded, inspired, and encouraged in order to be efficient and to increase their commitment to the company. With SimVenture, I have learned that this process is crucial for a business, because choosing inefficient or unsuitable employees can increase remarkably its costs. Also, the simulation taught me that not only choosing the best candidate is important, but especially giving them the job position in concordance with what they are the best in. The second component of the venture that has to be greatly managed is time. Effectiveness, productivity, and efficiency, are aspects that can be excessively increased if time is managed correctly. Especially during the business start-up process, at every step of it, time should be spent on elements that are really relevant for the creation of the company. SimVenture clearly showed that time can really be an issue in a company as time management was one on the main problems that my team and I had while using the simulation. Sometimes employees were spending time idle, and some other times, they were not able to finish their task due to lack of time. In the future, I will know that time is the component of a business that is probably the most essential to be well managed in order to be successful. Developing a business model Secondly, creating a business model has been an essential lesson that I have learned with SimVenture. Building a business model can be a very long and difficult process, because it is a complex, precise, and specific task. However, it is indispensable for a new venture to develop an effective one because it is the heart of a company. Management writer Joan Magretta defined a business model as the story that explains how an enterprise works (Casadesus-Masanell and RicartÂÂ  , 2011). Being part of a business strategy, a business model is used to represent core aspects of a venture. A business model can be separated in five main features. The first section is understanding the customers and their purchase decision. A customer in a purchase decision process will pass through some stages before buying a product or service. He will research information, seek value, evaluate alternative, and assess value before making any decision. Using the simulation, I learned that understanding the customers that are in the target market can greatly benefit the company in making products in concordance with their needs. Also, through SimVenture, I realized that customers are the wheels of the business and that it is primordial to make decisions in relation to them. The second feature of a business model is the value proposition, or the benefits that customers gain. It is very important for a company to understand and be aware of what their customers gain and benefit from their products or services. Developing a value proposition relies on analysing qualitative and quantitative aspects and finding a way to be different from competitors by knowing who they are and what they do. The value proposition is used to attract customers and ensure the companys financial healthiness. The third part of a business model is the architecture of the business. That feature describes the structure and the organisation of the company. It also defines how the venture creates and distributes its products and services. The business architecture discusses whether there is a market or not for what the company is selling, by analysing the external environment such as geography. All these different components are put together to create value for the customers. Using SimVenture, it was a challenge to make efficient decisions because all the features of the business and the target market were to be taken in account. The fourth section is the revenue model of the business. Its goal is for the company to find a profitable way to deliver great value to their customers and satisfying their needs. In other words, by doing better than its competitors, the venture has to manage its costs and expenses in order to increase its return on investments. Pricing is also an important aspect of that stage, indeed the price should be fixed so that it is high enough to make profit but not too high for the sales to decrease. Furthermore, the company has to decide which revenue mechanism will be adopted and how the benefits will be delivered to their customers. SimVenture taught me that it is essential to have a great knowledge of our costs and expenses in order to fix the price of the product at a profitable level. The fifth feature of the business model is the strategic direction. The strategic direction is how the organization strategy will be achieve and which actions will be in place to do so. It demonstrate the position that the venture is planning to take over its competitors in a long term view. It is also a projection of where the business wants to be in a certain amount of years. Using SimVenture, I have learned that the strategic plan of the business is always to be kept in mind if you want the long term objectives to be achieved. In the simulation, I would have made different decisions than my team. In my opinion, we were thinking too much about the present month and not enough of the future of the venture. Researching and analysing the market Thirdly, researching and analysing the market has been a crucial lesson that I have learned with SimVenture. The market analysis is essential to be done at the starting point of every new venture. It allows the entrepreneur to know more about the global environment of its business. The market analysis is extremely important because it helps define the nature of the business and the remainder of the plan. [] Similarly, the more a start-up understands the needs of its target market, the more it can match its product attributes to those needs (Barringer, 2009). Indeed, the venture will have to segment the market and select a target market. The market segmentation is the process of dividing a market into distinct subsets (or segments) that behave in the same way or have similar needs (Barringer, 2009). As the market segmentation was already done in SimVenture, nothing was learned from that section. Before selecting a target market, the company should research and study the size and the trends of the different market segments. This is critical because a good selection will allow the business to be successful in terms of profit and sales growth. With SimVenture, I have learned that selecting the best market segment is one of the most important things, because if you dont make a good selection, keeping a financially healthy company can be problematic in the future. I had difficulty selecting the appropriate target market for the business. Therefore, what I have learned from that for the future is that a deeper research and analysis of the market and of the segments should be done in order to make the best decision possible. Conclusion To conclude, through SimVenture, I have learned many important lessons including managing time and people, creating a business model, and researching and analysing the market. The simulation made me aware that a business can face many difficulties and that the entrepreneur needs the knowledge and the ability to make the best decision according to any situations that can occur. Running my own business for a few weeks has definitely helped me in my personal development, because I would now feel more confident and experienced if, in the future, I would decide to start my own company.

Assessment Equality and Diversity Essay

1. What is meant by diversity? It’s meant that every individual is unique and recognizing our individual differences (race, ethnicity, gender, sexual orientation, socio-economic status, age, physical abilities, religious beliefs, political beliefs, or other ideologies). It’s about understanding each other, understanding and appreciating interdependence of humanity, cultures, and the natural environment, practicing mutual respect for qualities and experiences that are different from our own, understanding that diversity includes not only ways of being but also ways of knowing, recognizing that personal, cultural and institutionalized discrimination creates and sustains privileges for some while creating and sustaining disadvantages for others, building alliances across differences so that we can work together to eradicate all forms of discrimination . Diversity is a reality created by individuals and groups from a broad spectrum of demographic and philosophical differences. It includes knowing how to relate to those qualities and conditions that are different from our own and outside the groups to which we belong. 2. Describe the community you live in. Highlight some of the variations you may observe in terms of: †¢Interests †¢Beliefs †¢Ages †¢Lifestyles †¢Personal, social and cultural identities. I live in very diverse community. People who surround me – my friends, co-workers, neighbours are different age, they’ve got different lifestyles, interests, beliefs, personal, social and cultural identities. For example: there are many different race and ethnic background people in my community. I live with Lithuanians, one of my neighbours is black, other ones white English. The English ones are pensioners and the black one is young mother, who spend a lot of time in her garden, looking after her plants. My housemates love sports, they go to the gym almost every day. The English couple most of their time spend at home, I often see their children visiting them. They are Catholics. There also are some Muslims living somewhere close to me, I often see them passing by my house. 3. Explain how the variations in question 2 contribute to the diversity of the community. The mixture of tolerant people who are different age, have got different nationalities, interests, beliefs, lifestyle create a diverse community. Different religions contribute into many different kinds of churches and temples, ethnic groups contribute to continental food shops and restaurants, because of different interests there are many different places to spend time – gyms, cinema, theatre, spa centre, etc. and better variety of goods and shops. 4. Give some examples to explain how diversity: †¢Enhances your life †¢Enhances the local community †¢Enhances this country. Just because of the diversity I’ve tried many different kinds of food, learnt to cook continental food. I also know more about different cultures and traditions. The diversity improves tolerance in the community as there are many different people and you have to be kind and tolerate each other if you want to live peacefully. There is a very big diversity in this country and it’s a good thing for its economy: different people have got different needs so there are good conditions for many kinds of businesses. 5. Describe what it means to respect people’s differences and why it is important to respect differences. Respect people’s differences means that we have to tolerate people who are different gender, age, ethnic background, etc. This is important, because we live in a very diverse society and we have to prevent discrimination and ensure equal abilities.

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Advertising On Facebook Three Surefire Strategies Essay

Advertising on Facebook: Three Surefire Strategies to Promote Your Company Facebook is a place for fun and entertainment, a place that serves as the word of mouth of people and many leading brands, businesses and organizations, where there is information sharing and traffic content is targeted based on the interests of users; a paradise for SMEs that want to advertise their products and services. You just need to know how you can use this platform to harness the most out of it! If you are accustomed to thinking of Facebook as a pastime and uses your bulletin board to post pictures of your vacation, be prepared to give a new life to your page. With over 1.44 billion users worldwide, 156.6 million in the United States alone, and an average time per visit of 39 minutes, Facebook is a gold mine for all those entrepreneurs who see us along and are looking for an effective way to find new customers and increase revenue. Why? Because the king of social networks allows you to get close to your customers like no other form of communication is able to do. For example: 1. It helps to keep the relationship alive with existing customers, reminding them that you are there (loyalty); 2. It allows you to listen to your customers and give them what they really are looking for; 3. It gives you the opportunity to interact directly â€Å"humanizing† your brand, to regain a dissatisfied customer and engage your supporters; 4. It allows you to get in touch with thousands of potentialShow MoreRelatedMarketing Strategy Of A New Company1890 Words   |  8 Pagesof time and money into a marketing strategy. When I looked over their strategy, it was all about the benefit of their products and had nothing to do with the startups they were trying to do business with. Understandably, they were frustrated that their efforts were not getting any traction with their target audience, and they were worried that all of their wasted time and money would be their undoing. Fortunately, we were able to make adjustments to their strategy before they went under. All theyRead MoreReed Supermarket Case32354 Words   |  130 Pages296 PART III MARKET ENTRY STRATEGIES 9 10 11 12 13 Some approaches to the choice of entry mode Export modes Intermediate entry modes Hierarchical modes International sourcing decisions and the role of the sub-supplier Part III Case studies 315 319 334 355 385 405 429 PART IV DESIGNING THE GLOBAL MARKETING PROGRAMME 14 15 16 17 Product decisions Pricing decisions and terms of doing business Distribution decisions Communication decisions (promotion strategies) Part IV Case studies 453 Read MoreInnovators Dna84615 Words   |  339 Pages(Continued from front flap) is the Horace Beesley Professor of Strategy at the Marriott School, Brigham Young University. He is widely published in strategy and business journals and was the fourth most cited management scholar from 1996–2006. is a professor of leadership at INSEAD. He consults to organizations around the world on innovation, globalization, and transformation and has published extensively in leading academic and business journals. is the Robert and Jane CizikRead MoreLibrary Management204752 Words   |  820 Pages. . . . . . . . . . . . . . . . . . . . . . . . 107 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 Goals, Themes, and Directions . . . . . . . . . . . . . . . . . . 110 Objectives, Initiatives, Pathways, and Strategies . . . . 111 Activities, Tasks, and Initiatives . . . . . . . . . . . . . . . . . 113 Evaluation—Accountability in Action . . . . . . . . . . . . . . 113 Planning Hierarchy—An Example . . . . . . . . . . . . . . . . 115 Conclusion . . . . . . .