Essential Characteristics of Entrepreneurship Entrepreneurship is considered to be the driving force for economic and industrial growth. These growths arise from the ingenuity of business managers, leaders and administrators. Additionally, entrepreneurship is regarded to be a way of thinking that is motivated by existence of a particular opportunity. The objective of entrepreneurship is to create value. Entrepreneurship has resulted into significant transformation of the society. There are numerous attributes that make a successful entrepreneur. Some of these attributes are discussed below. 1. Self Confident Business environment is very dynamic and challenging. As a result, it is characterized by a high degree of uncertainties. For example, an entrepreneur may establish a business venture but be faced with challenges that may limit its success. However, entrepreneurs do not back off from challenges. Instead, their optimism enables them to tackle challenges head-on. Succeeding is such an environment requires one to be persevering and Continue reading
Modern Management Concepts
Reputation Risk – Meaning, Definition and Management
Reputation is an accumulation of perceptions and opinions about an organization that reside in the consciousness of its stakeholders. Reputation has becoming increasingly important to any company as the world becomes more complex. Tangible factors of business are becoming less significant and rapidly replaced by the intangible factors. Reputation is considered as the most valuable intangible asset. Though reputation is considered as an intangible asset which will not be presented in any balance sheet, it will represent the market value. Warren Buffet said: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” The hard-owned reputation is much more vulnerable in 21st century, as the globalization and development of technologically interconnection make news more easily transmitted and more transparent. Once reputation is compromised, it may be costly to rebuild reputation and the period may be extremely long. Continue reading
Workplace Cooperation – Cooperation in the Workplace and Knowledge Sharing
Cooperation in the workplace refers to a situation in which the workers and managers resolve their issues of common concern, through discussions and consultations. Workplace cooperation has a number of characteristics, for example; it is a voluntary process in which the employees and the employer choose to work together as one team. In this team, each of them places a greater emphasis on the success of their relationship and the building of the company as opposed to emphasis on their individual rights in the company. Workplace cooperation can be supported by a legal framework which can either be facilitative or prescriptive. Workplace cooperation involves open communication where the employer and his employees talk to one another, listen to one another and even share information together. Cooperation in the workplace also aims at coming up with a common approach that is acceptable to both the workers and the management in the company Continue reading
Artificial Intelligence (AI) in the Workplace
Introduction to Artificial Intelligence A man is endowed with the ability to comprehend, respond, and perform. Creatures do not have the knowledge or responsiveness in this manner. Intelligence is characterized as the capacity to study, think, and find solutions. Artificial intelligence is defined as the execution of certain activities by a set of machines working together. Machine intelligence, as the name implies, is knowledge developed digitally when computers are programmed to act intelligently like people. Devices, if programmed with intellectual orders, would produce guaranteed results since they are effective. The nervous system might or may not be able to do so, depending on how the brain is functioning at the moment. In 1950, the word Artificial intelligence in 1950 was devised by John McCarthy who is frequently viewed as the initiator of AI skills because he was the primary person to discover the theory. It is the technique of programming Continue reading
Impact of Artificial Intelligence on Unemployment
Fast technological development and automatization have caused many changes in people’s lives. As soon as the industrial revolution impacted the manufacturing process, productivity skyrocketed, and corporations became major societal driving factors. However, a downside of the industrial revolution was the fast improvement of equipment that worked more efficiently, cheaply, and faster than any person could. From this perspective, the jobs that were previously executed by people were quickly replaced with machines. A similar concern correlates with the current technological development, namely artificial intelligence. Artificial intelligence (AI) is a machine’s ability to learn through certain algorithms, which creates an environment in which it can become fully autonomous and used in any industry while performing any task. There are multiple uses in which AI can be applied, including medicine, physics, the economy, and other essential areas of life. However, similarly to the development of automatization during the industrial revolution, AI may correlate Continue reading
Key Drivers and Life Cycle of Business Continuity Management (BCM)
Managing business environment is one of the challenges which organizations have no control over. There has been escalation in crisis, disasters, and emergencies as many companies enter into the market. Moreover, it is essential for organizations in either the public or private sector to develop a suitable and effective Business Continuity Management (BCM). According to ISO 22301, BCM is a holistic management method of identifying potential threats to organizational activities. BCM also provides a framework for which organizations build resilience to the identified threats and effectively respond. Business Continuity Management (BCM) plays an important role in risk management within the company. Key Drivers of Business Continuity Management (BCM) There it is important to understand the driving factors of Business Continuity Management (BCM), which ensure effective and reliable execution of the organizational plans. The key drivers of Business Continuity Management (BCM) include are highlighted below. Corporate Governance – With the changing Continue reading