Entrepreneurs need to have a wide variety of skills to run a successful business. Unlike personal characteristics and attitudes, which can often be hard or impossible to change, entrepreneurs can acquire skills if they are willing to learn them. Additionally, they can hire people to work for them who have the needed skills. The following skills are very important if the entrepreneur want to succeed in his business: Problem solving: Every customer have to deal with problems and every entrepreneur has find solutions to them. The successful entrepreneur sees opportunities in these problems where many of the rest of us only see difficulties. A lot of time, the best new ideas come from the need to solve a problem. The entrepreneur has to be good in identifying the problem, and then has to be able to identify solutions that can be good from the customer perspective. Communication: Entrepreneurs have to Continue reading
General Management Articles
Knowledge Management Systems: Conditions for Success
Certain factors or concerns also need to be considered in order to make this firm’s investment in Knowledge Management Systems (KMS) worthwhile. There is need for a major transformation in organisational culture to create desire to share, (give and receive). When there is organisational culture barrier, people tend to hoard their knowledge. One of the reasons why employees don’t share knowledge is the belief that knowledge is power and that hoarding it guarantees job security. Employees also tend to believe that there is no credit for knowledge sharing or won’t be able to own it anymore if they share. There might also not be time for knowledge sharing or afraid of making mistakes or being reprimanded. Some employees also do not know how to share knowledge or do not realize that their knowledge is valuable to the organisation. In order to solve these problems, employees need to be educated on Continue reading
Impact of Transformational Leadership on Employee Motivation
Transformational leadership in its leadership style has effectively built trust between employees and management and this usually lead to a smooth and pleasant working relationship that does not give room to suspicion in case of any change in policy or organisational change. Employees trust the leadership and they in turn are committed and loyal to the organisation. The employee is in a perfect emotional state of mind, since there is no fear of unknown or any need to panic. However, the trust sometimes could lead to exploitation since leadership knows that employees so rely on every of their judgement this but its been argued that the integrity of the transformational is to ensure the individual development of the employees. This leadership cares and is concerned about the employees and also inputs the company’s value in the mind’s of employee and constantly reminds them of the vision and goal to the Continue reading
Effectuation – New Paradigm of Entrepreneurship
The business world is permeated through and through this kind of rationality, based on what we see is happening today in the world, what are the trends? what will be the consequences? are forecasted the solutions in a business environment. However, according to Saras Sarasvathy, it is not how entrepreneurs think. The thought process is not “causal” but “effectual”. When a project is approached, the entrepreneur has three means skills: his own innate abilities, skills acquired through education and personal contacts. The entrepreneur is guided by a simple maxim: “To what extent can we control the future, we do not need to predict it.” Here lies all the difference. According to Sarasvathy, the successful entrepreneur does not try to predict what will be the most profitable markets, very opposite idea to Henry Mintzberg. In 1997 Saras Sarasvathy, professor of business and ethics at the University of Virginia but then a Continue reading
Role of Leadership and Culture in Promoting Innovation and Creativity
Organizational culture is a very important factor that affects the innovation and the creativity of an organization. Google for example, wouldn’t be so successful in technological innovation without its excellent organizational culture that gives the opportunity to its employees to work hard and innovate. Leadership has also a strong effect on the organizational culture of a company. A good leader must encourage, motivate and inspire his employees to be more creative and innovative. When Steve Jobs left from Apple, the organizational culture of the company was no longer the same and Apple failed to maintain its great success. Leadership and The Example of Apple Leadership is defined as a persons ability to anticipate, envision, maintain flexibility, think strategically and work with others to initiate changes that will create a viable future for the organization. The role of an organizational leader is to define the organizational goals, formulate plans and organize Continue reading
An Analysis of Decision Making Process in Organizations
In today’s business world, the main task of any manager is to take decision; these decisions are impacting the firm, the employees and the environment. As the world is developing and transitioning into a globalized unit, decision making is becoming a complicated task. Manager takes thunders of decisions every day, some decisions are done consciously and other are done subconsciously. More the manager has experiences, more often he will take subconscious decision for recurrent problem, due to it knowledge of the firm, the environments and it past experiences. Other decisions that are not as usual, need to be analyzed on every angle, before being able to build solutions for it, this would be a conscious decision. Decision making is defined as the process of deciding about something important, especially in a group of people or in organization. Decision-making is a six steps processes, no matter if the decision is taken Continue reading