Entrepreneurs use a set of approaches and tools to assess the viability and potential of ideas and profit from them by developing and launching products. Cooper’s Stage Gate Process is one such approach that is key to any product or service in the commercial or non-commercial sector. Cooper’s Stage Gate Process is critical to the processes and performance of an organization as it reduces production errors and therefore saves the company from losses. Cooper’s Stage Gate Process is one of the most frequently used tools in the project development process. This model is based on the fact that any project is broken down into stages that make up a cascade, and to move from one stage to another, managers must go through the “gate”. These gates are critical points for deciding whether to proceed to the next stage. Simultaneously, decisions made at these gates have such options as “go”, “kill”, Continue reading
Modern Management Practices
Five Domains of Emotional Intelligence
Several studies have demonstrated that individuals with purely high IQs possess a great range of intellectual interests and abilities, they have difficulty dealing with their own emotions and with the emotions of others. Other intangible characteristics and abilities, such as self-motivation, impulse control, the ability to regulate one’s own emotions, and empathizing with others clearly have an effect on a person’s accomplishments in life; these qualities have been collectively termed Emotional Intelligence. People with high emotional intelligence levels excel socially, are outgoing and cheerful, are rarely fearful or worried, and are sympathetic and caring in their relationships. Read More: Four Components of Emotional Intelligence Five Domains of Emotional Intelligence Emotional intelligence can be broken down into five main domains: knowing one’s emotions, managing emotions, motivating oneself, recognizing emotions in others, and handling relationships. 1. Knowing One’s Emotions – Self Awareness People deal with their emotions by either being aware of Continue reading
Judo Strategy in Business
Judo Strategy, a term coined by David Yoffie of Harvard Business School in his book ” Judo Strategy: Turning Your Competitors’ Strength to Your Advantage”. “In the martial art of judo, a combatant uses the weight and the strength of his opponent to his own advantage rather than opposing blow directly to blow. Similarly smart companies aim to turn their opponent’s resources, strength and size against them.” Judo strategy in business scenario effectively means avoiding direct confrontation and leveraging the strength of the opponent to create space. Judo strategy can help small companies to enter new markets and defeat stronger rivals. Through movement, flexibility, and leverage, new players can occupy uncontested ground and turn the strengths of dominant players against them. Movement: In this step one needs to maintain a low profile so that while his business is under growing stage he can avoid attacks from well established players. At Continue reading
Impacts of Internet on Entrepreneur Ventures
In recent years, internet is more and more popular and closely to people in a variable fields. Internet was used as a tool for helping them to connect and seeking information or advising what they need. Almost entrepreneurs also use this tool as a part of creating successfully for their business but sometimes it also creates some problem. Some negative impacts of internet on the entrepreneur venture such as security or lost productivity that make the entrepreneur take a lot of problem. However, almost impacts of internet on entrepreneurial ventures is good such as raise the capacity of accessing information through internet, increase communicate capability among entrepreneurs and others people, help to achieve the target specific venture firm, increase the efficiency of the submission process and specially support marketing strategy. Firstly, the most effective impact of internet is the security of the information. Many businesses conducted online get the trouble Continue reading
Case Study of General Electric: Six Sigma Implementation
General Electric, one of the most successful companies implementing Six Sigma, has estimated benefits on the order of $10 billion during the first five years of implementation. GE first began Six Sigma in 1995 after Motorola and Allied Signal blazed the Six Sigma trail. Since then, thousands of companies around the world have discovered the far reaching benefits of Six Sigma, including Japan’s Taiichi Ohno used as a model for the Toyota Production System (TPS), did not let him down during bad economic times. An Overview of Six Sigma Motorola coined the term “Six Sigma” and created the original formulas in the 1980’s. The result was a culture of quality that permeated throughout Motorola and led to a period of unprecedented growth and sales. The crowning achievement was being recognized with the Malcolm Baldrige National Quality Award. Motorola factory that manufactured television sets in the United States, took over by Continue reading
Cognitive Mapping – A Mental Representation Technique
In 1947, Edward C. Tolman at the University of California at Berkeley, was doing experiments demonstrating that complex internal cognitive activity occurred even in rats and that these mental processes could be studied without the necessity of observing them directly. He proposed that rats have a cognitive map; that ‘in the course of learning,something like a field map of the environment gets established in the rat’s brain… And it is this tentative map, indicating routes and paths and environmental relationships, which finally determines what responses, if any, the animal will finally release.’ [Tolman, 1948, p 192] Due to the significance of his work, Tolman is considered to be the founder of a school of thought about learning that is today called cognitive-behaviorism. A cognitive map in the trivial sense is whatever mental or neural mechanism enables an animal to navigate. On this usage, it is tautologous that animals capable of Continue reading