Business Skills For Success - Essay Example

? Business Skills for Success Dolores Biggett Edison College Most of the times ethics is considered to be a ive issuebut it plays an important role in all facets and areas of the business. So it is important to adopt an ethics specific approach so that a business can flourish in the short run as well as the long run. Effective time management and planning can be key components in achieving success at work as well as having a proper work-life balance. Good listening skills are very crucial in communicating with others and can play a key role in achieving success in life. There are some factors that lead to poor listening and these barriers can be overcome to ensure that one listens effectively. Today, stress is one of the key problems faced by people in the workplace, but it can be tackled or eliminated if a person organizes himself and keeps a balanced work life. Problems are a cause of concern for some and an opportunity for others. But what matters is how these problems are resolved. Cultural Diversity has its positives and negatives but the positives outweigh the negatives, hence it is important to value cultural diversity in the workplace as it can prove to be a catalyst for improved organization performance. Gender sensitivity means to recognize the different roles played by the men and women of an organization and recognizing each group’s contributions and addressing issues differently in order to strive for equality in the workplace. In short, managers are given a position of authority based on their role while a leader gains it through his approach. Entrepreneurship has a deeper meaning than just starting up a business. Entrepreneurship is something from which the society and the overall economy benefits. In short business etiquette’s play a vital role in defining a person’s overall personality and good manners in the work place can take a person a long way in achieving a successful career. a. What is business ethics? Business ethics are a set of rules or professional ethics which are used to examine ethical and moral behaviours that arise in a business environment. Good business ethics are considered important and should be adopted by all organizations. Some business which are only interested in making money try to bend the rules and do not follow proper code of business ethics and do their business in a way in which it earns them bad reputation. Making money is not considered wrong but the way in which company makes money is important and it is important for businesses to maintain proper ethics so that they have a favourable corporate image in the eyes of the industry and the customer base. Business ethics involves all types of dealings and transactions which take place in the business world; this also includes one-to-one dealing with your customers. Following business ethics means that not only the company makes profits but it also keeps in mind the well-being of the population at large as well as maintaining high quality standards which gained the company the so many customers. For example some businesses ignore the customer service side of things and are only interested in making money. These firms can be successful in the short-run but there is a minimal chance that they will succeed in the long run. Hence it is important to provide help and assistance to your customers. Sources: CityLocal. (n.d.). The Importance Of Business Ethics. Retrieved August 4, 2011, from Article Click: http://www.articleclick.com/Article/The-Importance-Of-Business-Ethics/999950 Johnson, K. W., & Abramov, I. Y. (2004). Business Ethics: A MANUAL FOR MANAGINF A RESPONSIBLE BUSINESS ENTERPRISE IN EMERGING MARKET ECONOMIES. United States of America: U.S. Department of Commerce, International Trade Administration. wiseGEEK. (n.d.). What is Business Ethics? Retrieved August 4, 2011, from wiseGEEK: http://www.wisegeek.com/what-is-business-ethics.htm b. Time Management at Work Time management is one of the most important skills which an employee should possess in order to maintain proper work life balance and become a success story in the business world. It is of utmost importance for every employee be it a starter or a person with an experience of twenty year to manage their time effectively as it one of the key determinants in achieving success in ones’ professional careers. One of the key components in effectively managing time at the workplace is to prioritize the tasks at hand. The most important and urgent tasks should be given top priority and less time should be spent on thinking and procrastinating. It is important to be organized and have a to-do list so that you are able to save time and work efficiently and diligently. Planning each day can help a person in achieving more and this also helps in maintaining a proper work-life balance. It is also important for every individual to understand at what time they are more efficient and productive. By understanding your work habits, you can create a schedule which maximizes your potential. For example some people are more efficient in the mornings so it is important for them to schedule the majority of their work for mornings so that they can be productive. This also helps the individual in managing their time efficiently. It is also important to limit the distractions which cause hindrance in maximizing productivity so it is important to eliminate the distractions as distractions put you off track and waste precious time. Sources: 10 tips for time management in a multitasking world. (2006, December 10). Retrieved August 4, 2011, from http://blog.penelopetrunk.com/2006/12/10/10-tips-for-time-management-in-a-multitasking-world/ Career-Success-For-Newbies. (n.d.). Time MAnagement in the Workplace. Retrieved August 4, 2011, from Career-Success-For-Newbies: http://www.career-success-for-newbies.com/time-management-in-the-workplace.html Time Management Success. (n.d.). Time Management in the Workplace - How to Run Your Day. Retrieved August 4, 2011, from Time Management Success: http://www.time-management-success.com/time-management-in-the-workplace.html c. Listening Skills Listening is the most critical element in the communication process. In the workplace listening is used about three times as much as speaking. There are a few reasons why good listening skills at the workplace are crucial for succeeding. It enables one to better understand the assignments and what is expected of him or her. It allows building a good relationship with colleagues, superiors and clients. It enables one to work better and contribute effectively in a team-based environment. It enables one to answer questions which help in resolving problems with customers, colleagues and superiors. There are also some barriers to effective listening. The listener might have prejudice against the speaker. There might be external distractions. There might be language differences. The listener might evaluate the speaker prematurely. The listener may lack attention span. There are certain ways that helps the listener to listen well. The listener may maintain eye contact with the speaker. The listener should focus on the content rather than the delivery. The listener should avoid distractions. The listener should not interrupt the speaker. And the listener should ask appropriate question once the speaker has finished. Sources: McKay, D. R. (n.d.). Listening Skills - Why You Need Good Listening Skills. Retrieved August 4, 2011, from About.com: http://careerplanning.about.com/cs/miscskills/a/listening_skill.htm Murphy, H. A., Hildebrandt, H. W., & Thomas, J. P. (n.d.). Effective Business Communications (7th ed.). McGraw -Hill. University of Minnesota Duluth. (n.d.). Listening Skills. Retrieved August 4, 2011, from University of Minnesota Duluth: http://www.d.umn.edu/kmc/student/loon/acad/strat/ss_listening.html d. Stress in the Workplace Stress in the work place is one of the major problems which an employee may face throughout his professional life. In today’s economic environment many people are finding it tough to deal with stress as the overall economic situation is uncertain. Rather than being relaxed and alert during the work hours, people are feeling drained and stressed out which leads to a fall in productivity and efficient decision making. The major reason for stress has been excessive workload. Companies are going for job cuts and now people who get to keep their jobs are given the workload of two to three people which leads to stress. Job insecurity is also one of the major factors which cause stress and as people are unsure as to what their future holds, most of the times they are thinking rather than properly managing their workload. This leads to people facing problems in meeting deadlines and this causes stress at the workplace. To overcome stress in the workplace it is vital to reduce the stress by taking care of yourself. For example when the workload increases, people tend to eat less and not take proper care of oneself. So to overcome the stress it is important to pay attention to one’s physical and mental health. By eating proper food and getting proper sleep one can feel relaxed and start enjoying their work rather than feeling hyper and anxious all the time. Another way to reduce stress in the work place is to prioritize your work and be organized to handle all sorts of situation. People who are disorganized are the ones in danger to encounter stress in the workplace. It is important to create a balanced schedule and give priority and time to important tasks. One should not over-commit and try to fit in all tasks in minimum time period as this causes anxiety and stress. Source: American Psychological Association. (n.d.). Stress in the Workplace. Retrieved August 4, 2011, from American Psychological Association: http://www.apa.org/helpcenter/workplace-stress.aspx Men's Health Tips. (n.d.). Stress at workplace - ways to avoid it. Retrieved August 4, 2011, from Men's Health Tips: http://menhealthtips.com/stress-at-workplace-ways-to-avoid-it.html Segal, J., Smith, M., Robinson, L., & Segal, R. (n.d.). Stress at Work: How to Reduce and Manage Workplace and Job Stress. Retrieved August 4, 2011, from HELPGUIGE: http://www.helpguide.org/mental/work_stress_management.htm#authors e. Problem Solving A problem has been defined in many ways. An optimist often defines a problem as an opportunity for improvement. By some it is defined as the difference between the actual state and the desired state. Others say that it results from recognition of a present imperfect and the belief in the possibility of a better future. “Problem-solving is a mental process that involves discovering, analysing and solving problems. The ultimate goal of problem-solving is to overcome obstacles and find a solution that best resolves the issue”. There are a few steps that enable people to find the best solutions to problems. The first step involves defining the problem. Then is the time to look at the potential causes of the problem. The third step is to identify alternative approaches to solve the problem. The fourth step involves selecting the most suitable approach. The fifth step involves implementing the chosen alternative. The sixth step involves monitoring the implementation process. The final step involves verifying if the problem has been resolved. Source: CENTRE FOR GOOD GOVERNANCE. (n.d.). Handbook on Problem-Solving Skills. Cherry, K. (n.d.). Problem solving - what is problem solving. Retrieved August 4, 2011, from About.com: http://psychology.about.com/od/problemsolving/f/problem-solving-steps.htm McNamara, C. (n.d.). Problem solving and decision making . Retrieved August 4, 2011, from Free Management Library: http://managementhelp.org/personalproductivity/problem-solving.htm f. What is Cultural Diversity Cultural diversity is also known as multiculturalism and its basic idea is based on the various cultural differences and identities which exist in the society. Cultural diversity should be valued, maintained and taken as a positive rather than disregarding it or ignoring it. Cultural diversity in a workplace should be valued as different people bring different ideas and solutions on the table which can prove to be very beneficial for the organization. Some people or organizations are ethnocentric in nature and disregard cultural diversity and think their own culture is the best. This is a negative thought process as a diverse workforce is more innovative in nature. Today’s economic environment demands organizations to be innovative and bring new ideas at the lowest possible cost. When there is cultural diversity in the workplace, different ideas and point of views are generated which lead to better decisions. People from different and diverse cultures bring new set of thinking, as well as bring creative solutions to various problems. This is a major benefit as cultural diversity can prove to be vital in improving organizational performance. Although cultural diversity should be valued, but it is a challenging task to manage cultural diversity in the workplace due to variations in every individual perceptions and orientations. So it is important for managers to understand the dynamics of diverse teams which are working under them so that they can maximize the team’s potential. Source: Australian Multicultural foundation. (2010). Managing Cultural Diversity. Australian Multicultural foundation. Lee, M. D. (n.d.). Cultural Diversity. Retrieved August 4, 2011, from http://www.ethnoconnect.com/pdf/article01.pdf Miginiro, S. (n.d.). Challenges of cultural diversity in organisations. case in point. g. Gender Sensitivity in the Work Place Gender Sensitivity is defined as the awareness into the state of the opposite sex, in context of stereotyping, discrimination and violence. In the working environment it can also be referred to as the awareness of roles and duties played by men and women in the workplace. Being gender sensitive means to acknowledge the different responsibilities men and women play in the organization and recognizing their issues, needs and contributions differently. A gender sensitive manager will have equal respect for everyone regardless of their gender and strive to reduce barriers to personal, professional and economic barriers that sexism has created. Most commonly occurring instances of gender discrimination and bias today are being suffered by women in the workplace. Even though the modern-day woman is given more responsibilities and larger roles professionally, she is still susceptible to a lot of discrimination and harassment in and around the workplace and keeps being ignored for positions that offer a higher degree of power and responsibility. Even organizations that claim to be equal opportunity employers are prone to having glass-ceilings and restrict the career growth of women after a certain degree. Organizations need to realize that men and women have different personality traits and both bring unique qualities to the organization. Therefore, both need to be valued and nurtured properly in order to be of the most benefit to the company. Gender insensitivity only brings bias into the workplace and promotes injustice and inequality in the workplace. Companies need to adopt policies that favour the marginalized groups present in the workplace in order to bid for equal opportunity for both genders. Sources: Assumption College of Davao. (n.d.). Gender Sensitivity. Retrieved August 4, 2011, from Assumption College of Davao: http://www.assumptiondavao.edu.ph/index.php?option=com_content&view=article&id=30&Itemid=41 Gender Sensitivity. (n.d.). Retrieved August 4, 2011, from Commission on Audit: http://www.coa.gov.ph/gad/articles/gender101_022006-01.htm Gender Sensitivity - a Training Manual for sensitizing educaiton managers, curriculim and material developers and media professionals to gender concerns. (n.d.). Retrieved August 4, 2011, from Make Every Woman Count: http://www.makeeverywomancount.org/index.php?option=com_content&view=article&id=1055:gender-sensitivity-a-training-manual-for-sensitizing-educaiton-managers-curriculim-and-material-developers-and-media-professionals-to-gender-concerns&catid=50:gender-trai h. Leadership/Management Leadership, as defined by the Merriam-Webster Dictionary, is defined as “the act or an instance of leading.” The same defines the term Management as “the conducting or supervising of something (as a business).” Leaders and managers are two very different people. Managers direct, while leaders inspire. There are several kinds of leadership styles ranging from autocratic, bureaucratic and laissez-faire styles to charismatic, transactional and transformational leadership styles. A leader is one who inspires people to bring about change and gains followers. A manager on the other hand has subordinates; they have a position of authority vested in them by the company. Managers do not necessarily lead, although the two are not mutually exclusive. However, managers merely direct while someone else, including his subordinate, might be the one actually providing the leadership because of his expertise and charismatic qualities. While managers have more of a work-focused attitude and get paid to get work done, leaders are seen to have a more people-focused attitude and motivate people to work towards goals. Managers are more likely to seek comfort and avoid conflict whereas leaders are risk-takers and consider it very natural to encounter problems that come along. Managers have a short-term vision, mainly a step-by-step approach to solve problems and handle tasks whereas leaders have more of a long-term horizon and are very proactive and dynamic in nature. Leaders possess the art of Emotional Intelligence that allows them to get the best out of their followers. Managers on the other hand were high performers who have been given extra responsibility because of their performances. They do not necessarily possess people management skills and sometimes have to be provided with the required training to handle subordinates. Source: Coach4Growth. (n.d.). Leadership vs. Management: What are the Characteristics of a Leader and a Manager. Retrieved August 4, 2011, from Coach4Growth: http://coach4growth.com/leadership-skills/leadership-vs-management-what-are-the-characteristics-of-a-leader-and-a-manager Coutts, P. (2000, October 1). Leadership Vs. Management. Leadership vs. Management. (n.d.). Retrieved August 4, 2011, from Changing Minds: http://changingminds.org/disciplines/leadership/articles/manager_leader.htm i. What is Entrepreneurship The definition of entrepreneurship is more than just the creation of a business. Entrepreneurship is “the capacity and willingness to undertake conception, organization, and management of a productive venture with all attendant risks, while seeking profit as a reward”. According to Greg Watson entrepreneurship is “a process through which individuals identify opportunities, allocate resources, and create value”. He feels that the creation of value takes place when unmet needs are fulfilled or when opportunities for change are capitalized. Entrepreneurs seek opportunities when others see chaos or confusion, take risks beyond security and have the determination to transform an idea into reality. There are a few common characteristics associated with entrepreneurs. Entrepreneurs have the sheer determination and commitment to succeed in their venture. They have a desire to achieve. They focus themselves on the opportunities that everyday life presents. They are the ones who take the initiative and do not wait for others. They are good problem solvers. They have an internal locus of control and take calculated risk. Entrepreneurship also plays a very crucial role in economic development. It is obvious that it helps in increasing the GDP per capita and income but more importantly it helps in “initiating and constituting change in the structure of business and society”. The increased income results in wealth divided amongst the various participants. This is the basis for change in the society. Sources: Bsuiness Dictionary. (n.d.). What is entrepreneurship. Retrieved August 4, 2011, from Bsuiness Dictionary: http://www.businessdictionary.com/definition/entrepreneurship.html Hisrich, R. D., Oeters, M. P., & Shepherd, D. A. (n.d.). Entrepreneurship. Watson, G. (n.d.). Definition of Entrepreneurship. Retrieved August 4, 2011, from Greg Watson: http://www.gregwatson.com/entrepreneurship-definition/ j. Good Business Etiquette Good business etiquette's are considered to be crucial in determining the success or failure of an individual or an organization. Good business etiquette’s are a recipe to success and it is of vital importance to behave in a positive manner with your clients and customers and leave a positive impression on them. Good business manners mean to treat everyone equally and with respect. Be it a senior level manager or a janitor, it is important that you give the person respect and react in a friendly manner regardless of the situation on hand. An organization maintaining good business etiquette’s has a higher probability of achieving higher profits compare to those organizations who do not give importance to business etiquette’s. Good business manners help in building a positive corporate image of the company which in turn help the company in maximizing its growth potential. Similarly, an individual who acts in a positive manner and portrays good business etiquette’s, has a high chance to quickly climb up the corporate ladder and be successful professionally. Good business manners have become important in today’s business world and an individual should know how to conduct themselves in the corporate environment, be it a social even or a business lunch. If a person comes across as arrogant, selfish and undisciplined then he or she is unlikely to prosper in the workplace. Whereas a person who is honest in his dealings and comes across as a humble individual is likely to make giant strides in his organization. At each moment in time, people around us are judging us, hence it is important to behave well and portray good business etiquette's. Sources: duPont, M. K. (1993). Business Etiquette and Professionalism. Crisp Fifty-Minute Series. Gass, D. (n.d.). The Importance of Good Business Etiquette. Retrieved August 4, 2011, from The EE Compendium: http://ee.cleversoul.com/news/good-business-etiquette.html Kwintessential. (n.d.). Business Etiquette. Retrieved August 4, 2011, from Kwintessential: http://www.kwintessential.co.uk/cultural-services/articles/business-etiquette.html Read More