Enterprise and Business Development - Essay Example

Name Instructor Course Date Enterprise and Business Development Innovation and entrepreneurship competitive advantage Innovation and entrepreneurship has competitive advantage. Market conditions, organization environment, and policies in place determine the innovations possibilities. Innovations play important roles for organizations to achieve superior performances. (Bindroo et. al, p.17:33). Based on technology, innovations is a critical aspect since its competition in varied organization has helped to meet customer’s needs for products and services, exploiting sustainable resources and executing of differentiating capabilities (Adhikari and Gill, p. 75-98). Innovations to the markets bring a radical economic progress in global markets. Entrepreneurship enables companies to formulate and implement policies and to create sustainable competitiveness (Charlie and Yan, p.513-530). Competition come out because of new entrepreneurs intensify competition in already existing business and customers benefit in terms of products low prices and greater product variety. Knowledge institutions and business schools are the appropriate stakeholders since the institutions play impact roles in initiating innovative business ideas and entrepreneurial attitudes concerning abilities and aspirations to start a business (Acs et al. p.97-107). Personal enterprise skills developed throughout the learning module have created immense development with respect to my entrepreneurial skills. The main persona enterprise skills that has improved throughout the course of understanding include decision making, planning and thinking, making connections and showcasing leadership, to name a few. Leadership is instrumental I various aspects of the placement since it requires the individuals to undertake important duties for the development of the preferred skill set in managing other employees within the organization. The placement within the company is well suited for individuals with a profound understanding of various attributes in the organization. The leadership skills gained throughout the module are not in any way dissimilar in organizational and personal context. Evidently, they relate under various characteristics of entrepreneurial leadership. Decision Making As an instrumental aspect of entrepreneurs, decision making spans in various platforms. It dictates the individuals propensity make informed decisions that affect an outcome of a specific attribute. Personal attributes linked to decision making has supported a critical analytical approach to management in creating varied understanding of various aspects of decisions. The placement requires an individual with an augmented understanding of decision making in various functions. The decision making skills, as described under the placement are essential for running the business. Individuals that tend to be entrepreneurs ought to make sound and researched decision throughout the organizational process. Evidently, successful entrepreneurs are compelled to make decision throughout various activities in support of making difficult decisions at various stages of the organizational development. Correspondence Effective communication skills have improved personal development in various levels owing to its importance in communicating with other individuals within the organization. Effective communication implies a two way communication since it plays a vital role in leadership development of Entrepreneurship and leadership skills for learning outcomes. Evidently, communication is the building block of every other skill in entrepreneurs. In comparison to the placement skills, communication is more or less similar to personal communication skills. Sound communication skills are instrumental since it has a better in managing day to day occurrence of various attributes. Personal Enterprise Skills and Entrepreneurial Mindset An entrepreneurial mindset showcases a way of thinking regarding business and its propensity to capture the benefits realized through various unpredictability (Dhliwayo and Vuuren, 2007). In this respect, it showcases an innovative and the energetic search for facilities that are geared towards exploiting opportunities. Creating an entrepreneurial mindset is imperative in maintaining a competitive advantage within an organization and socioeconomic lifestyle of various populations through job and value creation. Its significance is portrayed in the sense it facilitates supporters with new ideas in encouraging culture. Individuals with an entrepreneurs with such mindsets needs, problem and challenges out to create innovative ways in dealing with challenges, merging and exploiting opportunities in various aspects. Appropriate theory Various theories are applicable in entrepreneurship. Among them is sociological entrepreneurship theory is one of economic entrepreneurship theory. The society values the entrepreneur of the quality of product in market and at this phase, the entrepreneurs are not expected to take advantage of people through exploitation (Simpeh, p. 1-9). The entrepreneurs identify the opportunities in the society, fill the gap through productions, and make profit out of it. At this phase, it is the first social contexts known as social networks. The theory further points out that it is through life experiences and analysis that one would decide to be an entrepreneur hence the context, course stage context. An individual sociological background will determine the ideologies behind entrepreneurship. The marginalized groups with from a certain ethnic groups rise at all odds to make life better using entrepreneurial skill (Simpeh, p. 1-9). This is known as ethnic context. Finally, the environment factors will shape the survival of running business. The availability of too much quality products in market with lower prices induces competitions in retail shops. If the political systems are friendly, opportunities in the market attract varieties of investors hence economy build up. Having trained employees create a good public relationships with customers within society. In addition, availability of good population of customers can influence survival of business hence the fourth social context is population ecology. External factors influencing organization development External factors influence development of organization. Corruption is pointed out as an issue having positive impact in a company. “Good corruption” used as “quick money” which overcomes the less efficient regulations, which could have spent much more time to achieve the speed economy (Wang and You, 415-432). The main suggestion was that corruption is not a vital element to firm developments especially if the financial market of a country is underdeveloped. (Wang and You, 415-432). Corruption increases economic development of an organization mainly because the illegal practices and payments known as “speedy money” would add as advantage compared to bureaucratic delays while following company policy. The acceptance of bribes through employees works as an incentive hence improving the efficiency of work output (Nguyen and Dijk, p.2935-2948). Competition as an external factor also affects the growth of organization. Competition is whereby companies corporate and compete with each other to win both the suppliers and customers. Currently firms need to be dynamic to vie boundaries among the customers and suppliers in various industries (Laudon & Laudo p. 140). When companies compete at the same time, there is a best outcome of products hence valuable to customers. Companies are advised not to play price-fixing strategy which play as unfairness to various companies. Ethics determine the growth of a company. Ethics is an individual choice of what the person believe it is good or bad as per the doing. Irrespective of what decisions are made, already it is known if it is right or wrong. It is the organization values, the governmental policies for the running organizations and the code of conduct focusing on work schedule determines the growth of company. Work cited Adhikari Atanu & Gill Manpreet. Impact of resources, capabilities and technology on market orientation of Indian B2B firms .2011. Journal of Services Research. Vol.: 11, No.: 2, pp.: 75-98. Bindroo Vishal, Babu John Mariandoss & Rajani Ganesh. Customer Clusters as Sources of Inovation-Based Competitive Advantage. 2012. Journal of International Marketing. Vol.:20, No.: 3, pp.: 17-33. Charlie Chiang & Yan Antonio Ho-don. Entrepreneurship, Competitive Advantages, and the Growth of the Firm: The Case of Taiwan's Radio Control Model Corporation - Thunder Tiger. 2011.Journal of Small Business & Entrepreneurship. Vol.: 24, No.: 4, pp.: 513-530. Jean Jaques Simphe. Entrepreneurship theories and empirical research. 2011. a summary view of the literature. Euro manage 3(6):1-9. Kenneth Laudon & Jane Laudon. Management information systems. 2012. Managing the digital firm,12th edn, Prentice Hall. Thuy Thu Nguyen and Mathijs van Dijk. Corruption, growth, and governance: Private vs. State owned firms in vietnam.2012. Journal of Banking & Finance, 36(11): 2935–2948. Yuan Wang and Jing You. Corruption and firm growth: Evidence from China. 2012. China Economic Review, 23(2): 415–433. Zoltan acts, David Bruce Audretsch, and Robert Strom eds. Entrepreneurship, Growth and Public Policy. (2013) Innovations,Vol. 1(1), Winter, pp. 97-107. Dhliwayo S, Van Vuuren JJ (2007). 'The strategic entrepreneurial thinking imperative.' Acta Com., 7: 123-134. Read More