Entrepreneurship Opportunity - Essay Example

Entrepreneurial opportunity) (Name) (Professor (Course) (University Affiliation) (Due Date) Introduction Entrepreneurial opportunities are important issues for understanding how the company markets can function and offer a broad network that lead to solutions of a need when it arises (Bridge, 2012). Abu-Dhabi Marine Operating Company (ADMA-OPCO) is a multi- national company that produces gas and oil. It also engages in processing, storage, and export of crude oil. It was founded in 1950’s and operates at the offshore areas of Abu Dhabi. The gas and oil production is done from two main areas that are rich in crude oil known as Umm Shaif and the lower Zakum with area coverage of 360 square kilometers (Bridge, 2012). The crude oil is then transferred to Das Island for processing and export. It was incorporated into a local company in 1977. The company structure is made to improve efficiency and provide solutions and maintain a high environmental standard to enhance awareness. It mainly uses pioneering and rising technologies as a way to develop its operations and to ensure favorability of the natural and mineral resources. Problem statement Problems that Face ADMA_OPCO Oil and gas companies contribute to the economic development of any state and thus the problems that arise needs to be addressed with focus that will lead to better solutions. The following are some of the problems that need to be addressed. Environmental concerns Majorly, oil and gas producing companies causes environmental damages that lead to Air and soil pollution. Thus these affects people working and living in areas affected and claim responsibilities to the company in question. Its operations structure within the company is not sufficient to guarantee a reliable and safety environment hence accidents are likely to be high. The emission of carbon dioxide and oil spillage are very high hence causing an environmental concern to the people. In addition, Oil spills are a dynamic and complex problem that leads to disturbing, and disastrous negative impact on the environment reducing the ability of the earth to sustain life. The society differentiates that oil spills result comes from large oil tankers that pollute the environment. Oil and gas is composed of poisonous compounds that cause it very harmful to the environment in spite of its positive uses to enhance the quality of life. Effective policies should be established to that ensure recycling of wastes. Every person should play their part in reducing waste products by choosing reusable products, rather than the disposables Oil demand dynamics Globally, oil and gas are products that command a high demand. The short supply at the company is affecting the economic development position. The short supply is experienced due to high demand by organizations and people who use gas as source of livelihood and also use for domestic use. The ADMA_OPCO does not have a robust framework to deal with the situation to increase the demand. Competition Despite the remarkable success of this company under the new management, it is faced with intense competition within the industry. Other outside aspects pose a great danger to the company’s objectives and strategies that may weaken the energy availability. ADMCO_ OPOCO must ensure that consistency adoption of changes will identify the changes on the global market map. The company’s board should implement new strategies that will help it to sustain its productivity, raise its market allocation, create value for its shareholders, and improve customer affairs. To guarantee a constant growth, the company should also develop its operations in new advertisements. This is suitable to development of the oil production industries in its accessible markets. These upcoming markets are described by few new customers. For that reason, ADMCO should focus on developing markets particularly in Asia and Africa continents. Financial problem Currently, ADMCO_OPCO have recognized that problems which are caused by financial constraints are creating minimal ways to provide ways to acquire its products. It is necessary for ADMCO_OPCO to have sufficient strategies to endure a critical financial period. As, a result the company should, make assessment towards financial recovery. Exclusively, this will depend on the management when approaching such imaginative ways of cutting cost. The key ingredient to survival in this harsh economic times is coming up with ways of the weathering the economic hard times until the improvement of the economy. Communication Communication is essential in any organization. Various departments correspond to each other regarding the company's association globally. The ADMA_OPCO has various communication functions. Corporate communications are essential especially for for-profit organizations. This is because the communication group creates and maintains a respectable image of the company to the outside world which is not practiced in the company.. This function comprises of various job responsibilities and is found in the company’s marketing department. Corporate communications in ADMA- OPCO does not observe the way investors and the public distinguish the business. These would help the public prepare for television and radio interview and recommend better proposals to the company on the terminating framework with its stakeholders. Mini-Case (stage 6 of the framework) Protection The company has a high concern to protect the environment. The company has won different awards that include the global awards for perfection quality and local performance. The company conducts high environmental standards with profession by applying international certification compliance. They protect the environment by monitoring the air quality and promoting environmental awareness to increase the company contribution towards protecting the natural resources. These commitments are objectives for central government section and their organization to considerably reduce waste, water usage and carbon emissions together with making the company’s procurement more sustainable. Value Proposition The ADMCO_ OPCO Company majors in perfection quality in its products value. The objective is to provide a reliable source for the customers. In regard, The Company values customer service where the issues are technically solved to ensure creativity and a quality service. The ADMCO_ OPCO establishes a framework to invest in emerging technologies to improve the structures of the company to diverse areas (Basu, et.al, 2014). The fundamental values applied are vital to ensure a satisfying factor to the customer’s needs. The customer service enables a robust network inside and outside the company to provide an enhanced geographical location that reaches people. From a sustainability view, ADMCO_OPCO needs future economic, environmental and social sustainability in an incorporated way to exploit benefits and minimize risks. The appraisal of the oil and gas sustainability does not show that an integrated structure is being followed or the forces of the interior magnitude of sustainability are fully measured. A free and open market creates a neutral platform for competition. In regard, it will improve the capacity growth; reduce the cost of production and the product improvement in conclusions. In addition, to encourage a teamwork enables a good working environment and brings positivity among employees. Thus, a sense of synergy is created and the workers develop confidence and also are able to share new knowledge and experience in relation to the job experience. In ADMCO_ OPCO it has brought growth among employees and in that way growth is experienced within the company structure. Eventually this will lead to greater skills that will generate the economy development of the company. Lastly, recognizing and supporting of employees gear them to greater heights (Basu, et, al, 2014). All these aspects bring a sense of significance to employees and stimulate them to work with a level of dedication and perseverance, work with enthusiasm and power that will show their commitment with the organization where they work. Price elasticity is also among the value propositions within the customers. Notably, this allows the company to grow through its customer base thus making investments opportunities and growing the public image of the company. Team Management is a very key issue in ADMCO_OPCO, for the entire department to run efficiently there must be proper Team work. The department manager therefore has a very important responsibility of ensuring smooth running of the department. When one department is lagging behind in terms of efficiency and productivity the entire organization is likely to be affected negatively. A team is always viewed as a form of social equality by the employees thus increases employee devotion and trust in the company. Employee teams are very good at encouraging team work among the employees (Bensahraoui, et,.al,2012)) When employees work as a team they will be able to know each other’s strengths and weaknesses thus promoting better understanding among them. Team working helps in pooling of resources, this is because it brings together different employees with diverse backgrounds and experience. The teams facilitate better conflict resolution strategies in the organization. During team work all the employees put their input when making decisions this is likely to give way to conflicts due to different opinions that might lead to disagreements within the team. The team members will therefore be forced to come together and establish solutions that are likely to be long lasting. Solving conflicts together will encourage the employees to be more active and participate in meetings since they will be used to each other. Sources of finance The company partnership with other oil companies such as British Petroleum (Bp) has stabilized its financial base that has enabled the company to expand its growth and enhance oil recovery. The enhanced oil recovery emerging technologies will play an important role to increase the energy demand in Abu Dhabi at the ADMCO_ OPCO. This will ensure the target of 70% demand for oil is reached. This partnership with BP exploits global commitment to Abu Dhabi and to ADMA-OPCO. That will help in shaping the objectives and purpose discussed in support of Abu Dhabi vision 2030(Linda, 2013) Stake holder analysis The stakeholders demand production of quality products that resonate with the client’s needs. Despite the problems it faces with its products, it remains the most widely accepted oil and gas manufacturer. On this basis, the current strategic marketing plan adapted by the company aligns with its stakeholders needs. ADMCO_OPCO has developed a strategic plan that has seen different range of fuels suitable for different customers. This explains the diverse number that Toyota continues to receive globally. According to the stakeholders, diverse products would be substantial towards establishing the company in the competitive market. The varied products also provide customers with a wide range of products to choose from in relation to their suitability and affordability. Stake holders are very important to the company because they benefit the company and give their verdict on the management of the company. From the result, the company needs to put much importance on the difficult situations by using a medium through outside stakeholders to improve on its power. Conclusion Notably, with the country’s important producer and consumer of oil, immense quantity is endlessly extracted, imported and transported all through the Abu Dhabi state. Oil and gas is projected to continue to be a primary source of energy in the Abu Dhabi for a number of decades. The proportion of businesses weakening in their first few years is very big; the failure originates from a number of aspects. Some of these aspects are external and are beyond the power of the entrepreneurs. Entrepreneurs can therefore entirely be blamed for the failures of their businesses. Having a business plan was established to be one of the ways towards avoiding collapse of entrepreneurial ideas. The achievement of an entrepreneurship is largely influenced by capabilities and good use of managerial skills of new inventive. When the subject of managerial proficiency and entrepreneurship is well dealt with then the figure of new star-up failures will radically decrease. References Shane, S. (2012). Reflections on the 2010 AMR decade award: delivering on the promise of entrepreneurship as a field of research. Academy of Management Review, 37(1), 10-20. Bridge, S., & O'Neill, K. (2012). Understanding enterprise: entrepreneurship and small Business. Palgrave Macmillan. Basu, S., & Mercado, G. (2014). A microseismic experiment in Abu Dhabi, United Arab E emirates: implications for carbonate reservoir monitoring. Arabian Journal of G Geosciences, 7(9), 3815-3827. Linda Low. (2012). Abu Dhabi's Vision 2030: An Ongoing Journey of Economic Development. World Scientific. Bensahraoui, et,.al (2012)"Risk Management Register in Projects &Operations." Abu Dhabi International Petroleum Conference and Exhibition. Society of Petroleum Engineers. Read More