Business Start-up and Future Planning - Coursework Example

Project Management Name Institution Name According to Furman (2011) a project is considered a temporary and unique work effort that has a specific date that it begins and a date that it ends which develops a result, product or service. In any project, a team is assembled and is committed to work towards particular goals. Project management refers to the application of skill, knowledge as well as techniques so that projects can be executed efficiently and effectively. Project management is a strategic competency for organizations, this enables organizations to tie the project results to the expected business goals, and therefore this helps in effective competition in the market. Project management is undertaken by project managers who ensure that there is adequate planning, supervision and organization of the project and works proactively to ensure that the project is successful (Pmp & Knapp, 2010). The project management process can be divided into five broad groups: initiating, planning, executing, monitoring, controlling, and closing. Often project managers use full-time employees or consultants in executing the project. Usually, there is a project manager on the side of the client and client’s project manager running the project. There are a myriad of factors that contribute to the success of failure of any business, nonetheless the main factor that warranty failure is lack of detailed and realistic action plan. The first step before any small business is opened is that the manager should have realistic as well as specific goals (Smith, 2012). Experience can be instrumental in determining whether the goals set are specific and realistic. In businesses that are established past history can be pertinent in providing a clue regarding the suitability of the set goals. In the case of franchise business, the franchisor can help in developing realistic as well as specific goals basing on the long experience he has in the industry. On the other hand, for independent startup it necessitates significant research. In this case, the proprietor can talk to other business owners in the area that is considered for the new business. It is also pertinent to talk to other business owners in the line of business that the new entrepreneur intends to venture. Some of the questions that the new entrepreneur can ask include costs, customer traffic and revenues. Upon gathering this information the new entrepreneur can go ahead to set his goals. The second step is identifying resources, activities as well as responsibilities. The new entrepreneur has to ensure that he informs customers regarding what you are offering and when they can patronize you. Most startups have to entice their first customers using special events as well as couponing. The new entrepreneur has to identify specific marketing as well as sales activities, which will bring him customers. It is important to have a list that contains all the resources that are available in your area, for instance, public relations, media and signage. It is important for the entrepreneur to outsource when he can and can also hire in case it necessary. The entrepreneur can also do everything by himself if he must do it. It is prudent to have a list of responsibilities for all the activities and the staff and contractors ought to be held accountable for everything that is taking place. Thirdly, it is important for the new entrepreneur to define his table. Often the timetable has a close relation with the capitalization. Different sectors have different time-tested standards for profitability. For instance, a restaurant can take 4 years before it becomes profitable, but a house painter can be profitable after 5 months (Reuvid, 2011). Fourthly, develop contingency plans for emergencies that are likely to occur. It is important to have plans that will liquidate excess with little or no loss or acquire more products easily when required. When marketing has been done well, many people will buy the goods or services that the entrepreneur is offering (Pakroo, 2014). Fifthly, merge the action with the timetable. Each plan should be linked to a specific and realistic timetable. At this point, it is important to set specific milestones that are linked to activities that have been when identifying resources, activities as well as responsibilities (Blanchard, 2011). Launching the startup is tough task. Mostly new entrepreneurs spend most of their time on the venture and hence end up burning out. After sometime the new entrepreneurs will search for someone who they can turn the reign so that they can focus on things that they enjoy most. This type of management is called abdication and in most cases usually ends up in a disaster. To effectively implement the program an entrepreneur should emphasize on delegation, supervision as well as evaluation, such a strategy helps in ensuring that the job much faster and there lowers chances of burning out (Pinson, 2014). New business ventures should have efficient security policy. Before developing a security policy, organizations should evaluate their security needs so that they can identify which areas deserve much attention. This entails considering the available resources in an organization, which will help to support the initiative as well as the required extent of participation from the staff and management (Gangemi, Lehtinen & Russell, 2006). These deliberations are essential in establishment of rules and guidelines, which help when acting in response to intrusions. Businesses need effective security policy in order to ensure that they are safe from intrusion and information leakages. This is a business security policy it is meant to ensure that business has efficient security policy which address risk management, planning and assessing, ensure privacy of personal information, personnel information security, change control, disaster recovery and compliance. The new business venture should have a security policy. The security policy should provide directions for protecting and managing confidential, integrity as well as availability of information assets. The program should entail technical, administrative in addition to physical protection to business information assets. Apparently, most business lack efficient security policy to safeguard information. This has made companies vulnerable to security threats involving falsification of employee’s credit cards (Solari, 2010). The new business venture should have a risk management program. The major reason for development of risk management program in a company is to safeguard its mission and assets. The business security policy must be concerned with understanding the extent of the risk. This will allow it to prioritize its resources when tackling the risks. Actually, this entails identification of threats and vulnerability, then determining the probability and likely impact of each threat to the information security assets. “Once a threat has been recognized strategies must be developed to limit the risk to tolerable levels, shift or share the threats to another party” (California Polytechnic State University, 2010). Threats should be scrutinized with ongoing compilation of information regarding the risk. This will help in reducing the likely impacts of the risks. The new business venture should have an efficient system, which ensures privacy of personal information. Actually, all users of business information system are supposed to consider the wide nature of information, which is disseminated electronically and should not take for granted the restricted right to use to information they store or create on the company systems. “Information which is collected and stored in computer systems should have measures which adequately protect it from unauthorized disclosure” (Gitman & McDaniel, 2008). “Information Authority as well as individual users should only store confidential information when it is appropriate for the information to be stored” (California Polytechnic State University, 2010). Information stored on the business information system must only be accessed by appropriate legal authorities, authorized officials and employees to whom the information relates. Prohibition of access should not affect court orders, authorized right to use by information system administrator, departmental managers or computer system technicians. Personal information system is another part, which must be addressed in new business Security Policy. Personal information system mostly addresses employment requirements, change and separation of employment. Right to access information must be revoked from the information system upon termination or change of employment. Information about employees must be reviewed by a relevant manager to decide on who is supposed to be the data steward of electronic files belonging to former employees of the business. There should be established procedures, which permit separated employees to obtain their personal electronic information (Solari, 2010). The business should have an efficient change control system. This provides support and direction for managing adjustments to information assets and offers direction to implementing urgent adjustments to information assets. Alterations to network resources, information systems, and applications should be properly managed to reduce threats of instigating unpredicted vulnerabilities and guarantee that the current security protections are not negatively affected. Authorized individuals are the only ones who should make modifications on the business information assets (Clarke, 2010). The new business enterprise must have business continuity plans as well as emergency recovery program. Apparently, this will help to ensure that during tragic events the information technology system is still accessible to users. The business should also develop, document, experiment and uphold its business continuity plan (Gitman & McDaniel, 2008). This will ensure continuance of vital business systems and services when disruptions on company’s functions especially after emergency situations. The company business continuity plan contains confidential information, which should not be released to the public. The security policies should be compliant to state and federal laws and policies. “The regulations are meant to shield company employees and the organization from unauthorized exposure of information which could compromise their privacy or identity” (Gitman & McDaniel, 2008). In most cases, legal regulations encompass different types of information, which include personal financial information, personally identifiable information and medical information among others. Specialists who handle private information should be encouraged to talk with their managers, Information Security Officer and Information Authority so that they can be familiar with laws and regulations (Gangemi, Lehtinen, & Russell, 2006). References Blanchard, R. (2011). Creating wealth with a small business. Bloomington: iUniverse. Clarke, G. (2010). Business start-up and future planning. Brighton: Straightforward co. ltd. Cook, S., & Hausman, K. (2010). IT Architecture for Dummies. Hoboken: Wiley Publishing. Dulaney, E., & Pastroe, M. (2006). Comp TIA security+ Study Guide. Indianapolis: John Wiley and Sons. Furman, J. (2011). The project management answer book. Vienna: Management Concepts Press. Gritzalis, D. (2010). Computer Security- ESORICS 2010: 15th European Symposium on Research in Computer Security, Athens, Greece, September 20-22, 2010. Proceedings. Berlin: Springer. EC-Council (2010). Network Defense: Security Policy and Threats. New York: Cengage Learning. Pakroo, P. (2014). The small business start-up kit for California. New York: Nolo. Pinson, L. (2014). Steps to small business start-up: Everything you need to know to turn your idea into a successful business. New York: Out of Your Mind & Into the Marketplace. Pmp, B & Knapp, B. (2010). A project manager’s guide to passing the project management exam. London: The Project Management Excellence Center, Inc. Smith, H. (2012). Learn small business startup in 7 days. New York: John Wiley & Sons. Reuvid, J. (2011). Start Up and run your own business: The essential guide to planning funding and growing your new enterprise. Philadelphia: Kogan Page Publishers. Read More