Trump Entrepreneurial Initiative - Research Paper Example

?Sur Trump Entrepreneurship Initiative Executive Summary TEI started in 2005 as Trump and changed in toits new name. It offers programs to develop next generation entrepreneurs, innovators and business builders. However, it is involved in a battle in courts with New York State Attorney General Mr. Schneiderman over impropriety of $40 million from 5,000 consumers for promise of success in entrepreneurial activities. It PEST environment shows a number of challenges and opportunities the organization has in its pursuit of its mission and vision to entrepreneurs. The code of ethics outlines that employees have to be honest and true to their work. The management of plan of the organization is working with Donald Trump at the top, followed by the CEO and other executives. However, there is a lot to be done in terms of reorganizing the organization to become more functionally effective and efficient. This will also see the organization clear its reputation and maintain a standardized brand. Trump Entrepreneurial Initiative (TEI) and Their Problem Trump Entrepreneur Initiative (TEI) was established on May 23, 2005 and gained its name after changing it effective May 21, 2010 from Trump University when the New York Education Department piled pressure on it to do so. It is located on the 40 Wall Street, on 32nd Floor, in New York, on the NY 10005 (TEI 1). It is an online center of learning under the leadership of media and business mogul Donald Trump. Throughout the time trump has curved out a name for himself as far as high-end real estate as well as property development is concerned. However, is perhaps lately more well-known for his television shows, commonly identified as ‘The Celebrity Apprentice and Apprentice’. TEI focuses on offering education through four major categories: Entrepreneurship, Wealth Creation, real Estate and Management. Every topic amongst these is taught via a variety of mediums like home study kits, online courses, and via live retreats/seminars. It charges a fee ranging amid $1,500 and$35,000.TEI is a program that is yet to be accredited, meaning you won’t really get an actual college credits or degree upon completion. The entire courses and products offered at TEI are supported by satisfaction guarantee of Trump. If for any given reason you end up un-satisfied with your education, you are allowed 30 days to claim a complete money back refund, and nonetheless, you must be in a position to return every part of your materials.  On the August 24th, 2013, the attorney general of New York Mr. Eric Schneiderman sued Mr. Donald Trump for US $40 million, by stating the mogul of real estate assisted run a fake "Trump University" which promised to make students wealthy but instead guided them into expensive as well as mostly useless retreats/seminars, and even was unsuccessful in delivering promised apprenticeships. In his response, Donald Trump refuted the allegations, terming the New York Attorney general as a political hack who is looking for publicity as he claimed the school has received a 98% approval rating from its students (Thomas 1). According to the editorial board of New York Times Mr. Schneiderman’s suit provides compelling evidence to believe the existence of a bait-and-switch scheme. It is can be deduced from the ongoing that Donald Trump was involved in unethical practice and did not deliver as required even though he claims otherwise. This can be explained by the fact that he is facing consumers of the products and services of Trump University and is one of an escalating number of for-profit colleges that have seen a handful of personal, class action as well as government suits against them. In a nutshell the greatest promise of TEI is Trump’s satisfaction guarantee. However, as a distinguished real estate and media mogul Trump is also targeted politically by those looking for political favors and contribution to achieve their political ambitions. This is visible when the relationship and meeting of the Trumps and TEI’s with the New York Attorney General Mr. Schneiderman is explored before the latter’s election and prior as well as after the lawsuit was filed with the supreme Court of New York state. In brief he received about $12,500 in support of his election bid amongst other cash and non-cash favors where he promised not to investigate them and later during the investigations that the investigations were going nowhere. Therefore, this relationship opens the eye to more than meet the eye in the TEI’s saga. A cause/effect diagram of the problem Poor code of ethics Involvement in politics un-delivery of promise high prices $40 million Lawsuit for deceptive practices Focus on real estate Consumers’ attitude lack of accreditation poor human resource practices PEST Environment PEST refers to the Political, Environmental, Social and Technological factors within which an organization operates. In New York TEI operates in a volatile environment as far as PEST is concerned. Politically there are four major elective posits in the state that influence the environment of entrepreneurship and business greatly. They include The Governor, The Attorney General, The Speaker and the legislators. The holders of this position require financial support and votes’ mobilization support. Although those seeking state offices are not allowed to solicit favors directly from persons or businesses they ignorantly but in hidden ways go for these favors (Howard 1-2). This means that the reputation of the businesses, organization and/or persons partly depends on the political leaders seeking or holding elective offices in New York State. The environmental factors include meeting the requirements of the New York state educational department to offer educational services and receiving BBB accreditation. Apart from the educational and business environment the organization in New York their numerous colleges and universities that offer similar or related services with job worth degrees or college credits therefore it is upon TEI to deliver on its advertising and promises to consumers. Social-economic factors include the organization being able to have a culture that provides meaningful interaction of the consumers and organization as well as giving value for the money. At TEI this has to be done through, the online education, home kits as well as the seminars/retreats. However, it is this that is claimed not to deliver. Technologically, online education is one the most explored medium of learning but it has to deliver on the promise associated with it. New York State is developed technologically and is dynamic in this sector meaning the target is implementation and delivery on the same. Competitive Environment Some of the competitors that exist for TEI include universities and colleges in the US. For instance, The New York State University in New York. Others include Career Education Corporation, Chester Career College, Vatterott College and Westwood College (whose shares belong to Alta Colleges, Inc.) Chester Career College, in Richmond, Va., has one main site in Richmond and more than 4,000 customers. It operates in Richmond and other areas in the United States through its online services its products and services include career development programs. The Career Education Corp., has one main site and operates and over 5,000 customers. It operates in New York and across various states in the US through its online services. It offers career development and placement programs. Vatterott College in Missouri and Westwood College in Colorado have one main site and over 5,000 customers each. They operate in their respective states and across the US. They offer career development and placement programs. These are viable competitors of TEI because they offer almost identical products and services with it. They also use similar mediums such as home kits, online services and live retreats/careers. They have also experienced similar lawsuits of bias in enrollment and/or deceptive practices. However, they continue to exist and assert their position in affecting lives of their consumers positively. Mission/Vision The TEI’s mission is: “To empower you- the entrepreneurs’, business builders’, and innovators’ next generation- with the instruments and confidence to attain your individual and financial goals.” The TEI’s Vision is: “Committed to meeting your growing entrepreneurial needs” (TEI 1). The mission statement is clear and precise outlining a number of things TEI is working on as a way of empowering its consumers. It empowers them as next generation of business builders, innovators and entrepreneurs. It does so by giving them the tools as well as confidence to attain their personal and financial goals. This can be said to most likely relate to educational research and Trump experience on this line of knowledge and achievement. Thus students go through a role model or analogous practical education that horn their knowledge and skills in business and entrepreneurship. The vision statement shows the long-term goal which is a commitment to see that the entrepreneurial needs available in the society are made. This is possible when the potential entrepreneurs are endowed with skills, knowledge, role models, drive and capacity to exploit their potential and available opportunities around them. Code of Business Conduct and Ethics TEI’s code of ethics states that no employee should use their office to extract favors from the public or compromise the laws of state as concerns employees’ conduct. Employees are expected to be honest and transparent in their work. This means that employees of TEI are expected to leave as per their contract of employment (TEI 1). This includes using their office transparently and honestly in services of the customers of their employer. They should also not disclose the secrets of the organization as they entail details of business and competitive advantage of the organization. At the sometime they are bound by the law of the state as relates to public offices. Management Style TEI is under the leadership of Donald Trump, the CEO and other management officials under them. It has the three levels of management abstract, middle level and technical level (TEI 1). However, Trump does not pick instructors for various programs which mean they are greatly dependent on his experiences. Management Plan The only way for TEI to come out strong is to go back to the drawing board and have everything clear to everyone concerning it. It should first come up with a more elaborate and functional organizational structure and shape culture thereof. This has to be followed by a clear mission and vision statement clearly outlined for everyone at a glance on the company website (Howard 1). Then, the organization has initiated clear human resource practices and standardization of the programs as well as operations of the company. Once, these are in place the organization has to embark on aggressive advertising campaign to regain its reputation and maintain it by avoiding the threats while emphasizing on its strengths to deliver to consumers. Works Cited Howard, Caroline. "Donald Trump University Lawsuit Is Lesson For All For-Profit Colleges." Forbes 27 August 2013: 1-2. Print. TEI. About Trump Entrepreneur Initiative. 18 August 2013. http://www.trumpuniversity.com. 18 December 2013. Thomas, Brad. "Donald Trump: Gurus and Demons." THe Street 28 August 2013: 1-6. print. Read More