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Unit 11 Research Project Development Assignment
Diploma in Business
Unit Number and Title
Unit 11 Research Project Development
This is a solution of Research Project Development Assignment in which we discuss affect the business of an enterprise are way of business, resources and finance, characteristic of business, customer and market and external environment.
Key aspect of an enterprise-
The research program is conducted to examine the key factors which are affecting a small scale enterprise. It is conducted to provide an understanding the factors affecting an enterprise to overcome failure and increase the chances of the success of the business. The key factors which affect the business of an enterprise are way of business, resources and finance, characteristic of business, customer and market and business environment. To achieve the success of the enterprise the management should have an effective plan to built control over all these factors Gajdzik, B. (2012). The following factors are to be considered for achieving a successful enterprise-
- Enterprise way of doing business- The management should have clear approach of organization way of doing business. Does the organization prefer to take the risk or follows safe approach while conducting business. The geographical area within which the business is operating. The organization goal which the company is planning to achieve and the vision of the company for the future year.
- Resources and Finance- The general problem which the small scale business faces is with the availability of the adequate amount of resources for the effective functioning of the business. This enterprise faces the lack of fund for conducting their business. It puts constraints within which these businesses have to function and make effective utilization of that fund. They generally faces problem to encounter big project due to lack of resources required for the project.
- Human resources - The small scale business faces the problem of workers with adequate amount of employability skills and knowledge they generally lack the quality staff due to lack of resources for hiring the staff. This reduces the efficiency with which business is conducted and affects the overall performance of the organization.
- Environment factor - The factor which affect the business are internal or external to the business. The Success of the business very much depends on how the environment factor affects the business. These factors are generally out of the control of the business and have a huge effect over the functioning of the business. It may affect the functioning of the business and possibly the objective of business and its strategy. The factor which highly affects the business is the degree of competition. It depends upon how the business competes with that of other business product. The other factors which affect the business are social, legal, political economical technological and Ethical (Azimzadeh, et. al 2013).
- Customer and market- Understanding the need of the customer is the key to success of the business and failure in it will cause a loss to business. This is the most important factor which affects the business. The enterprise should conduct market research of its product and should focus on satisfying the need of the customer. Management should examine its current position in the marketing management and the changes which are required to attain organization goal.
Key aspect of Entrepreneurship-
Entrepreneurship is generally considered as the art of designing, starting and running a new business. The success of the business much depends upon how the entrepreneur conducts business activity. For effective management of the business the entrepreneur should have following quality (Sánchez García & Gutiérrez, 2011).
- Strategy and vision-The entrepreneur should have clear vision for the business and the set of goals to achieve that vision. He should have the idea of where that business might be in the future and putting in place a plan to achieve that goal.
- Planning – The Entrepreneur should have the ability to plan all the activity which are required while conducting the business. The success of the business very much depends upon how the planning of all the activity is being done. He should analyze the issues which may affect the business and should effectively handle all those issues.
- Ability & skill- The individual should have adequate ability and skills to handle the current business of the company. He should effectively handle the obstacle which occurs while running the business.
- Resourceful-The entrepreneur Have complete knowledge of the how to make the best out of the company current resources. He should have intellectual capacity to handle the current business resources.
Key Aspect of management-
Management is the process of planning, organizing and controlling all the activity of the business. Management has many of the essential function which changes as per the role of the management and the size of the organization (Wilding, et. al, 2011). Some of the key aspect of the management are-
- Goal setting- The management function is to set the goal of the organization by taking company vision into consideration. The process of setting a goal requires a series of steps to be followed which starts from setting short term and long term objective for the business. It should be followed by describing the project required for the attainment of set objective. And, lastly by making the changes in current business structure of the company as required by the objective and after considering the vision of the company. The goals of the organization should be communicated to all the staff member of the organization and they should be assigned the work based on it.
- Business analyzes- The next step is to analyze the current situation of the business. The purpose of analyze is to understand the need of the business, its strategy and the measures which help the business to grow. There should be complete analyze of company current strength and weakness and the opportunity and treats associated with the business. Management should analyze both internal as well as external factor which generally affect the management and should decide the measures to control it.
- Formation of business strategy- The next task of the management after analyze is to built an effective strategy to meet the organization goal and as per the vision of the company. The strategy formation should consider the current available resources of the company and optimum use of these resources to achieve organization goal. The strategy should be made after analyzing all the factors which affect the business (Hussain & El-Hasani, 2013).
- Implementing of the strategy-The management has to make a lot of efforts for implementing the strategy. The management requires making changes in the current business structure for effectively implementation of the strategy. All the people of the organization should be communicated their duties and responsibility which are required to attain the organizational goals. The management should make the arrangement of the resources required to implement the strategy for effective implementation of the strategy. There should be effective coordination between all the business activities for the implementation of the business strategy.
- Evaluation and control- Strategy evaluation and control involves the control of issues which occur at the time of implementation of the strategy and adopting correct measures where ever necessary. It involves comparing the activity with the planned measures. The management should adopt the corrective measures when the activity is not moving toward attaining organization goals. The deviation from the current strategy should be recorded for the purpose of future consideration.
Key aspect of leadership knowledge-
Leadership is the Skill and ability of the individual to guide an individual, team or whole of the organization for attaining a goal. A leader helps in smooth functioning of all the business activity (Jäppinen, 2014). The leader should have following quality to manage the company-
- Vision – An effective leader should have the clear picture of the set of activity which is required to attain company vision and goals. They are effective in communication of company vision to all the people of the organization. They have complete knowledge of the target customer, current organization capability and the competitor of the business. There focus is to develop skill and competency that will help them in attaining their objective. They effectively link the organization activity to achieve the desired vision.
- Integrity- It helps in building relationship with the employee and building long term Relationship with them. They should conduct the business in an ethical way to build trust within the employability skills. They are generally accountable for their decision and teaches employee to deal in the same way. They build transparency in all the business activity
- Awareness-The leader should have quality to handle all the issues and should have control over the issues which are unintended and have consequences. A leader should use his strength and weakness for effective management of the organization. They generally have the effective communication with the employees. A leader has the capability to tackle the entire situation which occurs in the business.
- Communication skill-The leader should communicate the objective of the organization to its entire employee. A leader should be truthful while communicating with the employee of the company. There should be effective delegation of the work and effective link between the set of work (Gaynor, 2016).
- Team builder-A leader should have team building skills to effectively manage the organization. They should utilize the group effort for the sake of attaining organization objective. A leader should have effective control over his team which helps him in effective management. The leader should lake responsibility in handling the entire situation.
The most important function of the management is to examine the current business situation of the organization and where management wants to see it in the future. If the organization has defined objectives than it will be easy for the organization to achieve them. There are certain factors in an organization which reflects the growth of the organization. An organization does not consists a single person it’s a group of persons who are working together for achievement of a particular goal so the persons working in the organization must be willing to work, they must be willing to learn so all these qualities of humans are called self reflection which is very necessary for an organization to grow because of regularly changing technology, increasing competition there are various things to learn to survive in this competitive market so self reflection plays a very important role in an organization.
- Self reflection: Self is the ability of self analysis. It is like looking into the mirror and self analysis of own strengths and weaknesses. Self reflection is a way or own assessment where one could identify his positive and negative, could find his strength and weakness, could find his opportunities and threats. Through self analysis human can identify the areas where they need to work upon, they can find ways to overcome their weaknesses and they can work on the areas where more opportunities are available to them. Self reflection is the ability of humans to learn more about themselves. Self reflection is like an awareness call for ahuman resources to know the level where they are standing, to achieve their targets and overcome their problems( Jaworski,(2012).
- Importance of self reflection: Self reflection is important because its helps in developing the skills and effectiveness of a person. When a person keeps on doing the things in the same way as he did before is not an achievement rather than analyzing things and making changes accordingly to work with more effectiveness and efficiency is an achievement which is only possible through self reflection. Self reflection helps in thinking about own skills and identifying changes which are necessary for self improvement of a person.
- Self reflection in an organization: An organization is not an entity where a single person works it is an association of people where many people work together for achievement of organizational goals. Throughout the journey of achieving the organizational objectives the efforts of each individual related to the organization. These individuals includes managers, supervisors, departmental heads, employees etc and all other persons who are working in the organization and the efforts of these each person are every important for an organization so In today competitive market where there is so much competition and technologies, innovations are rapidly changing. Due to increase of these technologies people are changing their working style to complete their work in smarter and shorter way. Here comes the importance of self reflection in an organization where each person in an organization needs to self reflect himself to improve their efficiency and effectiveness so that they could work for the betterment of the organization (Krampen, G. (2010).
Importance of self reflection in an organization:
- Self reflection plays a very important role in organization. Self reflection is important for eac person who is working as a team in an organization. The importance of self reflection in an organization is as follows:
- Self reflection helps in identification of personal attributes while working as a team in an organization.
- Self reflection helps in thinking about what the members are doing in order to self analysis of those qualities in him.
- Through self reflection employees of the organization gets to know each other well.
- Self reflection helps in understanding the way of working of other people in the organization.
- Self reflection helps in identification of individual’s strengths and weakness so they could work with more efficiency and effectiveness for the betterment of the organization.
- Self reflection helps in identification of future related developments in an organization.
- Self reflection helps in improvement of knowledge of people so this will result in better decision making for the organization.
- Self reflection helps in improving confidence which is very important for working with leading in a corporate world.
- Self reflection is also helpful in learning preferences of people working in a team in an organization.
- Self reflection helps in overall development of employees which results into better opportunities for them.
- Self reflection helps in improvement of soft skills which is very necessary for each person working in an organization (Donovan, 2015)
Self reflection: key to effective leadership:
A leader plays a very important role in an organization. A leader is the one who can be the reason for the success of an organization as well as he can be the reason for the failure of an organization. A leader is the responsible person for the success of an organization. A good leader should be flexible, having good communication skills, a good team builder, goal oriented, problem solver, good decision maker, a good planner and organizer and analytical thinker. All these qualities must be there in a good leader but apart from this a good leader must be a good self reflector as a leader is a person in an organization who helps other people in solving their problems so it is very important for a good leader to solve his own problems first which is possible through self reflection. Through self reflection a leader should analysis his own strengths and weaknesses so that he can take measures to overcome his weaknesses as well he can use his strengths in for the betterment of the organization. This self reflection will increase the decision making power of the leader so this will help the leader to take suitable decisions for the organization (Achtelik, et. al 2013)
Contribution of self reflection in solving issues in an organization:
Self reflection increases the self awareness among the people of an organization. It helps in management of the organization well and it helps in increasing the personal competencies of persons working in the organizations. Self reflection helps in increasing the social competencies of people as well. The management of the organization can be managed well due to self reflection as when the working of every employee will be clear and they know their task properly and they do their work properly this will help in proper management of the organization. This will also help in fewer conflicts as when the working, objectives and goals of an organization are clear there are fewer chances of conflicts.
In an organization a leader is responsible for solving problems of employees, through self reflection a leader can improve his problem solving skills as well as decision making skills. Employees of the organization can improve the efficiency and effectiveness of their work through their self reflection when they will work upon their own problems and opportunities.
Self reflection helps in managing the conflicts of the organization as self reflection is the answer to identify the reasons for the conflicts. Self reflection helps in identifying the stages of conflicts so that corrective measures can be taken to resolve them. Self reflection helps in identifying the better ways for improvement of efficiency and effectiveness. Self reflection helps in identifying techniques through which staff can be managed properly and is staff is managed properly there will be fewer chances of issues in an organization. Self reflection has increased the resolving of issues in developing future potential and self reflection has contributed towards development of better opportunities for an organization. Through self reflection employees, leaders, managers and all other persons related to organization can develop a conflict management strategy so that they can resolve their issues by the time this will help in solving of issues in lesser time and better productivity for the organization. Self reflection helps in application of all those strategies at workplace through which conflicts can be minimized. This will lead to organization to achieve organizational goals. Through self reflection the persons of an organization will be able to identify their own beliefs and thinking and this identification will help them in understanding quality of working as a team. This type of identification will lead to contribution in developing future potential for an organization (Nesbit, 2012)
Self reflection combines the individual targets with the group targets. It helps in providing a chance to the employees for better working in an organization. It also provides a chance to develop their own soft skills, their overall personality development and all those ways through which they can contribute to the organization. Self reflection leads to a correction potential, it increases the efficiency, helps people understanding the importance of working as a team. Self reflection gives the employees a chance to meet the expectations of their organization as well it provides a chance to the employees to work for the betterment of the organization. For an individual self reflection increases the knowledge and team development activities to work in an organization.
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