Business Perspectives Business Scenario

Question: Discuss about the Business Perspectives for Business Scenario. Answer: Introduction The business knowledge and the ability to understand the business scenario are crucial for becoming a successful entrepreneur. I am a production engineer by profession and have work experience in the manufacturing sector. I was involved in the food and packaging industry. I have good knowledge of the production process and the manufacturing process of wastes, materials and the various costs involved. I do not have any idea regarding how to start and manage a business. I have enrolled in the course GB500 to broaden my knowledge base regarding business. I have learned many concepts from the course, and I have developed some areas of interest. I have also learned the details of the business plan development. Discussion I had knowledge regarding the management of wastes, costs and materials of the food and packaging industry. I had work experience on the technical aspects of the job. I lacked knowledge on the business aspects of a particular industry. I wish to start a company of exclusive art and craft items, which would be handmade. I need to have a solid understanding of the business process so that I can start and sustain my firm. My goal is to gain a detailed understanding of the business aspects and to improve my individual performance as well as my employees performance. This is the reason I enrolled in the course GB500. I want to develop ideas regarding entrepreneurship and how to successfully lead a business. I want to develop a business plan for my startup company and for that I need to enroll in a course like GB500. I have learned a lot of things from the GB500 course. I have learned the concepts of value creation and the internal analysis of an organization (Hollensen 2015). I have learned to assemble the resources in my organization. The various resources include tangible assets and intangible assets. I have learned the informational based organizational processes like market orientation. I have become aware of the various types of resources in an organization like financial, physical, human, organizational, intellectual property and relational (Greene Brush and Brown 2015). I have learned how to create value for my art and craft items and deliver the same to the customers. The primary activities of business include manufacturing, distribution of products, inbound logistics, marketing, outbound logistics, after-sales service and others (Issa and Issa 2014). A business also needs support activities like technology, procurement, human resource, finance and others. I have learned about the PESTEL framework, which determines the macro environment for business (Becker Kugeler and Rosemann 2013).The factors are political, economical, socio-cultural, technological, environmental and legal, which affect the functioning of business. These factors would help me to analyze the level of uncertainty faced by my business (Becker Kugeler and (Rosemann 2013). I need to formulate an alternate course of action in case of adverse events. It would also help me to identify the probable opportunities and threats to my business. I have learned about the market, which is an important consideration of the business. A market consists of a set of services, products, customers, competitors and the geographical location for the purpose of the interaction of competitors and customers (Kotler 2012). I have learned the market dynamics like demands, supply, and close competitors (Kilger Reuter and Stadtler 2015). These are essential for the smooth functioning of the business. I have learned brand competition and industry competition, which would be required in the later stages of the business. I have learned about the various competitions that are faced by the companies. I have learned about the Porters five competitive forces and how they apply to a business scenario. I have learned one important characteristic of business- Gap analysis, which involves an assessment of the current scenario of the business and comparing it with the pre determined business standards. The business should have inventions and innovations, which are critical for a business (Chesbrough 2013). The innovative practices help the business to enjoy the competitive advantage. I have learned organizational design and the organizational structure. It helped me to analyze the structure, governance and the capabilities of the business. It is important to learn about the organizational structures so that I can delegate responsibilities to my subordinates and monitor them effectively. I have learned about the ethical conduct of a business (Chesbrough 2013). It is the social and moral responsibility of a business to practice ethical practices in the workplace. I have learned that it is best to avoid unethical business practices. I have learned about the characteristics of an entrepreneur (Chavez 2016). I have understood the values, education, motivation, work history, role models and support systems of the entrepreneurs. I have learned the concept of business development, which would help me to spread my business across new geographical segments and among new target audiences. It deals with the growth opportunities and the application of multiple business perspectives. I have learned the concepts of competitive advantage, strategy and tactics, commitments, value creation and appropriation in a business environment (Chavez 2016). I have learned the different aspects of strategic management and the implementation of a strategy. I have learned the ideal business model, which consists of a set of interdependent job roles (Chavez 2016). The interdependent job roles include superior value creation for customers, important relational and internal resources, key tasks and value appropriation. I have started to maintain learning dairy to keep a track of the important lessons from the course (Cotterill et al. 2012). I have learned that as a manager I should engage in the activity of "Reflect" on myself as well as the performance of my team. It is very important to engage in good conversations that allow the space for reflection. The act of reflection can be used to improve the team performance as well as individual performance. My personal area of interest includes the innovation of low cost business models. The low cost models focus on the price sensitive target segments, product offering, service offering, revenue model, lean value chain, cost model and talented people in the organization. I have liked the low cost models as a new business is economically viable, and there is a need to opt for the low cost options. In the initial stages of the business, a company should strive for maximum benefit from the lowest cost. This would enable the strengthening of the business and the prosperity of the balance sheet of the company. I would continuously strive to develop myself and learn new concepts of management of my business. I would try to gather both theoretical and practical aspects of the business. I would constantly improve myself further in the business aspects. I have learned to make a business plan for my new business (Mullins 2012). A business plan can be defined as a formal description of all the details of a business development. The important components of a business plan include an organizational plan, marketing plan, financial plan, situation overview, company overview and the possible business opportunity (Mullins 2012). I should take into consideration the people, opportunity, contexts, risks and rewards before formulating a business plan. Conclusion The business is an important aspect of todays world. I have immensely benefitted from the course, and this course has helped me to start my business venture. I have learned a lot of important concepts of the business scenario, and the course has helped me to become a confident person. I can handle the day to day activities of the business with ease, and I am proud to have enrolled in this course. References Becker, J., Kugeler, M. and Rosemann, M. eds., 2013.Process management: a guide for the design of business processes. Springer Science Business Media. Chavez, J., 2016. The Personality Characteristics of an Entrepreneur and Their Effects on the Performance of a New Business Venture. Chesbrough, H., 2013.Open business models: How to thrive in the new innovation landscape. Harvard Business Press. Cotterill, S., McDonald, T., Drummond, P. and Hammond, G., 2012. 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