As Managing Small Business
Buy custom As Managing Small Business essay
Contrary to assumptions made by many, running a business is not an easy task and it in deed requires knowledge and skills which are applied into it. Following this notion, it is of great importance for anyone who aspires to be a successful entrepreneur to tirelessly search for knowledge that will enable him or her plan, establish and run his or her business effectively. This follows the notion that businesses have numerous functional systems some of which include inventory systems, sales systems, financial control, communication among workers and logistics systems if only to mention a few.
An understanding manager is required to supervise the business and ensure that everything is in its set position and that all the systems are operational. Since the decisions of a manager have a great impact on the business, it is recommended that before people embark on managing their business, they should have the necessary skills to enable them make upright and sound decisions concerning their businesses. Though it might sound easier when mentioned but acquisition of these skills is quite a nagging task that demands one’s time, energy and resources.
This document gives an in-depth overview on how one can run business and ensure that it flourishes thus outshining all its competitors. It makes a closer observation of the skills that a manager ought to have in order to manage his or her business appropriately and consequently run it properly. To facilitate proper research, the document is divided into various sections all of which reinforce to the main aim of the research: skills necessary for the management of business which can also be referred as strategic management skills.
Like earlier mentioned in the previous section, the chief purpose of this research is to establish the skills that are necessary for creating, operating and managing a small business. The research is directed towards creating a clear understanding why it is necessary to acquire management skills and at the same time apply them in a business. At this particular level, it is of paramount importance to understand that strategic management involves the continuous process of coming up with strategies that make the enterprise profitable and at the same time brings and maintains harmony between the business and its surroundings (Mia, Sands, & Iselin, 2011). This is achieved by taking into account all the strengths that business already has and using them to achieve the objectives set for the business. Weaknesses that are likely to hurt the business are on the other hand exploited in the favor of the business. In simpler terms, carrying out the SWOT analysis raises the business on higher grounds and makes it flourish.
Excellent strategies will undoubtedly be associated with various benefits some of which are mentioned below. To start with, strategic management takes into consideration what lies ahead and anticipates for it. This way, strategies are made both logically and rationally which ensures success of the business (Mia, Sands, & Iselin, 2011). Another benefit is that management reduces confusion as processes to be followed are designed in such a way that they follow a procedure. Due to its renowned culture of seeking opportunities, proper management is associated with growth. This success consequently adds into the businesses reputation, something that lures more customers into the business, catches and sustains their loyalty.
This research will follow a certain trend from its initial stages up to the final mature stage. Collecting of data will be at the very beginning of the survey from various sources some of which are primary and others are secondary. Later on, the collected data will be analyzed and presented in a way that will make it beneficial to other people. Collection of data will involve face-to-face interview and another interview via email.
This research was mainly aimed at gathering qualitative data on the various ways used in establishing and directing strategies and decision making in all activities that relate to creating, operating, and managing the small business (Horrocks & King, 2009). All these characteristics have to be studied in relation with aims of the study. As such, the study has to be exploratory with its chief objective being provision of an in-depth explanation on the various methods and steps that ought to be embraced to ensure that a small business maneuver, stabilize, and increase its market share in spite of the innumerable challenges. To guarantee that the research produces practicable results, a questionnaire to be filled by some successful entrepreneurs is vital to get their views and opinions which will act as feedback on what one is expected to do if he or she aspires to succeed in business.
The duly completed questionnaires will be used to provide info on the trends that should to be followed in planning for achievement. In addition, they are expected to answer the question of how appropriately the marketing mix can be embrace in order to maximize profits and minimize production cost concurrently. To overcome challenges associated with this research method, precautions are to be seriously taken into consideration in order to improve reliability of the research (Mary, 2010).
Some of the problems associated with qualitative research like data load as a result of using open-ended questions will be overcome by ascertaining that the asked questions are clear, correct, accurate and precise thus direct unto the point. In efforts to reduce cost and misuse of time, the budget is to include the essential equipments and leave out the rest that are not so important. Presenting the results in a clear logical language that can be understood by the other people is a special way to eliminate complexity and make the research beneficial not only to the researcher but also to the others (Horrocks & King, 2009).
The respondents were sampled focusing on success in their businesses and their willingness to give information honestly. Consideration of their activeness, innovation, industriousness and commitment in business was yet another significant factor that has to be put into account. This follows the notion that different people have varied levels of generosity and some might not be willing to participate in the survey. In the research, a sample frame of active and successful business people was targeted from different walks of life. From this frame, a sample of three individuals was selected for the research depending on their industriousness and the level of intelligence. The sampling was targeting the most competent group of people in order to save time and acquire both high quality and quantity information relevant to the research while filling the questionnaires.
Random sampling was used to avoid any bias and ensure that the respondents were balanced in terms of gender. Collecting information from both men and women was chief because it would provide abundant information on the different kinds of impressions that people have concerning running of a business. The major reason for using flourishing business people is because they are more conversant with the various techniques that can be used in entrepreneurship. They were therefore likely to provide information on the various management strategies that can be embraced to succeed. The use of three people was important in the sense that it would make comparison of information from different respondents possible thus increasing the trustworthiness of the results (Seidman, 2006).
This research was exclusively reliant on two major instruments for data collection: interview questions and questionnaires which are to be filled during and after the interview. The structured interview type was preferred to the other types due to its evident standardization quality. The method was more fixed than the others having a special guide of questions to follow when conducting the interview (Kajornboon, 2005). The interview was conducted differently with the interviewees being encouraged to talk frankly, openly and provide as much information as possible. This method enabled the respondents to express their opinions and share their knowledge and experiences thus providing answers to the aims of the research. However, caution was taken to ensure that the preset questions are adhered to preventing the respondents from wandering off the main topic. All respondents will be expected to provide answers to similar questions.
The methods of data collection are mainly attempts to provide answers to some elementary questions on how to properly plan, manage and acquire profits from a personal business (Mary, 2010). Additionally, info as to why the most appropriate management strategies should be embraced would be another major concern while designing the best method of data collection. Questions are bound to follow a certain order from the simplest level to stimulate thinking to the highest level which forms the climax of the interview.
Questionnaires had to be sensitively effective in order to increase the feasibility of the research and at the same time consider the privacy of the respondents. As such, there were some things that had to be taken into account while structuring questions. To start with, personal and offensive questions had to be avoided. This is the case because some respondents fidget when such queries are posed to them. The respondent should not also be expected to answer lengthy questions as such questions make irrelevant demands on time, efforts and expense.
Questionnaires had also to be designed to collect the aspired information and none other no matter how interesting other stories might seem. This has the implication that questions were not to be confusing-they had to be straight unto the point. It was also wise to choose respondents who have the required knowledge and skills necessary for filling the questionnaires. To encourage respondents to answer all the questions, questions that are of interest to them had to be formulated. This means that questions were to be formulated in align with the prickliest issues relating to running of the business. This convinces the respondents that in deed the research will play a part in solving a particular problem. As such, they are likely to answer the questions both precisely and honestly (Kajornboon, 2005).
It was finally important to establish whether using interview and questionnaire methods were really the best channels for data collection. It was an obligation to also view other methods of data collection like observation, and survey and decide which among them would work best before concluding coming to a conclusion. In addition to the above mentioned precautions, the respondents had to be enlightened on the importance of filling the questionnaires honestly. Listening to the views of some people concerning the questionnaire was also relevant before distributing it to the respondents. Some details such as language complication, consistence and credibility of the questions as well as realism of the multiple choices provided in the questionnaires ought to be considered too.
As earlier mentioned, all the information provided in this document was gathered through the interview method. These are renowned business people who have been successful in running their businesses as sole proprietors. The chief reason for using this method is to ascertain that info is collected from individuals with first-hand information (Kajornboon, 2005). There were three main people interviewed for this report and all the information was entirely collected from them. The questions that were posed to them have been provided in the appendix at the tail end of this report.
Plan of Presentation
For the purpose of heightening consistency, this report is represented with all the information in the following format: introduction giving an overview of what the document is all about, purpose, scope, methodology explaining the methods that have been used in gathering info, sources of all the information given analyzed, plan of presentation which is this section itself, discussion of the results of the interviews, nature of work, education requirements to set up the business, likes and dislikes of primary sources, how the small business began their businesses, use of written and oral communications, use of technology and finally the career outlook.
Nature of the work
The work demands one to start it both energetically and passionately. Every day’s work should start by defining all the problems that need to be addressed and then the solutions can be pursued later during the day. This means that every morning, one should have a vivid picture of all that is expected of him or her all through the day. This makes one plan effectively and come up with strategies to achieve of the earlier set objectives of the day (Matt & Kuke et al. 2001). Financial obligations of the business for each day should be considered to facilitate proper budgeting. This prevents squandering of resources and at the same time aids in keeping of proper financial records.
It is also of great importance to keep listening to the comments, views and opinions of the customers as they are a good source of reliable information which can be used to improve the business (Sandino & Merchant, 2009). It is the manager’s responsibility to take note of all the comments, complaints and opinions by the customers as they are always feedbacks about goods and services offered by the company. Anything from a client should not be ignored; rather, it should be assessed to determine whether there is any relevant area that needs some improvement. This follows the perception humans are normally blind to their own flaws and unless those flaws are spotted by other people, owners can rarely realize them. This is where the customers come in handy: spotting and reporting flaws in a business (Favaro, 2003).
Running a café highly depends on the customers and the community actually plays the greatest role in determining the success of the business. The customers keep requesting for more and more foods, something that obliges the entrepreneur to work hard and exceed their expectations (Favaro, 2003). Since this is not an easy task, he or she must be ready to learn from them. Despite this fact, it is sometimes so unfortunate that one cannot satisfy the wants of all people. This hence fails to quench one’s thirst if he or she loves something, say for example serving all people to satisfaction, passionately.
Although it is believed that anyone can be a manager, it has been confirmed that it is very hard for one to become a leader. This follows the notion that for one to become a leader, he or she must be perfect in time management and have the respect of all the other people. This refers to all the individuals that have any kind of connection with the business including the suppliers and consumers (Invester Pinch Clinic 2012).
In addition, leaders should have the capacity to listen and reciprocate respect to their employees as they form the backbone of company and are the main contributors towards the business’s success (Bradford, 2012). It would thus seem unwise to take the workers for granted by mistreating them and abusing their rights. One should understand that though they are in the lower class than he or she is, they are the very people who have contributed to his or her success. They therefore need to be respected more than even close friends and motivate them to continue working. From this account, a general inference can be made that there is no much academic qualification that is required for starting a café in Kuwait.
This does not however imply that there is totally no any kind of learning that takes place while running the business. The reality is that much learning that takes place in this sector is informal as opposed to the formal education that is obligatory in many other sectors. Informal training in this realm is endless which means that once a person engages in that business, he or she will constantly be learning something day after the other. As a matter of fact, people will never have enough food; they will keep looking for new varieties of food unlike herbivores which feed on herbs all through their lives. Bearing this in mind, an entrepreneur will be obliged to be innovative and creative in order to come up with foodstuffs that can be enjoyed by his or her customers in a number of years (Bradford, 2012).
Preparing good food heightens the business’s reputation and it makes people think of the best café whenever they feel hungry. This has the implication that the only way to win the customers’ loyalty is to prepare something that best-fits their tastes. They should also be served in the best etiquette in order to lure them. Entrepreneurs ought to understand that if customers do not get the best products, they are likely to look for it elsewhere (Bradford, 2012). As coming up with a new foodstuff mostly involve the trial and error method, it is necessary for the entrepreneur to indicate to the customers the newly developed foodstuffs and to invite comments from them about it. This form grounds for making decisions on whether to continue preparing the foodstuff or not depending on the profit acquired.
Likes and Dislikes of the Job
For one to prevail in this business, he or she must value the society and hearken to its request of more and more things to come. This makes the business harder every single day but it should make one more eager to learn from them (Matt & Kuke et al., 2001). This is a special and an important component in business as it enables one serve his or her customers appropriately and hence retain them. Additionally, such people are able to receive feedbacks concerning their products and services, something that help them adjust appropriately (Bradford, 2012).
The fact that one cannot be able to satisfy all his or her customers satisfactorily is one of the major dislikes a success-aspirant entrepreneur. One will often regret the fact that despite it being his or her intention to meet, and when possible exceed, the customers’ wants, it sometimes becomes impossible as human beings have different likes and tastes (Matt & Kuke et al. 2001). Satisfaction is also a virtue that is absent in all humans since their wants are unlimited. As such, it is possible that there will still be complaints even when best services have been provided.
Starting the Small Business
For someone to start a business and reap something meaningful from it, there must be some source of motivation to drive the person towards his or her preset goals. It is however quite difficult, if not totally impossible, for one to succeed in doing something that has no any source of motivation. It is advisable for people to start businesses that make meaning to them and they make sense from it. It is important to note that when one loves something, he or she is able to give it his or her best, become creative and move an extra mile. From this point of view, three main components necessary for a business to succeed can be identified: determination, uniqueness and love for the customers (Bradford, 2012).
Use of Technology
Unlike with the other businesses, running a café in Kuwait does not require any use of technology. The business is more craft oriented hence the business becomes less demanding in terms of technological devices and engineers to operate them (Baron & Armstrong, 2005). This reduces production cost and it consequently increases the returns. Contrary to many people’s expectation, keeping of records does not depend on any form of technology; instead, it is done manually.
Generally, it can be inferred that starting a personal business in Kuwait is way cheaper as compared to other developed countries like the United States. In Kuwait, there is little emphasis on the use of technology in running cafeterias which is a contrast with the United States where the requirement is averse. Other requirements required to start a personal cafeteria are quite low including educational qualifications of both the workers and the entrepreneur him or herself.
Purpose of the performance management system
A company is considered successful if it is able to attain its goals at the preset time. In other words, an organization becomes effective when it accomplishes its goals through the realization of the vision and mission of the company (Asim, Erica, & Koliba, 2011). Performance management helps in communicating the objectives and the goals of the organization, joining people together to work as a team, evaluate individuals’ performance, as well as providing credible results of the company’s performance. Strategic performance management is crucial since it determines the kind of progress taking place within the company. This implies that if the performance management is bad, then the outcomes of the company’s performance will be bad and vice versa.
Another benefit of strategic performance is the fact that it helps in creating a capable workforce (Baron & Armstrong, 2005). This means that both the company leaders and employees are able to work together and share ideas which they think could be important in developing the company. There are healthy relationships created among the employees and this ascertains that their time is perfectly utilized avoiding any instances of unhealthy relationships such as sexual relationships, something that would contribute to nepotism within the business. All areas that could be hindrances to the well-being of the company are identified and any the appropriate measures are to prevent inconveniences within the organization.
Strategic performance management also helps in improving employees’ motivation. Motivation can simply be defined as the instinct to perform the assigned tasks within the company (Ohemeng & Frank, 2011). When workers are self-motivated, efficiency within the company is improved because they perform on themselves under less supervision. Additionally, the kind of work that they give produce is of higher quality ensuring that the company’s products are of a recommendable quality too. Commitment consequently leads to the other benefit of strategic performance management. It builds a credible employees’ commitment to the company. Where performance management is well used, an adequate process of identifying and eliminating all the performance barriers are devised (Guthrie & Messersmith, 2010). Managers are able to discern all the sectors that are performing poorly and subsequently assess what could be the root cause of the poor performance. Some examples of performance barriers could be inadequate tools and equipments, improper supervision within a particular sector, poor culture and hazy representation of the vision of the company. When these are evident, appropriate measures are taken to ensure that the company does not recede and any instances of collapsing are reduced.
Finally, strategic performance management helps in creating a performance culture, also known as the organizational culture (Mia, Sands, & Iselin, 2011). Organizational culture refers to the kind of environment created by the constant interactions between the employees and their workplace. An organizational culture is important because it ensures there are healthy relationships within the organization, both the leaders and the employees are able to conceptualize the goals of the company, minimizes go-slows, encourage team work and the company is able to make more returns. When all these are collectively achieved, the company skyrockets above its opponents and thrives in its environment (Löffler & Bovaird, 2009).
Difference between Managing a Business in Kuwait and in the US
The use of technology is important in record keeping and for tax reasons. Considering that businesses in Kuwait lay less emphasis on integration of technology in record keeping, it is likely that tax collection is not as effective as it is with the other nations such as the United States. It is also important to note that a business is not based on public speaking but rather on good interpersonal communications and social networking (Mia, Sands, & Iselin, 2011). This means that there should be a perfect network between the suppliers, customers and the business itself to enhance proper working environment and therefore stimulate growth of the business.
Bearing in mind the cost of starting a business in the United States and comparing it with Kuwait, it can be inferred that setting up a business in Kuwait is cheaper as compared to the US. The management of the business is also different in the two countries as Kuwait has fewer restrictions on keeping of records. This shows that competition in Kuwait is not as tight as it is in the United States. As already observed earlier, proper management is crucial for the running of the business. It enables a business achieve its goals and keeps the investment focused hence avoiding risks. To become a business manager, it all takes passion, humility and self devotion to one’s business.
Buy custom As Managing Small Business essay