Implementation of Purchase Orders Workflow Process

Implementation of Purchase Orders Workflow Process 2.2 Research questions Key research questions will be: How important is the implementation of the workflow process within the financial system (SAP)? What weakness or issues are evident in the current process in relation to purchases orders approvals? How efficient is the current approval process and how trustworthy? What are the most important activities the management can take to improve the current process? Does the companys DOA policy align with the current PO process? 2.3 Significance of the project SRG will benefit on having purchases orders workflow electronic process, include quicker, more efficient and correct procurement, enhancing overall supply chain visibility and competence and combined business processes. Technology is the main support for all business processes across modern corporations. Electronic process using available technology has become fundamental substance that creates, supports, and constrains the business processes in all most important organizations. (Sehgal V. , 2010) Understanding what is working in the current process what needs to be improved and the lessons learned from that understanding will guarantee that automation of purchase orders workflow process will improves operations management, creating a competitive advantage. For SRG the use of the workflow system for non-stock purchase orders approvals aids to guarantee that documents are managed and approved in a constant and effective routine. (Sehgal V. , 2010) Project related literature summary 3.1 Focus on MBA Specialization: Operation Management A literary review for this project has focussed on Operation Management, process design and analysis from the current MBA course. An initial understanding of the project subject is based on the textbook for Operations Management, Suresh N. Kumar, 2009 and Operations and Process Management; Principles and Practice for Strategic Impact, Slack, N, Brandon-Jones, A, Johnston, R Betts, A 2012. Monks, 2004 (cited on Suresh N. Kumar, 2009, p.9) outlines that Operations Management as the process whereby resources, flowing within a defined system, are collective and converted by a organized way to add value in accord with policies communicated by management. Recognition and constant valuation of process change are encouraged through an innovative situation. (Grover V, 2008). The Operations Management goals can be classified into customer service and resource Utilisation. (Suresh N. Kumar, 2009). Management by processes offers utensils which might improve and restructure workflow as they contemplate the requirements of the participants involved (customers, shareholders, staff, suppliers,). (Climent C, Mula, J Hernandez, 2009). Other areas in the literature consist of business process reengineering, Hammer and Champy (1993, p. 32), cited on (Wang W. Chan H K. Pauleen D, 2010) BPR is the important rethinking and essential redesign of business processes to accomplish improvements in critical existing procedures of performance, such as cost, quality, service, and speed. A preliminary list of relevant literature is referenced in section 7. Planned Methodology 4.1 Method This proposal is for a case of study to evaluate the implementation of purchase orders workflow process within financial system, using interviews for primary data as styled by Saunders. M. Lewis P Thornhill, 2016. Data Collection A rational methodology will be used to analyse the qualitative research method in conjunction with the existing literature. This project will attempt to deliver a best solution to the issue outlined. Thus, primary data will be collected from interviews with currents system users, managers and purchases orders requesters and creators. Secondary data will be collected from internal company documents such existing delegation of authority policy, current workflow for non-stock purchases orders approval, purchases orders documents created and approved in the last twelve months. A sequence of structure interviews having eight questions based on obtaining a better understanding of the current process will be conducted to allow qualitative data to be composed. Twenty (20) minutes interviews will be piloted with 6-8 employees (that includes purchases orders creator and approvers, purchases orders requestors, managers across the organization). Review and analysis of the interviews and documentation will give indication of current process weaknesses in order to provide relevant recommendations. 4.3 Process Ethical Considerations This project will fulfil with the requirements of ethical conduct of research defined in the project learning materials. Interviews will follow ethical rules and all interviewees will sign consent forms as per the AIB guidelines and National Statement on Ethical Conduct in Human Research 2007. This project will fall into the low risk as per the AIB project learning materials guidelines. Interview participants will be treated as per guidelines and will not be identified in the report. 5.1 Consent forms: The AIB Project Proposal Research Ethics Sheet is attached as appendix A. An executed organisational consent form is attached as appendix B Interviewees will be asked to provide their written consent using AIBs individual Consent form attached as Appendix C and will accompany the project draft. Schedule of Completion The author expectation is to complete this Project within three month from the date obtain an approval. Specific milestone are as follows: Literature review commence by 03 Jan 2017 Project Proposal submission by 19 Jan 2017 Data Research and Collection commences 13 Jan 2017 Writing of draft commences 30/01/2017 Submission of draft 27/03/2017 Submission of final project by 07/04/2017

Describe the Potential Effects of Discrimination

Applied Business Unit 8: Business Planning Task 6 Worksheet Task Six: Financial Planning YOU CANNOT START AND/OR COMPLETE THIS WITHOUT A FINAL SALES FORECAST AND A LIST OF ALL YOUR OPERATIONAL COSTS ————————————————- Lesson breakdown ————————————————- Lesson 1: †¢Introduction to Financial Planning and how do we create an integrated plan: Focus on cash flow forecast using operations plan ————————————————-Lesson 2+3: Cash flow analysis and develop aims and objectives; ————————————————- Introduce ‘ILP-time-off’ work to do  Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- Lesson 4: Cash flow revisions, Problem spotting based on cash flow and develop aims and objectives ————————————————- Lesson 5: Profit and loss account and Financial Ratio Analysis and developing aims and objectives ————————————————- Lesson 6: Break Even analysis and then develop aims and objectives ————————————————-Lesson 7: Final Amendments to Financial Planning; Problem spotting based on P&L, ratio analysis, break-even and develop plan Task 6 Brief Overview * In this section, you are going to produce financial documents for yo ur business proposal. You will need to use the sales forecasts and operations plan that you produced earlier. This section is important as you are attracting investment and assessing the viability of your plan * Calculate, analyse and evaluate the following; Use these subheadings in your report * Size and duration of budget * Start-up costs Running costs * Cash flow forecast * Break even analysis * Financial ratios * Profit and loss * Analyse all your financial documents showing detailed consideration for the Aims and Objectives: * Are they achieved? * If not what are the possible problems this can cause your business? * Can you think of any solutions to help you to overcome these problems so that you could achieve your aims? SUBMISSION OF TASK 6 The following is to be submitted as a Word document Use the following headings for your submission of your Financial Plan 1st submission.Copy and paste these into your final document: Submit all work on moodle for deadline 3rd December 2010 (4:15PM) 1. Financial Planning (main heading) 2. Cash Flow Forecasting Table (MB4 students need to submit 2 (+? )CFF Tables) a. Cash Flow Forecasting analysis (of each CFF produced) 3. Profit and Loss statement and Financial Ratios Table (MB4 students need to submit 2 (+? )P&L and F/R Tables) b. Profit and Loss statement and Financial Ratios analysis (of each P&L and F/R produced) 4. Breakeven Table (MB4 students need to submit 2 (+? )Breakeven Tables) . Breakeven analysis (of each Breakeven produced) TASK 6 FINANCIAL PLANNING CONTENT/ASSESSMENT CHECKLIST CRITERIA CASH FLOW FORECASTING| 1. Start-up budget: | a) 12 monthly graph (Cut and paste information from your cash flow forecast for your first graph)| b) Analysis needs to consider:| I. You must have an in-depth explanation of how these could achieve the aims and objectives of your business proposal. | II. Research used to underpin and develop aims and objectives/ownership/key personnel| III. Research used to underpin an d develop business idea| IV.Identify problems and solutions with your plan (develop it) and also your aims and objectives:| V. What changes to your original idea/USP/aims do you have to consider in light of this new data? | 2. Running costs: | a) 12 monthly graph (Cut and paste information from your cash flow forecast for your first graph)| b) Analysis needs to consider:| I. You must have an in-depth explanation of how these could achieve the aims and objectives of your business proposal. | II. Research used to underpin and develop aims and objectives/ownership/key personnel| III.Research used to underpin and develop business idea| IV. Identify problems and solutions with your plan (develop it) and also your aims and objectives:| V. What changes to your original idea/USP/aims do you have to consider in light of this new data? | 3. 12 monthly Cash Forecast: 1 : Your initial forecast used to help identify problems| a) Analysis needs to consider:| I. You must have an in-depth explanati on of how these could achieve the aims and objectives of your business proposal. | II. Research used to underpin and develop aims and objectives/ownership/key personnel| III.Research used to underpin and develop business idea| IV. Identify problems and solutions with your plan (develop it) and also your aims and objectives:| V. What changes to your original idea/USP/aims do you have to consider in light of this new data? | 4. MB4 12 Monthly Cash Forecast: 2: A working example of your solutions to your identified problems in CFF1| a) Analysis needs to consider:| I. You must have an in-depth explanation of how these could achieve the aims and objectives of your business proposal. | II.Research used to underpin and develop aims and objectives/ownership/key personnel| III. Research used to underpin and develop business idea| IV. Identify problems and solutions with your plan (develop it) and also your aims and objectives:| V. What changes to your original idea/USP/aims do you have to co nsider in light of this new data? | PROFIT AND LOSS ACCOUNT| 5. Profit and Loss Account 1 : Your initial forecast used to help identify problems| a) Analysis needs to consider:| I. You must have an in-depth explanation of how these could achieve the ims and objectives of your business proposal. | II. Research used to underpin and develop aims and objectives/ownership/key personnel| III. Research used to underpin and develop business idea| IV. Identify problems and solutions with your plan (develop it) and also your aims and objectives:| V. What changes to your original idea/USP/aims do you have to consider in light of this new data? | 6. MB4 Profit and Loss Account 2: A worked example of your solutions to your identified problems in P&L1| b) Analysis needs to consider:| VI.You must have an in-depth explanation of how these could achieve the aims and objectives of your business proposal. | VII. Research used to underpin and develop aims and objectives/ownership/key personnel| VII I. Research used to underpin and develop business idea| IX. Identify problems and solutions with your plan (develop it) and also your aims and objectives:| X. What changes to your original idea/USP/aims do you have to consider in light of this new data? | FINANCIAL RATIOS| 7. Financial Ratios: Gross and Net Profit for P&L account 1| a) Analysis needs to consider:|I. You must have an in-depth explanation of how these could achieve the aims and objectives of your business proposal. | II. Research used to underpin and develop aims and objectives/ownership/key personnel| III. Research used to underpin and develop business idea| IV. Identify problems and solutions with your plan (develop it) and also your aims and objectives:| V. What changes to your original idea/USP/aims do you have to consider in light of this new data? | 8. MB4 Financial Ratios: Gross and Net Profit for P&L account 2| a) Analysis needs to consider:| I.You must have an in-depth explanation of how these could a chieve the aims and objectives of your business proposal. | II. Research used to underpin and develop aims and objectives/ownership/key personnel| III. Research used to underpin and develop business idea| IV. Identify problems and solutions with your plan (develop it) and also your aims and objectives:| V. What changes to your original idea/USP/aims do you have to consider in light of this new data? | BREAKEVEN| 9. Breakeven table and calculation:1 : Your initial forecast used to help identify problems| a) Analysis needs to consider:| I.You must have an in-depth explanation of how these could achieve the aims and objectives of your business proposal. | II. Research used to underpin and develop aims and objectives/ownership/key personnel| III. Research used to underpin and develop business idea| IV. Identify problems and solutions with your plan (develop it) and also your aims and objectives:| V. What changes to your original idea/USP/aims do you have to consider in light of this new data? | 10. MB4 Breakeven table and calculation:2: A working example of your solutions to your identified problems| b) Analysis needs to consider:|VI. You must have an in-depth explanation of how these could achieve the aims and objectives of your business proposal. | VII. Research used to underpin and develop aims and objectives/ownership/key personnel| VIII. Research used to underpin and develop business idea| IX. Identify problems and solutions with your plan (develop it) and also your aims and objectives:| X. What changes to your original idea/USP/aims do you have to consider in light of this new data? | TASK 6 ASSESSMENT GUIDE: HOW TO ACHIEVE THE BEST RESULTS? * You are assessed in Task 6 for BOTH AO2 and AO3 marks AO2 is marked out of 22 marks and all learners should be aiming for a minimum of MB4 which is 17/22 marks * AO3 is marked out of 14 and at this stage all learners should be aiming for a minimum of MB4 which is 11-14 marks. * We will award high marks for those learne rs who can: * Purposefully select data from a wide range of sources, * Analyse the problem and possible solutions * Develop their plan based upon research. * Give an in-depth explanation of how the marketing plan could achieve the aims and objectives of the business proposal. AO2 ASSESSMENT OBJECTIVES MB1| MB2| MB3| MB4| 2 3 4 5| 6 7 8 9 10| 11 12 13 14 15 16| 17 18 19 20 21 22| A business plan which includes aspects of the marketing plan. A description of how this supports the aims and objectives of the business proposal. | A business plan which contains the marketingPlan. A basic explanation of how this contributes to achieving the aims and objectives of the business proposal. | A business plan which contains a developed marketing plan. An explanation of how this could achieve the aims and objectives of the business proposal. | A business plan which contains comprehensive marketing plan.An in-depth explanation of how this could achieve the aims and objectives of the business propo sal. | * Aspects of the components are produced * Superficial coverage of aims and objective| * The components are complete * Aims and objectives are broadly considered| * The components are complete and developed * Beginning to target particular aims and objectives, but lacks precision| * The components are complete, developed and address the key parts of the problem * Targeting particular aims and objectives with precision| AO3 ASSESSMENT OBJECTIVES MB1| MB2| MB3| MB4| 2 3| 4 5 6| 7 8 9 10| 11 12 13 14| Collects some up-to-date data from a limited range of sources. Uses numerical and/or non-numerical techniqueson the collected data to provide a partial analysisof the requirements of:†¢ the marketing plan†¢ the operations plan†¢ the financial plan. Uses the results of the analysis to identify some relevant elements of the business plan. | Selects some up-to-date data from a limited range of sources. Uses numerical and/or non-numerical techniques on selected data to p rovide a partial analysis of therequirements of:†¢ the marketing plan†¢ the operations plan†¢ the financial plan.Uses the results of the analysis to outline a relevant business plan. | Selects relevant and up-to-date data from a range of sources. Uses appropriate numerical and/or non-numericaltechniques on selected data to provide a partial analysisof the requirements of:†¢ the marketing plan†¢ the operations plan†¢ the financial plan. Uses the results of the analysis to develop a relevant business plan, which considers the aims and objectives, form of ownership and key personnel required. Selects relevant and up-to-date data from a wide range of sources. Uses appropriate numerical and/or non-numericaltechniques on selected data to analyse the requirementsof:†¢ the marketing plan†¢ the operations plan†¢ the financial plan. Uses the results of the analysis to develop a consistentand integrated business plan, showing detailedconsideration o f the aims and objectives, form of ownership and key personnel required. | MB1| MB2| MB3| MB4| 1 2 3| 4 5 6| 7 8 9 10| 11 12 13 14|Collects data from a limited range of sourcesProcesses dataIdentifies some elements of the plans components| Selects data from a limited range of sourcesProcesses selected dataOutlines components of the plan| Purposefully selects dataAnalyses key parts of the problem or practical solutionsDevelops components of the plan| Purposeful selects data from a wide range of sourcesAnalyses key parts of the problem AND practical solutionsDevelops integrated components of the plan| Follow the below detailed overview of each task for advice and help on how to achieve MB4 for Task 6Task 6 MB4 Detailed Overview CASH FLOW FORECAST, ANALYSIS AND DEVELOPMENT Lesson 1: Task 1 1. Download cash flow forecast from moodle 2. Complete pre start up budget (SEE CASE STUDY!! ) 3. Complete pre start-up costs calculated from T5 4. Insert monthly sales figures from final sales forec ast 5. Insert monthly fixed costs calculated from T5 6. Insert monthly variable costs from T5 Lesson 2+3: Task 2 Analysis * All marks gained with this task is from your analysis of your financial data; not from your reports themselves. ————————————————-Identify problems and solutions with your plan (develop it) and also how your aims and objectives can/can’t be achieved Learners can achieve MB4 in A02/A03 by following the Financial Planning Assessment Objectives which requires them to identify problem areas and developing practical solutions to consider alternative perspectives. What you will need to include will depend on your individual business proposal. You need to identify areas of weakness such as high fixed costs, start up costs? * Perhaps you need a cash injection by selling equity to help you pay for start up costs? It could be you source alternative suppli ers for your variable costs or project that you will pay 30 days later which is to improve your working capital. * What is happening to the figures in the net cash flow cells, are you losing money each week? * This is a cash flow negative situation. * Or are you cash flow positive? * How long before you are cash flow positive? * Why is this so long? Lesson 3+4: Task 3 MB4- Revised cash flow forecast * MB4- You need to produce a refined Cash Flow forecast based upon the analysis of the key issues identified in T6 task 2. This is to include the developments you have made. Label this Cash Flow Forecast 2. * You need to analyse CFF2: * Identify problems and solutions with your plan (develop it) and also if your aims and objectives can be met- How/Why? PROFIT AND LOSS and FINANCIAL RATIOS Lesson 4: Task 1 1. Download Profit and loss template from moodle 2. Insert sales for year 1 from your final sales forecast 3. What is the total cost of these sales? How much were the total variable cos ts related to the output. These are costs such as ingredients, packaging or price of the club. Put this figure in Direct costs/cost of materials sold 4.Calculate A-B to = C which is the identification of Gross Profit 5. Insert all other costs for the year in the respective headings, adding headings where needed. 6. Add up all your total overheads and insert this figure in D 7. Calculate C-D to identify Net Profit or Loss Figure 8. Calculate your Gross Profit MB4- Task 1 b Revised PROFIT AND LOSS and FINANCIAL RATIOS You must now repeat this action again for the second cash flow forecast figures * You need to analyse P&L2 AND F/R2: * Identify problems and solutions with your plan (develop it) and also if your aims and objectives can be met- How/Why?Task 2= Financial Ratios Overview Profitability ratios are a key source of information for both investors and business planners. They provide a clear image of the business both in terms of your costs and profit. A strong ratio can be t he difference between investment and failure. Task A 1. Use the figures in your first profit and loss account to calculate Gross Profit Ratio. ————————————————- Gross Profit margin: ————————————————- A measurement of how much profit the business has made on its buying and selling activities. ———————————————— How good a business is at trading. ————————————————- Gross Profit margin= Gross Profit/turnover (Sales Revenue) X 100 (%) ——————————————†”—- The higher the % the better, e. g. ————————————————- A GPM of 45% means that for every ? 1 of sales, the firm makes 45p in gross profit 2. Use the figures in your first profit and loss account to calculate Net Profit Ratio. ————————————————- Net Profit margin: ———————————————— It is a measure of how much overall profit the business has made after taking into account all relevant costs that have been incurred. ————————————————- Net profit margin= net profit/turnover (sales revenue) X 100 —————â₠¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- The higher the % the better, e. g. ————————————————- A NPM of 45% means that for every ? 1 of sales, the firm makes 45p in pure profit Task B MB4 Complete for 2nd profit and loss account if constructed CFF2 Task 3= Analysis You must now undertake a critical analysis of each profit and loss account with clear reference and commentary related to the key issues such as profit or loss, gross profit, overhead costs, GPM, NPM etc * Clearly relate back to the businesses achievement of its aims and objectives (explain HOW AND WHY THEY ARE ACHIEVED), developing or revising your aims where necessary in your business plan. * Make clear reference to the FIGURES from your profit or loss, gross profit, overhead costs etc * You must undertake a critical analysis of each financial ratio * Identify and pr oblems and/or solutions: Are you profitable? If so†¦ by how much? * Can you grow? * Which costs are too high? * How can you improve your profitability? * What are the possible knock-on effects of these solutions for your business> * Which costs could be reduced? If so what would the possible impact of this be on your business idea? * Which costs cannot be reduced further? Why? What problems does this bring up? * How does a cash injection help or hinder the financial ratios/P&L? BREAK EVEN Task 1 1. Download the Breakeven table from Moodle 2.Input into the table your Annual Revenue (TR), annual FC and VC (with total FC and VC), and total costs. 3. You must then divide the total variable costs by the number of units you are selling in a year ( units can be the bottles/ no of clubbers you expect/ etc in a year) 4. This will give you the variable cost /unit 5. You must now calculate the break even OUTPUT point using the formula: 6. MB4 Calculate Break Even 2 from your revise d financial documents 7. All marks gained with this task is from your analysis of your financial data; not from your reports themselves. Identify problems and solutions with your plan (develop it) and also if your aims and objectives can/cant be achieved * Do you break even? * If so at what output? * Work out from your sales forecast when you will reach this breakeven output level * What aims can be achieved? How? Why? * If you don’t breakeven; why not? * You need to identify areas of weakness such as high fixed costs, start up costs, raw materials, low selling price? * What aims cant be achieved? How? Why? * What could you do to solve this breakeven problem? (hint: see changing B/E variables section) 8.MB4 analyse the effect of changing variables (FC, VC and/or Price) on the break even figure. * Calculate the effect of changing variables (FC, VC and/or Price) on the break even figure: * Analyse these break even scenarios and link to your aims and objectives. * What is the ef fect on breakeven level? * What are the potential problems you have identified with your break even? * Are there any solutions you can recommend to the business? * Such as reducing selling price? * Increasing selling price? * Increase advertising to increase sales? Reducing fixed or variable costs further? etc

Entrepreneurs Personality for Being Successful in Business

Entrepreneurs Personality for Being Successful in Business Miss. Sarita Ghanshyam Tiwari, (M. Com. M. Phil. ) e-mail: [email  protected] com Abstract Business success may causes due to many factors, but the greatest determinant of the business success is the entrepreneur himself / herself. Therefore, the question of what makes a successful entrepreneur is very important. There have been many answers to this question. Some people think entrepreneurs are born, others that they are made. Some see entrepreneurs as passionate leaders with a vision that is totally focused on one objective, while others describe them as compulsive controller. Some says entrepreneurs are risk takers while others say they are risk averse. All of these words may describe some entrepreneurs but they do not describe all successful entrepreneurs. There is no doubt that entrepreneur’s diploma’s, business knowledge and skills play an important role in business growth and success, but the personality of the entrepreneur is even more important. Recent researches in the field of psychology suggest that personality has a great deal to do with being a successful entrepreneur. This paper highlights the personality traits and essential factors of personality determinant of a successful entrepreneur and how does an entrepreneur’s personality can influence a business. The paper also reviews some notable Indian entrepreneur’s and their entrepreneurial work for justification of the topic. Introduction: Why certain people successfully starting and growing a business and others are not? Is it just luck or being in the right place at the right time? Someone can say it is just luck while others can say it is timing. But it also involves other factors too. Recent research in the field of psychology suggests that personality has a great deal to do with being a successful entrepreneur. This may raise many questions in one’s mind such as what is meant by personality? Can it be developed or is it inborn? Which aspects does it carry? Is it really necessary for an entrepreneur? Does it have any impact on the business growth? etc. Personality Meaning: Many people mistake the meaning of personality. They take the physical appearance and various external characteristics of an individual as his or her personality. As they talk about a marvelous personality they may refer to the height, weight, stature and complexion. Well, if you think that it is just the appearance of the physique of a person that determines the personality, then it is time to have a rethink. It is true that physical appearance does matter. However, since most of them are beyond our power and control. Physical appearance is just 10% of the total personality of an individual and not having a long lasting impact on others. There are many other aspects that contribute greatly to one’s personality, which are 90% of the total personality. These aspects involve character, behavior and attitude. Basically, personality development is the improvement of behavior, communication skills, interpersonal relationships, attitude towards life and ethics. Character can be considered the basic factor in determining an individual’s personality. It is the fact that all other factors behind a powerful personality will become useless if the person lacks a good character and behavior. Personality is like a building. Just a building can exist only when it has a strong foundation, a personality can impress others only when it has a formidable basis. And the strong foundation is supplied by character and behavior. If personality is developed on the solid base of values and ethics, it will last forever. Fake smiles and mannerisms may attract others for a comparatively short period. However, they are short-lived and do not help in improving one’s personality. In order to pinpoint this exactly take a look to a simple example. A book with decorative cover page may attract a person’s attention towards it but after looking inner contents of that book a person can predict his opinion regarding it i. e. whether is it a nice book or not? Here a decorative cover page does not carry a long lasting impact on that persons mind. Therefore, personality includes both factors i. e. physical appearance and formidable foundation of good behavior and character. Physical appearance is that personality which creates first impression in front of others that’s why it can be taken as the ‘primary or outer’ personality of an individual, while foundation is considered as ‘secondary or inner’ personality because it has second impact on others. It is not necessary that one should possess physical appearance because it is sometimes depends on the heredity factors of that person. It is inborn type of personality and sometimes depends on the luck factor too. If a person got good looks then it adds to his plus point. We should remember that a person’s height, weight and complexion are not in his hand but he can take care to keep himself neat and clean to impress others. Thus, working on primary personality is necessary but only putting concentration on it is not sufficient. The best personality is based on the solid foundation of character. Good behavior and co-operation makes a man popular. But this strong foundation is not an inborn quality of a person. It can be developed from one’s childhood and has impact of family, family background, friends, working area, society, regions and experience etc. These factors also contribute in developing one’s character and behavior. Does it require Certain Personality Traits to be a Successful Entrepreneur? Business may succeed due to many factors, but the greatest determinant of the business’s success is the entrepreneur himself/herself. Every year thousands of people start a business with the hope of being a successful entrepreneur. But many more business either fails or discontinues and others transfer ownership or control. Unfortunately only 20% of those businesses will survive long enough to celebrate their 5th anniversary and only 20% of those will survive long enough to celebrate their 10th anniversary. To save you doing the math, only 4% of all new businesses formed will survive at least 10 years. Therefore, for anyone who are starting a new business or already running a business the question of what makes a successful entrepreneur is very important. Because if business fails, it may not only cause for a loss with your personal savings and other assets, but it could give your ego a tremendous blow. So that, before making an extraordinary investment of time, energy and money to start a business, an entrepreneur needs to engage himself in some personal soul-searching. He needs to develop some personality traits in himself so that he can successfully handle his business affairs. Without it the business can fail as quickly as it started. An entrepreneur is a business owner, a franchise owner, or CEO of the company. And entrepreneur’s duties include managing employees, acquiring resources, seeking venture capitalism, handling finances, planning, time management, human resources, and more. Thus, being an entrepreneur requires special skills. There is no doubt that entrepreneur’s diploma’s, business knowledge and skills play an important role in business growth and success, but the personality of the entrepreneur is even more important. â€Å"How strongly does the businessman believe in himself and the success of his business? † â€Å"How decisive can the entrepreneur be in changing threats into business opportunities? † These are just a few of the situations that businessman must deal with, and not everyone can cope with these situations. So people who start up and run business need to know their own pluses and minuses, strengths and weaknesses, because self-knowledge through self-analysis is very important. However, self–analysis demands an understanding of one’s own personality in relation to one’s behavior. There is no ‘ideal’ entrepreneurial personality- successful entrepreneurs can be analytical, creative, fearless, flexible and focused. However, psychologists and other business people describe that successful business entrepreneur; whether male or female have some common traits. Personality traits determines the behavior of an entrepreneur in certain ways i. . how he perceive situations, solve problems, interact with people and carry out the job responsibility. Factors Determining Personality Of A Successful Entrepreneur: According to Webster’s dictionary, an entrepreneur is one who organizes, manages and assumes the risks of a business or enterprise. Entrepreneurs live i n the future. They have creative personalities, are innovative, and succeed on change. Starting and growing own business requires many skills to be successful. The traits and characteristics of an entrepreneur’s personality can blend with the needs of the business. If one better understand his/her business personality, then he/she can give a company the best part of them. An entrepreneur is determined by the following few outer personality factors, which are only 10% of his/her total personality: 1. Physical Appearance: It’s having a 50/50 born/made ratio and includes sound health, endurance, living style etc. 2. Good Health: An entrepreneur has to put in hard work. This requires tremendous physical stamina to work long hours for extended periods of time. 3. Family Background: It’s an environmental factor and determines environmental heritage. 4. Age and Education: It’s a functional matter . Work Experience: Most entrepreneurs first gain some work experience in the line of business and then start up. In spite of the above outer personality an entrepreneur must have inner personality factors, which are the formidable basis of his/her personality and contributes 90% of his/her total personality. Thus, all successful entrepren eurs will have the following personality traits in common. ? Never stop learning and growing ? Self confident ? Intelligence ? Respect to Others ? Motivating Others ? Communication Skills ? Looking for opportunities everywhere ? Seeking advice from qualified people ? Invests in their future Supports their own business ? Problem solving skills ? Always desire to work hard ? Competitive and have attraction towards Challenges ? Strong management skills ? Willing to pay a price ? Sense of Urgency ? Comprehensive Awareness ? Conceptual Ability ? Emotional Stability ? Always developing people’s skills ? A blessing to their community ? Takes responsibility ? Realistic Outlook and Possess Long term thinking ? Objective Approach ? Set goals and works towards those goals ? Organisational skills ? Decision making skills ? Optimism (Live by the philosophy that this is the best of times and that anything is possible) ? Orientation to excellence (often desire to achieve something outstanding that they can be proud of. ) ? Profit oriented ? Devotion towards his work ? Humanism ? Never quit tendency This is the most concise collection of the characteristics of an entrepreneur and is truly the heartbeat of what characteristics are necessary to truly succeed as a business owner. These traits can be learnt through study, practice and experience. An Entrepreneurs Personality can really influence a Business: We are in a more entrepreneurial period than we were in before the Second World War. With the close of the Second World War, a number of changes with far-flung effect on business world took place. Establishment of World Trade Organisation (WTO) obliged many countries to open up their boundaries and welcome industries, trade and service companies. This added complex dimensions to the intensity to competition. While these changes were taking place in organizational environment, customers attitude were also changed. Customers started demanding more value from the product and services that they bought in the market. Naturally customer satisfaction and delight become the goal to be achieved by organizations. This emerges the need for developing entrepreneurial personality in business owners. Therefore today an entrepreneurship is more than the mere creation of business. An entrepreneur has to do more than just fight hard to win their market share. They must ‘live in the world of action’ and often ‘need thinking several steps ahead’. Entrepreneur’s sense of opportunity, their drive to innovate, and their capacity for accomplishment have become the standard by which an enterprise is now measured. The presence of entrepreneurs in an economy is a sign of economic growth. Entrepreneurs with their personality traits will continue to be critical contributors to economic growth through their leadership, management, innovation, research and development effectiveness, job creation, competitiveness, productivity and formation of new industry. Some Notable Indian Entrepreneurs and their Entrepreneurial work: Dhirubhai Ambani : Born: December 28, 1932 Died: July 6, 2002 Achievements: Dhirubhai Ambani built India's largest private sector company. Dhirubhai Ambani was the most enterprising Indian entrepreneur. His life journey is reminiscent of the rags to riches story. He is remembered as the one who rewrote Indian corporate history and built a truly global corporate group. Dhirubhai Ambani alias Dhirajlal Hirachand Ambani was born on December 28, 1932, at Chorwad, Gujarat, into a Modh family. His father was a school teacher. Dhirubhai Ambani started his entrepreneurial career by selling â€Å"bhajias† to pilgrims in Mount Girnar over the weekends. After doing his matriculation at the age of 16, Dhirubhai moved to Aden, Yemen. He worked there as a gas-station attendant, and as a clerk in an oil company. He returned to India in 1958 with Rs 50,000 and set up a textile trading company. Assisted by his two sons, Mukesh and Anil, Dhiru Bhai Ambani built India's argest private sector company, Reliance India Limited, from a scratch. Over time his business has diversified into a core specialisation in petrochemicals with additional interests in elecommunications, information technology, energy, power, retail, textiles, infrastructure services, capital markets, and logistics. Dhirubhai Ambani is credited with shaping India's equity culture, attracting millions of retail investors in a market till then dominated by financial institutions. Dhirubhai revolutionised capital markets. From nothing, he generated billions of rupees in wealth for those who put their trust in his companies. His efforts helped create an ‘equity cult' in the Indian capital market. With innovative instruments like the convertible debenture, Reliance quickly became a favorite of the stock market in the 1980's. In 1992, Reliance became the first Indian company to raise money in global markets, its high credit taking in international markets limited only by India's sovereign rating. Reliance also became the first Indian company to feature in Forbes 500 list. The Federation of Indian Chambers of Commerce and Industry (FICCI) named Dhirubhai Ambani the Indian Entrepreneur of the 20th Century. A poll conducted by The Times of India in 2000 voted him â€Å"greatest creator of wealth in the century†. Ekta Kapoor: Born: June 7, 1975 Achievement: Creative Director of Balaji Telefilms. Ekta Kapoor can be aptly called as the reigning queen of Indian television industry. The serials produced by her company Balaji Telefilms are a great hit with the masses and are dominating all the major T. V. channels in India. Born on June 7, 1975, Ekta Kapoor is daughter of former Bollywood uperstar Jeetendra and sister of current Bollywood hero Tusshar Kapoor. Ekta Kapoor did her schooling from Bombay Scottish School and later on joined Mithibai College. She was not interested in academics and on the advice of her father ventured into TV-serial production at the age of 19. And soon she changed the face of Indian television industry and completely dominat ed it. Today, Ekta Kapoor is the creative director of Balaji Telefilms. Her company has produced more than 25 serials and each one is being shown, on an average, four times a week on different television channels. Ekta Kapoor's serials have captured the imagination of masses. She has broken all previous records of TV serial production and popularity in India. Her most famous television venture has been â€Å"Kyunki Saas Bhi Kabhi Bahu Thi† which began in 2000 and has leaded the TRP ratings in India. Her other famous serials include â€Å"Kahaani Ghar Ghar Ki†, â€Å"Kahiin To Hoga†, â€Å"Kavyanjali†, â€Å"Kyaa Hoga Nimmo Kaa†, â€Å"Kasamh Se†, â€Å"Kahin Kisii Roz†, â€Å"Kasautii Zindagi Kay†, â€Å"Kkusum†, â€Å"Kutumb†, â€Å"Kalash†, â€Å"Kundali†, â€Å"Bandini†, â€Å"Kitni Mohabat Hai†. For her entrepreneurial skills and achievements Ekta Kapoor was awarded with Ernst & Young (E&Y) Startup Entrepreneur of the Year award in 2001. Conclusions: Today an entrepreneurship is more than the mere creation of business. An entrepreneur has to do more than just fight hard to win their market share. This emerges the need for developing entrepreneurial person ality in business owners. †¢ An entrepreneurs personality includes two factors: 1) Outer Personality Factors i. e. Physical Appearance, Work Experience, Family Background, Age and Education, Good Health etc. 2) Inner Personality Factors i. e. Personality Traits Personality traits can be learnt through study and practice, they are the formidable basis for building inner personality of an entrepreneur. While physical appearances, age, education, work experience are environmental factors, which are just outer part of an entrepreneur’s personality. †¢ It is not necessary that one should possess physical appearance, family background, age, education and work experience but he should possess the personality traits to tackle business operations successfully, because an entrepreneur is not determined by age, gender, race, religion, intelligence or education but successful entrepreneur do have some common personality traits. Personality traits determines the behavior of an entrepreneur in certain ways i. e. how he perceive situations, solve problems, interact with people and carry out the job responsibility. †¢ Entrepreneurs with their personality traits will continue to be critical contributors to economic growth through their leadership, management, innovation, research and development effectiveness, job creation, competitiveness, productivity and formation of new indus try. Bibliography: 1) Entrepreneur Characteristics: Personal Qualities of an Entrepreneur http://www. orebusiness. com/getting_started/primer/d943458887. brc 2) Bill Bither's Insights 5 Personality Traits of an Entrepreneur http://www. atalasoft. com/cs/blogs/billbither/archive/2006/01/03/inception-of-a. aspx 3) The 9 Personality Types of Entrepreneurs By Darrell Zahorsky, About. com Guidehttp://sbinformation. about. com/cs/development/a/personality_2. htm 4) What Are the Characteristics of a Successful Entrepreneur? http://www. aw-wrdsmth. com/FAQ/characteristics_successful_entre. tml 5) Entrepreneurship is More Than Just Being Your Own Boss Article by nicolelamarco (8,967 pts ) Edited & published by Ronda Levine (24,269 pts ) on Dec 23, 2009 http://www. brighthub. com/office/entrepreneurs/articles/60059. aspx 6) The Four Types of Entrepreneurs Article by R. Elizabeth C. Kitchen (12,490 pts ) Edited & published by JScheid (23,995 pts ) on Dec 26, 2009 http://www. brighthub. com/off ice/entrepreneurs/articles/60187. aspx 7) Entrepreneurial Stress and its Causes Article by William Busse (729 pts ) Edited & published by Ronda Levine (24,269 pts ) on Dec 23, 2009 http://www. brighthub. com/office/entrepreneurs/articles/60057. aspx 8) Successful Entrepreneurs – Those Who Have Made It Big http://blog. franchiseindia. com/events/2009/11/successful-entrepreneurs-those- who-have-made-it-big/ 9) Dhirubhai Ambani Biography http://www. iloveindia. com/indian-heroes/dhirubhai-ambani. html 10) Ekta Kapoor http://www. iloveindia. com/indian-heroes/ekta-kapoor. html

UK Economic Policies - 1090 Words

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