Answer to Question #190718 in Management for AKASH B

Question

1. It is observed that all organisations operate at different life stages with different practices and different expectations. Given that business can be classified as mulfaceted and multifold due to various functions of management they need for performance, select any business of your choice to describe its journey on the basis of: 

a. Commencement of business thought

b. Barriers faced

c. Principles and philosophy that helded in building the business

d. Decisions that helped them grow e. Lessons learnt.

(10 Marks) 

Answer 1

The selected business, in this case is the distribution of cars. This business undergoes its expansion process or business journey based on the following stages:

a. Commencement of business thought

This is the first stage of the business. An this stage, the entrepreneur assess the car market and identifies the gap in the market and chooses a favorable business niche that would enable the company to stand out from others. The stage makes the business to exhibit intensive expenditure with no profits realized

b. Barriers faced

This stage inclines managers to formulate ways of dealing with issues such as competition, social, economic, and political problems to maintain the forward thrust.

c. Principles and philosophy that helded in building the business

This stage will include formulation of strategies to pursue the set objectives after analyzing various factors on the market. For instance, in this case, the entrepreneur could decide to expand the car business or engage in online selling the cars to cut the marketing and selling costs.

d. Decisions that helped them grow

The decisions that would have helped a car distributing company to grow is adoption of the current technology in almost all sections of the firm. This reduces time wastage and augments quality

e. Lessons learnt.

The lessons that could be derived from the business is that at the beginning of the business, the expenditure is always greater than the income generated. However, an entrepreneur needs to continue pursuing the objectives of the business to achieve its success.