The key lesson I got from Greg was the fact that you need dedication to be a successful entrepreneur. Working with a team you can trust is crucial to your businesses success even after maturity, having the staff trained in all key elements of the business allows you to ensure smooth operation even with the loss of a core employee. When you empower and train your employees you allow them to do their jobs to the best of their ability without direct supervision, allowing you to focus on other business ventures and personal pursuits. Learning and listening to staff, associates, customers and suppliers allows you to gain valuable insight on your operations, and gives you the knowledge to take appropriate action based on their input. Greg goes on …show more content…
It helps you start good business and avoid ones that operate inefficiently or in the wrong market. Operations research assists him in making changes to improve efficiency and costs, replacing outdated technology, methods, and equipment to improve operations. Greg also noted that knowing how to finance a business and real estate through raising equity and debt made it possible for him to expand and maintain a successful business. Greg explained that this is his most beneficial skill as good analysis essentially lets him see what’s working well and what needs improvement. Greg relates it to his Grocery and Convenience store in Lake Louise as through analysis he saw he needed to increase sales and cut expenses in the off season to survive. He chose to hire students in the busy season and lay them off during school or the “off season” and encourage them to return the following season. Effectively allowing him to have a mutually beneficial relationship with trained staff returning when needed during peak season while cutting costs in the off …show more content…
In hindsight he thinks he would expand the business more than he did. In the grocery business, he regrets not opening more stores. In real estate, he thinks he would have purchased more properties and grown the management operations. “It is easy to become complacent once a business achieves a certain size”. I believe this is something only seen by entrepreneurs who honestly and critically analyze their business often. Lots of small businesses stick to what works and fail to innovate in their market to expand their footprint. Expansion drives innovation in markets, and is pivotal in deciding what business survive and prosper.
The venture I have chosen can be directly related to this interview in many ways. The venture would be a service based company and therefore I’d feel it would be essential to heavily invest in hiring staff and training. This ensures the staff is motivated to make a difference and assist in moving the company forward and towards a common goal. The venture is depended on the ability of the staff to work independently without direct supervision, this requires all the staff to competent in all key aspects of the business and have the motivation and ability to improve and grow with the
[Accessed: 20 Feb 2014]. Appendix Interview questions How long have you been a manager at this business for? Do you have a degree in management or a qualification in it? Have you received any managerial training in this job or a previous job? How long did it take you to become a manager?
The company's management put a lot of emphasis on taking care of its employees, encouraging an entrepreneurial spirit, treating each other with respect, and being committed
Key Point #2 Cost management investing in the future of your employees for long term
“I've known entrepreneurs who were not great salespeople, or didn't know how to code, or were not particularly charismatic leaders. But I don't know of any entrepreneurs who have achieved any level of success without persistence and determination” -Harvey Mackay.
Assembling the right personnel for the new bakery is like concocting the right recipe for the perfect cupcake; it starts with hiring people who fit the company’s philosophies. In addition, it requires finding people with the right attitude, personality, core values, and desire to belong to something greater than themselves. The next step is to “train employees in a practical, accurate understanding of the natural behavior of the business in which they work, connect those employees’ efforts to the company’s objectives through clearly defined goals and expectation, provide support, and stand back and watch them go” (Pound, Bell and Spearman). Finally, as leaders, it is our responsibility to encourage our employees to achieve the greatness within themselves. In order to be successful, we must coach, motivate, and inspire them to grow, not just as individuals, but as an efficient and productive unit.
While reading this book, one comes to understand the many problems confronting management. Achieving a set goal is one of them. The organization being managed is responsible for some sort of an objective weather is developing a new product, getting new customers or whatever it may be. There are goals associated with that objectives and those goals require effort. Bringing out the best in the employees is another job for management. It’s important that management tries their best to create as many “good days” as possible. Dealing with underperforming employees also confronts management. Not all employees will do their best. Any issue that contributes to an underperforming employee is the manager’s problem and management needs to provide some sort of motivation and counsel. Dealing with outstanding employees is also something management needs to confront. Some employees obviously outperform others. That presents its own set of challenges. Outstanding employees need special treatment. You want them to keep doing an exceptional job which could mean to have to pay them special attention. They need recognition for their talents and efforts as well as knowing that they have a career path ahead of them. Hiring the right people is another problem management needs to face. Hiring is easy, but hiring the right person is extremely difficult. Responding to a crisis is also an extremely...
Chapter 3: Cultivate managers who share your vision was the most important chapter to me. It talks about putting the right managers in the right positions. Welch says, “What we are looking for…are leaders… who can energize, excite, and control rather than enervate, depress, and control” (p. 35). Managers in a company should bursting with energy and are able to develop and implement a vision and not just talk about those visions. They must also know how to spread enthusiasm throughout the entire company. One of the keys to being a great business leader is getting employees excited about their work. One of the ways to get employees excited about their work is to allow employees more freedom and responsibility then they have now. In order to make this happen, middle managers have to be team members and coaches. They need to facilitate more than control. Managers should be energizers and not enervators. Welch suggests that the only way to last at GE is to get on board, to become a team player, and to adapt oneself to the company’s values and culture when describing the different types of managers that will or will not succeed. The first type of manager delivers on commitments and shares the company’s values. The second type does not meet commitments and does not share the company’s values. The third type misses commitments but does share the company’s values. Welch himself cares more that a manager sticks to the company’s values than meets the numbers. The fourth type delivers on the commitments but does not subscribe to the company’s values. Welch broke these managers into three categories, type A, type B, and type C managers. Type A managers were defined as team players that subscribe to the company’s values. People trust them; they make impacts on decisions, and are leaders who seek to develop high value in other...
The major entrepreneurial characteristics that Victor exudes are the need to achieve and tolerance of failure. When asked what suggestions he had for someone who wants to succeed, Victor responded, “Well, first the desire has to be there. Some people say, ‘At the end of the day, I’d ...
Recruitment questions for large operational startups include, what are the jobs, how is the employment market today, what is our competition locally providing, how can we get the best talent and finally how to do we retain them. The challenge for the Borgata was multi-faceted, a tight labor market in the surrounding area, a small local population of 40,517 of which only 63% where capable of working and the need for 5000 workers to staff the hotel in short time. (US Census Bureau. 2012). To compound the challenge the quality expectation was high, the “best of best” was required. Once applicants were enticed to apply and applications were received, the question became how do quickly identify the candidates to a manageable qualified number? How do we ensure the interview time is appropriate and effective for unto a hundred different job descriptions? To begin this monumental task of recruiting applicants, screening quickly for the appropriate criteria research must be conducted. Development of strategic hiring plans, tasks assigned to appropriate individuals and accurately executed with a c...
"What are the barrier to entry, inhibitors to growth, and detriments to the health of small business and entrepreneurship today?"
I chose the subject of corporate success because I work in a corporate office. My major is Business Management, in which I am fascinated. I feel this research will help me understand my chosen career path better. I am familiar with the structure, policies and procedures within the corporate world, but I know there is more to a successful business than just what is seen on the surface. There are many aspects of a business that make it profitable and successful. If you have one person with a great idea you can make it successful.
The success of a business is greatly dependent on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition.
Companies should have only enough workers to perform essential operational functions. Hire employees who are well trained and able to pro-vide results. Moreover, employees should be happy, keep them motivated. Remember that just being good at one thing doesn't mean it's enough for the business to be successful. The owner should be adept at several things such as hiring, accounting, marketing, public relations, etc. And, although initia...
We learned a lot of things in this course, but I think the most important lesson I learned is that it’s not easy to be an entrepreneur. I was surprised to hear in the first class that 80% of startups fail, but after reading The Art of Start and E-myth Revisited I understood why this happens more often than one might expects. Some people start their own businesses for the wrong reason and some start with wrong mindset. I’ve always thought that if someone has a brilliant business idea and hardworking they will succeed and grow their business. However, now I know that there are many things to consider before starting any business. In fact, there are many strategies that an entrepreneur could follow to achieve success, such as know your customers, work “on” the business, and how
Compensation will vary depending on the industry in which you work, as well as the specific responsibilities and required knowledge and experience of your job. Following are some sample salary ranges for biz dev functions in various industries: