BUSINESS ENTERPRISE

BUSINESS ENTERPRISE

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TABLE OF CONTENTS ……………………………………PAGE

1. INTRODUCTION …………………………………………………..…….….. 4
2. BUSINESS MANAGEMENT………………………………………………… 4

• Knowledge and confidence
• Training and motivation of employees
• Effective delegation
• Marketing the company effectively
• Hiring precise employees and adequately managing them

3. BUSINESS ENTERPRISE ORGANIZATIONAL STRUCTURES……………7

• Matrix organizational structure
• Hierarchical organizational structure                            
• Customer organizational structure
• Functional organizational structure
• Product organizational structure

4. INNOVATION……………………………………………………..………………. 9

• Beat your competitors
• Business marketing
• Increasing productivity
• Ease in problem-solving

5. SOCIAL ENTREPRENEURSHIP ………………………………………… 11

• Mission
• Performance measurement
• Financing
• Market failure
• Governance

6. CONCLUSION…………………………………………………..…………… 13
7. REFERENCES ……………………………………………………….………15
8. APPENDIX                                                              

Introduction

A business enterprise corporation, sole proprietorship, limited liability, partnership, or other private institutions are organized to supply services and goods for a profit. Medium and small business enterprises are known as significant drivers of the growth of the economy, innovation, employment, and productivity. They are broadly accepted as an essential aspect of the growth of the economy. Researches have been carried out to determine why some medium and small-sized businesses succeed while others fail. It has been concluded that entrepreneurial decision-making styles have donated to the growth of medium and small business enterprises, Nouri et al., 2018, 23(6).

Unlike capitalist economies in the traditional era, the present-day perception entails knowledge and an attitude transition from the reliance on the status of technology to the tracking of new chances to upgrade it or come up with a more comprehensive and unique application. These improved skills and knowledge have made most entrepreneurs more innovative leading to the improvement and success of most current business enterprises, Ponisciakova, 2020, p. 01026. This paper will attempt to discuss business management, social entrepreneurship, business innovation, and business structure.

1. BUSINESS ENTERPRISE MANAGEMENT

Enterprise management is the process of controlling the daily activities of a business. Effective business management comprises of various aspects. From everyday activities to large scale yearly maintenance or events, managerial responsibilities are usually never-ending. Solid industry understanding and leadership are a considerable start but cannot enhance solid management in any business. For a business to succeed, it needs to be well managed and run.

Knowledge and Confidence

Business management requires extensive knowledge and confidence. For business managers to build these leadership skills, they ought to get a willing manager in the same line with more experience to mentor then or else attend training sessions. They can currently use networking to link to the managerial team from other organizations that can provide them with wisdom. Now, the world is ever-changing; it is, therefore, crucial for the managers to stay informed and current on any practices, technology, and products relating to their company. Adherence to these will result in proper management in the long run, leading to success, Emelianenko’s s, 2019, pp.55-58.

Training and motivation of employees

The world is changing daily with the introduction of new and improved technologies. Managers should keep their employees conversant with these new technologies by training them from time to time, thus affecting the business activities, Pragnashree, et al., 2020, pp.55-64. The employees need to be appreciated for their particular achievements as well. They ought to be motivated with rewards and bonuses for a job well done; these significantly boost the employee’s zeal in undertaking their assigned tasks, thereby increasing the business activities’ effectiveness, making the business enterprise achieve its goals. I suppose that the executive should consistently conduct performance appraisal and reward the employees accordingly. Failure to which the employees will lack the zeal in undertaking their duties hence ineffectiveness in the business activities.

Effective delegation

Despite your skills and training, you won’t manage all the business activities on your own. The overall manager will need to delegate the job to other employees to succeed. Besides, poor delegation will generate increased work for the manager. The manager should outline the things that he knows he/ she must do and what could be accomplished by another. Delegation should be done about the field of excellence. The managers should be extra careful not to give away too many tasks because they will be forced to spend almost all their time tracking their progress, making it impossible for them to accomplish their tasks, Kafaji,  2020, pp.1-8.

 They are marketing the company effectively.

Maintaining a good reputation of the business is essential for business growth and success. A company with the right image promotes a good relationship with the public, thus attracting and maintaining many customers. Regardless of the business owner having paid marketing personnel, the manager should willingly use his/her skills and the ones found in his/her sector to market the company as per Lobkov, 2020, p. 012059. The manager may be expected to create and coordinate marketing activities such as advertising, print media, communication, and target market research.  By so doing, the business will stand in a better position, and the likelihood of it succeeding is high.

Hiring precise employees, and they’re adequately managing.

The business manager should carefully interview and screen each candidate, carrying out credit and background checks, primarily if they are assigned the duty of handling money. The manager should also be purposeful about job descriptions to make it possible for the eventual employee to clearly understand what will be required from them and what you expect from them. Put down in the employee manuals clear expectations and be ready to administer those expectations consistently. Unethical or inappropriate behavior consequences should be included in the employee manuals; this will make the employees take precautions before doing anything wrong.

2. BUSINESS ENTERPRISE ORGANIZATIONAL STRUCTURES

Every business must run with a defined structure of organization regardless of its size. A well strategic and thought out business configuration aids excellent communication and clarifies reporting relationships leading to effective and efficient work procedure flow. The senior leadership and the board determine the type of organizational structure suitable for a specific business organization.  The chosen organizational structure should best support internal operations, the chain of command, and how the business activities are carried out. There are various business organizational structure;

Matrix organizational structure

This organizational structure provides for levels of reporting both vertically and horizontally.  This type of fabric may compromise different group members working together to develop a brand new product line. Matrix organizational structure has the advantage of employees’ responsibility to their departments and corporate projects. This organizational structure has a challenge of employees receiving instructions from two managers, yet they need to prioritize their job responsibilities, Kiruba et al., 2020, pp.270-294. An example of this type of organizational structure is a recording engineer working for a publisher of music, may have engineers reporting to him, but may as well use his expertise and collaborate with teams to come up with new music albums.

Hierarchical organizational structure

This organizational structure entails a vertical series of command as the chief technique of employee organization and responsibility.  It is commonly practiced in the government, military, and large organizations to ascertain the extent of control possessed by employees over their job and their class relative to others. Hierarchical structure commonly features numerous management layers and is thereby vulnerable to bureaucracy and the formation of silos that hinder cross-team collaboration, Svydruk, 2020, pp.139-146.

 Customer organizational structure

Some industries organize their structure by the type of their customers. This type of organizational structure is practiced to make sure particular expectations of the customer are fulfilled through an approach of customized service. An excellent example of this organizational structure is found in healthcare. An outpatient has different needs for patients who stay in the hospital (inpatients); in this care, a customer-centered organizational structure generates these patients’ customized care. This type of structure has a benefit; it specializes in taking care of every group of customers’ needs but can disregard the needs of dissimilar customer types.

Functional organizational reconstruct

Ions type of organizational structure is prevalent. It categorizes people by particular functions they perform. Typical departments like accounting, purchasing, and human resources are organized through the separation of each area and managing them independently. In this type of organizational structure, all the managers of different functional regions report to a particular director who is the head of all the operational areas. This structure type has an advantage that all functions are divided by expertise. On the other hand, the challenge of this structure comes when, unlike functional areas, they concentrate only on their responsible regions and fail to support other departments’ functions.

Product organizational structure

It is a typical organizational structure that is organized by a particular type of product. Every group of products lies within an administrative structure of reporting, and that specific person supervises everything associated with that specific product line. An example is when the kraft products manager takes full responsibility for all products under that label, such as label-meats, dressings, and sauces. This type of organizational structure can organize products by their category but can generate separate procedures from other product lines within the organization.

3. INNOVATION

Innovation in business is the implementation of new ideas, creating more dynamic products, and improving services. Change is a catalyst that leads to growth and makes it easy for business people to adapt to marketplace conditions. The successful transition must be part of every business ‘ strategy, where one can create an innovational culture and pave a path for creative thinking. It also increases the likelihood of a business’s success and can generate more efficient procedures that can lead to better performance and productivity. Villares et al., 2020, pp.1-20. Below are several ways on how innovation can help in success achievement in business

Beat your competitors

In business, business people are required to think innovatively. One needs to be more creative and come up with improved ways of connecting to customers. Improved customer relations will enable a businessperson to attract and retain as many customers as possible, hence more sales and increased profit yields. Creativity will allow a business person to come up with better methods to design products. Nevertheless, creativity will help you draw up precise marketing methods that will enhance your business’s well-being. These innovation methods need to be practiced continuously for the assurance of business success, Ungerman, et al., 2018, p.132.

Business marketing

Through creative innovation and ideas, one can make their business stand out from the many competing companies. One needs to market their business by advertising their products and services. Besides, one is expected to make people or instead customers remember his/her business through innovative ideas like coming up with a quirky business, partnering with non-profit organizations, or establish a new brand. They were developing a new and unique character in your business assists in marketing it. Be creative enough; all you need is to create a unique identity of your business among customers and enjoy the success of your business.

Increasing productivity

Business people should be creative and come up with procedures for increasing their businesses’ productivity. In the current technology world, a businessperson can use a project tracker installed at home to assign, monitor, and prioritize. This is considered adequate since one can update the software with changes in their needs. Business entails embracing and testing new ideas. Combining compatible ideas makes a businessperson come up with a productivity scheme that works for their business. Once a businessperson, always a risk-taker and therefore, businesspersons should still embrace new business ideas bearing in mind that the designs may or may not work for them.

Ease in problem-solving

Innovative and creative businesspersons should be able to come up with solutions to specific problems in their businesses.  At times, businesspersons will encounter difficulties that are stubborn to ride off. Innovation plays a mighty job in such situations; as a businessperson, you don’t have to sit back and watch this stubborn issue bring down your business. You need to think like never before and develop ideas that you have never come up with before to deal with the situation. By so doing, you can generate your product, keep your inventory, and discover a creative way to better your business.

4. SOCIAL ENTREPRENEURSHIP

Social entrepreneurship (S.E.) refers to an organization that merchandises private benefits and provides positive social and environmental consequences. S.E. implies different conception to different people; some accredit it to earned income ventures or non-profits, whereas other people see it as owners of the business who integrate social responsibility in their operations. All in all, S.E. should entail the characterizing of the need for a different program of the market working for the entrepreneurs. It compromises beginning a business or expanding a business that has been in existence that simultaneously put on value to the firm’s capacity, financial boom, and mission impact. S.E. stands from the modern society’s viewpoint and acts as a catalyst for the community, just like the way entrepreneurs alters the business face, Chell et al., 2016, pp.619-625. There are the various framework that differentiates S.E. from the today methods of traditional business progress;

Mission

The crucial motive of S.E. is to generate social worth for the considerable public good while commercial entrepreneurship aims to create profitable operations ending up in private gain. This difference is justly exaggerated, commercial entrepreneurship benefits the society through, valuable as well as new goods, jobs, services and can provide transformative social effects. Besides, the fundamental differences in reward and purpose can as well be of importance for comparative analysis.  

Performance measurement

Social entrepreneurs’ social goal undergoes more significant challenges for performance measures than the customary entrepreneur who can stand by relatively quantifiable and tangible performance measures like market share, financial indicators, quality, and customer satisfaction. Moreover, the diverse nonfinancial and more significant stakeholders should be accountable for the social entrepreneurial firm’s more diverse and more exceptional number, thereby making it more complicated in these relationships’ management Gali et al. 2020, p.120230.

 Financing

Business enterprise funding is met by ownership shares issuance-stocks or long term debt incurrence-short term debts or bonds-loans. S.E. ventures variedprofimore exceptional the firm’s, and S.E. more involved or-profit can borrow funds or collect donations by sales, rentals, or charging admission. Therefore, the distinction in funding for social organizations like for not-for-profit and for-profit depends on the peculiarity between donors and investors, Halberstadt et al. 2020.

Market failure

A theory effected a result of the existence of social motive organizations is, they come out when there is a failure in the market, that is, where the commercial market intensity do not meet the social need, like in cases of contract failure or public goods and services, Arend, 2020, pp.1-18. This can result from the people’s incapacity in lack of the reward of the service for them. Conclusively, a problem in commercial entrepreneurship creates social entrepreneurship opportunities. I think that both commercial and social entrepreneurship can work together to produce the best in the business world.

Governance

Every business entrepreneurship comprises a board of directors or managers as the administrators who are accountable to the business owners and the stakeholders. There is the likelihood of a different structure of governance in the non-profit social business entrepreneurship. They can set up a subsidiary organization run by the board of a business enterprise if they ought to run a section of their entire enterprise for profit.

5. CONCLUSION

The business was and still is a daily activity globally. Through business enterprises, most people have become billionaires talk less of millionaires. The world is fast-moving, and so is technology and innovation. As a business person or a manager in a business enterprise, you need to move with the current world of business. Be on your toes to access the latest ideas, products, technologies, and services to be a better position in the competitive market. A business person should willingly share their thoughts and, at the same time, borrow ideas from willing and more experienced business mangers or businesspersons. This exchange of business ideas will significantly help the businesspersons build up firm capabilities for running and managing their businesses, hence an increased likelihood of succeeding.

Businesspersons or rather entrepreneurs should be creative and innovative enough for them to fit in the daily changing business world. Entrepreneurs should be in apposition to provide solutions to their business problems, and if the issues are persistent, they should not sit back and watch what they toiled for collapse. Instead, they should think outside the box and come up with brand ideas that they have never come up with before. Furthermore, as a business person, an entrepreneur should and must be innovative enough to succeed in a business venture. As the wise saying goes,” success does not come on a silver plate,” therefore, for every step in a business, the entrepreneur should tirelessly put all his efforts in shaping, running, and properly managing the business.

6. BIBLIOGRAPHY

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APPENDIX