Business Strategies And Decision-Making Essay

Length: 8 pages Sources: 8 Subject: Business Type: Essay Paper: #96311353 Related Topics: Business World, Decision Making Process, Business Problem, Decision Making
Excerpt from Essay :

Business Strategies and Decision-Making

Choosing a business structure can depend on a wide range of variables and it is thus essential for a manager to have a complex understanding of his company, the industry it is associated with, and business forecasts. The process of choosing a business structure needs to be considered before starting any businesses in spite of the fact that this respective process can take a significant amount of resources. Many business owners are inclined to either dedicate very little of their time to this process or even to bypass it completely. This can lead to serious issues later in the company's functioning, as business owners can come across a series of problems that they're not prepared to deal with.

Proprietorships are one of the most encountered types of business organizations, this being largely owed to the fact that they are easier to form and maintain and because owners are in charge of the overall structure. One of their main disadvantages involves the owner being responsible for all financial contracts related to the business.

When one or several people share in both profits and losses associated with a business, the structure is known as a partnership. As with sole proprietorships, partnerships can have a negative effect on owners as each of these people is liable for financial contracts.

A corporation is typically a more complex business structure -- it works as an organization and individuals involved are not personally liable for financial obligations. The fact that it is more complex, however, also means that it requires a larger investment in comparison to the previous two.

A limited liability company (LLC) is one of the most convenient business structures because it has advantages associated with both partnerships and corporations. Owners are not personally liable for financial contracts and profits and losses are passes through to individuals owning it.

Part II.

1. My business idea would involve a travel company dedicated to a certain niche market -- the elderly. A great deal of old people have access to resources like time and finances, but are reluctant to use traditional travel companies because their limited ability to provide assistance. The travel company I want to start would address their needs and would focus on providing tours to locations and hotels equipped with facilities accommodating for individuals who are not so active as they used to be. The company would cooperate with hotels, bus companies, and guides that have a complex understanding of what old people need and that provide support for them while also making it possible for customers to enjoy travelling in spite of their age.

2. While my cousin may have a point as a consequence of being familiar with divergences that can appear because of money problems, he is ignoring all the benefits of a family-owned business. One of the most important of these would be that family members know each-other and are more likely to be more patient regarding expectations of investors. The company would also be more probable to have a low employee turnover, this leading to a stronger corporate culture (Larabee).

To a certain degree, a family-owned business can be considered the equivalent of a business that took several decades to create and maintain. All the individuals involved know each-other and are likely to be more dedicated to making the business work perfectly.

Part III.

1. Forming a social venture as a nonprofit organization is largely difficult because funds are limited and business owners thus need to turn to a series of other institutions to obtain finances.

Another reason why a social venture as a nonprofit might have a negative effect on a business is the fact that initiatives associated with certain sponsors might require business owners to change their activities. Donors or partners responsible for introducing initiatives that are particularly successful might require that the business changes in accordance with their vision.

As previously mentioned, a social venture as a nonprofit can encounter significant problems as a result of not having access to donors and partners. Business owners in charge of such an institution can be very limited in their activities and can even abandon an initiative altogether if they don't have adequate funding.

A good example of a company that is limited in its activities is the Norwegian branch of Greenpeace. The fact that whaling is supported throughout...

...

al. 43)

2. The emergence of more and more social ventures makes it possible for the business world to observe the numerous benefits associated with this type of business. Even with this, the fact that these types of business need a great deal of support from other institutions means that many are not sustainable. While the idea is positive and they are likely to be the dominant form of business in the future, traditional ventures are more sustainable in the contemporary society.

Part IV. 1. While it would be safe to say that Facebook was a technology-driven company when it was founded, matters changed during recent years. More and more individuals acknowledged benefits they can associate with the company and are currently using it as a tool to improve both their personal and professional lives.

To a certain degree, it seems that Facebook can concomitantly be technology driven and it can function as a social platform where people are accustomed to getting involved in activities that have become conventional in the last few years.

2. Supporting companies that develop software that can be associated with Facebook is probably one of the most efficient technological attitudes that the company has taken on. Companies such as Zynga have experienced massive growth as a consequence of being associated with Facebook. This being said, Facebook seems to gradually become a platform for smaller companies to develop. It is very probable that the company is going to become a major tool for other companies to develop during future years.

Not only is Facebook providing a platform for other companies to develop, as it is also identifying companies likely to be successful and is investing in these respective companies as a means to develop business contracts in the future. "At present, Facebook, Google, Amazon, Oracle have spent a lot of resources to develop NoSQL products or applications based on NoSQL." (Lee 198)

Part V.

1. Copyright is probably one of the most significant types of protecting intellectual property, especially considering that it is relatively inexpensive to register. If a person can demonstrate that a work was created independently, he or she can be provided with copyrights for that particular invention.

Trademarks also play a significant role in creating a culture for a company -- individuals working for it can identify with particular concepts such as logos. This type of intellectual property makes it possible for business owners to keep their identity and to influence customers to search for their trademarks.

While creating and registering one's products are essential when developing a business, it is also important for individuals to search for experienced counsel. By taking advice from individuals who are experienced with these matters, business owners are more likely to protect their intellectual property.

2. Taking into account the previously mentioned types of intellectual property ideas, a business owner needs to have a good understanding how all of these work in relation to the law. Some legislations might limit a business owner's abilities to protect his or her products. He or she thus needs to get actively involved in trying to use the law to their advantage rather than to risk not being able to protect their business.

With legal processes largely controlling the way that a business operates, the entity's owners need to understand their limitations and attempt to work around them. A business owner would have to know both how to protect his or her business and how to borrow ideas from others without risking to be prosecuted for the action. This can eventually make it possible for him or her to increase the company's profits while operating as legally as possible.

Part VI.

In many present-day work environments age can represent a primary reason for managers to discriminate between employees. In some cases this happens because older employees have a limited understanding of some technical processes while younger ones are more experienced in working with new technologies. When considering Gus Tavus' case, it would seem that managers emphasized their reluctance to hire him as a result of the fact that he did not possess the knowledge needed for the job offered.

In order to avoid being negatively affected as a consequence of choosing to employ particular individuals, BPIC should have made their decision-making processes more transparent. If Gus would have been provided with the opportunity to understand the abilities needed for the corporate claims specialist role better, he would have had no option but to accept the…

Sources Used in Documents:

Works cited:

Bechet, T.P. "Developing Staffing Strategies That Work: Implementing Pragmatic, Nontraditional Approaches." Retrieved July 26, 2015, from http://unpan1.un.org/intradoc/groups/public/documents/un/unpan021815.pdf

Grendstad, G., Selle, P., Stromsnes, K., & Bortne, O. "Unique Environmentalism: A Comparative Perspective." (Springer Science & Business Media, 28 Nov 2006)

Field, T. "Avoiding Patent, Trademark and Copyright Problems." Retrieved July 26, 2015, from https://centraljersey.score.org/system/files/u129009/Avoiding%20Patent,%20Trademark%20and%20Copyright%20Problems.pdf

Larabee, D. "Pros and cons of investing in family-owned businesses." Retrieved July 26, 2015, from http://www.ft.com/international/cms/s/0/cd98f8a4-5756-11e3-b615-00144feabdc0.html#axzz3gzrkx9vE
"Choose Your Business Structure," Retrieved July 26, 2015, from http://www.entrepreneur.com/article/38822


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