Business Dissertations - Entrepreneurship Opportunity Economic - Free Essay Example

Sample details Pages: 14 Words: 4261 Downloads: 1 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Entrepreneurship: Considering A Small Business As An Alternative Entrepreneurship creates a new field of business, despite risks and uncertainty. To achieve profit and growth, a business must identify crucial opportunities and assemble the necessary resources to capitalize on them. Most forms of entrepreneurship are small scale businesses which begin targeting a specific class of customers. Entrepreneurship business has a bright vision according to the report by many studies. Starting business might be an opportunity for people who have been the unemployed, caused by economic recession. There are two important factors to keep creativity which is the ability to develop new ideas and to discover new ways of looking at problems and opportunities. Next innovation is the ability to apply creative solutions to problems and opportunities while enhancing or enriching peoples lives. Don’t waste time! Our writers will create an original "Business Dissertations Entrepreneurship Opportunity Economic" essay for you Create order Furthermore, the three steps to implement creativity and innovation are developing a strategic plan for a business using the nine steps in the strategic planning process, and building a marketing plan, pricing strategies, financial plan, and cash flow management. These will be necessary for a small business to be successful as well as a harmony with considering the opposite side opinions. Background of Current Economic Situation The condition of global economy is in the recession and that is evidence through various economic figures like the GDP, the rate of unemployment, crisis of subprime mortgage which is a huge economic crisis to intimidate the base of economy system caused by deficit of real estate by overestimation (Oshinsky, J., Fleishman, B., Murray, J., Fields, J., 2007). Aggregate supply which is a total amount of producing by companies in a country, and aggregate demand which is a total amount of consuming by customers in a country are getting to decrease (Vogel Jr., J., 2007). Especially unemployment rate influences the real living quality of people. The more the unemployment rate increases, the worse the quality of peoples living is. Moreover, the social instability is caused by the high rate of unemployment (Barrell, R. Holland, D., 2008). Considering Entrepreneurship as a Solution In this situation, the establishment of a small business and entrepreneurship is one of the solutions to decrease financial crisis such as a high rate of unemployment and deduction of the GDP. This will provide not only the opportunity to recover the loss of many unemployed workers and the GDP, but also create many jobs and products caused by new entry of small businesses. Furthermore, there are many other reasons to support entrepreneurship as a good alternative to solve the recession (Patterson, S., 1993). Common people still regard establishing a business as a risky challenge that could lead to big failure. It is usual that one who does not have confidence in his or her success might avoid establishing his or her own business. But, if there is a unique idea to be applied in a new business, and it is certain that a competitive business strategy plan and solid management could be settled based on thorough analysis regarding the new market, the result of small business would not be risky, and could make an amazing profit. Of course, maintaining a study for corresponding customers feedback and avoiding any potential drawbacks is an essential requirement for the success of small business (Carmona, J., 2008). The Positive Aspects of Entrepreneurship First of all, there are reasons why the entrepreneurship will be appropriate for recovering and restarting a career in the period of recent recession in two points of view. In a viewpoint of the individual entrepreneur, the entrepreneurship will be a chance to create your own destiny after resigning from your former profession. Owning a business provides entrepreneurs the independence and the opportunity to make their desire a reality. It is certain that the result of managing businesses should be required to their responsibilities if their businesses are successful or not. The small business will be an opportunity to make a difference because they see a chance to make a difference in a cause that is important to them. The entrepreneurs are always looking for ways to combine their concerns for social issues and their desires to earn a good living. Moreover, the entrepreneurs businesses become their instrument for self-expression and self-actualization. Their businesses are exciting and challenging for them. The entrepreneurs usually enjoy their businesses as their hobbies, not a work. Their success of businesses depends on their ability regarding how much they are creative, enthusiastic, and vision will be imposed from their potential capacity (Klein, K., 2008). Besides, the entrepreneurship will be a good opportunity to earn impressive profits. Many of them do become wealthy. For example, nearly 75 percent of those on the Forbes list of the 400 richest Americans are first generation entrepreneurs. According to research by Thomas Stanley and William Danko, self-employed business owners make up two thirds of American millionaires. Furthermore, small business owners are generally among the most respected and most trusted members of their communities. Business deals based on trust and mutual respect are the guarantees of many established small companies. These owners are proud of the trust and recognition they receive from the customers they have served faithfully over the years. A study by the National Federation of Independent Businesses found that seventy eight percent of Americans believe that small businesses exerts a positive influence on the countrys direction, a ranking exceeded only by science and technology (Zimmerer T. W. Scarborough N. M., 2008). Most advantage of the entrepreneurship is that owners of small businesses can make their hobbies their work, and they can enjoy their work with great interest and fun. Even though their business is not successful, they can satisfy just their working process because they have a business they enjoy and love (Shah, A., 2007). In a viewpoint of the contribution to society of the entrepreneurship, not only small companies lead the way in creating jobs, but they also take the brunt of training workers for them. One study by the Small Business Administration concluded that small businesses are the leaders in offering training and advancement opportunities to workers. Small companies offer more general skill instruction and training than larger ones, and their employees receive more benefits from the training than do those in larger firms. Even though their training programs tend to be informal, in-house, and onthejob, small companies teach employees valuable skills, from written communication to computer literacy. Small businesses also produce fifty one percent of the countrys private GDP (Gross Domestic Product) and account for forty seven percent of business sales. In fact, the US small business sector is the worlds third largest economy, trailing only the entire US economy and China. Small companies also are incubators of new ideas, products, and services. Small firms actually create thirteen to fourteen times more innovations per research employee than large companies. Traditionally small businesses have played a role in innovation and they continue to do so today. Many important inventions trace their roots to an entrepreneur, including the zipper, FM radio, the laser, air conditioning, the escalator, the light bulb, the personal computer, and the automatic transmission (Stottlemyer, T., 2008). Likewise, the entrepreneurship business has a positive vision based on above facts. If the entrepreneurs want to make their business successful, they need a good plan to differentiate their business from other businesses. Thus, creativity about their business should be represented as one of the main factors of success. Creativity is not only an important source for building a competitive advantage, but it also is a necessity especially for survival of small business. Small businesses relatively have disadvantages for the high cost to produce goods and services, and narrow selling channels compared with big companies. Therefore, creativity is a very important part to motivate the company, making it more competitive in the market. Creative ideas would not be easy to be caught, thus should be found after the creative process which involves seven steps (Spence, R., 2006). Preparing for Entrepreneurship The first step is the preparation that includes a formal education, on the job training, work experience, and taking advantage of other learning opportunities. These ways can provide a foundation on which to build creativity and innovation. For instance, the adaptation of attitudes of a lifelong student will assist owners of small businesses to establish and manage their businesses. Every situation you meet will be an opportunity to learn about the business. Reading many writings even if it is not in your field of profession, will be a source of creativity and innovation which are frequently originated from blended ideas and concepts in various fields of different expertise. In addition, gathering articles related to your small business should be the great guide book to bring the information from which to draw ideas and inspirations. Furthermore, joining professional and trade associations and attending their meetings will be a chance to brainstorm with others who have similar interests. You can learn how others solved specific problems, which will give you new insight to solve your problems of business. Besides, there are practical plans to prepare for creativity like investing time in studying other countries and their cultures. This offers incredible business opportunities for entrepreneurs with necessary knowledge and experience by your global experiences. The second step is the investigation which requires one to develop a solid understanding of the problem, situation, or decision. To create new ideas and concepts in a particular field, an individual must first study the problem and understand its basic components. Creative thinking comes about when people make careful observations of the world around them and then investigate the way things work (Zimmerer T. W. Scarborough N. M., 2008). The third step is the transformation which involves viewing the similarities and the differences among the information collected. This phase requires two types of thinking: convergent and divergent. Convergent thinking is the ability to see the similarities and the connections among various and often diverse data and events. Divergent thinking is the ability to see the differences among various data and events (Zimmerer T. W. Scarborough N. M., 2008). The fourth step is the incubation which is concerned about the time of subconscious needs to reflect on the information collected. To an observer, this phase of the creative process would be quite boring; it looks as though nothing is happening. In fact, during this phase, it may appear that the creative person is loafing. Incubation occurs while the individual is away from the problem, often engaging in some totally unrelated activity. Working on the problem or opportunity in a different environment helps stimulate your creativity (Zimmerer T. W. Scarborough N. M., 2008). The fifth step is the illumination which occurs at some point during the incubation stage when a spontaneous breakthrough causes the light bulb to go on. In the illumination stage, all of the previous stages come together to produce the Eureka factor- the creation of the innovate idea. In one study of two hundred scientists, eighty percent said that at least once a solution to a problem had just popped into their heads- usually when they were away from the problems (Zimmerer T. W. Scarborough N. M., 2008). The sixth step is the verification. For entrepreneurs, proving an idea as accurate and useful may include conducting experiments, running simulations, test marketing a product or service, establishing small scale pilot programs, building prototypes, and engaging in many other activities designed to verify that the new idea will work and is practical to implement. The goal is to subject the innovative idea to the test of cold and hard reality (Zimmerer T. W. Scarborough N. M., 2008). The seventh step is the implementation. The main purpose of this step is to transform the idea into reality. Many people come up with creative ideas in order to promise new products or services, but most never take them beyond the idea stage. What sets entrepreneurs apart is that they act in their ideas. An entrepreneurs final goal is to make their innovative ideas in the reality successfully (Zimmerer T. W. Scarborough N. M., 2008). Designing a Competitive Business Model After establishing creative ideas which are differentiated from other competitors, entrepreneur needs to design a competitive business model. Obviously the number of strategies from which the small business owner can choose is enormous. But, there are three basic strategies remain permanently. First one is cost leadership. A company pursuing a cost leadership strategy strives to be the lowest cost producer relative to its competitors in the industry. Low cost leaders have a competitive advantage in reaching buyers whose main purchase criterion is price. They have the power to set the industrys price floor. This strategy works well when buyers are sensitive to price changes, when competing firms sell the same products and compete on the basis of the price , and when companies can benefit from economies of scale. Not only is a low cost leader in the best position to define itself in a price war, but it also can use its power to attack competitors with the lowest price in the market. Next is the differentiation. A company following a differentiation strategy seeks to build customer loyalty by positioning its goods and services in a unique or different fashion. That enables the business to command higher price for its products or services than competitors. The key of differentiation is to be special at something that is important to the customers. In other word, a business strives to be better than its competitors at something customers value. Last one is the focus strategy which recognizes that not all markets are homogeneous. In fact, there are many different customer segments, each having different needs, wants, and characteristics. The principal idea of the focus strategy is to select one or more market segments, identify customers special needs, wants, and interests, and approach them with a good or service designed to excel in meeting these needs, wants, and interests. Focus strategies build on the differences among market segments. Fro instance, most markets contains a population of customers who are willing and able to pay for the premium goods and services, giving small companies the opportunity to follow a focus strategy aimed at the premium segment of the market. Strategic Management Entrepreneur should plan the strategic management process. Generally small companies that lack clear strategies may achieve some success in the short run, but as soon as competitive conditions stiffen or an unanticipated threat arises, they usually hit the wall and fold. Without a basis for differentiating itself from a pack of similar competitors, the best a company can hope for is mediocrity in the marketplace. In todays intensely competitive global environment, entrepreneurs who are not thinking and acting strategically are putting their businesses at risk. Strategic management is the mechanism for operating successfully in a chaotic competitive environment. The goal of developing a strategic plan is to create for the small company a competitive advantage which is the aggregation of factors that sets the small business apart from its competitors and gives it a unique position in the market. Every small firm must establish a plan for creating a unique image in the minds of its potential customers. A company builds a competitive edge on its core competencies, which are a unique set of capabilities that a company develops in key operational areas, such as quality, service, innovation, team building, flexibility, responsibilities, and others, that allow it to get over past competitors. They are what the company does best and are the focal point of the strategy. This step must identify target market segments and determine how to position the firm in those markets. Entrepreneurs must identify some way to differentiate their companies from competitors. The initiate step of developing a strategic plan is that developing a clear vision and translating it into a meaningful mission statement. Highly successful entrepreneurs are able to communicate their vision to those around them. The firms mission statement answers the first question as what business am I in? The mission statement sets the tone for the entire company. The second step is assessing the companys strengths and weaknesses. Strengths are positive internal factors; weaknesses are negative internal factors. The third step is scanning the environment for significant opportunities and threats facing the business. Opportunities are positive external options; threats are negative external forces. The fourth step is identifying the key factors for success in the business. In every business, key factors that determine the success of the firms in it, and so they must be an integral part of a companys strategy. Key success factors are relationships between a controllable variable and a critical factor influencing the firms ability to compete in the market. The fifth step is that analyzing the competition. Business owners should know their competitors business almost as well as they know their own business. A competitive profile matrix is a helpful tool for analyzing competitors strengths and weaknesses (Shah, A., 2007). The sixth step is to create company goals and objectives. Goals are the broad, long-range attributes that the firm seeks to accomplish. Objectives are quantifiable and more precise; they should be specific, measurable, assignable, realistic, timely, and written down. The process works best when managers and employees are actively involved. The seventh step is to formulate strategic options and select the appropriate strategies. A strategy is the game plan the firm plans to use to achieve its objectives and mission. It must center on establishing for the firm the key success factors identified earlier. The eighth step to translate strategic plans into action plans. No strategic plan is complete until the owner puts it into action. The last step is to establish accurate controls. Actual performance rarely matches plans exactly. Operating data from the business assembled into a comprehensive scorecard serve as an important guidepost for determining how effective a companys strategy is. This information is especially helpful when plotting future strategies (Shah, A., 2007). Marketing Strategy After that, building a marketing plan is necessary for entrepreneurs to act their managing strategies in reality, which is the process of creating and delivering to customers including all of activities related to winning and retaining loyal customers. Thus, marketing plan focus on the companys target customers and how to satisfy their needs and wants. Solid marketing plan should determine customer needs and wants through market research, and pinpoint the specific target markets the company will serve. Furthermore, after analyzing the firms competitive advantages and building a marketing strategy, entrepreneurs should create a marketing mix for their customers (Spence, R., 2006). Entrepreneurs should understand where in their customers product life cycle lately. They also focus on choosing the appropriate channel and place of distribution and using it efficiently. Setting the right price for their products or services is pretty hard because this work need to utilize the statistic data and catch the emotion of customers regarding their products. At the end of marketing strategy, owners of small businesses should develop a promotion for their products including advertising, personal selling, creating events, and guerilla marketing that is a kind of marketing promotions focused on emphasizing unique comparative advantages relative to other competitors (Spence, R., 2006). Opposite Side Opinion People who have opposite opinions against entrepreneurship point out ten potential risks. First is management mistake that is the primary cause of business failure. Sometimes the owner of a small business lacks the leadership ability, sound judgment, and knowledge necessary to make the business work. Second is lack of business experience which indicates that most entrepreneurs tend to be beginners to be easy to make management mistakes in their own businesses. Third one is poor financial control. Effective managers realize that any successful business venture requires proper financial control. Business success also requires having a sufficient amount of capital on hand at start-up. Undercapitalization is a common cause of business failure because companies run out of capital before they are able to generate positive cash flow. Entrepreneurs tend to be overly optimistic and often misjudge the financial requirements of going into business (US Recession Would Hurt, 2008). Fourth one is weak marketing efforts that means entrepreneurs tend to misunderstand the marketing efforts. For example, owners of small businesses usually believe their businesses will make a great number of customers automatically, but it almost never happens in reality. Building a growing base of customers requires a sustained and creative marketing effort. Keeping customers coming back requires providing customers with value, quality, convenience, service, and fun. Fifth thing is failure to develop a strategic plan. Many small business managers ignore the process of strategic planning because they think that is something that benefits only large companies. Without a good defined strategy, a business has no sustainable basis for creating and maintaining a competitive edge in the marketplace. Establishing a strategic plan drives entrepreneurs to assess realistically a proposed businesss potential. Sixth thing is uncontrolled growth. Business growth is a natural, healthy, and desirable part of any business, but it must be planned and controlled. As the business increases in size and complexity, problems increase in magnitude, and the entrepreneur must learn to deal with them. Seventh thing is poor location. Business location are often selected without proper study, investigation, and planning. Some beginning owners select a particular location just because they found a vacant building. The sales business should be influenced heavily by choice of location. Eighth is improper inventory control. Insufficient inventory control results in shortages and stockouts, causing customers to become disillusioned and leave. More common situation is that the manager has not only too much inventory, but also too much of wrong type of inventory (Zimmerer T. W. Scarborough N. M., 2008). Ninth is incorrect pricing. Small business owners usually underprice their products and services for making strong competition. Establishing accurate prices is to know what a product or service costs to make or to provide. Then, business owners can establish prices that reflect the image they want to make for their companies with an observation on the competition. Tenth is inability to make the Entrepreneurial Transition. After the start up, growth usually requires a radically different style of management, one that entrepreneurs are not necessarily good at. Growth requires entrepreneurs to delegate authority and to relinquish hands-on control of daily operations, something many entrepreneurs simply can not do (Zimmerer T. W. Scarborough N. M., 2008). Suggestions for solving opposite side Entrepreneurs must know their business field in depth. Small business owners should get the best education in their business area before they set out on their own business. Small business managers have to become serious students of their industry to analyze and examine their industry for their success. Reading trade journals, business periodicals, books, and research reports related to their industry, which can guide entrepreneurs to the success. Moreover, personal contact with suppliers, customers, trade associations in the same industry is another excellent way to get that knowledge. Small business owners should develop a solid business plan that is a crucial ingredient in preparing for business success. Well written and planned business plan not only provide a pathway to success, but it also creates a benchmark against which an entrepreneur can measure actual company performance. This planning process drives entrepreneurs to ask and answer some difficult, challenging, and crucial questions. Managing financial resources is also essential part for entrepreneurs to run their business successfully. The best defense against financial problems is to develop a practical information system and then use this information to make business decisions. The first step in managing financial resources effectively is to have adequate start up capital. Estimating initial capital as much double as entrepreneurs expect will be good for starting a business because many costs that entrepreneurs do not expect will come out at the beginning time. The most valuable financial resource is cash. Even though earning a profit is essential to its long term survival, a business must have an appropriate supply of cash to pay its bills and obligations. Managing cash is one of entrepreneurs primary abilities to maintain their business. Owners in small businesses have to understand financial statements what is going on in the business. These financial statements are reliable indicators of small businesses health. They can be helpful in realizing potential problems like declining sales, slipping profits, rising debt, and deteriorating working capital that are symptoms of potentially critical problems which require immediate attention. No matter what kind of business entrepreneurs launch, entrepreneurs must learn to manage people. Every business depends on the foundation of well trained, motivated employees. Business owner can not do everything alone. In the end, most dominant sustainable resource is the good quality of the people entrepreneurs have. Starting business is like running a marathon. If entrepreneurs are not physically and mentally prepared, entrepreneurs had better do something different. The success of business depends on entrepreneurs constant presence and attention. It is critical to monitor a business condition constantly. Also successful entrepreneurs recognize that their most valuable asset of their time, and they learn to manage it effectively to make themselves and their companies more productive. Conclusion Entrepreneurship is not ultimate solution for solving recession, but it can be one of primary alternatives to help people come out of economic recession. Although there are risks to start a business, entrepreneurship have many advantages to be valuable for challenging new industry. For instance, good opportunity to earn impressive profits, making hobbies main work, and the contribution to society is representative advantages of entrepreneurship. Therefore, considering the opposite opinions, building solid managing strategy and marketing plan, maintaining a study for corresponding customers feedback must make entrepreneurship successfully.

The Truth Behind Human Nature - 1336 Words

The Truth Behind Human Nature In Young Goodman Brown and Other Short Stories, Nathaniel Hawthorne develops his characters based on the belief that all humans were evil beings. From this, his view of human nature is revealed: all humans are immoral because of their sins. Though he created these personas through this idea, he also leaves them with a bit of humanity. In a way, Hawthorne presents many of his characters with the same traits said by an English novelist and author, Graham Greene: â€Å"Goodness has only found a perfect incarnation in a human body and never will again, but evil can always find a home there. Human nature is not black and white but black and gray.† Human will only show temporary acts of kindness because of a person’s natural tendency to sin. As a result of these actions, no one can achieve the title of being â€Å"white,† or truly pure and innocent. 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Advantage And Disadvantage Of Outsourcing Business †Free Samples

Question: Discuss about the Advantage And Disadvantage Of Outsourcing Business Functions. Answer: Introduction Business process outsourcing is a process opted by business that is being very common in todays world. This is because of the increasing number of responsibility and complications in the business process. Thus, the businesses choose to source out some of their processes to the third party. While doing this the business chooses its crucial and profitable processes from its unimportant tasks and sources out the tasks, which is not so important to the business. These processes can also be a type of supporting services to the business such as their call centre service, pay roll departments, facility department and many more (Gerbl et. al. 2015). This paper will focus on the objective and the scope of business outsourcing in the world and will further discuss the various advantages and disadvantages of this process. For doing this it will suggest some methods and a timeline which will help to carry out the research on the pros and cons of outsourcing effectively. Project Objective The paper focuses on certain objectives such as To analyse the meaning of outsourcing in various types of business processes Advantages of carrying out business outsourcing process Analysing the challenges and cons from carrying out this function Analysing the effect of both pros and cons of outsourcing for shaping the decision making of the business Project Scope Outsourcing is growing in the business environment in todays world due to the growing trend of globalisation. The speed of globalisation has made the outsourcing process a crucial one for the business. Thus, this topic is an important one based on the environment of the businesses globally. The topic of outsourcing is very wide if applied on any process. However, this research will only focus only on the advantages and disadvantages that this process poses on the working of the companies. For showing the validity of the research the ideas given by various writers will be summarized below and then some qualitative and quantitative research method will be suggested to get the accurate and feasible result of the research. Literature Review The literature review stated in the previous assignment has effectively discussed on the advantages and disadvantages the process puts on the organisation, which also gives them the reason of using this process in their own business process. According to some of the writers outsourcing helps the organisation to save on their cost by providing heir most expensive services to the third partner of the business. They can choose their third party form the country where that particular activity is cheap and will help them to attain it at relatively less cost. It has been also stated that out sourcing helps the business to carry out their business process more efficiently by transferring the process to the partner company, which has an expertise on that. This helps the company to get full efficiency from that process that too with a very little capital expenditure. Further, it has been evident that out sourcing helps to company to get their task complete from their partners on the stipulate d time. Outsourcing also allows the businesses to tae gain of staff flexibility depending on the seasons or the availability of customers and clients in the business. Thus, the process of out sourcing has been viewed in reducing risk in the business. Some authors have also criticised the method of out sourcing adopted by companies. The criticism shows the problems and threat outsourcing puts on the business rather than giving any benefits. The argument states that outsourcing has lead to a disadvantage to the businesses they tend to loss control on their employees rather than gaining anything from it. As it has been stated that this process has helped the company to decrease their cost; however, the process was seen to increase the cost for the industry such as the transaction cost, cost on innovation and partnering activities and also opportunity cost. Moreover, there were incident of conflict between the partners and the parent company and loss of confidentiality in their processes. Further it has also been viewed that outsourcing creats a problem of accumulating the deliverables offered by the partners after completing their services. Thus, the overall activity of the outsourcing process has a bad influence on the business ima ge by reducing the quality of business functions (Chou, Techatassanasoontorn, and Hung 2015). The literature review analysed the advantage and disadvantage of business process outsources. However, it has failed to discuss about the amount of acceptance the business outsourcing process has made in these years. Further, it has also failed to analyse whether the pros fro outsourcing is more to outweigh the disadvantages or vice versa. This will help the business to take their business decisions easily. Thus, there is a gap in analysing the past literature about the effect of outsourcing on various process of business. The gap will have a negative impact on the further estimation of the hypothesis on to how the advantages and disadvantages of outsourcing influence the decision of the company to adopt this process or not. Thus further literature needs to be viewed on the rate of advantage or disadvantage of outsourcing. Research Questions/Hypothesis Primary Question How does advantages and disadvantages of outsourcing business function influence the decision of the firm for adopting outsourcing process? Secondary Questions What is meant by outsourcing of business processes? What are the advantages and disadvantages of business process outsourcing? Is advantages more than disadvantages exerted by the outsourcing process? Is the cons overtakes the cons of the outsourcing process? What is the chance that the business will adopt outsourcing depending on its effect? Research Design and Methodology Qualitative research The research will adopt some qualitative method for analysing the effect and rate of adoption of outsourcing process in business activities. The qualitative research will help the researcher to analyse the quality of the process that is being discussed here. For the analysis, a simple primary research method will be used in the form of random sampling method by taking a sample of 20 companies. A simple random sampling will help the researcher to take up information from all kinds of companies on their thinking about outsourcing their business activities. This will help the researcher know what kind of industry take up outsourcing process even with the risk associated with it. Thus, data will be collected in a form of a questionnaire which will be send to the companies to be surveyed via mails, emails and also the researcher will visit some companies personally and fill up the questionnaires (AnfaraJr, and Mertz 2014). Quantitative research The research will also follow certain quantitative design to calculate the number of advantages and disadvantages stated by the companies to see the extent of pros and cons associated with outsourcing. A sampling of 20 companies will be used for the survey. The survey will be done in the form of a questionnaire, which will consist both closed end and ope end question to allow the user to give their own views on it. There will also be some rating scale questions, which will help us get some supporting views of the outsourcing process. Further, a descriptive quantitative method will be used to explain the result obtained from the research that is whether companies are against out sourcing or supports outsourcing process. It will also help us to know whether outsourcing has more advantages or more disadvantages according to the companies (Creswell 2013). Research Limitations Every research has some limitations that need to be kept in mind in order to finish it with maximum effectiveness. No research process is free from limitations and not considering the limitations appropriately will affect the whole result of the research. One of the most crucial limitation every research faces is the time. Considering the time limitation is vey important in order to systemize every activity of the research. Thus, it is necessary that the researcher allot a time to each activity and try to finish within that. Second consideration is the budget, which also poses a limitation. Thus, while designing the research process a budget should also be formed to divide it for every activity Time Schedule (Research plan) List the task Design the Questionnaire Mailing the questionnaire and visiting the companies Filling up the questionnaire Analysing the questionnaire Summarising the result Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Table 1: Time line for the research activities Source: (Authors creation) Conclusion Thus from the above discussion it can be deduced that the research focuses on the rate of acceptance of business process outsourcing by viewing the advantages and disadvantages of the process. For the purpose, both qualitative and quantitative method is selected and the survey will be done with the help of a questionnaire by either mailing it to the companies or visiting the companies personally. The data collected will then be analysed in a descriptive format to make it easily understood by everybody. However, some of the limitations such as time and budget also needs to be considered while moving on with the project. References Anfara Jr, V.A. and Mertz, N.T. eds., 2014.Theoretical frameworks in qualitative research. Sage publications. Chou, S.W., Techatassanasoontorn, A.A. and Hung, I.H., 2015. Understanding commitment in business process outsourcing relationships.Information Management,52(1), pp.30-43. Creswell, J.W., 2013.Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications. Gerbl, M., McIvor, R., Loane, S. and Humphreys, P., 2015. A multi-theory approach to understanding the business process outsourcing decision.Journal of World Business,50(3), pp.505-518.

Mci Worldcom Essays - Verizon Communications,

Mci Worldcom Introduction MCI Worldcom new CEO Bernard Ebbers is changing MCI's old ways. The problem is that MCI before merging spent too much money on accommodations for senior management. The second problem is that MCI Worldcom is ignoring the wireless industry boom. Recommendation I recommend that MCI Worldcom should try to acquire a wireless company like Nextel or Airtouch to gain entry to the booming market. The company would become a better telecommunications business and establish significant market presence that would generate profitability. If MCI Worldcom doesn't acquire a wireless company, they should consolidate. Consolidating with GSM would provide MCI Worldcom with an almost nationwide wireless network. It would also give MCI Worldcom a clear advantage since it is a year and a half ahead than other companies in digital standards. MCI Worldcom must also reduce high costs. To cut costs, the company must first identify where costs can be eliminated or replaced with more economical substitutions. I would also recommend that if the company wants to reduce costs that the CEO should demonstrate his commitment to lowering costs by making himself as an example. I would not invest on MCI Worldcom stock. The company's market price has been trickling down lately. I think that if MCI Worldcom were part of the wireless market then it would improve revenues. Since they have ignored this opportunity, I feel that the company will fall behind because of failure to remain responsive to its customers and to changing market conditions. Current Strategy MCI Worldcom's new CEO Bernard Ebbers philosophy of slashing expenses and consolidating all traffic on a single network has been proved 67 times after buying 67 phone companies. He is now trying to do the same after merging with MCI by reducing carefree spending and avoiding leasing links from other companies for their phone and internet networks. He has reduced the company's workforce by laying off 2215 workers and plans to continue. He also has downgraded luxuries for executives such as corporate jets, first class seating and stays at expensive hotels. These luxurious accommodations have been substituted with low cost carriers, coach class and staying at Inns. Mr. Ebbers has also eliminated company cars for all executives except for himself and Chairman Bert C. Roberts Jr. He is also trying to change the organizational structure of MCI Worldcom by using the appropriate control and incentive systems to motivate employee behavior. The new CEO has offered all employees stock options. Stock options give employees the incentive to help improve company performance and to share in the profits that result. He is also implementing a control system that monitors spending by asking executives to submit monthly revenue statements. Bernard Ebbers personal lifestyle and down to earth attitude has also helped project the company's new culture by popping in employee offices to say hello, and wearing jeans and cowboy boots has made him popular among workers. Mr. Ebbers likes to eat in casual restaurants and currently lives in a double wide trailer home on his soybean farm. Ebbers ways of doing business have given results, MCI Worldcom reported fourth quarter revenues surged 14 %, to $8 billion for the combined companies, while net earnings hit $428 million after a loss in the year earlier period. The stock soared to 5.5 % that day, to $80.44. Ebber believes he can bring more results like this in the future and that this is only the beginning. MCI Worldcom currently wants to focus on the data and international services segments. MCI Worldcom's data business is expected to triple to $23.2 billion, by 2002. The company also plans to build its own communication networks overseas and boost international sales by 40 % to take market share. ANALYSIS OF MCI WORLDCOM The benefit of MCI Worldcom joining the wireless business segment is that it would become a stronger competitor for AT&T. The number of U.S. wireless customers has risen 25% in the past year to 69 million. By 2003 wireless will account for 15% of total communication minutes in the U.S. AT&T is planning to introduce a new bundle of services for corporate customers designed strategically to take advantage of MCI Worldcom's weak point in the wireless segment. The head of AT&T's corporate unit says that under the new plan they would be able