Get Into The Entrepreneur Mindset - 1418 Words

Get Into The Entrepreneur Mindset Let’s face it! 99% of us are not the children of business tycoons. Only 1% of the population inherits a fortune. The rest of us have to create our destiny. Why does only a tiny fraction of this 99% become self-made millionaires, while the majority of the population continues to be middle class or poor? If you think that the only way the middle class can become rich is by hitting the lottery, then you are mistaken! One-third of lottery winners ends up in a serious financial crisis or file for bankruptcy within five years of winning the lottery. This proves that getting the money from somewhere is not the solution. It can provide you the dream lifestyle only for a limited time until you blow it all up.†¦show more content†¦Excuse #1: It’s too risky to quit my job This would have been a valid excuse 10 years back before we all witnessed the recession in 2008, but not anymore. We all saw how millions of people lost their jobs and became unemployed overnight. Job security is a myth. The biggest risk you can take in life is to hand over the steering wheel of your life to your employer. When you totally depend on your employer for your monthly salary, you are literally at the mercy of the company. Even if you are one of the top performers in your company, there could be a lot of external factors that can put your job at risk. The company’s shares may go down in the stock market due to some negative PR and they may have to downsize. The management policies of the company may change due to their collaboration with a foreign partner. Or you may just end up fighting with your boss over a trivial issue and get fired! Anything is possible. On the other hand, if you are an entrepreneur, you take total control over your life. You can set targets for your business and get the resources to achieve it. If you can see some great opportunities coming up in your industry, you can take the action steps that can double or triple your business. You need not wait for a pay raise! If you foresee some challenges in the market, you can quickly take the necessary steps to diversify your portfolio and safeguard your

Goals Planning And Control Are Key Concepts - 1016 Words

To reach goals planning and control are key concepts. Planning is setting goals and determining how to meet them. The managers of an organization do strategic planning. They consider long term goals of the company. For each divisions and departments their own plans set by middle managers or supervisors. Setting objective is the next step to achieve planed goals. Objectives can be accomplished as a whole or part of the organization. Objectives can be categorize in to various types. Strategic objectives, operational objectives and personal objectives. The effective objectives have following characters. 1. Written 2. Measurable or observable 3. Clear 4. Specific 5. Challenging but achievable. Management by Objective (MBO) concept†¦show more content†¦is my responsibility. Motivation of the team and address any issues are also important. By reading this chapter I get clear vision what I should do and why I am doing it. This lesion helped to develop my supervisory role in the workplace. Controlling is another key concept discuss in that chapter. The supervisor has controlling roll, which directly apply to me at workplace. Controlling help to ensure high quality work and keep cost under control. Figure 6.7 of the text book give valuable diagram about the controlling process. Reinforce successes and fix the problems is essential supervisory function. Exceptional principle is new concept. I did apply that principle without knowing it. Tools for controls is required to the supervisors. Budget, performance reports, personal observation can be used as tools. The effective control time sensitive. Actions need â€Å"timely†. The control should be cost effective, acceptable and flexible. REVIEW AND DISCUSSION QUESTIONS – CHAPTER 6 6. What are some advantages of involving employees in the process of developing objectives? How can supervisors do this? Advantages Employees’ commitment will increase. They like to work on improve what they are doing. Giving ownership to develop the process, they may come up with better ideas, that supervisor has not considered. Employees will take the challenge and set objectives with the supervisor to achieve intended

Interview with President of Medela Corporation Free Essays

For this interview, I was so fortunate to have President of Medal Corporation Dry. Quickens with me on Monday. Dry. We will write a custom essay sample on Interview with President of Medela Corporation or any similar topic only for you Order Now Quickens as a guest speaker for course ASSESS operation management invited by Professor Burger. Medal Corporation is a company provides quality products like breastplate and breastfeeding accessories for the needs of nursing mothers around the world. Medal is a Swiss privately held company; it based in Machinery, IL, has more than 600 of employees with about $400 million revenue last year. They are business-to-business based company have about 6,000 customers around 35 countries worldwide. He mentioned their product flow process, the first two steps kind like the Chapter 3 in the textbook. First, they will do Forecasting which also means estimate how many PANS retail customers will order so their supplier â€Å"MINCE† can buy parts to build product for them. The reason for that is because Medal products only when they get an order, also known as â€Å"make-to-order†, not â€Å"make-to-stock†. Second step is Demand Planning; elect all PANS’ forecast by all departments, retailers, hospitals and hundreds of MINCE Stock keeping units as well. Then is Supply Chain using lead times ERP software calculates parts to order and when, also the pre-step of purchasing. After that they Purchasing, taking Customer orders, making Production Planning, then having Warehouse ready and finally they start Production process and shipping them to customers around nationwide. Then Medal realized getting breast milk from mom to baby is not enough for them from the marketing point of view. As its target market evolves, they should continue to stay relevant to their customer’s needs, which is mom. Mom nowadays is very different from any pried of time with different values, behaviors and media habits. The things like social media and smartness. These Moms are true digital native people. So, in order to truly connect their special needs, Medal come up the idea to build a social media system. By using this way, they not only could give mothers’ access to the information and education about the benefits o proper use their feeding system, but also as part of company’s social media strategy, it also essential for facilitating their brand relationship with mothers’ values and trusts. Medal’s development plan is focusing on helping mothers meet their breastfeeding goals, and support their efforts, which is to breastfeed longer. Mothers can communicate their experiences to each other through this software. Also by providing this software 2417 all day ability support and available for all the mothers. The benefit from the marketing point of view on the one hand could attracted more mothers using this, on the other hand could help them to build a biggest and activist mother social communities ever. Mothers actually get points according to how active they are on the site. By reaching certain points Medal will send they some coupon online. And for the company later could use this to lunch their new products with low cost of advertising all thanks for this brilliant system. Dry. Quickens mentioned â€Å"its not about price for our products, its about the products experiences and what can do for all their customers. † How to cite Interview with President of Medela Corporation, Papers