Entrepreneurship - 1228 Words

Similarities and differences between a manager, a business owner and an entrepreneur Date: 12/8/2011 Version: 1.0 Student Number: 110369257 Module: BUS1004 Similarities and differences between a manager, a business owner and an entrepreneur By Henry Amm Introduction The public perception of entrepreneurs today is almost legendary. They seem to seamlessly start up small businesses and make them grow and develop themselves almost overnight to big successes. (Beaver, 2005) This essay will briefly cover the differences and similarities between managers, business owners and entrepreneurs. Differences and similarities between managers, owners and entrepreneurs Back in the 19th century being a businessman, in other words being an†¦show more content†¦Therefore he often runs a lifestyle firm that is based on trade or craft which, however, will not grow to any considerable size. The entrepreneur in turn is opportunistic, innovative, self-confident and acts proactive and decisive. He is highly self-motivated by his vision and is therefore willing to take even greater risks and can live with a high uncertainty. That is why the entrepreneur has a growth firm and is pursuing growth and personal wealth. Lastly the manager is administrating, or in other words managing, an entity that does not belong to him. His ‘purpose’ is to build up the organisation, by means that are similar to larger firms. (Burns, 2007) However there are some exceptions from that generalization: An owner-manager of course can have a growing business, while an entrepreneur could manage a business he owns together with a business associate and therefore ha s not complete control over the capital. (Burns, 2007) As Fraja (1996) suggests every firm can be assigned to either one of the following types: Either it is an entrepreneurial firm, where the owner-manager or entrepreneur is in exclusive control, organizes production, borrows funds and retains any residual returns from his work. Or it is a managerial firm, where the individual that has the right to residual returns remains outside the company and the individual that has theShow MoreRelatedEntrepreneurship1111 Words   |  5 PagesEntrepreneurship Entrepreneurship is the act of being an entrepreneur or one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup Company); however, in recent years, the term has been extended to include socialRead MoreEntrepreneurship1326 Words   |  6 Pages‘Critically evaluate the key theoretical developments of the term Entrepreneurship’. Student Name : Jonalee B. 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Bygrave and Hofer in1891 defined the entrepreneurial process as ‘involving all the functions, activities, and actions associatedRead MoreEntrepreneurship4409 Words   |  18 Pages1 LESSON- 1 ENTREPRENEUR AND ENTREPRENEURSHIP Dr. Jyotsna Sethi STRUCTURE 1.0 Introduction 1.1 Objectives 1.2 Entrepreneurship as a Career Option 1.3 Concepts and Definitions 1.3.1 Entrepreneur 1.3.2 Entrepreneurship 1.3.3 Enterprise 1.3.4 Difference between Entrepreneur and Entrepreneurship 1.4 Role of Entrepreneurship in Economic Development 1.4.1 Entrepreneurship and Economic Development 1.4.2Entrepreneurship and Education 1.5 FunctionsRead MoreEntrepreneurship1106 Words   |  5 Pagesenterprise without undermining his/her relationship. In this last case a good entrepreneur should be free from personal commitment, at first, at least, because his/her work, or his/her relationship, could be compromised. Q2: Inc. Magazine claims, â€Å"Entrepreneurship is more mundane than it’s sometimes portrayed †¦ you don’t need to be a person of mythical proportions to be very, very successful in building a company.† Do you agree? Explain. 2. I don’t agree with the sentence above; I think that a temporaryRead MoreEntrepreneurship Should Be Aware At The World Of Entrepreneurship Essay1531 Words   |  7 PagesPROVIDED MANY OPPORTUNITIES ANYONE PLANNING TO ENTER THE WORLD OF ENTREPRENEURSHIP SHOULD BE AWARE OF ITS POTENTIAL DRAWBACKS Introduction:- Entrepreneurship is defined as the practice of beginning a new trade or reviving an existing business, for capitalizing on fresh opportunities. The statement were analyzing today is all about entrepreneurship. The author here is trying to explain that like every coin has two sides, entrepreneurship also has benefits and drawbacks. 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Is Sociology a Science Free Essays

ABSTRACT In recent years, some persons have expressed sentiments that the study of sociology has no real scientific ground. This paper serves to examine the fundamental assumptions, as well as the possibility of Sociology being a science, but more specifically a social science. It begins by producing some definitions of the key terms, within the context of sociology, to which the student will make reference. We will write a custom essay sample on Is Sociology a Science or any similar topic only for you Order Now The terms include science, social science and sociology. The paper then proceeds to compare sociology to the natural sciences, by establishing and assessing the characteristics which sociology has in common with the natural sciences. INTRODUCTION What predictions can sociologists make about how people behave, and to what extent are these tested through blind studies? Are there any models in sociology, that make it possible to make predictions like the other sciences? Jake Gordon (2002) said in an internet article, â€Å"Sociologists study society as a ‘social science’ however, the status of sociology as a science is easily questionable when compared to how acknowledged scientists study the natural world. Science, as defined by Giddens (2001), is â€Å"the use of systematic methods of investigation, theoretical thinking and the logical assessment of arguments, to develop a body of knowledge about a particular subject matter. † A key element of what constitutes a science is the ability to provide rational, plausible explanations. Sociology observes one of the most subjective factors we can think of, that is, human action and makes predictions, from which persons are able to generate explanation s for human social behaviour. Read also  Sociology and Social Integration. Sociology is outlined as the social science which studies human behaviour and interaction in groups. A social science being any or all of the branches of study that â€Å"involves an examination of human relationships in an attempt to objectively understand the social world† (Unknown). Gordon continues, â€Å"In order to determine whether or not sociology can be accepted as a true science it is useful to make comparisons between the studies performed by both sociologists and natural scientists on their subjects of society and the natural world respectively. At its most fundamental level, the philosophy behind knowledge, reality and being must also be scrutinized as the knowledge which is so eagerly pursued by scientists is only relevant under certain philosophical conditions. † Many of the leaders of sociology are convinced that it is possible to create a science of society based on the same principles and methods as the natural scientists. The attempt to apply natural science philosophies to sociology is called positivism. Positivists, such as Auguste Comte and Karl Popper believe that much of the same techniques and processes used by the natural scientists can be applied to the social sciences, namely sociology. They are of the opinion that social facts and the behaviour of humans, like the behaviour of matter can be objectively observed, expressed as a quantity and measured. These measurements are vital to be able to explain human behaviour. Research has noted that the positivists also believe that based on objective measurements, observations of behaviour will allow statements of effect and cause to be made. Then theories may be formulated to explain the observed behaviour. Therefore, with all this being said it is possible for sociology to be deemed a science. There are four basic features which sociology has in common with the natural sciences and which help to characterize it as a science itself. Sociology can be considered a science because it is empirical, theoretical, cumulative and objective. PRESENTATION OF FINDINGS To begin with, sociology is a science to the extent that it gathers empirical information according to a rational process and develops hypotheses based on that data. According to Wikipedia, â€Å"the word empirical denotes information acquired by means of observation or experimentation. † Empirical data, therefore, is data produced by an observation or experiment. McGraw-Hill said, â€Å"the empirical method is generally characterized by the collection of a large amount of data before much speculation as to their significance, or without much idea of what to expect, and is to be contrasted with more theoretical methods in which the collection of empirical data is guided largely by preliminary theoretical exploration of what to expect. Sociologists attain information for experiments through somewhat of the same means as the ‘regular’ or natural scientists. This is to say that a sociologist would form an idea based on which a hypothesis would then be formulated. A research study would then be done to verify or refute the hypothesis and then a theory and predictions can be made about the particular discourse. Sociology makes use of scientific methods in the study of its subject matter like investigations, interviews, case studies, questionnaires, observations and comparisons, so it is therefore, entitled to be called a science. What is then noted about the subject matter is no longer a speculation, some wild idea or even an opinion. Rather, it is in fact, a theory which has been physically tested and holds scientific grounds, based widely on facts. However, because the subject matter of sociology varies from that of the natural sciences, some persons are of the view that sociology should not be considered a science. However, to say that sociology is not a science is absolutely absurd and very far from the truth because it uses much of the same methodology as the natural sciences to conduct research. An unknown internet source puts it this way, â€Å"universal validity of conclusions and a complete accuracy of prediction are not the criteria of science; what determines the scientific character of a discipline is its methodology, if the methods of a study are scientific, the subject deserves the rank of a science. † Sociology is a science every bit as much as biology or chemistry. Social sciences, like natural and biological sciences, use a vigorous methodology. This means that a social scientist clearly states the problems he or she is interested in and clearly spells out how he or she arrives at their conclusions. Indeed, a scientific study of social phenomena is not free from difficulties. Social studies, by their very nature, cannot perhaps be as exact or natural as physical sciences but that does not make them any less of a science. Additionally, sociology must be considered a science because it is theoretical. When a research is conducted on a particular subject in sociology, it is organized in such a way that someone may be able to analyse this information and therefore formulate a theory which would then allow for the prediction of some future human behaviour. According to Haralambos, Holborn and Heald (2004), â€Å"a theory is a set of ideas that provides an explanation of something†, thus the greater the accuracy of the theory, the greater the overall accuracy of the prediction as well. As stated by Schaefer and Lamm (1998), â€Å"an effective theory may have both explanatory and predictive power. † According to Cuvler, â€Å"the predictive value of sociology is being improved. There is a good deal of approximate information on family relationships and the personality of children. As sociology matures and comes to understand more fully the principles underlying human behaviour it will be in a better position to make accurate prediction. † Like the natural sciences, sociology contains many different theoretical approaches to much of the same idea, and as mentioned, the data which these theories are based upon is gained through observation and experiments and not blind speculation. The theories which sociologists create, present the relationship between all the observations that have been recorded for a particular study. For instance, the Symbolic Interaction Theory (established by George H Mead in the 1920s) which is based on the premise that human nature and social order are the results of social interaction among people. Furthermore, like the natural sciences, sociology is cumulative. Sociologists usually build upon theories which have been formulated by his/her predecessors. Hence new theories are simply modifications or developments of older ones as they all have their basis in some previously established theory. For example, the Symbolic Interaction Theory though introduced by George Mead, had its origins in the works of Max Weber. According to Nasser Mustapha (2009), sociology’s â€Å"cumulative nature implies that new knowledge continuously builds upon what is already known. † Reference can also be made to another sociologist- Durkheim- who it is said expounded on the idea of society being an organism- a theory first developed by Herbert Spencer. Both the evolution of theories and collection of data is cumulative in sociology. Theories change and become more complex over time as they are reviewed and ideas confirmed or rejected. Moreover, sociology is also considered to be a science because it is objective or value-free. The dictionary defines ‘objective’ as not influenced by personal feelings, interpretations, or prejudice, based on facts or unbiased. And as such, sociologists do not allow personal views or ideologies to influence their research. According to Mustapha (2009), â€Å"the fatcs obtained by research must be accurately reported and not distorted to agree with the researcher’s feelings and emotions. Denise Richards, Vashti Deochan and Bennie Berkley (2005) put it this way. â€Å"In studying society, there will be several issues which a sociologist may not support, for example, single parenting, where women decide to have children out of wedlock and support the children themselves. Even though the sociologist may not approve of this type of family formation, he/ she cannot allow personal bias and opinions to creep in and influence his/ her work. † This is so because one basic requirement of cience is that the subject matter be unbiased. Some persons believe that humans studying their behaviour in groups makes it impossible for absolute objectivity. But that does not mean a scientifically acceptable level of objectivity cannot be attained. Psychology has made great strides in understanding the individual in both constructive and destructive ways and there is no reason sociology cannot do the same thing for society. As humans we are quite capable of understanding ourselves as we are of understanding the world around us. Hence sociology does not reflect what we as humans believe to be true but in fact what is true and has proven itself to be factual. CONCLUSION In conclusion, sociology is a science and saying it is not betrays a misunderstanding of what science is. Any field of study dedicated to finding answers about how the world works is a science by definition. Science is not about knowing everything, it is about knowing more than we do now. Sociology may be a science in the early stages of development, or even a science which does not have all the answers but, nonetheless it is a science. It has been deemed, like the natural sciences, to be empirical, theoretical, cumulative and objective. According to Cuvier, J. F. , â€Å"The science is the method of discovery of the uniformities in the universe, through the process of observation and re-observation, the result of which eventually comes to be stated in principle and arranged and organized into the fields of knowledge. † And this is exactly what sociology entails. Thus, it is just as much of a science as any of the natural or other social sciences. BIBLIOGRAPHY * Ajay Bhatt, â€Å"Do you consider sociology as a science, if yes then why? † from http://www. preservearticles. com/201101173444/is-sociology-a-science. html (2011) * Giddens, A. (2001). Sociology. 4th edn. Reprint with the assistance of Karen Birdsall. Cambridge, UK: Polity Press. * Jake Gordon, â€Å"Can sociologists study society in the same way that scientists study the natural world? † from http://jakeg. co. uk/essays/science (2002) * Haralambos, M. Holborn, M. 2008). Sociology Themes and Perspectives, 7th edn. London: Harper Collins. * Russ Long, â€Å"Sociology as a Science† from http://dmc122011. delmar. edu/socsci/rlong/intro/science. htm (2012) * Mustapha, N. (2009). Sociology for Caribbean Students: Sociology as a Discipline, 20-22. Jamaica: Ian Randle Publishers. * Richards, D. Deochan, V. Berkley B. (2005). Introduction to Sociology: Sociology as a Science, 41-46. Barbados: The University of the West Indies. How to cite Is Sociology a Science, Papers

Manage Knowledge and Information

Question: Discuss about the Manage Knowledge and Information. Answer: Introduction Decision making is one of the important activities in every organisation that tries to remain in a sustainable position in the market. However, the effective decision-making of the organisation depends on a number of factors in which the knowledge and the information management plays a crucial role. The organisations thus employ innovative technologies that help to reach the goals of the company. In the opinion of Galliers and Leidner(2014), the appropriate management of the knowledge and the information has a positive impact on the decision making process that increases the productivity of the organisation. The project discusses the various ways of managing knowledge and information using methods such as MIS, DSS. The impact of the technology on the decision-making process of the company is also analysed in the study to understand the importance of the technologies. The study focuses on the car industry of Australia due to which the Ford Australia is chosen. The problems faced by the company while managing the knowledge and information for appropriate decision making is discussed in order to highlight the appropriate methods for addressing the issues. The changes that took place in the recent times is analysed to understand the way in which the company arrived at the decision. Ways of managing knowledge and information The knowledge and the information management in the organisation is a process that involves creatingsharing, using ad managing the knowledge and the information of the organisation. It is a multi-disciplinary approach that is employed by the organisation that helps the managers to make appropriate decisions that supports the organisational activities (Iraniet al. 2014). Based on the nature of the business and the organisation, there are a number of ways in which the organisations manages their knowledge and the information of the business. However, there are certain common methods and technologies that almost every organisation implements in order to obtain the best possible outcome for the decisions undertaken by the managers and the decision makers of the company. The organisation takes the support of the various technologies such as the MIS, DSS and EIS to make organisational decisions (Schwalbe 2015). The Decision Support System (DSS) is useful for the organisation to support the unstructured and the semi-structured decisions of the company. The DSS is characterised by incomplete or uncertain knowledge that uses the qualitative data. The DSS is beneficial to the decision makers of the company as the alternative scenarios can be easily modelled and compared. According to Park and Lee (2014), the investment decision is highly supported by the DSS technology. The Management Information System or MIS is a sophisticated reporting system that is built on the basis of the current system that is under processing. The MIS is used by the organisation to support the structured decision making of the company and the tactical management level such as the stock level or the pricing of the product. The Executive Information System (EIS) supports a various range of decision making that is unstructured in most cases. It supports the executive level of management to design high level strategic decisions. The summary data from the internal system can be effectively extracted through EIS (Doz and Prahalad 2013). Impact of the technology on the decision-making process The technology helps the decision makers by providing them with the tools to collect, analyse and evaluate the data which is required to make effective decisions. The technology has a significant impact on the decision making process as it improves the business performance through a number of ways such as follows: Centralising the data of the company The decision makers are dependent on a number of data sources within the organisation. It becomes difficult to make the appropriate decision when the data are stored in the different systems of the departments (Holsapple 2013). The technology helps to store the data in a central location reduces the difficulty and avoids unnecessary time consumption. Simplifying Data Collection The network technology further allows the company to make effective decisions on the basis of the latest information that is available from the supply chain or the market. The managers of the company are able to communicate with the members of the supply chain though secured networks to gain coordination in the decision making process and effectively balance the demand of the market with the supply of the product. Collaborative Decision-Making The collaboration of the decision making is also possible with the help of the technology. Technology can be effectively used to make joint decision while developing a new product. The videoconference facility is an effective technology that is used in the organisations in the recent days to carry out joint decisions of the company. Business problem currently faced by Ford Australia Ford Australia being one of the well-known companies in the car industries in Australia carries out knowledge and the information management in the organisation to make appropriate decisions. However, in the recent times Ford is reported to be under a heavy cloud and it plans to shut down few of its plants. It has been observed that the company is facing the maximum challenges due to the ineffective decisions that arise as a result of poor knowledge and information management (Hislop 2013). The decision of the company to close down the plants is considered as a wrong decision as operating in the market would allow the company to earn profit in the long run. As per the CEO of the company, the economies of scale of Australia are one of the challenging factors behind the low productivity of Ford. The company further decides to restrict its decision regarding the up-gradation of the operation. The reason behind such decision is that the other car industry in Australia does not manufacture enough cars that will give proper justification to the investment made by Ford to upgrade the operations (Rothaermel 2015). The company further faces other challenges that include seismic re-structuring. Ford has not used the marketing strategy that Toyota or Holden have used to increase their market productivity and profit. Both the rival companies of Ford have invested in the process of meeting the changingpreference of the customers in the case of small cars as well as SUV cars. The marketing strategies gave these companies competitive advantage that supported them to secure export market and maintain them (Ward and Peppard 2016). The ineffective strate gies of Ford are considered as one of the reasons behind the downfall of the company. Appropriate methods for addressing the issues Ford Australia have been facing maximum of its issues due to the improper decision making. Thus, to achieve effective outcome of the decision making it is important for the company to consider certain appropriate methods or strategies that will address the organisational challenges. Acknowledge and compensate for the biases The decision of the company tends to become less objective as the emotions and the biases of the managers or the other stakeholders involve in the process of decision making. Therefore, it is important to acknowledge and compensate for the biases in order to achieve the effective business decision results (Ferreiraet al. 2016). Using pro and con lists Although the use of the pro and the cons list is an old method used in the organisation, it is still one of the most effective way to address in the decision making issues and managing the knowledge and the information of the business. This is an effective option as it allows the decision makers to evaluate the entire positive as well as the negative options and thereby chose the best possible option (Motro and Smets 2012). Striping down the deciding factors This is a useful strategy when the decision making becomes difficult. In this method, the decision maker tries to limit the interruption rather than thinking of all the possibilities. It is beneficial to stripe down the deciding factors to the minimum numbers. Furthermore, eliminating the factors that are not of the primary consideration helps the managers to make better decisions and manage the knowledge and the information of the organisation effectively (Liebowitzand Frank2016). Data that is important in dealing with the knowledge and technology The data are the facts and the figures that infers something specific but are not properly organised and hence do not provide any further information related to the context. In the present market, there are different types of data that are important for the companies. There are different multimedia data such as the audio, video, images and graphics apart from text and numbers (Stadtler 2015). In the opinion of Ogiela(2015), for the automotive industry the data is not something new. The company constantly considers the data to optimise the supply chain and analyse the sales. The big data have a significant impact on the parts and the features of the car. The big data of the company helps to infiltrate every aspect of the experience of Ford. The innovation in the technology is allowing ford to deal with larger and diverse datasets. Ford uses data analytics to find efficient ways to survive in the market. The big data is important for Ford Australia as it allows the company to acquire the adequate information and knowledge needed by the company to carry out the business activities. Changes in the technology With the changing demand and the consumer behaviour, there is remarkable changes in the technologies that are useful for the organisations in dealing with the market changes. Ford started the business in 1970s with engine controls and microprocessors. With the passage of time, the products of the company have become more and more advanced and software based. The company has gained the ability to take the data, store it and analyse it to identify what value can drive up the productivity and performance of the company (Davison, Ou and Martinsons 2013). The technology has helped the company to know the easier methods of repairing the car and analyse the way in which the people are using the vehicle. The company studied the market demand and the need to bring effective changes in the business. Introduction of new car models with better technology have been considered by the company. Ford introduced the new Mustang that has been accepted by the Australians well. The Australians ordered the car twice the time as that done by the buyers in UK, despite the car market in Australia being small. The car is a right hand drive car that attracted a number of customers in Australia(Ford.com.au, 2016). The company has been able to reach the decision of launching the car with the innovation with the help of the effective knowledge and information management strategies. The strategies helped the company to consider the pros as well as the cons of the company. Conclusion The knowledge and the information management is thus one of the most crucial activity that is carried out by the company effectively. The effective management of knowledge and the information of the organisation is not only able to support the decision making of the company but also drive the productivity and revenue of the company, thereby helping the company to gain more profit. The various methods such as the MIS, DSS and EIS are effective in managing the knowledge and the information to facilitate the decision making process of the company. The technology further has a significant impact on the decision making process of the company. The efficient and the innovative technology allows the organisation to gain a competitive advantage over its competitors with the help of the appropriate decisions. While considering the knowledge and the informationmanagement of Ford Australia, it can be inferred that the company faces a number of issues that are to be effectively addressed in order to allow smooth running of the business. The methods such as acknowledging and compensating for the biases, using pro and con lists and striping down the deciding factors are effecting in addressing the issues of the company. The company has witnessed a number of changes in the recent times that has been possible with the implementation of effective technologies that allowed it to arrive at those particular decisions. References Davison, R.M., Ou, C.X. and Martinsons, M.G., 2013. Information technology to support informal knowledge sharing.Information Systems Journal,23(1), pp.89-109. Doz, Y. and Prahalad, C.K., 2013, January. Quality of management: An emerging source of global competitive advantage?. InStrategies in Global Competition (RLE International Business): Selected Papers from the Prince Bertil Symposium at the Institute of International Business, Routledge(pp. 345-368). Ferreira, F., Marques, A.L., Faria, J. and Azevedo, A., 2016. Large Project Management in the Automotive Industry: A Flexible and Knowledge Based Approach. InNew Advances in Information Systems and Technologies(pp. 455-464). Springer International Publishing. Galliers, R.D. and Leidner, D.E., 2014.Strategic information management: challenges and strategies in managing information systems. Routledge. Hislop, D., 2013.Knowledge management in organizations: A critical introduction. Oxford University Press. Holsapple, C. ed., 2013.Handbook on knowledge management 1: Knowledge matters(Vol. 1). Springer Science Business Media. Irani, Z., Sharif, A., Kamal, M.M. and Love, P.E., 2014. Visualising a knowledge mapping of information systems investment evaluation.Expert Systems with Applications,41(1), pp.105-125. Kuga F, 'Ford Australia - Our Best SUV And 4WD Range' (Ford.com.au, 2016) https://www.ford.com.au/suv/ accessed 12 November 2016 Liebowitz, J. and Frank, M. eds., 2016.Knowledge management and e-learning. CRC press. Motro, A. and Smets, P. eds., 2012.Uncertainty management in information systems: from needs to solutions. Springer Science Business Media. Ogiela, L., 2015. Advanced techniques for knowledge management and access to strategic information.International Journal of Information Management,35(2), pp.154-159. Park, J.G. and Lee, J., 2014. Knowledge sharing in information systems development projects: Explicating the role of dependence and trust.International Journal of Project Management,32(1), pp.153-165. Rothaermel, F.T., 2015.Strategic management. McGraw-Hill. Schwalbe, K., 2015.Information technology project management. Cengage Learning. Stadtler, H., 2015. Supply chain management: An overview. InSupply chain management and advanced planning(pp. 3-28). Springer Berlin Heidelberg. Ward, J. and Peppard, J., 2016.The Strategic Management of Information Systems: Building a Digital Strategy. John Wiley Sons.