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Explain the importance of business planning
The importance of a business plan
The importance of a business plan
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when it comes to success in business as man basically is mind. In the next section of this paper internal personality factors such as traits, emotions and feelings will be researched and their effects on success in business will be analyzed and described.
2.1.2 The Major Personality Traits for Being Successful in Business
Napoleon Hill (2011) who has been a very popular researcher in the field of business success was analyzing the life of five hundred individuals thereby including people who had tremendous success in business and people who were failing in business. By analyzing the habits and personality traits of people such as Henry Ford, John Rockefeller, Thomas A. Edison, King Gillette, Alexander Graham Bell and many others he was able to find some characteristics that all of these great personalities have shared. In the following sections each paragraph will present a personal trait and characteristic that is by research
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The mere idea is not enough for accomplishing any business success. Proper action is also required and the action taken needs to be in alignment with what one idealizes in the inside.. Various plans and scenarios need to be developed to properly execute any idea or project. Particularly the time frame needs to be set. The business men interviewed by Hill mentioned that one needs to be structured and have a proper daily schedule to know when to perform specific actions. According to this research a plan without any time frame is useless and will with a very high probability not lead to the expected and desired business success. Planning and organizing also refers to the external environment in business but in this section we stick to the internal factors. Planning and organizing is therefore another very important trait and characteristic for having success in
Leadership is the glue that binds any business together, identifying and understanding your type of leadership style can ultimately aid you in becoming a better leader in your professional career. A successful business cannot function without leadership therefore this is a crucial aspect of internal employee development for businesses striving to stay relevant in a crowded marketplace. In addition to recognizing your leadership style every leader needs to look to them and identify what type of personality they have. By becoming an informed business leader you will gain trust and respect of your team to guide them into the future and maximizing potential growth. Throughout this paper I will identify my leadership style and also personality type and how it has affected my personal career growth. Identifying these conclusions is extremely important in crafting company culture.
The success of any organization just as the Tesla Motor largely depends on the planning of the activities by the management team in the company. A good performance is always attributed to the planning strategy that a certain company has. The following are therefore four factors that affect the planning and performance of the company.
A person’s personality has been the subject of psychological scrutiny for many years. Psychologists have drawn up several theories in an attempt to accurately predict and determine one’s personality. Foremost amongst these, is the “Big Five Trait Theory” which stemmed from Raymond B. Cattell’s theory.
“Our plans miscarry because they have no aim. When a man does not know what harbor he is making for, no wind is the right wind” a famous quote about our goal by Seneca. It is a metaphor about the achievement goal and objectives by good planning skills. One has to plan for what one wants to achieve and where one wants to go. One of the most important things is to have good planning, before taking any project the first think you should do is to create project plan. Planning can be defined as preparing a sequence of action to achieve specific goals and objectives. According to Kerzner (2009), “project planning is desirable that the project manager is involved from project conception through execution. It must be systematic, flexible to handle, closely disciplined through reviews and control and capable of accepting multi functional inputs (pg. 412)”. The importance of planning a project is to describe the work so that it will be easily identifiable to the project team member.
Managers seem to inherit a strong trust in the authority of personality traits to forecast behavior at the work area. If managers thought that situations resolute behavior, they would hire individuals almost at random and assemble the situation correctly. But the employee selection procedure in most establishments places a great deal of importance on how applicants achieve in interviews and on examine through which the personality of a person can be achieved and the task distribution can be much easy varying upon the type of personality (Robbins, Odendaal and Roodt, 2001)
Discussed below are different researchers’ arguments and explanations on how personality predicts employee performance. This essay will explore both negative and positive ways in which personality can predict the performance, as well as explaining what personality is. Past research has “demonstrated that personality constructs are associated with work performance, with some traits like conscientiousness predicting success around jobs. Other linked with specific occupations e.g. extraversion correlates with success in sales and management as well as training performance supporting”, (Barrick et al., 2002, 87: p.43).
As a growing debate, the question at hand is whether great leaders are born with specific leadership traits, or if one can be taught certain traits over time. According to (Wikipedia.com) the approach of listing leadership qualities, often termed "trait theory of leadership", assumes certain traits or characteristics will tend to lead to effective leadership. I believe that leadership traits such as honest, competent, initiative, inspiring, hardworking, intelligent, and the ability to lead the masses, are some of the leadership traits one should possess. Within this paper, I will examine the overall concept of leadership traits, while observing the traits that were, or can be associated with successful leaders.
I decided gratitude would be my highest terminal value. If I can strive to be grateful for all that I have and all that I am, I believe this would lead to helping me achieve all other terminal values. Providing service for other living things is something that I feel is important for the survival of our external world, which is why it is ranked second. My third value is wisdom. In today’s world, there are so many problems that I will not be able to resolve or fix, that I have to have the wisdom to be able to know what I can and can not do, and know that this is okay. I also believe it is of great value to strive for wisdom when I interact with people. Rather than reacting with feelings and passion, responding with wisdom could achieve a lot more from others, and ultimately allow me to achieve my goals. I did not rank happiness any higher because although I believe it to be of vital importance to our lives, I believe that if you do not strive for other key values, then striving for happiness has the potential to become a selfish or destructive act.
Planning and organizing is another vital quality needed for managers. If manager can do effective planning he can really contribute in the long term progress and development of his organization. Proper planning helps in useful and efficient use of the existing resources of the organization. After planning if you are not able to organize the things, this can really worsen your planning.
An individual’s personality is the basis of who they are and generates how they react to and behave in different situations. Personality testing is used in workplaces to identify whom to hire, promote and even put into teams. Personality testing is efficient in being able to determine which employees will perform best in certain roles, and this can remove some stress from employers. Personal testing has been shown to help improve the quality of employees who are in the workplace. The method of assessing personalities that will be examined in this essay is the Big Five taxonomy method. The two main questionnaires, which are used to determine these traits, are the Sixteen Personality Factor (16PF) Questionnaire and the NEO personality test. A participant’s results from a personality survey will be analysed to determine what their results mean for current and future workplace behaviour. Finally, this essay will review a case study and it will be explained why personality testing should be used in the workplace and what other work contexts these tests can take place in.
Leadership is seen as a process by which one individual influences others toward the attainment of group or organizational goals. It is a social influence process, which involves voluntary action on the part of followers and it is always purposeful and goal-oriented. Leadership deals with influence and is not the same as management, which includes planning, organizing, staffing, directing and controlling.
One of the most prominent trends in organization today is the use of team to accomplish the work, which have assigned to an individual. Every team is made up of specific individuals and they are specialized in certain area of interest. If one of the specifications is missing It can be reflected on their performance. It indicates that, every individual is important for the organization. An individual’s performance within an organization and its relationship with its subordinates and coworkers is highly influenced by the Big Five personality traits. My Big five test results depicted that I am traditional/conventional individual with significantly high percentile of conscientiousness and agreeableness. I also have lower neuroticism and slightly
An entrepreneur is someone with the capacity to lead a business to success and is willing to take the risks in order to accomplish their goals. (Dollonger, 2002). Starting a new business is an example of entrepreneurship. Entrepreneurs are very important in order for any business to succeed, however, only some entrepreneurs will succeed in life. Here are some of the characteristics of successful entrepreneurs.
According to the study of this course, I have learned many useful management skills and I feel like these skills will be applied to my future career development. When working on the self- assessment tests, I found myself fall into the category of the ISTJ personality types, which as illustrated by Myers Briggs, is the type of personality that is conscientious, considerate, and helpful. Personality traits such as honest, dutiful, practical and responsible are my strengths; personality traits such as stubborn, insensitive and poor communication skill are my weaknesses. Related to the knowledge I have learned in the course I believe both strengths and weakness will have influence to my future career development. In this reflection paper, I will demonstrate the strengths and weaknesses that may place the most influence on my way of success.
This model studies how a person’s personality characteristics affect their performance and satisfaction. The model consist of extroversion, agreeableness, conscientiousness, emotional stability, and openness to experience (Robbins, 2009). Regarding job satisfaction, emotional stability is the most important characteristic to possess because “high scorers are more likely to be positive and optimistic and experience fewer negative emotions” (Robbins, 2009). Hiring managers could benefit from accessing potential employees by their scores in the above personality model. I have known many people who interviewed well but were unsuccessful in implementing themselves in a positive way in the