The chapter readings provide information about the business plan and startup of a new business. They detail the contents from the book details about operations management, risk management, human resources management, and management for the future. The operations management chapter elaborates on the role of management in the business. Management planning, organization, recruiting, and staffing have five core roles, implementing and controlling. The information from operations management will be used in the business plan to develop a complete managerial system for the business. It will also help me out in planning for inventory and cash management. While the chapter readings about risk management explain what actions and tact can be used to avoid business risk. Shoplifting and bounced checks are common theft in the business world. The chapter provides information about the different risk types so that a new business owner can identify the risk and plan for the solutions or control measures. The information about risk management was used in the business plan as I learned about the factors that can play the role of potential risk factors for the business, and that is required to be controlled for a successful business establishment.
Other than all that, human resources management explain the staffing process according to the business. HRM chapter elaborates on the whole process of staffing from job analysis to recruitment. Interview patterns, questions, and compensation for the employees are also discussed in this chapter. According to chapter performance, appraisal systems help the manager to evaluate the performance of the employees. Through this fair, decisions can be taken for the promotion and firing of the employees. At the same time, the management for the future chapter provides information that is related to an established business. The chapter provides information that can be helpful for the owners for the growth of the business. Market penetration and market development are two commonly used growth strategies in the business. The business also grows with the growth of products. The product life cycle is how we can understand the current situation of the product in the market. Then according to that analysis, we can develop an appropriate strategy for the product. The content provided in the chapter assists in developing a business plan and starting up a personal business. Therefore information is used in developing the business plan to understand the concepts of the chapter practically. Content is playing the role of what it should play for the students and new business owners.
Starting a new successful business in a highly competitive environment is not an easy job that everyone can do. It requires knowledge of management, growth, and operational strategies. Here are some observations listed below that cover my learning about the business plan:
- Through working on a business plan, I learned that several aspects need to be taken into account when starting up a business as staffing, cash, and inventory management.
- Risk factor analysis is critical as without it, chances of success go towards decrease, and the possibility of loss in the business increases.
- According to the job position, staffing employees are not accessible until we have clear information regarding the job description and job tasks.
- Inventory management is also critical while starting a new business as storing inventory more than the need increases cost.
- Through this, I also observed how the growth strategies are made for the business after analyzing the market situation for the business.
Besides all this, I also learned new information to help me run my own business. For instance, before the content reading, I was not aware of risk management measures. Through this, I learned that risk could be reduced through effective strategies and awareness about the possibility of the risk. I am interested in starting up a new business related to the food chain. The information increased my knowledge about the staffing and recruitment policy of the company. While I also learned how vital an employees’ performance appraisal system is for the business’s successful operations in the market. Without the strong and positive contribution of an organization’s human resources, a business can never get success in its operations. Therefore the employee’s performance is crucial for the success of the business. Thus, I learned to bring improvement in employees’ working capacity and overall performance, and it is compulsory to motivate them and evaluate their performance through the appropriate and biased free performance appraisal systems. However, I also learned about the business’s growth strategies that will also help me out in developing an appropriate strategy for my business.