Entrepreneurship Research Paper Example | Topics and Well Written Essays - 1250 words

Entrepreneurship - Research Paper Example Such a simplistic definition is not so all-encompassing as the true definition of the word; however, it helps provide the reader with a baseline of pre-conceived notions regarding the scope of understanding associated with entrepreneurship. As compared to a host of other types of jobs accessible to people, being an entrepreneur is unique in that it requires an individual with a host of natural, learned, and inborn talents to compete successfully in hostile marketplace. As such, the successful entrepreneur must embody self-discipline, timeliness, attention to detail, readiness to risk, calmness, and self sacrifice, just to name a few. Furthermore, it is incumbent on most entrepreneurs to be responsible for nearly every aspect of business management in the beginning stages of business start-up. As a result, the burdens associated with accounting, cash flow, marketing, support, product development, and market entry and expansion can often be too heavy a burden to bear for a single indiv idual, which often leads to eventual withdrawal of a business from the market before any recognizable profit potential is generated. Accordingly, the most dangerous stage of entrepreneurship is the uncertain outset, when cash flow has not been established, personnel have not been hired, and the kinds of product/service supply and demand have not yet been fully differentiated. However, although this analysis has briefly acquainted the reader with a very simplistic definition of entrepreneurship, the complicated paths, directions, and decisions associated with entrepreneurship are infinitely more complex than can be implied by a cursory definition of the term. For instance, one of the primary needs that an entrepreneur must address is which direction he/she wishes to take his/her growing firm in the future. Business owners or would-be business owners are often acutely aware that they wish to run their own business but often less aware of which form that business will take in order to generate profits and provide them stable employment. For instance, would-be entrepreneurs are often acutely unaware if they wish to pursue sole proprietorships, general partnerships, limited partnerships, regular corporations, S corporations, non-profit corporations, professional corporations, limited liability corporations, professional limited liability corporations, or partnership limited liability corporations. Each of these forms of incorporation has varying advantages and drawbacks; accordingly, each will be determined based on the type of business one is engaged in, how many overall partners may eventually be included, the size and scope of the business in its ideal form, as well as the amount of money the business is expected to generate in 1, 5, and 10 years time. On the overall level of difficulty, sole proprietorships are often the easiest to create and maintain. Because the business and the owner are essentially the same entity, decision-making comes down to a single per son without the need to consult boards, chairpersons, or shareholders (Freeman, 2007). Additionally, sole proprietorships also offer a degree of cost savings due to the fact that there are no fees associated with the creation of the business entity. However, the main disadvantage of this type of business is that the owner is directly and personally responsible for any losses, legal issues, and/or judgments. A second major drawback is the

Human resource-Manage industrial relations-report Essay

Human resource-Manage industrial relations-report - Essay Example Human resource management seems to complement industrial relations as it focuses on employers policies in order to manage the employment relation (Gardner & Palmer, 1997, p. 591). In addition to the above strategy the organization will incorporate strong corporate culture along with better management support as it is an ideal industrial relation situation and vital as the management recognizes the value and importance of the workplace. Thus adopting to the above mentioned strategy will lead the organization to have an effective industrial relation policy for its employees and employers in together. Effectiveness of the Policy Adopting the complementary approach organization will be able to emerge in the field of industrial relation. It focuses mainly on the productivity of the industry and will help the organization to achieve competitive advantage. The policy will take care of the employment system in the workplace and includes human resource as well as labor relation practices. The refore the policy will help the organization in both strategic manner and to meet the operational needs. The complementary approach will provide the organization with competitive advantage and the culture of the organization will provide the organization with a well defined policies and industrial relation strategies. Procedures Related To the Policy The policy of the organization is to operate business in a way that will provide as well as preserve harmonious place to work for all its workers within the instrument of industrial relation like agreements and rewards and the management are focused to ensure that the work is carried with minimum disruption and with industrial harmony (Acubis, n.d). When policies are made it is necessary to communicate about the new or revised policy to all the members of the organization and it can be said that communication plays a very important role on the success of the policies in organization. The employees need to know about the benefits of impl ementing the policy such as flexibility of working hours, incentives, training and development. The CEO should be the person to communicate the new industrial policy of the organization to all the employees. In addition to effective communication all industrial relation plans should also include contingency plans. Organization should assess all the potential risk as well as benefits which are associated with negotiation. Risk in relation to the implementation of new policy should be analyzed. Contemporary Industrial Issues Some of the contemporary industrial issue which Australia has been facing and it is assumed that the organization will also face similar kind of contemporary industrial issues. The following is the list of contemporary issues faced by the organization and Australia Globalization Technological changes Casual workplace and part time work place Work place flexibility Collective bargaining Reduction in job security Enterprise bargain in order to gain conditions more t han awards Family friendly working patterns Australia workplace agreement Changing industrial and political landscape (UnionTeach, 2003). Globalization is one of the major issues concerning organization as more and more number of organization have been affected because of