Final Reflection

Statement one

Success in business and international focus are closely related

Explanation

There is a very close relationship between having an international focus on all the activities involving the business and eventual success in business. Today’s business is affected not only by internal factors but also the external factors such as the global economic trends, monetary policies, international consumption patterns as well as the interdependence of nations (Lorange & Farok, 2002). Successful business people do not lay their emphasis only on trivial issues of limited scope; they endeavor to understand the patterns of the international market by closely following the progress. They also learn various issues about the international arena. In his lecture (Sep. 24), Mr. Breen emphasized on the importance of a global outlook on issues. Similarly, a lecture on October 15 on “planet bean coffee” revealed the relevance of flexibility of businesses according to the global trends and times.

Statement two

Development of ones own brand is a major step towards building a successful business

Explanation

The product’s features and unique features create a place for it in the market. An important aspect of a brand is the fact that all the parties involved in the market treat it with respect. The knowledge that exists in the market about ones brand is crucial in determining the seriousness with which market players treat your business. All businesses need to create a brand that they operate on. The brand so created should possess unique characteristics as to attract the attention of the consumers and all other important market players such as competitors. Mr. Breen addressed on the critical aspect of businesses being themselves in the current business world. In his lecture (Sep 24), he recommends that the most beneficial thing for companies is to develop something that identifies them- brand. Similarly, Kim Parlee (Oct. 28) gave a lecture on conversation that related to the success of a business. Through communication, all the stakeholders in the market get to know the brand that a business deals with.

Statement three    

Goal setting is the key to unlock doors of success in the business world

Explanation

Success in business does not just come; it is sought after and made to come (Belinda, 2000). ). Businesses are engaged in various decisions that are very influential to their success. In the day-to-day operations of a business, decisions are made whose effects are monumental. Such decisions need to be effectively communicated to all stakeholders. At emphasized by Kim Parlee (Oct, 28, communication in a business environment leads to success. Mr. Stephen Smith (Nov, 14) cited the relevance of leadership and thorough communication of all goals as a secret towards success in a business.

Statement four

Self assessment and honest approach to issues causes success

Explanation

If one is to make any progress in the business world, there is need to honestly analyze ones own strengths and weaknesses. The realization of the strengths and weaknesses that one possesses creates an opportunity for corrective measures to be undertaken (Gray, 1990). ). A sincere analysis of the business by the owners creates a chance for them to effectively understand what they need to do in order to succeed. In her lecture (Nov, 11), Ms. Arlene Dickinson touched on the relevance of undertaking one’s own analysis and making relevant decisions based on them. Mr. Breen also emphasized on the need of a self assessment now in preparation for future success (Sep, 24). Similarly, a lecture by MEIF graduate from the university of Guelph in 1992 touched on the role of continuous self improvement based on self analysis(Oct, 28).

Statement five

Maintenance of proper relations with the external factors yields successful ventures

Explanation     

Several factors affect the success of a business (Worthington & Britton, 2006). In order to maintain an effective business venture, all external factors need to be closely monitored and measures undertaken to prevent negative implications. The fact that a business operates in an environment that is composed of different factors such the government, the geographical location as well as the markets means that these factors play a major role towards the success. The lecture on sustainable development (Oct, 22) demonstrated the need for effecting policies towards sustainable businesses. A similar emphasis was put through a lecture on Oct, 28th.

Statement six  

Corporate social responsibility is essential for business development and advancement

Explanation

In order to build strong businesses, the area where business is located should favor growth (Friedlein, 2003).). If business people undertake to improve to improve the surroundings, they get a friendlier environment for doing business. In a lecture on sustainable business, environment sustainability is essential for the growth (Oct, 22). Businesses need to focus on improving the environment in order to succeed. Conversely, a lecture on “options for homes” emphasized on the relevance of environment in promoting business development (Oct, 15).

Statement seven

Persistence and determination are pillars of success in business

Explanation

There are challenging situations for businesses at all times (Carroll, & Buchholtz, 2008). The fact that most of these situations may lead to the failure of the business should not make businesses shy off from pursuing risky and difficult issues. Sometimes, one may take as high risk only to be surprised with unimaginable success. In his lecture (Sep, 30), Adrian Niman stressed on the importance of remaining focused on the decisions one has made for business growth. Similarly, Kim Parlee reminded on the importance of learning from other smart business people who have sailed trough difficulties and made immense profits. Mr. Breen also challenges on reaching for “hard to attain” goals (Sep, 24)

Statement eight     

Postponement is a cause of failure in business

Explanation    

Business success is dependent upon timely plans. In cases where an opportunity to make profits presents itself, only serious business people take advantage of them (Barrickman, 2009). Effective plans and flexibility act positively to the business and not against it. The importance of taking action on things forthrightly is realized immediately by businesses. The pursuit of success in business prompts the focus on flexibility. A lecture of Planet Bean Coffee (Oct, 15), recognized the fact that companies that alter their strategy in relation to the situations are best placed to benefit from the changes that appear suddenly. In addition, Mr. Breen emphasized on prompt pursuit of success without postponing. The idea of saying that one will do something in the following periods may be detrimental to the business.

Statement nine      

It is unrealistic seeking a perfect level of business growth

Explanation 

All business people endeavor for the maximum level of success (Barrickman, 2009). For this reason, they keep on struggling and working harder. The pursuit of excellence keeps business people moving from one level to another. It is prudent to be aware of the limitation for the achievement of a perfect situation. As Mr. Breen says, it is imperative to accept that one cannot attain almost all success in all undertakings (Sep, 24).

Statement ten 

Caution in all business undertakings is required to avoid failure

Explanation

Business success is difficult to attain (Barrickman, 2009). The reverse is true for failure. Business success determined by undertaking calculated decisions. Some of the decisions such as the choice of the right partner can immensely affect the success of a business. In a lecture by Adrian Niman, the choice of ones best friend as a business partner is a poor decision that can lead to business failure (Sep, 30). From his lecture, it is important build a team from ones best goals and experiences.

References

Barrickman, R. (2009). Business failures: causes, remedies, and cures. Pennsylvania State University Press.

Belinda, I. (2000). Brand protection matters. Sweet & Maxwell Publishers.

Carroll, A. & Buchholtz, A. (2008). Business and Society: Ethics and Stakeholder Management. Cengage Learning Publishers.

Friedlein, A. (2003).Maintaining & evolving successful commercial Web sites: managing change, content, customer relationships, and site measurement. Morgan Kaufmann.

Gray, D.A. (1990). The Entrepreneur’s Complete Self-Assessment Guide: How to Accurately Determine Your Potential. Self-Counsel Press.

Herman, W. & Edgar, C. (2009). The process of management: concepts, behavior, and practice. Denver, CO: Prentice-Hall Publishers.

Lorange, P. & Farok, J. (2002). Cooperative strategies in international business: joint ventures and technology partnerships between firms. Emerald Group Publishing.

Worthington, I. & Britton, C. (2006). The Business Environment.Financial Times Prentice Hall.

 

 

 

 

 

 

 

 

 

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