Mgt602 GDB solution
Friday, November 12, 2010 Posted In MGT Edit This
"Entreprenurship (MGT602)"
This is to inform that Graded Discussion Board (GDB)
will be opened according to the following schedule
Schedule
Opening Date and Time
November 11, 2010 At 12:01 A.M. (Mid-Night)
Closing Date and Time
November 13, 2010 At 11:59 P.M. (Mid-Night)
Topic for Discussion
"Entrepreneurship"
Note: The question will be from the topic mentioned above. So start learning about the topic now.
This is to inform that Graded Discussion Board (GDB)
will be opened according to the following schedule
Schedule
Opening Date and Time
November 11, 2010 At 12:01 A.M. (Mid-Night)
Closing Date and Time
November 13, 2010 At 11:59 P.M. (Mid-Night)
Topic for Discussion
"Entrepreneurship"
Note: The question will be from the topic mentioned above. So start learning about the topic now.
..........
Your family owns a successful business that exports surgical instruments to the European countries. Your father offers you to join family business on completion of MBA. Will you accept or reject his offer? Give good reasons of your decision.
.........
Solution No: 1
I will accept his offer.
Reasons
Established and running business
Approach in International market
And by accepting this offer you do not have to worry about the starting of business.
You also not have to manage the initial stages and requirements that a newly started business requires.
And as many advantages that you know about this can become reasons for the acceptance of the offer.
Solution No: 2
I will not accept the offer.
Reasons
As I do not have the experience of running a business
I also have no experience to deal with foreign customers
There may be not be a bright future of this business
I don't have any know how about import and export procedures
And I do not know much about these medical equipments as this is not my field.
And many other disadvantages that you can mention will be the reasons for rejecting the offer
I will accept his offer.
Reasons
Established and running business
Approach in International market
And by accepting this offer you do not have to worry about the starting of business.
You also not have to manage the initial stages and requirements that a newly started business requires.
And as many advantages that you know about this can become reasons for the acceptance of the offer.
Solution No: 2
I will not accept the offer.
Reasons
As I do not have the experience of running a business
I also have no experience to deal with foreign customers
There may be not be a bright future of this business
I don't have any know how about import and export procedures
And I do not know much about these medical equipments as this is not my field.
And many other disadvantages that you can mention will be the reasons for rejecting the offer
.......
I will join only if I can overcome the following problems in the family business:-
1.The interests of a family member may not be aligned with the interest of the business. For example, if a family member wants to be president but is not as competent as a non-family member, the personal interest of the family member and the well being of the business may be in conflict.
2. The interests of the entire family may not be balanced with the interests of their business. For example, if a family needs its business to distribute funds for living expenses and retirement but the business requires those to stay competitive, the interests of the entire family and the business are not aligned.
3. The interest of one family member may not be aligned with another family member. For example, a family member who is an owner may want to sell the business to maximize their return, but a family member who is an owner and also a manager may want to keep the company because it represents their career and they want their children to have the opportunity to work in the business.
1.The interests of a family member may not be aligned with the interest of the business. For example, if a family member wants to be president but is not as competent as a non-family member, the personal interest of the family member and the well being of the business may be in conflict.
2. The interests of the entire family may not be balanced with the interests of their business. For example, if a family needs its business to distribute funds for living expenses and retirement but the business requires those to stay competitive, the interests of the entire family and the business are not aligned.
3. The interest of one family member may not be aligned with another family member. For example, a family member who is an owner may want to sell the business to maximize their return, but a family member who is an owner and also a manager may want to keep the company because it represents their career and they want their children to have the opportunity to work in the business.
...........
I would not decide to join because joining the family business can bring some of the following risks:-
1-Disagreements among family can spill from the professional to the personal and vice versa. That problem can be particularly acute with spouses who are in business together. A hostile family workplace is even more brutal because people know exactly where your buttons are.
2-Business-related disputes can linger. They can destroy the family for a while.
3-Family business often blurs work-life boundaries.
4-Financial risk is magnified in a family business setting.
5-Owning a family business tends to create more stress.
6-Participants in a family business tend to take less time off than they did previously.
1-Disagreements among family can spill from the professional to the personal and vice versa. That problem can be particularly acute with spouses who are in business together. A hostile family workplace is even more brutal because people know exactly where your buttons are.
2-Business-related disputes can linger. They can destroy the family for a while.
3-Family business often blurs work-life boundaries.
4-Financial risk is magnified in a family business setting.
5-Owning a family business tends to create more stress.
6-Participants in a family business tend to take less time off than they did previously.
..........
Advantages of joining the family business:-
1-Being your own boss and the schedule flexibility that comes with it.
2-Creating long-term job security for you and other family members who are part of the business.
3-Generating family wealth.
4-Working with people you know intimately and learning more about them via professional interaction.
5-The opportunity to run sizable portions of a business and escape the corporate ladder.
6-The chance to diversify your business skill set.
7-Me and my family are likely to share the same ethos and beliefs on how things should be done. This will give me an extra sense of purpose and pride - and a competitive edge for your business.
8-Building a lasting family enterprise means I am more likely to put in the extra hours and effort needed to make it a success. My family is more likely to understand that I need to take a more flexible approach to my working hours.
9-Strong personal bonds mean me and my family members are likely to stick together in hard times and show the determination needed for business success.
10-Knowing I am building for future generations encourages the long-term thinking needed for growth and success - though it can also produce a potentially damaging inability to react to change.
11-Family members may be more willing to make financial sacrifices for the sake of the business. For example, accepting lower pay than they would get elsewhere to help the business in the longer term, or deferring wages during a cash flow crisis. I may also find I don't need employers' liability insurance if I only employ close family members
1-Being your own boss and the schedule flexibility that comes with it.
2-Creating long-term job security for you and other family members who are part of the business.
3-Generating family wealth.
4-Working with people you know intimately and learning more about them via professional interaction.
5-The opportunity to run sizable portions of a business and escape the corporate ladder.
6-The chance to diversify your business skill set.
7-Me and my family are likely to share the same ethos and beliefs on how things should be done. This will give me an extra sense of purpose and pride - and a competitive edge for your business.
8-Building a lasting family enterprise means I am more likely to put in the extra hours and effort needed to make it a success. My family is more likely to understand that I need to take a more flexible approach to my working hours.
9-Strong personal bonds mean me and my family members are likely to stick together in hard times and show the determination needed for business success.
10-Knowing I am building for future generations encourages the long-term thinking needed for growth and success - though it can also produce a potentially damaging inability to react to change.
11-Family members may be more willing to make financial sacrifices for the sake of the business. For example, accepting lower pay than they would get elsewhere to help the business in the longer term, or deferring wages during a cash flow crisis. I may also find I don't need employers' liability insurance if I only employ close family members
..........
join the business because:
Entreprenure wants to avoid risk where there is a clear opportunity and when you are entering into a sattled business you do not need to be worried about the opportunity cost. Also your family is there to support you and it will be more benificial to get experience from your own family. you will be self employeed and will have more chance to explore your abilities and practice your ideas in the international market.
Entreprenure wants to avoid risk where there is a clear opportunity and when you are entering into a sattled business you do not need to be worried about the opportunity cost. Also your family is there to support you and it will be more benificial to get experience from your own family. you will be self employeed and will have more chance to explore your abilities and practice your ideas in the international market.
........
As an entrepreneur I would like to take the opportunity to join my family business because, the business is alerady established and running and this business already has an approach in International market, also I must have a mind set for this business because of my family. By accepting this offer I do not have to be worried about starting a new business.I also don't have to manage the initial stages and requirements that a newly started business requires.It will also provide me an opportunity to get experience of business and international market.
