The business profession has become very competitive in terms of managerial skills and entrepreneurial ability. As a result, there is a need to take a sharp note of various strategies to be used to meet all the market demands. My project aims at finding multiple loopholes in the business industry and how they can be managed to bring the situation back to normal. On the other hand, the business sector is associated with great opportunities emerging from several profitable ventures in the business world. However, the problem arises typically in the general management of these businesses and marketing issues. According to my profession, it is essential to carry out research that aims at meeting the modern market requirements in the business sector. Therefore, the purpose of my final project is to source for solutions to business management problems for the betterment of the business sector. The target of this project is the company and business managers. At the end of the project, I intend to achieve a comprehensive approach to ensuring proper dissemination of managerial skills and tactics to ensure prosperity among various businesses around the world. On the other hand, the project aims at securing markets for products from multiple companies around the world.
I have managed to cover several parts of the project including some aspects of data collection and recording. The first part of the plan was to state the main problem which I already did. After that, I had to identify data collection strategies and participants in the process. Several business companies were recognized as they would provide valuable information as far as effects of management on the prosperity of business is concerned. Concerning data collection, I have managed to visit several companies, collecting data on general supervision and working experience. According to the work plan, I usually interview a minimum of 6 employees per company, one casual worker, three semi-skilled workers, and two skilled workers, who are the managers and directors of these companies. I always record the results to analyze them to find possible solutions to the problems. Besides, I have designed the best research methodology to be used in a specific situation during data collection and analysis since; the data collection phase is still ongoing. My main aim during data collection has been to access valuable data that when interpreted, would derive the solutions for the stated problem.
Apart from the documented part of the project, I have also managed to carry out my research using books and online platforms to get information related to general business management. On the other hand, I have searched for various successful companies and the causes of success, including the role of managerial staff in the successfulness of these businesses. Conducting extra research apart from the study has provided me with an insight into how problems related to certain specifications should be handled. The researched part of the work has been critical when writing the final piece of general information and the issues associated with business management in different professions.
Problems Encountered and the Working Process
The project has been faced by several challenges both directly and indirectly, especially during the data collection process. One of the significant challenges associated with data collection is the different time frame of the project and the time for each activity in particular companies. In words, following my timetable of plans has always been interrupted by companies’ schedules. For example, I may have allocated one hour for interviewing employees from a particular company, ending up spending 3 hours because I have to wait until they are not that committed or when they have taken a break.
Furthermore, traveling from one company to the next is time-consuming and expensive since; I incur transport charges. Another problem I have encountered with the project is unfriendly interviewees. Some interviewees are harsh and ruthless, and this poses a significant challenge as far as the data collection process is concerned. Despite the challenges, the work is progressing as planned. The problems are manageable, and they cannot hinder my work process.
Remaining Work and Completion Plan
The project has several uncompiled parts, but with a draft of what is expected in the final copy or the final project. Some of the crucial areas remaining are data analysis part, which I intend to use a comprehensive approach involving data analysis methods such as getting the correlation between the obtained data sets using regression analysis. On the other hand, organizing the results in the most presentable manner in tabular forms, and interpreting it and presenting in graphic types such as the use of graphs and diagrams is another remaining task. However, I have designed a work plan for ensuring a proper encoding of all the raw data with their appropriate interpretation as a strategy of meeting the intended objectives. In short, my completion plan is designed to ensure that the project is completed with the stipulated timeframe and submitted in time. Moreover, another remaining work is compiling all the findings and arranging them in the appropriate project format. s
The project is fairing on well, and I am very sure that it will meet the intended objectives, which are to find solutions to management problems affecting business ventures. The part of the project already covered is a clear indication of a positive advancement towards its completion. Since the entire project is a long project, doing it in bits is an excellent idea of ensuring a continuous flow of ideas and a detailed presentation and analysis of the collected data. The final inference made from the study of the received data would then be used to derive the various possible sources of solutions needed to solve the stated problem.
Kitsios, Fotis, and Maria Kamariotou. “Critical success factors in service innovation strategies: An annotated bibliography on NSD.” Proceedings of the British Academy of Management (BAM) Conference 2016. 2016.
West, Jonathan P. Career Planning, Development, and Management: An Annotated Bibliography. Routledge, 2017.
Fletcher, Denise, Alfredo De Massis, and Mattias Nordqvist. “Qualitative research practices and family business scholarship: A review and future research agenda.” Journal of family business strategy 7.1 (2016): 8-25.
Wheelen, Thomas L., et al. Strategic management and business policy. Boston: Pearson, 2017.
The authors use information collected from various sources of business information to stage the argument that providing services that satisfy consumers’ needs is an essential factor in ensuring a prosperous business. On the other hand, identifies service is providing as one of the significant determinants of success of a business venture. The study gives an insight into various available strategies for managing businesses to attain massive profits. From the marketing research done, it is clear that company managers play a leading role in ensuring the prosperity of the particular industry, through adopting necessary strategies of securing large markets for products offered in each professional field.