Risk Factors in Business

Risk Factors in Business 9.0 Critical Risk Factors 9.1 Management Risks Lack of Business Skills and Experience None of any business is going to be easy. Each business unit is inevitable to face challenges and risks. Being a ‘young’ partnership management team, our management team is lack of field experience and business relationship skill in managing our company. It is because there will have many uncertainty and problems arise along the business operation that five of entrepreneurs ourselves cannot predicted and failure handling. It is a significant weakness for a business management team who operate in the very early period. Conflict between Partners Conflict is another inevitable part of business life when there are incompatible issues happened between each other. Partners may have struggle due to different opinions while making the business decision. If unhealthy conflict continues unresolved or not eliminated for long period of time, partners are likely to left the management team or dissolve the partnership relationship. The effect of poor conflict management may give a negative impact on operations and difficulty in achieving the company vision and mission. 9.2 Marketing Risks Low Brand Recognition In this strong competition marketing, our company is threatened from the existing competitor. Theres no doubt for our company might face some obstacles such as the low brand recognition for our new innovation product. The customer might not familiar with our brand name of the product which might give us less appeal when customer making the relevance product purchasing decision. As compare to the competitor who has higher brand recognition, they have established a well reputation, larger capital, and superior customer’s data, skillful and knowledgeable in retain their customer loyalty than our company. Consumer may perceive risk and unfamiliar about our product. Hence, it is a challenging issue that our company needs to concern in choosing appropriate strategies to penetrate into the market. Market entry strategy Our products are considered as brand new product in Malaysia. Failure in selection of an appropriate pricing, marketing, or distribution strategy is a major potential risk. For example, with an inappropriate promotional strategy in ineffective way or wrong target audiences might lead to loss of potential customer and profits. Thus it is important in chosen media and channel to build customer awareness. Another reason is our competitors already have their existing customers and brand loyalty therefore the competitors are less likely to spend on advertising. However, our company is a new established firm and it needs to put more effort and spending in marketing campaign through promotion and advertising. This will lead to increment of expenses in running the business and thus reduce the competitiveness in other operation area. 9.3 Operating risks Employee lack of Experience, Knowledge and Skills Our company is lack of experienced workers in handling equipment and tools. As the equipment and tools have different use and function, thus workers may find it difficult to handle new equipment and tools which they are not familiar with. Hence, we may face difficulty in production process and operating management and it may increase our wasted resources. Lacking specific knowledge and skill are critical in all business process phases, and this problem can become the weakness of our company. Staffing management Supervisor is responsible in staffing. Sometimes, it is hard for them to control on employee behavior. Employees are likely to proposing complaint to management on different issues. New employees and workers possess less loyalty at the earlier stage of the business operation. The increase of sick leave or absenteeism may cause the shortage of manpower in which they are all hardly to find any replacement in shorter time. Except for the permanent employee, the foreign worker from GPGC might take time to replace even though they are working in daily basis. Employee absenteeism without notice is a major potential problem that company need to concern. Besides that, conflict between employees may arise in company. If the conflict and complaint cannot solve by supervisor, it will make trouble to the business operation. However, it is also difficulty in hired an experience supervisorto manage the foreign worker due to the communication constraint. 9.4 Financial Risk To launch a new product to market, we need to invest huge amount of capital in dealing with suppliers, hire employees, marketing, purchasing and so on. We need to have sufficient capital in the begging of our day-to-day business operation. However, the unpredictable economic downturn might affect our company financial planning. During inflation and economic downturn, customer purchasing power is reducing. In that moment, they are likely to save money rather than spending. In fact the demand for product may drop critically during this period of time. This scenario may lead our company generate low profit or even worse, facing losses. 9.5 Intellectual Property Infringement Counterfeit products Counterfeit products are likely to have a fake company logo and brands to attract customers. When our product has been launched in market, our product design or features can be copied or imitate by our competitor. It is result in intellectual property infringement like patent infringement or trademark infringement occurs when someone uses our intellectual property without our permission. Counterfeit product tends to decrease our product uniqueness and affect our company reputation for being low quality. 9.6 Other Risks as Appropriate Fire safety in the workplace Many unexpected circumstances may happen in the workplace which might cause fires or explosions. Situation that may cause in fire such as electricity short circuit, electrical equipment, wood, paper, plastic, lighting and accidents which can cost our company to have a huge lost. Burglary and Theft Running a business is risk as you cannot predict what will happen and you cannot entirely control people behavior. For example, crime such as burglary and theft can be committed by either internal staff or external people. Even if happened internally also hardly to be traced. 9.7 Contingency Plan 9.7.1 Management Risk In order to solve the problem of inexperience, our management needs to boost our skills base. We are encouraging our team management to attend management training courses, seminar, risk management courses, negotiation training courses and leadership program to upgrade our management ability. Those training courses are designed to improve our leadership and management skills including time management, conflict management, developing mindset, problem solving, presentation strategies, communication and strategic planning. Thus, all those skills and courses are needed in develop our ability to meet our business objectives. Besides that, we have to make sure that our management operates without conflict and more fairness. Management should follow company rules, policies and standard operating procedures as guidance. So that everything operates under a clear and orderly condition. 9.7.2 Marketing Risk We can increase our brand recognition by conducting marketing analysis. The market analysis present useful information about the industry and market which our business wants to enter. We can get the useful information including our customer purchasing trends, spending power and competitor information. Based on the analysis, we can reduce business failure as we able to understand about our customers’ needs and select appropriate market entry strategies to penetrate into the target market. The most importantis narrow down our target market into a manageable size. Next, we are trying to target specific people with advertisement and promotion in generating brand awareness to our product. For example, there are many new social websites and they will offer a free service, and online adverting available. In this way, we can directly reach our potential customer by advertising, giving discount, voucher and coupon through print media, newspaper and trade show. When our product is appear more and more times to the potential customer, it will increase our product brand recognition and profits. 9.7.3 Operating risks Employee training and development program will be providing every three month. Employee will attend the program selectively to improve their ability and performance. Besides, hire an experience supervisor will help in control our staff effectively as they know how to build relationship and dealing with employee’s complaint. They are representing company in management of employee concern, problem and complaints. To meet employee needs, management and supervisor shall constantly meet with worker to show their concern. We will increase permanent employee salaries 10% for 1st year and 20% for 2nd year accordingly to enhance their motivation and loyalty. Other additional incentive such as health insurance, vacations and OT claim will given to appreciate their effort. 9.7.4 Financial risk To reduce financial risk, our company accounting and finance department are also playing important role. They are responsible for the day to day accounting transaction of the business. Furthermore, they have to calculate all the employees’ salaries, company earning, cash payment, income tax and so on. They are helping our company in checking and monitor company expenses is exceed the budget so that it is always have sufficient cash flow in daily operation. Therefore, an excellent accounting and finance department is needed to provide information to assist our management in making accurate budget planning. 9.7.5 Intellectual property protection Our company will register for the trademark and patent to protect our product imitate by other people. Register for trademark and patent prevent other designing or merchandising similar product under a clearly different mark. Hence, we can protect our company reputation and profitability. If any intellectual property infringement detected we can take legal action to court against the party. It is the ownership right that we can use to protect our product from imitate. 9.7.6 Other contingency plan We need to prevent our company from fire and keep people safe. Fire detection and warning systems will be install in our factory area especially assembly line to alert people when there’s fire. Once the alarms active from smoke and heat it is alert that somewhere is on fire. Next, firefighting equipment must be installed, tested and train our staff to use them so that they know how to use them in critical moment. Fire drills training will be given at least one times per year to train them about the fire risk management. To minimize burglary and theft occur in company installing Closed-Circuit Television (CCTV) must be implementing.

Establish Clear Expectations and Consequences :: essays papers

Establish Clear Expectations and Consequences In order to ensure that classroom learning is conducive to both the physical and emotional growth of the student, rules that explain what behavior is expected need to be reviewed. Chen, Horsche, and Nelson (1999) believe that giving children choices will help them develop a sense of ownership in regard to the learning process. Let the students decide how they will follow the rules. By working together, everyone has an opportunity to contribute to the overall environment of their classroom. After rules and procedures are established, it is important that the teacher admires good performance and provides negative consequences for unacceptable behavior. According to Marzano and Marzano (2003), the use of both verbal and physical reactions will help teachers reinforce classroom procedures (p.8). Simple physical signs like a â€Å"thumbs up† or a verbal â€Å"good job† will show the students that good behavior is recognized. Also, a teacher must be consistent with punishments for those who disregard the rules. â€Å"How you handle a situation with any student will teach that student something – as well as everyone else in the room† (Solan, 2002). It is essential that the teacher communicates immediately with a misbehaving student. Using different methods, like simply moving closer to the one who is disruptive, could be a cue which may reduce the chance of interrupting the whole class (Petch-Hogan & Murdick, 1996). A warning can often be eno ugh to correct improper behavior, thereby avoiding the need to assert full punishment. Communication Must Remain Open The best way to ensure a good classroom environment is to make sure that communications remain open between school officials, teacher, and parents (Brophy, 1982). This creates a feeling of trust within the classroom. Without being able to communicate properly, learning can not take place. Students with dialects, different languages, and backgrounds will make up many classrooms. Woolfolk (2004) feels that â€Å"communication is at the heart of teaching and culture affects communication† (p.174). Adjusting to different languages and cultures is a difficult task. Therefore, it will take everyone’s help to create a safe environment in the classroom. Know and Respect Your Students The headlines in Educational Psychology sum up that a good teacher will know, respect, and teach her students (Woolfolk, 2004). Teachers should never discriminate and always respect each child as an individual (Eggen, Jacobsen, & Kauchak, 1993).

Peer Pressure

Peer pressure is when a person is forced or under strong influence from their friends to do something be it good or bad. Peer pressure can have both positive and negative effects. Hence this essay will discuss about the positive and negative effect of peer pressure. Firstly, a little peer pressure can be a tool to motivate students to achieving great heights. For instance, when a weak student is struggling with his studies, his classmates can help by encouraging him in every little improvement he makes. This will not only make the weak student feel motivated to study, but also to improve his friendship with his friends. Secondly, with peer pressure, students can help their friends who are addicted to smoking. They can constantly remind, nag and scold the classmate who is smoking to not smoke. This will pressure the student who is smoking to quit his bad habit as all his friends are against it. This is another positive effect of peer pressure. Lastly, peer pressure can help in situations when 2 students are fighting. Students can use peer pressure to strongly discourage the two parties from fighting and instead, help to mediate and let them talk things out. Thus resolving all conflicts. However, There are negative effects to peer pressure too Firstly, there are numerous students who smoke in schools. These students may go around forcing their wills onto other innocent students to smoke. Because they are in groups and are intimidating the innocent students maybe forced into smoking. There is a high chance that they will pick up the bad habit too. Secondly, peer pressure can cause students to be depressed. For instance, when a student is being picked on in class by a group of ‘popular’ students. He might feel that he is unwanted and that the class hates him. Sooner or later, he will be depressed and hate coming to school. This is damaging to the student’s mental health as he is constantly afraid of people attacking him verbally or even physically. To sum up, there are many effects of peer pressure, both positive and negative effects. Peer pressure can be used to motivate, inspire and build up relationship with one another. However, they can also be destructive as they can corrupt and destroy people’s lives. ï » ¿Peer Pressure Have you ever been forced to do anything ? Have u ever felt that you are in a tight corner because of someone's comment? We all could face situations like that; we all could have faced peer pressure. What is peer pressure? â€Å"Peer pressure is when someone or a group of people influences or encourages others to do things they do not want to do or tries to change people’s attitude, or behavior towards something or it is the feeling that someone of your own age is pushing you towards making a certain choice, good or bad†( http://www.thecoolspot.gov/pressures.asp). Peer pressure is mostly common among teens, they could accept to do something they don't want to do as their friends would make fun of them or everyone is just trying to fit in.Because when you act in a different way you are considered an outsider and not cool. The desire to fit in can go as far as doing things you have never imagined. We all are influenced by our peers, both negatively and positively. It help s us to define who we are. It is how we chose to react to peer pressure that defines who we are as individuals. Are we a leader or a follower? Both types of people are needed to make the world go round or just you may lose yourself and forget who you are just to satisfy your peers. Peers influence your life, even if you do not realize it, just by spending time with you.You learn from them, and they learn from you. It is only human nature to listen to and learn from other people in your age group. Peers can have a positive influence on each other. For example, a student in your science class taught you an easy way to remember something related to the subject. You might admire a friend who is always a good support for you and try to be like him, these are examples of how peers positively influence each other every day.Sometimes peers influence each other in negative ways. For example, some people in school might try to get you to cut class with them, or your friend might try to convin ce you to try to start smoking or taking drugs with him, or your friend in might want you to shoplift with  him. The causes of peer pressure are so many, One of the main reasons that can lead to peer pressure is lack of self-confidence, the feeling of being alone, not accepted by anyone or by society, everyone is making fun of you and the desire to fit in, these reasons can affect anyone easily and put him under this pressure.One of the causes also is changing the environment you are used to, like leaving high school and going to University, meeting new people with different characters and personalities. Or the big problem might be in the way parents bring up their children. This can affect society in good and bad ways. The effects of negative pressure can lead to the presence of cloning minds different people but have the same mentality, thinking in the same way and acting in an inappropriate way that is unacceptable by the society. A question that always comes up.Why do people g ive in to peer pressure? People give in to peer pressure because they want to be liked, may be Others go along because they are curious to try something new that others are doing. The idea that everybody is doing that thing can influence some people to leave their common sense behind and the way they judge things. How can people combat peer pressure? The normal way of just saying no does not work. Sure, it sounds good to say no but in reality, a person may want to say no, but just cannot as it is tough to be the only one who is facing this pressure, but on the other hand you can pay attention to your feelings and beliefs about the right and wrong things that can help you more self-confidence and having a strong pack up from parents, family even from your teachers can help you stand firm.One of the solutions that help you to run away from peer pressure is to have at least one friend, who is willing to say no too. This takes a lot of the power out of this pressure and makes it much ea sier to resist. Try to ask for advise from your teacher or your family and they will support you facing peer pressure, stay away from friends who use drugs, smoke cigarettes, or even lying. Also try to help a friend who is facing peer pressure or having troubles resisting it, it can be so powerful to one of them by joining the other in order not to  feel alone in this nightmare.To sum up peer pressure is like a nightmare chasing us all, so If you continued to face peer pressure and you are finding it difficult to handle, talk to someone you can trust and don't feel guilty if you have made mistakes. Stand up again and continue your way and prepare youself for the next time you face peer pressure.

Socio-culture Essays

Socio-culture Essays Socio-culture Essay Socio-culture Essay In a world where evolution of change is a social norm, we must stay informed of new developments that will affect our attitudes about how we should live our lives. With the proliferation of new developments of how to live better from books, newspapers, magazines, and news stations, people must discern what developments are useful to their situation. Socio-culture factors influence our decisions and behaviors. It is also a factor of how healthy we live our lives which ultimately can determine how long we will live.Our demographic structure is an important factor on how long we will live. Demographics such as age, gender, income, and education, effects how we live, what we do, the resources available to us, and what motivates us. â€Å"Life expectancy changes as one gets older. By the time a child reaches their first year, their chances of living longer increase. By the time of late adulthood, ones chances of survival to a very old age are quite good.† (Rosenberg)Younger people are more apt to live a carefree lifestyle because their life expectancy rate is the highest among all age groups. Although they may be well informed on health issues the 18-24 year old age group has the highest rate of individuals without health insurance. They frequent more fast food restaurants, engage in irresponsible behaviors, reckless driving, recreational drugs, sports activities which all affect their short and long term health.By the time we become middle-aged adults we begin to become more health conscious and our lifestyles change accordingly. Exercise, healthy eating habits, including low-fat, non-fat, and no cholesterol products become a major concern. Although middle-aged people desire to live healthier lifestyles, they tend to be overwhelmed by distractions of everyday life like careers and family, which affects their behaviors. Time becomes an issue and exercise becomes a distant second to these distractions. Healthy eating is substituted by convenience of fast food restaurants.The way we live our lives in our youth affects our health in our older years. Exercise, healthy eating, drugs, smoking, and other behaviors all affect how healthy our lives will be in our nest years. Elderly individuals are concerned with maintaining healthy lifestyle which has been affected by their living habits in the years prior.Education plays a big role in life expectancy. It determines our income, our place of residence, and the market which we shop. This also â€Å"Life expectancy is higher in high-income countries than in all but a few low- and middle-income countries.†(Rosenberg)â€Å"In our research, my colleagues and I found that an Asian way of eating (predominantly fruits, vegetables, whole grains, legumes and soy products) and living (moderate exercise, stress management and strong communities) may stop and even reverse the progression of coronary heart disease as well as prostate cancer.†(Ornish) Increases our health conscious habits raise a s we become more educated on the long term effects of unhealthy eating. Educated people tend to be more aware of the trends as they read more, they are exposed to healthy living behaviors through resources they have available to them, and they also tend to have more money which affords. They tend to research and seek out new trends in healthy living. They are also taught about health, and healthy living lifestyles in college courses.â€Å"Race and ethnicity continue to be salient predictors of well-being in American society. On average, non-Hispanic whites and Asians experience advantages in health, education, and economic status relative to blacks, Hispanics, and American Indians.† (Economic) Although race shows a correlation between healthy living and life expectancy, due to an increase in education and healthy lifestyles, the gap of non-Hispanic Whites, Blacks, and Hispanics life expectancy is continuing to close.There is definitely a direct correlation between health and life expectancy. Our lifestyles determine whether we will have heart disease, cancer, how long we will live in a healthy mental state. These determinants of age, income, race, geographic location, and education are directly related to healthy lifestyles. They also show a correlation between one another. Income determines where we will live, while education determines how much income we will possess. Age can also represent our income and education level.â€Å"Socio-culture forces are influences in a society and its culture that result in changes in attitudes, beliefs, norms, customs, and lifestyles.† (Pride) These forces can correlate negatively or positively to a person’s healthy living and thus how long they will live in this world. As the world continues an upward trend of awareness of healthy living necessities, life expectancy rates continue to rise. In the United States women have a life expectancy of 80 years of age while men have a life expectancy of 74 years of age. This trend continues to increase as we learn and continue changes in our lifestyles.

MxPx essays

MxPx essays On November 26th I went to the Stone Pony in New York to see another of my favorite bands, NOFX. NOFX is a punk-ska band. Punk meaning fast paced drumbeats and quick singing and ska meaning a song played with trumpets. The band members are Fat Mike (vocals, bass), El Hefe (guitar, trumpet, vocals), Eric Melvin (guitar, vocals), and Erik Sandin (drums). The one thing I found out there was that El Hefe sings a lot. I thought he only sings in a few songs but when I heard them play, I noticed that he sang about half of the songs. NOFX music has considerable groove for a punk band and is sparked by the two lead guitarists, Eric Melvin and El Hefe. Tight play between the band's four members, and short, fast, punchy songs, with a laid back approach would even have non-punk fans entertained. Their songs talk about racism, politics, social problems, sex, drugs, lesbians, bums, alcohol, animal freedom... and many other strange subjects. In their music you will find punk, of course, but also rock, hardcore, ska, even reggae and jazz. If you ask me they are a just a punk-ska band. Their songs are interesting and different from one another. Each song has it's own characteristics. The lyrics are very interesting, sometimes strange, and sometimes incomprehensible. You basically just have to understand them in your own way. The club was packed, or more accurately, stuffed. After much anticipation the punk gods, NOFX hit the stage and the crowd surged with excitement even before they opened the set with one of my favorite songs, "Reagan Sucks." The next song they played was "Bob". They played songs from the album "Flossing a Dead Horse" - which is one massive trumpet solo presented by El Hefe. The next song they played was "Eat the Meek" with trumpet and lead vocals by El Hefe. The mosh pit was monstrous and seemed to gain in size as it rotated in circles and swallowed innocent bystanders into the craziness. People were being knocked over ever ...

Resume and cover letter Essay Example | Topics and Well Written Essays - 500 words

Resume and cover letter - Essay Example This has made me more capable in handling certain circumstances under extreme pressure. I do realize that many jobs in the business world require a person to have a strong and stable character which can handle a stressful environment. I can do this. I have been attempting to bring improvements into my life since reaching the United States 10 years ago and my educational progress has only been one of the areas that I have found to bring remarkable attributes for myself. Due to the fact that my sister is already an employee of your company I have learned a great deal about the skills that would be required for the position of a ‘program specialist’ with the business. I am aware that I would need to have dedication and a good deal of knowledge in online marketing and with advertising programs as well. My educational training has earned me a degree that covers these various areas so I feel totally confident that I would be an asset to your company, which is my main goal. I also am aware that excellent verbal and other communication skills are a must in order to work for the company and I am proud to say that I have developed my English skills most proficiently and could be viewed almost as a native speaker. Also, I do believe I have a great personality and am easy going, and very willing to work along side others in a collaborative type of environment to achieve the company’s goal. Most importantly for myself, I want to be employed with a company that has longevity and values its employees, which I am certain that your business can do as I have heard nothing but positive remarks about the company. In order to give a better view of my skills and past experiences through the education and employment that I have acquired my resume is attached. I look forward to hearing from your company and am hoping for a

Why is liberal art important and necessary Research Paper

Why is liberal art important and necessary - Research Paper Example The liberal arts subjects are drawn from the major branches of the liberal arts. These include the social sciences which cover such subjects as sociology, geography, economics, political science, and anthropology. Another branch of the liberal arts is known as the humanities which cover literature, languages, history, and philosophy. The third branch is the creative arts – theater, fine art, creative writing and others. All these broad subjects are what are known as the liberal arts and they are, as you can see, quite wide and varied. They are usually available to students at an undergraduate level right at the beginning and at more advanced levels as we move up the higher education chain (Sigurdson 14). Why do I think these subjects are important? Liberal arts are not designed to equip you or enable you to specialize in a specific profession. Rather, they are there to prepare the students for life in the working world. Liberal arts equip you with the ability, first and foremo st, to have lifelong learning. Learning does not just end in the classroom or after graduation. It is a process through which we acquire knowledge skills and expertise throughout our life. It is, therefore, necessary for one to have courses that equip you to do exactly that – essentially be a student for life, learning and adapting to new knowledge, new aspects of life and learning how to adapt, live and even thrive with change. The liberal arts also give one the ability and capacity for free thinking. It teaches the student how to think, how to question and how to expand your horizons. The liberal arts also enable one to communicate effectively. It is not just a matter of learning how to speak a foreign language or two – though that is also covered in liberal arts – but how to interpret nonverbal communications, how to communicate in cultures other than your own, and how to express yourself in contexts that are different from your traditional ones (Sigurdson 18 ). The liberal arts give students a chance to not only explore and get their head round a large variety of subjects but also an ability to look at the world, themselves and others in a totally new light. It gives students an appreciation of different points of view and different modes of thought. It is an opportunity to learn about the evolution of human society, how it started out, how it came through civilization, what civilization is all about and what in the world has changed and how it has changed since this civilization came about. In liberal arts one learns what previous generations have learned, thought and experienced. What questions did they ask? What answers did the great philosophers seek? Liberal arts give you an opportunity to wrestle with abstract concepts and ideas. There arose questions such as: What is beauty and how does one decide that something is beautiful and the other one is not? Does this colour or make-up look good on me? How did our history shape us and ou r thinking? How did we interact with the environment and what impact has it had on us and us about it? What acts constitute sexual harassment in the workplace and why and how should they be reported? Thus, liberal arts result in a person who has a more rounded appreciation of himself, others and his environment. A classic story is told to explain the importance of the liberal arts.Three blind men who were told to touch an elephant and then describe what it looked like. The first one touched the elephant’s main body and decided because it was so big, this creature must be like a wall. The second blind man touched the elephant’s tusk and after racing it all the way to the tip, decided that the elephant must be shaped like a