Pitfallsexperienced by entrepreneurs
Entrepreneursrequire good management skills, which make them undergo a lot ofpressure. As such, this leads to over controlling of processes. Thefailure to remember the business and financial plan is the pitfallwith the largest impact on the success of the business. On the otherhand, being a good member of the community has the least impacton the success of the business (Cooke,2014).
Remembering the business and financial plan has the largest impact because failing to plan leads to business failure. Business plans ease the management process by specifying priorities, strategies, and tasks. The plan enhances the change process because things become easy to move around with a plan in existence. The business also requires sufficient finances to survive during a slowdown, and also for supporting growth. Failure to be a good community member is a pitfall, which will impact less on the business (Cooke, 2014). This is because, not conducting social responsibility activities will help the business to save its money hence, less cash outflow.
Avoiding the problem of failing to uphold the business and financial plan will require proper drafting procedures, and ensuring all the employees are versed with the plan to ensure effective implementation. The failure to conduct social responsibility can be evaded by following all company processes. Hence, they will still have a good reputation in the community (Cooke, 2014). Additionally, not being a good community member is evaded when the company carries out social responsibility activities only when its finances are stable.
Cooke,R. (2014). Corporate Collapse Pitfalls. SSRNElectronic Journal.http://dx.doi.org/10.2139/ssrn.2440989
TheSystematic Approach to Making Decisions
Therecent decision made is the abandonment of the production ofglassware, as it can be obtained cheaply from the market for resale.
The step to be left out is step seven, which is accounting for the consequences of the decision. It is left out because the abandonment would lead to loss of jobs by many people (Squara, 2013). Therefore, considering the step would mean involving the employees in the process, and the company might lose hence, it will continue incurring losses due to the high production costs of glassware.
Leaving out step seven would not affect the outcomes of the decision because the final aim of abandoning glassware production will be attained without interference from the employees.
Given a second chance, I will involve the employees and discuss with them the consequences of the decision (Squara, 2013). If possible, I will have some of them laid off, while the rest will receive a cut in their salary.
Squara,P. (2013). Systematic approach: an evidence management strategy forbetter decision-making. JOURNALOF EVIDENCE-BASED MEDICINE,6(2),109-114. http://dx.doi.org/10.1111/jebm.12037