Principles of Business Assignment Example | Topics and Well Written Essays - 750 words - 1

Principles of Business - Assignment ExampleQ. How long did it take you to hurl a profit? A. In November 1970, I started working at Shelfstore. Ltd as Marketing Manager and became its possessor after just one year in 1971 after buying it from its frontmost ingester. My first coronation for the company was $17,000. Under my supervision Selfstore grew remarkably and within first year our sales increased from $800,000 to a level of $2.00 Million. Q. wherefore did you decide to go into profession for yourself? How many years have you been in assembly line? A. I could tell that Shelfstore had the potential to bring me business and it was the best opportunity for me as the actual interrupt of the company was planning to leave the country. It was my first business that I started in 1971 and still doing it after 40 years. Q. What is the main product or service that you sell? A. Shelfstore Ltd is a low scale furniture manufacturing company. Q. Who was your first client? A. John Michae l, Inc. is the major furniture distributor company that sells Shelfstore, they were our first client too. Shelfstores dissemination area is considered to be one of the smaller territories in the John Michael family. Q. Who are your customers? A. Our main customers are inhabit furniture outlets, of them the biggest name is of John Michael. Inc. We sell furniture to some locals too. Q. Do you enjoy working for yourself? Why? A. It is great experience to work for own self. Everyday when you work, you try to flourish your own self that is distant gratifying than to work for someone elses business. Q. What are 2 advantages of owning your own business? A. After owning a business individuals conk out skilled at building relationships with people. They become excellent in interpersonal skills, become more hard worker and eager to learn the most circulating(prenominal) trends of the market. Q. What are 2 disadvantages of owning your own business? A. The worst thing about owning a busine ss is the risk connected with business failure. another(prenominal) bad aspect is long working hours that are normally connected with business ownership. Q. In your judging what is the best strategy to improve performance? A. Communication is of paramount importance in performance improvement. all(a) stakeholders must continuously be informed of what is happening in the organization. Additionally, it is essential that feedback mechanisms be implemented to ply a sufficient information flow that will increase organizational performance. Q. How did you prepare for your business? Did you hold specific training or a degree? A. When I started my business I had already completed my Post Graduation in Business. Later on I did couple of more courses that are basic principle of Business and Organizations and Organizational Management. But I learned the most from everyday experiences. The changes that took place at Shelfstore could not have been accomplished without strong leadership. Q. How do you stay current with innovations and technologies in your industry and for your business? A. All businesses use informational technology few integrate it well. Technologies posses the potential to improve speed, quality, efficiency and keeps you updated about current trends. The tools alone, however, no matter how sophisticated, would not guarantee high productivity. People also needed to be empower through information access, continued skill development, and authority that match responsibilities. Shelfstore Ltd is trying to adjust