Entrepreneurial Competencies And Business Performance Commerce Essay

Entrepreneurial Competencies And Business Performance Commerce Essay Entrepreneurship is an independent activity carried out at ones own risk, aimed at gaining regular profit from the use of property, sale of goods, performing works or services by persons registered in the manner prescribed by law (Peters, 2006). Entrepreneurship is an essential attribute of a market economy, penetrating all its institutions. Establishment (starting) of a business entity a legal entity, as well as corporate rights ownership are not business activities, except cases provided by law. An English professor Alan Hosking states that an individual entrepreneur is a person, who runs a business at his own expense, personally manages the business, is personally responsible for providing the necessary means, and makes decisions independently. His reward is a profit received as a result of business activity, and satisfaction he feels from running a free business (Rowley, 2010). But along with this, he also has to take the risk of losses in case of bankruptcy of his company. There is no generally accepted economic theory of entrepreneurship, although the need for such a theory has long been very urgent. The development of scientific understanding of the practice of entrepreneurship could be roughly called the three waves of development of the theory of business function. The first wave, which dates back to the 18th century, was associated with concentrating on the risks of an entrepreneur. The second wave in the scientific understanding of the entrepreneurship is associated with determination of innovation as its main feature. The third wave is specific for the focus on the particular personal qualities of the entrepreneur (the ability to react to changes in economic and social situation, independence in choosing and decision-making, management skills) and the role of entrepreneurship as a regulating principle in the balancing of eco system (Peters, 2006). The current stage of development of the theory of business function can be attributed to the fourth wave, the emergence of which is associated with the focus on the management aspect in the analysis of actions of the entrepreneur, and therefore on the interdisciplinary level of analysis of business problems. Currently, theoretical studies pay attention not only to entrepreneurship as a way of running business on the independent basis, but also to internal entrepreneurship, or intrapreneurship (Pinchot, 2000). The emergence of intrapreneurship is associated with the factor that many large industrial structures overtake the entrepreneurial form of organization of production. Since entrepreneurship implies the compulsory right for creative freedom, the units of integrated production structures get the right for the freedom of action, which implies the existence of intracapital the capital necessary for the implementation of the ideas lying in the base of the intra-company entrepreneurship (Pinchot, 2000; Teece, 2009). Entrepreneurship is a specific kind of economic activity (by which we mean a purposeful activity aimed at profit-making), which is based on self-initiative, responsibility and innovative entrepreneurial idea. Entrepreneurship is characterized by the presence of innovative moment whether it be manufacturing of a new product, change of the profile of activity or establishment of a new enterprise. The new system of production and quality management, introducing new methods of organizing production or new technologies are also innovative moments (Jones, 2003). Entrepreneurship represents a specific type of economic activity, since its initial stage is connected, as a rule, only with the idea the result of intellectual activity consequently gaining the materialized form. 1.2. Small and Medium Sized Enterprise The classification of small and medium-sized enterprises is usually based on the recommendations of the EU Commission of 3 April 1996, which suggests the following parameters (Jeppesen, 2005): Small and medium enterprises are the enterprises having less than 250 employees; or having an annual turnover of no more than ECU 40 million; or have a total annual balance sheet not exceeding ECU 27 million; satisfy the criterion of independence. A small business is defined as an enterprise which has less than 50 employees; or has an annual turnover not exceeding ECU 7 million; or has a total annual balance sheet not exceeding ECU 5 million; satisfies the criterion of independence. If a company initially operating as a small (medium) business within two years exceeds the criterion for the number of employees or capital structure, it loses its status as a small (medium) enterprise (Jeppesen, 2005). Modern socio-economic situation in the world is characterized by (Jones, 2003): Globalization of production and markets, high rates of technological development and modernization, increasing share of high-tech products in the market; Short life cycles, high degree of diversification of products and services, sharp fluctuations of demand for different types of products; Increasing value of intangible production, creative capital and knowledge economy in the global economy; Limited material resources and increasing requirements for environmental friendliness and safety of products; Increased demands for quality of goods and services, introduction of unified international quality standards. In these circumstances, SMEs are more flexible in responding to constantly changing market conditions, providing high efficiency of investment. As the engine of innovation, small firms provide a rapid generation of new jobs and self-employment of population when employment in traditional fields falls, thus weakening the social tension in depressed regions. Increase of the number of economically active citizens helps establish civic awareness of the population, increases creativity and willingness of society to social partnership, reduces the budget social loading, increasing opportunities to invest in development (Bhat, 2004; Jeppesen, 2005; Jones, 2003, Pinchot, 2000). Small Medium Entrepreneurship is the basis of a stable civil society. SMEs not only play a huge social role in supporting the economic activity of most of the population, but also provide significant tax revenue. In the current difficult situation, it is the SMEs that can act as a stabilizer, and therefore are worth the appropriate attention of society and government (Peters, 2006). World experience shows that if the state wants to develop dynamically and steadily, its socio-economic programs should always include measures to encourage small and medium businesses. Today, in developed countries, SMEs provide 40% to 90% of the gross domestic product (GDP) (Jeppesen, 2005). And so, it is natural that the governments of these states give priority to support the sector, providing high guarantees of private property preservation, broad economic independence and freedom of action, support of fair competition and anti-monopolistic activities, preferential loans and financing, substantial assistance in investment. Small and medium enterprises (SMEs) are recognized as an important part of the world economy and its economic structure, increasing flexibility, adaptability, enhancing stability at the expense of attracting new workers. The growing importance of small and medium-sized enterprises in industrial development, exports and employment is proved by the data of the labor force participation rates of non-agricultural SMEs (China 84.3%, Hong Kong 63.0% Indonesia 79.2%, Republic of Korea -78.5% Mexico 58.5%, Philippines 32,0%, Taiwan 68,6%, Thailand 73.8%) (Jeppesen, 2005). In the 90s, it was typical for TNCs to use the form of small business to expand their production and marketing networks. Such involvement of small enterprises is determined, above all, by the extent of their distribution. Small business is a kind of an antipode to orientation on a standardized large-scale production, which certainly played a role in the 50s and 70s creating in developed countries the basis for their welfare (Peters, 2006). The decisive role in the reassessment of SMEs was played by shifts in the socio-economic structure of developed countries, the change of orientation in consumer attitudes, motivation of labor. A differentiated point demand started to form. Individualization of consumption has changed the paradigms of service provision, stipulated the emergence of small flexible units able to rapidly respond to consumer demand (Bhat, 2004). Partial modernization that helped SMEs to fix in the world economic structure, and most importantly, rapidly changing consumer demand have created a new principle of production and sales, named customization. Its meaning is the orientation of manufacturer to the universal satisfaction of buyers requests, constant appeasing of consumer, and his binding to manufacturer. So the increase in the number of SMEs and their forms are directly dependent on industrial policy in general: small businesses are closely related to large ones, which updates the SMEs. Governments of the newly industrialized countries have managed to create competitive conditions in the economy, despite the strong position of major national conglomerates. Achieving a critical mass of SMEs in the national economy may be a factor of self-sustaining growth. 2. Entrepreneurial Competencies and SME Performance In the study The competitiveness of small and medium enterprises. A conceptualization with focus on entrepreneurial competencies, Man, Lau and Chan (2002) developed and analyzed a conceptual model describing the relationship between the specific characteristics of SMEs owners and their companies effectiveness. The presented pattern is built out of four concepts competitive scope, organizational capabilities, entrepreneurial competencies and firm performance, which will be analyzed in further subsections. Fig.4. A multi-dimensional construct of SME competitiveness Source: Model of (Man et al, 2002), The competitiveness of small and medium enterprises: A conceptualization with focus on entrepreneurial competences. 2.1. Competitive scope The competitiveness of the enterprise is a relative feature that expresses the difference between the development of the company from the development of competitive firms in the degree of satisfaction of peoples needs and in the efficiency of production. The competitiveness describes the capabilities and dynamics of the companys adaptation to the conditions of market competition. The competitiveness of the enterprise depends on several factors: the competitiveness of goods in a domestic and foreign markets, type of goods produced, market capacity (number of annual sales), simplicity of market access, homogeneity of market, competitive position of companies already operating in the market, competitiveness of the industry, ability of technological innovation in the industry, competitiveness of the region and country (Man 2002; Jeppesen, 2005; Jones 2003). As the world practice of market relations shows, the general principles that provide a competitive advantage to producers are (Jeppesen, 2005; Jones 2003): -Aim of each employee to act, to continue the job once it started. -Closeness to the customer. -Establishment of autonomy and creative atmosphere at the company. -Increased productivity through the use of peoples abilities and their desire to work. -Demonstrating the importance of common values. -Ability to hold ones ground. -Simple organization, minimum of management levels and personnel. -Ability to be both soft and hard. Keep the most important issues tightly controlled and pass less important ones to subordinates. The competitiveness of product and competitiveness of manufacturer relate to each other as part and whole. Companys ability to compete on a certain commodity market is directly dependent on the competitiveness of goods and the range of economic methods of the enterprise, impacting the results of competition. In the entrepreneur-consumer relations, the consumer acts as an indicator of the business process. The entrepreneur, in planning and organizing his activities cannot ignore consumers interests, expectations, and estimates. However, this situation does not mean that the entrepreneur is obliged to act only in strict accordance with the identified interests of consumers. He himself can form consumer demand and create new shopping needs. Thus, the entrepreneurs aim is the necessity to win consumers, to create his own range of consumers. The main means of entrepreneurs influence on consumer are the following factors (Jones, 2003): à ¢Ã¢â€š ¬Ã‚ ¢ novelty of the product and its compliance with consumer interests; à ¢Ã¢â€š ¬Ã‚ ¢ quality; à ¢Ã¢â€š ¬Ã‚ ¢ price, availability of goods; à ¢Ã¢â€š ¬Ã‚ ¢ degree of universality of goods; à ¢Ã¢â€š ¬Ã‚ ¢ presentation and packaging; à ¢Ã¢â€š ¬Ã‚ ¢ positive characteristics differing the goods from other producers; à ¢Ã¢â€š ¬Ã‚ ¢ access to after-sales services; à ¢Ã¢â€š ¬Ã‚ ¢ conformity with generally accepted or government standards; à ¢Ã¢â€š ¬Ã‚ ¢ prestige and attractiveness of advertisement, etc. Competition is an adversary activity between producers for the most profitable markets. The competition serves as a motivational force that compels manufacturers to improve product quality, reduce production costs, and increase productivity. Market competition and competition of countries they are located in have a mutual influence. At the heart of these main aspects of competitiveness is something that can be called soft components of competition, which cannot be evaluated in monetary terms and are difficult to quantify. In the industrialized countries, these components are usually more important than in developing countries. At the same time, soft components cannot be politically manipulated, and changing them requires more time than, for example, increasing productivity or building infrastructure. Despite the lack of developed methods of study, this group of factors of competition cannot be ignored. They include the following (Pinchot, 2000; Man 2002; Steenkamp 2010): work ethics, flexibility and willingness to self-improvement, willingness to work in the service sector, level of claims, openness to the outside world, labour mobility, spirit of competition. 2.2. Organizational capabilities Obviously, the stock market is ready to appreciate the value of some businesses higher, while the value of these estimates exceed than the indicators that reflect the real results of their activities. The gap between market and balance value of equity can be explained by the influence of those resources that are not included in the balance. These resources can justify the high market valuation only in the future when they start to work effectively, providing the company a substantial increase in profits. Such expectations are largely associated with intangible organizational capabilities (Man, 2002). Considering organizational capabilities as dynamic units, D. Teece (2009) defines them as the possibility of firms to integrate, build and reconfigure internal and external competencies in response to rapid environmental change. In fact, we are talking about controlling processes, which occur at all organizational levels of the enterprise. These processes in turn can be regarded as taking place in the time sequence of actions to meet the challenges. Each process can be controlled good or bad. Quality of control depends on the organizational capabilities of the enterprise. Dynamic capabilities of an enterprise can be narrowed to controlling three types of processes integration, reconfiguration, and training (Teece, 2009). The purpose of the integration process is to ensure efficient and effective coordination of resources. Moreover, these processes are the re-treatment of the already known tasks. Therefore, organizational capabilities, associated with the control over the integration processes, can be characterized as the replication capacity. Numerous case studies indicate the presence of a positive relationship between replication capability of the enterprise and the growth of business. The ability to control reconfiguration processes can be described as the ability to recognize the need of reconfiguring the structure of corporate assets and carry out the necessary internal and external transformation. This requires continuous monitoring of markets and technologies and the willingness to use the best practical experience. Reconfiguration processes lead to broad changes in the resource equipment of the enterprise (Bhat, 2004). The organizational capability to control the learning process includes the processes which through repetition and experimentation are helping to solve problems better and faster. It also allows the entrepreneur to identify new industrial opportunities. These organizational capabilities are seen as an important part of the replication and reconfiguration ability of the enterprise and are effectively expressed in them (Pinchot, 2000; Teece, 2009). D. Teece (2009) also distinguishes two types of training analytic (learning before doing) and experimental (doing before learning). Consolidation of organizational capabilities in the enterprise is the important factor in the calculations on the extended growth of the company, which requires the right balance between exploitation of existing and new capabilities. The essence of exploitation is to improve and expand existing skills and experiment with new alternatives (Steenkamp, 2010). Thus, the excess of market value of the enterprise over the balance value is due to the influence of its intangible resources, particularly organizational skills. Following the approach described by Man and Lau (2002), the potential organizational capabilities include innovative ability, ability to maintain or achieve high quality; cost effectiveness; and organicity as the ability to create organic organizational structures. The better the company codifies and transfers the knowledge of the staff, the higher is its efficiency, and thus the market value of the company. Generally, the market value of the enterprise grows, if it is well controlled processes of abstraction and absorption of knowledge and skills. 2.3. Entrepreneurial competencies The main economic goals of the SMEs in the market conditions are improving production efficiency, profit maximization, conquest of new markets and meeting the needs of the team. However, with the growing of influence of economic risk factors, there appear the advantages of free pricing, the possibilities of self-selection of suppliers and consumers. Entrepreneurship as a process is a complex chain of targeted actions of entrepreneurs, possessing certain entrepreneurial competencies (Table 1), since the inception of entrepreneurial ideas and ending with their embodiment in specific business projects. Table 1 showing Entrepreneurial competencies, their behavioral focus and preliminary elements. Adapted from (Thi, 2009) This process requires large expenditures of all factors of production, it is often doomed to a temporary setback, but eventually the entrepreneur is satisfied with the income. Consequently, entrepreneurship as a process involves the search for new creative ideas, their analysis and evaluation from the perspective of market needs and economic benefits, the formation of goals to implement the ideas, turning ideas into a new enterprise, the development of new products, improvement of the production organization, i.e. in implementing and translating ideas into concrete results (product, technology, services, etc.), bringing the entrepreneur the profit (Rowley, 2010; Steenkamp, 2010). Development and implementation of enterprise strategy consists in managing the economy at the micro level (Steenkamp, 2010), which requires the construction of an appropriate system that performs the following functions: directing (justification of goals and choice of ways of achieve them); coordinating (balancing of the major resource constraints and coordination of conflicting interests of all participants of production process); stimulating (activation of the driving forces of development). Experience shows that with the complexity of implementation of all tasks, one of the most difficult to implement is the last of these functions. It aims to motivate the employee to the success of the common business and the realization of his abilities and opportunities. Typically, traditional methods help to solve such a problem in practice only partially. According to experts (Jones, 2003; Bhat, 2004; Man, 2002; Rowley, 2010), most national economies now use less than a half of the creative potential of its employees (and this is obviously one of the root causes of the current crisis situation). Therefore, the way out of the deadlock should be sought in the motivation of people, in the first place, that is, in the sphere of interaction of their interests and benefits. But this requires a clear understanding of the composition and structure of economic interests in a managed team, it requires knowing and taking into account the interests not only common to the whole enterprise, but also the specific ones those of teams units (primary, ancillary, administrative, etc.), as well as of different categories of workers (by gender, age, skill level, etc.). The internal mechanism of economic management, the mechanism of stimulation and motivation cannot operate without such knowledge (Bhat, 2004). However, the external outline is equally important the mechanism of interaction between enterprises with different agents and contractors, partners and competitors in the region, country and abroad. This mechanism is even more complicated because of its novelty and the set of largely unfamiliar requirements introduced today by the market. The development of the models of behavior of enterprises with entities of external outline of relationship requires continuous analysis monitoring tracking the status of the external outline and timely identifying the emerging problems. First and foremost, it is the problem of marketing. Thus, the tasks mentioned above can be divided into two levels: macroeconomic (development of rules of the game by public authorities) and microeconomic (direct adaptation of concrete businesses to the new conditions of production and consumption of goods). According to the conceptualized model of the authors (Man, 2002), Strategic and commitment competencies, competitive scope, and organizational capabilities will positively influence the performance of an SME through their interactive effect. 2.4. Firm performance Firm performance or efficiency is the most important qualitative characteristics of management at all levels. It is a measure of production activity on the distribution and processing of various resources (tangible and intangible) (Man, 2002; Peters, 2006; Phusavat, 2007). Performance can be measured through the coefficient the ratio of results at the output of the resources and at their entrance. The problem of performance is in general is not new; it exists in varying interpretation from the period of appearance of material production and reflects the relationship of production relations of a particular type of production. Under the conditions of market relations, when the results of one market actors depend on the clarity and coherence of other actors, the problem of efficiency is a decisive one. The system of performance indicators should provide a comprehensive assessment of the usage of all enterprise resources and contain all the general economic indicators. General indicators primarily reflect the final results of production and implementation of strategic tasks. Functional indicators are used to analyze and identify the effectiveness of reserves, eliminate bottlenecks in production. As a multidimensional phenomenon, performance can be measured by the following 4 groups of indicators (Phusavat, 2007): 1. General indicators of economic efficiency (the rate of output growth, overall profitability and its growth, etc.); 2. Labor efficiency indicators (growth rate of labor productivity, share of growth in output as a result of productivity growth, etc.); 3. Indicators of fixed assets, operating assets and capital investments (capital productivity ratio, growth of operating assets to the growth of commodity output, the relative savings of production capital funds, working capital turnover, payback period of capital investment, etc.); 4. Performance indicators of material resources (relative savings of material costs, decrease of specific consumption of materials, etc.). Table 2 showing mostly used financial performance measures Source: taken from the research of (Thi, 2009) Table 3 showing financial and nonfinancial measures The provided indicators reflect the combined result of entrepreneurial activity. They are aggregated by many factors and may, in fact, be called generalizing. However, entrepreneurship includes a number of relatively independent activities: industrial, financial, commercial, communication, each of which has a direct impact on the results and thus, largely determines the performance of the entire business system. Each activity creates its own results, calculated in the indicators, reflecting the performance of individual business subsystems. If for evaluating the performance of the financial subsystem it is possible to use a set of indicators and parameters such as income from operations, cost of sales, net income excluding share of profit of associated companies, net tax before taxation and others, for a subsystem like the manufacturing one it is appropriate to suggest the following additional indicators (Peters, 2006; Phusavat, 2007): à ¢Ã¢â€š ¬Ã‚ ¢ production efficiency calculated by the type of resource output; à ¢Ã¢â€š ¬Ã‚ ¢ labor productivity; à ¢Ã¢â€š ¬Ã‚ ¢ profitability; à ¢Ã¢â€š ¬Ã‚ ¢ measure of the effectiveness of industrial relations; à ¢Ã¢â€š ¬Ã‚ ¢ system of indicators reflecting the efficiency of production management; à ¢Ã¢â€š ¬Ã‚ ¢ indicator of the efficiency of HR management; à ¢Ã¢â€š ¬Ã‚ ¢ system of indicators characterizing the efficiency of use of production and marketing information and others. The effectiveness of commercial subsystems can be assessed using ratios that make up the volume of product sales and expenses for the organization of its marketing and promotion, as well as indicators expressing coherence, interdependence and complementarity of the various elements of supply chain: à ¢Ã¢â€š ¬Ã‚ ¢ indicator of the effectiveness of various sales channels, marketing systems, and intermediaries; à ¢Ã¢â€š ¬Ã‚ ¢ system of indicators reflecting the effectiveness of sales network; à ¢Ã¢â€š ¬Ã‚ ¢ index of reliability of intermediaries selection; à ¢Ã¢â€š ¬Ã‚ ¢ system of indicators reflecting the effectiveness of sales and marketing information; à ¢Ã¢â€š ¬Ã‚ ¢ indicators of the extent to which supply chain goals comply with objectives of marketing; à ¢Ã¢â€š ¬Ã‚ ¢ duration of the implementation period (in relation to the cost of the marketing); à ¢Ã¢â€š ¬Ã‚ ¢ indicator of the relative value of the profit in the total turnover. Speaking separately on the effectiveness of communication subsystem, it must be emphasized that it is, in this case, not the whole system of market communication (effectiveness of various communication links is evaluated in different subsystems), but the communication between producer and consumer. This subsystem can use the following additional performance indicators (Steenkamp, 2010): à ¢Ã¢â€š ¬Ã‚ ¢ effectiveness of advertising (economic and socio-psychological); à ¢Ã¢â€š ¬Ã‚ ¢ effectiveness of sales promotion; à ¢Ã¢â€š ¬Ã‚ ¢ system of indicators of exhibitions; à ¢Ã¢â€š ¬Ã‚ ¢ effectiveness of use of various means of advertising influence à ¢Ã¢â€š ¬Ã‚ ¢ effectiveness of motivation study; à ¢Ã¢â€š ¬Ã‚ ¢ system of indicators that reflect the information components; à ¢Ã¢â€š ¬Ã‚ ¢ effective use of tools for creating public opinion about the company and its products. The index image of the enterprise deserves special attention. It can be used as an indicator of the result not only in the communicative subsystems, but in some cases and in relation to the entire system of entrepreneurship. For example, if a business entity is guided by the concept of socio-economic marketing and suggests operating in the long run, it can build target settings based on the need to strengthen consumers trust, to acquire the necessary social status and public recognition. In this case, the assessment of its performance can be performed through the characteristics that reflect its image (Steenkamp, 2010; Bhat, 2004; Man, 2002). The disadvantage of such assessment is unavoidable conventionality of the resulting indicators obtained with the help of the expert method. It can be reduced by the full use of norms and rules pertaining to expert modeling. In general, business performance can be evaluated not only by the size of the profit, but also by changes of the market value of the enterprise. The economic efficiency of production refers to the degree of utilization of productive capacities, which is indicated by the relation of the results and costs of social production. The higher result at the same cost, the faster it grows in the calculation per unit of socially necessary labor cost, or the less the cost per unit of useful effect, the higher is the production efficiency. The generalized criterion of economic efficiency of social production is the level of labor productivity.

Relationships :: essays research papers

I. IntroductionLast fall, 700,000 men gathered at our nation's Capital to focus on mending relationships. Their goals were to help men end adulterous behavior, quit abusing and neglecting the women and children in their lives, and renew their promises to their families. Knowing this, it is hard to understand why this rally would be seen as a threat rather than honorable. Imagine 700,000 men acknowledging the areas in which they've failed and wanting to take responsibility for their actions. My father was one of these men. Knowing him in the capacity that I do, anything or anyone that can make him acknowledge his imperfections is to be admired! Now why am I telling you this? Why does it matter? People perceived these men as a threat. They were neither welcomed nor respected for taking a stand in what they felt was important. This matters because Conservative Christian thinkers are forced to face this type of discriminating judgement daily.II. One article that I read pertaining to the Promise Keeper gathering was titled "Invasion of the Promise Keepers." (a) I found this rather ironic. Why would men eager to finally take responsibility be seen as "invading?" As a woman, I would rather be with a man who openly admitted that he wasn't always right and who respected and honored me, than to be with a man who did not.(b) Evidently, however, not all women want to be appreciated. Many openly condemned them for their attempts. Protestors of both genders greeted these men with the phrase "racist, sexist, homophobe, go home."III. In an issue of Time, one reporter addresses this type of religious discrimination. He states that "the fight is not so much over what people ought to believe; it is over what they can say, and where, and to whom." He then goes on to give the following examples:(a) The Pennsylvania Supreme Court threw out the sentence of a murderer who killed a 70-year-old woman with an ax because the prosecuting attorney cited Biblical law in requesting the death penalty.(b) In Decateur, IL, an elementary, public school teacher demanded that her seven-year-old students mark out the word "God" printed in their phonics book.(c) In Oak Park, IL, a private Catholic hospital was not allowed to erect a cross because it could potentially offend some the town's residents.IV. As one who has experienced this particular type of discrimination, I have often wondered why someone would form a general opinion of disgust with such a large, diverse group of people.

Oberoi Group of Hotels

OBEROI GROUP Understanding Strategy and Design of the Organization An â€Å"Organizational Dynamics† Project by – Group 5 (Section G) Parth Krishnan Mannadiar (12HR-018) Priyanshi Kejriwal (12DM-104) Atharv Tilak (12DM-042) Ritu Kapse (12HR-024) Siddharth Venkataraman (12DM-143) Lov Loothra (12FN-068) Puneeth C (12IB-062) Table of Contents Sr. No. | Heading| Page No. | 1. | Introduction| 3| 2. | Growth and Strategy| 3 – 4| 3. | Structure| 4| 4. | Culture| 5| 5. | The People| 5| 6. | Technology| 6| 7. | Size and Organization Life-Cycle| 6 – 7| 8. | Complexity-Stability Model| 7| . | Conclusion| 7-8| 10. | Exhibits| 9-12| 11. | References| 13| Introduction The  Oberoi Group, founded in 1934, employs about 13000 people worldwide and owns and manages about thirty hotels and five luxury cruisers as of 2012. The company was incorporated in the year 1949 by Rai Bahadur M. S. Oberoi to run â€Å"Oberoi Group of hotels†. The group of companies, affiliated through common ownership interest, has to offer first class luxury hotels, airline catering, airport bars and restaurants, corporate air charters, travel consultancy, limousine services and project management.With hotels being spread out in Mumbai, Delhi, Calcutta, Chennai etc. , we can see it covers almost the entire span of the country. It also has properties abroad in places such as Cairo and Aswan in Egypt; Bali and Lombok in Indonesia; Mauritius; Medina in Saudi Arabia and a new property coming up in Dubai in UAE. EIH, the flagship company of The Oberoi Group is generally preferred by business travellers because of its consistent and high quality service across different locations. Exhibit 1 displays some reviews posted by customers who have had the pleasure of staying at an Oberoi hotel.As can be seen from their reviews, the main highlights of their stay were the ambience/facilities and highly motivated and well trained staff who provide exceptionally attentive, personalised a nd warm service. Such a holistic experience can be achieved by an organization through consistent efforts. Thus the purpose of this report is to understand these efforts which Oberoi has synergized and use it to study effective organization strategy and culture. Growth and Strategy â€Å"Rai Bahadur Mohan Singh Oberoi was born on 15th August, 1898 in erstwhile undivided Punjab, which is now in Pakistan.He was only six months old when his father died. Success and fortune did not, therefore, come easily to him. Initiative, resourcefulness and hard work, combined with the capability to face and overcome the most overwhelming odds can best characterise this phenomenal entrepreneur. † The above words about the founder, speak of the qualities he employed to make the Oberoi group reach the pinnacle it is at. When M S Oberoi first reached Shimla, he took up work as the desk clerk at the Cecil hotel. Today, the hotel is owned by the Oberoi Group and is called The Oberoi Cecil.The then manager of the hotel was happy with the work put in by Mohan Singh and asked him to assist him running another hotel he acquired, Clarkes hotel. With this first-hand experience of operating a hotel, Mohan Singh set out on his entrepreneurial venture. In 1934, he acquired two hotels, The Clarkes Hotel in Shimla and Delhi by mortgaging his wife’s jewellery and all his assets. The Company was incorporated as a public limited company in India on 26 May 1949 and its initial business activity was as the lessee and operator of The Oberoi Palace Hotel in Srinagar, Kashmir.It was in 1965 that they built their first hotel, The Oberoi Intercontinental, now The Oberoi, New Delhi. It offered facilities that no other hotel in the country could match and was India's first luxury hotel. In 1966, The Oberoi School of Hotel Management later renamed the Oberoi Centre for Learning and Development was formed. It provided high Quality professional training in hospitality management. The complete list of events that shaped Oberoi’s growth is given in Exhibit 2. Mr Oberoi was the first Indian to work in association with international chains to woo international travellers to India.This caused a large number of international travellers to offer their patronage. The foreign occupancy rose to a healthy level of 85%. Mr M S Oberoi had great vision and imagination. He converted dilapidated palaces and buildings into magnificent hotels. Some of these are the Windsor in Australia, Mena House Oberoi in Cairo and Oberoi Grand in Kolkata. The Oberoi Cecil in Shimla, built in the early 20th century, reopened in April 1997 after extensive and meticulous renovation. Strategy: Thus the Oberoi Group’s strategy under Mr M S Oberoi’s leadership was quite clear.Since the start, they have focused on expansion of their operations by catering to newer markets. The decision to offer world class hotels to International travellers was the mind of an ambitious businessman looking to expand his offering. Also multi location presence helped reduce concentration risk. It is this for this international image that foreign properties were acquired and assimilated into the luxury and top quality services from Oberoi. The search for newer markets was responsible for introducing its second brand of hotels, ‘Trident’. Trident hotels are five-star hotels that have stablished a reputation for providing the best in excellence bundled with an affordable price tag. Thus catering to the middle income segment and corporate clientele was the strategy. With this new brand, spread across nine locations in India, Oberoi now had a major share of the hotel industry. Exhibit 2 also mentions the strategic partnership with Hilton for the international marketing and handling of reservations of the â€Å"Trident† hotels. The hotels, as part of this partnership, were to be re-branded â€Å"Trident Hilton†. However with Hilton trying to establish its own Garde n Inn hotels in direct competition with Trident caused Oberoi concern.Thus it abandoned the arrangement with Hilton and re-marketed its hotels under the name Trident itself. The Oberoi Group, along with its subsidiaries and other brands, stands as one of the most decorated hotel chains in the world with many of its group hotels bagging various awards and accolades from Travel+Leisure,  Conde Nast Traveler,  Forbes  and  Galileo. While the business strategy and outright aggression in expansion has been a key to this success, it needs to have been supported internally though a resilient culture and committed human capital.Let us now try to uncover some key aspects of The Oberoi Group’s culture and workforce. Structure As facilities grow in size, hotel or lodging managers find the need to group certain jobs in order to ensure effective coordination and operational control. While departments may be grouped as front of the house (having guest contact) and back of the house (employees with no guest contact), Oberoi follows the practice of separating departments by function. Exhibit 4 shows the structure of a typical full service Oberoi hotel.Even though such a structure is normally followed by a hotel with size over 500 rooms, the sheer size of some of the Oberoi properties require such an elaborate structure. The divisional structure followed by Oberoi is in line with its culture and its objectives. The functional division promotes specialization. This specialization in turn increases worker productivity and efficiency. Culture The core values of The Oberoi Group are articulated through their dharma, which was developed by their own employees. Their dharma articulates their commitment to display core values through their action and behaviour.Elements of the dharma include Conduct of the highest ethical standards; a Focus on teamwork and mutual trust; Maintaining excellence in guest service; Protecting the safety, security, health and environment of g uests and each other. The Dharma has more aspects as well which together apply to all aspects of the group’s business (Exhibit 3). The employee is expected to make all decisions and all interactions based on the Company Dharma. By placing robust mechanisms and communicating specific conduct expected from each employee, the company has made it possible to put this Dharma into action.Oberoi does not believe it is in the business of hotels, instead it claims to be in the business of memories. The company empowers its employees to believe – â€Å"I don’t just work here. This is my hotel. † The Power of 1500 – Any employee in the hotel can offer anything at a cost value of INR 1500 without seeking prior approval, any number of times, to any number of guests – no questions asked. The objective is to create guest delight. Guests who have received the power of 1500 have been happy with the service they received.The real power of this program is that because of the freedom employees have, guest get an incentive to spend more, they come back and share their positive experience by word of mouth. This directly affects the company’s bottom line. It’s these small ideological differences which make a difference in sustaining the culture over time and across borders. The People The Oberoi Group takes pride in having the best service professionals in the industry. Throughout the year, the organization stimulates and rewards exceptional performance that best exemplifies outstanding service.Some of these awards are i) Outstanding Performance Award, ii) Employee in Spotlight, iii) Peer Recognition Program, iv) Star of The Month etc. Oberoi has employees who continue to celebrate a long tenure with the organisation, in some cases over 30 years. Many of their employees have completed their certification from the Oberoi Centre for Learning and Development (OCLD) and have built successful careers up to the general manager level and in some cases senior executive positions with the corporate office. In mid-management positions, their average tenure is around six years.As the war for talent continues across many industries, their retention strategy encompasses a variety of different elements. They undertake regular employee opinion surveys to understand employees’ needs. Their surveys reveal that while compensation remains an important component for people, they are increasingly focused on clear career plans, access to â€Å"best in class† learning and building a work-life balance. By catering to these requirements, they have been successful in providing the best experience to their customers through a committed and engaged workforce. TechnologyIn the hospitality sector, ensuring the comfort of your guests is paramount. However, in today’s increasingly demanding consumer marketplace, meeting that need could be a real challenge. This is especially true for Oberoi Hotels, a luxury group of hotels favoured by government officials and business travellers. Not only does the hotel have to cater for well-heeled makers who want to make use of features such as interactive TV, IPTV and wireless networking, it also has to meet the stringent security requirements of business users who want to be sure that whatever data they access during their stay will remain secure.In addition to this, it has to ensure that its fire safety, car parking and networking facilities meet the demanding safety standards required by government officials and high-profile business people. In response the hotel installed a highly available and highly secure network that would enable it to deliver the security and functionality required by its guests. In terms of fulfilling the networking demands of the business itself, the solution provides a solid, reliable platform for running all the hotel’s crucial applications – including reservations, billing, internal accounting, and digital signag e.Size and Organization Life-Cycle Size: For the Financial Year ended on 31st March, 2012, the Company’s Total Revenue was Rs 1147. 33 crores. The company posted a net profit after tax of Rs 122. 42 crores against Rs 64. 54 crores during the previous year, which is a 89. 68% growth or Rs 57. 88 Crores over YTD March 2011. It is one of Asia’s leading hospitality companies. Even though the company has multinational presence, there is a lot of decentralization in decision making at the lowest rung. As mentioned above, policies such as â€Å"power of 1500† enable employees to exercise a fair amount of decision.This is on account of being in a business centred on customer satisfaction. This amount of leeway translates to good customer experience directly increasing repeat business and word of mouth publicity. The formalization is well set. A company operating on the scales of Oberoi needs to have well-structured and standardized operations. Though the overall themes and products may differ the rules and procedures are well defined for each employ to enable him to work in synergy with the Oberoi Dharma. Life Cycle: In the entrepreneurial stage, Mr Oberoi didn’t have to devote a lot of time to develop a product or service.His experience in managing the operations of Clarkes Hotel already gave him enough knowhow on the business of running a hotel. Thus he could provide the strong leadership that was required to propel the company. In the collectivity stage, again it was Mr Oberoi’s well guided leadership which kept the sails flying high. They were focussed on expansion, but took enough time to mobilise resources. There was enough gap between 1934 when he acquired the first hotel and when the company got incorporated in 1949.Again there was almost a 15 year gab before which Oberoi group set up their own hotel. These timelines gave enough time for the newly formed workforce to grow along with the values of the founder and the organizat ion. This also helped in the formalization to the elaboration stage. The rules and procedures which did get established were in line with the culture of the organization. This meant that the different properties established across the country or acquired world over, could inculcate the same culture all over without there being too much red tape.Decisions such as setting up their own printing press to maintain high standards all over in stationery are an example of how strict procedures or standards were maintained while not causing problems within the internal management. The management in different hotels did not need to coordinate now with each other for procuring same quality of stationery. Presently the Oberoi group is in the elaboration stage, with different subsidiaries handling their different businesses. They are structured similarly and with varying controlling interests, Oberoi now is in a stable position in its sector.Its plans involve expansion and other ventures and par tners to collaborate with. Complexity-Stability Model The patterns and events occurring in the environment can be described along the two major dimensions. These are the Simple-Complex and Stable-Unstable dimensions. Complexity: The Oberoi Group, dealing majorly in hospitality, is subjected to Complex environmental factors since the hospitality industry has many players and has to cope with numerous dynamic governmental regulations, competition for quality employees ; new trends etc.Thus it is affected by numerous diverse external elements. Stability: The Stable-Unstable dimension refers to whether elements in the environment are dynamic. A domain is stable if it remains the same over a period of months or years, whereas under unstable conditions, environmental elements shift abruptly. As mentioned above, there areas number of dynamic factors which affect the hospitality industry. With budget hotels also eating into their share by offering value for money and the economy in recessio n, corporates are taking their patronage to relatively greener pastures.Thus the hospitality industry and Oberoi group face complex, unstable environments. The Competition The major domestic competitors of the Oberoi Group of Hotels are Taj Group, ITC, De-Meligan and Leela Group of Hotels. This presents a tough competition to Oberoi as in the luxury segment, supply exceeds demand in several cities, as per an analysis in EIH Ltd’s annual report. India has often been cited as one of the most lucrative albeit difficult markets to develop properties in with a long development cycle of three-five years, adding to the cost.Apart from the domestic competitors, the Oberoi group faces immediate concerns with major international brands, which are expanding their presence in India. Some of these brands are The IHG group, Wyndham Hotels, Marriott International and Hilton Worldwide. These international hotel chains are not just targeting the luxury and premium segment, but also the upscal e, mid-scale, budget and upper budget segments. Another advantage to these chains is that International travellers are accustomed with these international chains and so it is very difficult for Indian chains to break the associated loyalty.However, to fight competition, Oberoi and its domestic competitors such as The Taj Group are looking to add newer properties, ranging from the budget category to luxury. Exhibit 4 – lists out the existing hotels of International chains and the upcoming ones with their planned dates and categories. It shows how International Hotel chains are gaining ground in India and are bullish on their India expansion plans, giving tough competition to home-grown biggies. Conclusion We have just gone through the organizational design of The Oberoi Group.We have studied its strategy, its culture and people, the competition and business environment it operates in. So what exactly does the organization do right to cater to all these external factors and sti ll come out as one of the leading hospitality companies in Asia and the world? Strategy is one important factor that affects organization design. Oberoi group’s strategy has always been one of expanding markets through targeting different income segments, acquiring new properties and setting up hotels in different countries.This strategy makes a lot of sense if we consider the constantly changing environment of the hospitality industry as discussed in the Complexity-Stability Model. By changing the target segment along with the market trends, the company has been able to keep up its high standards with the customers. Its present size and elaborative stage in its life-cycle also enable it to follow this expansion strategy. Due to the brand value it garners, additional investments will also continue to reap in business despite the competition. Another point to note from the unstable-complex environment of hospitality industry is the structure of the organization.As we have seen above, the structure is highly differentiated and is highly organic. The differentiation is accompanied with high integration as well. The decentralized decision making at the operation level is required to have a participative workforce working towards customer satisfaction. Seasonality, economic upheavals etc. requires a lot of forecasting and the decentralized atmosphere allows the required high speed response. Lastly, the culture of the organization which is centred on the Oberoi â€Å"Dharma† is also in sync with its structure and design. Formalization is high at Oberoi.The rules and procedures are well defined which implies every employee is well aware of his responsibilities. Thus he can exercise his discretion with complete freedom while making decisions. Also this formalized structure allows standardization across its hotels across the world. Thus we can see that the design of the organization fits its workflow in a complementary manner. This has helped Oberoi keep its head above its competition and sustain itself successfully for over 75 years. The strong leadership has guided it with smart focus on targeting segments that offer new opportunities.Thus we can see that Oberoi is a good example of an organization that has used its structure and strategy to forward its business and remain successful. Exhibit 1 Customer Reviews About â€Å"The Oberoi, New Delhi† About â€Å"Mena House Oberoi Hotel, Giza, Egypt† Exhibit 2 Major events in the history of the Company Year| Major Events| 1949| The Company was promoted and incorporated by Rai Bahadur Mohan Singh Oberoi and Oberoi Hotels (India) Limited, in May 1949. | 1956| The equity shares of the Company were first listed on the BSE.Took the Maharaja’s palace in Srinagar, Kashmir on lease and converted it into The Oberoi Palace Hotel. | 1957| Started the flight services business. | 1965| Commenced operations at The Oberoi Hotel, New Delhi. | 1968| By a scheme of merger approved by the Calcutta High Court, The Associated Hotels of India Limited and Hotels (1938) Private Limited merged into the Company. By virtue of the merger, the Company acquired The Oberoi Grand, Kolkata, Maidens Hotel, Delhi, Palm Beach, Gopalpur-on-sea (operation suspended), The Oberoi Cecil, Shimla, The Mount Everest, Darjeeling (operation suspended). 1973| Commenced operations at The Oberoi Towers, Mumbai. | 1974| Established a printing press in Delhi primarily for the Company’s in-house needs. | 1979| Bonus issue of 1,337,745 new equity shares of the Company of Rs. 10 each in the ratio of one new equity shares for every five equity shares held by the shareholders. | 1984| Bonus issue of 4,953,131 new equity shares of the Company of Rs. 10 each in the ratio of two new equity shares for every five equity shares held by the shareholders. 1986| Made a foray into the airport services business by entering into a ten year contract with the International Airport’s Authority to op erate all the snack bars and restaurants at the domestic and international terminals in Mumbai. | 1992| Bonus issue of 4,720,704 new equity shares of the Company of Rs. 10 each in the ratio of one new equity shares for every five equity shares held by the shareholders. | 1994| Listing of GDRs on the London Stock Exchange. | 1996| Change of name of the Company from The East India Hotels Limited to EIH Limited. Bonus issue of 17,464,299 new Equity shares of the Company of Rs. 0 each in the ratio of one new equity shares for every two equity shares held by the shareholders. | 1997| Commenced operations at The Oberoi Rajvilas in Jaipur, our first luxury leisure hotel in India. | 2004| The Company entered into a strategic alliance for international marketing with Hilton International. All the â€Å"Trident† Hotels were re-branded as â€Å"Trident Hilton†, and the Oberoi Towers in Mumbai was re-branded as the Hilton Towers. | 2006| Sub-division of the face value of equity sh ares from Rs. 10 to Equity Shares of Rs. 2. Bonus issue of 130,984,657 new equity shares of the Company of Rs. each in the ratio of one new equity share for every two equity shares held by the Equity Shareholders. The Company acquired a 66. 67% equity stake in Mercury Car Rentals Limited, a joint venture with Avis Europe for car rental business. |   | The printing press established by the Company in 1974 was granted permission by the Indian Banks’ Association to print security stationery for banks. | 2008| The alliance with Hilton International ended and â€Å"Trident Hilton† and the Hilton Towers Hotels were renamed â€Å"Trident† Hotels. Establishment of EIH Flight Services Limited, Mauritius as a wholly owned subsidiary of the Company.Entered into a joint venture agreement with 26% equity interest in L;T Bangalore Airport Hotel Limited for a hotel project near the Bangalore international airport. Terrorist attack at the Trident, Nariman Point and The Oberoi , Mumbai in November, 2008 resulting in interruption in business and closure of both the hotels. The Trident Mumbai re-opened on 21 December, 2008, after the terrorist attack. | 2009| Entered into a joint venture agreement with 16% equity interest in Golden Jubilee Hotels Limited for the proposed Oberoi and Trident Hotels in Hyderabad. 2010| The Oberoi, Mumbai re-opens after full renovation subsequent to the terrorist attacks in 2008. EIH International Ltd, a wholly owned subsidiary of the Company completed an acquisition of approximately 46% of the equity interest in its international hotels joint venture company EIH Holdings Ltd. Pursuant to this acquisition, EIH Holdings Ltd is now a wholly owned subsidiary of EIH International Ltd. | Source: Information provided at website of EIH Ltd, a subsidiary of Oberoi Group (http://www. eihltd. com/about_eih/milestones. asp) Exhibit 3 – Dharma: Fundamental code of conductExhibit 4 – Department Structure Exhibit 5 – Int ernational Hotel chains in India GAINING GROUND International hotel chains are bullish on their India expansion plans, giving tough competition to home-grown biggies| Group| Existing hotels| Planned hotels** (in Rs)| By when| Category| Planned new brands| IHG*| 12| 150| 2020| Mid-market| Holiday Inn Express| Wyndham Hotels| 14| 60-70| 2017| Mid-market| Howard Johnson| Marriott International| 18| 80-100| 2015| Across segments| Fairfield, Ritz| Hilton Worldwide| 8| 50-60| 2016| Luxury/ premium| Hilton, Double Tree, Hilton Garden Inn, ; mid-market Hampton,Conrad and Waldorf Astoria| Accor| 13| 90-100| 2015| Luxury, mid-scale and budget| Formula 1, Sofitel and Pullman| Choice Hotels International| 27| 100| 2017-19| Mid-market| Sleep Inn, Cambria Suites, Econo Lodge| Best Western International| 34| 66| 2017| 3/ 4 and 5 star| Best Premier| Starwood Hotels| 33| 50-60| 2015| Across segments| St. Regis, W| Carlson| 46| 100| 2015| Mid-market and premium| Regent| Hyatt Hotels Corporation| 8| 5 0| -| Premium| Hyatt Place, Hyatt House| *InterContinental Hotels Group; ** Estimate Source: Industry and ICRA estimates|References Oberoi Hotels ; Resorts. (2012). [online]. Viewed 2012 October 15. Available: http://www. oberoihotels. com/ The Oberoi Group. (2012). Careers at The Oberoi Group. [online]. Viewed 2012 October 19. Available: http://www. oberoigroup. com/careers/index. htm SHRM India. (28/06/2012). The Oberoi Group of Hotels–Translating Dharma into Best Practices in HR. [online]. Viewed October 22. Availaible: http://www. shrmindia. rg/oberoi-group-hotels%E2%80%93translating-dharma-best-practices-hr P Mullick, 2012, ‘Oberoi Group: Social media increasingly important as recruitment tool’, Hindustan Times, October 18 S Baggonkar, 2012, ‘Taj, Oberoi under pressure from foreign hotel chains’, Business Standard, July 17 M Kaushik, 2010, ‘Guest Star: The Oberoi’, Business Today, September 5 Audited Financial Report for EIH Ltd. fo r the year 2011-12 Oberoi Hotels and Resorts. (2012). [online]. Viewed October 22. Available: http://en. wikipedia. org/wiki/Oberoi_Hotels_%26_Resorts

President Of The United States Essay - 2044 Words

Executive Privilege gives the President of the United States and his staff in the executive office the right to withhold information from the judicial branch of Government; it also allows the president and his advisors the power to keep information from Congress and the public. Presidential power has always been an extremely controversial matter because it is never mentioned in the United States Constitution as a right; but the process to actually exercise the use of executive privilege and of the official choices leading to make it clear that this in fact is a genuine presidential power as long as it is used correctly has been challenging. The President and his staff need to have plans and events that need to be kept in private, but the question of whether or not withholding this important information from Congress, courts and the public is beneficial to the country as a whole. 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