Business Success

Business Success

Businesses wishing to grow productively and lucratively may benefit from applying insights gained from the scholarly management perspective. In the cutthroat business environment, applying the insights gained from a management ideology may lead to flourishing mercantile intensification.

Business development is a scholastic subsystem of commerce studying market penetration and customer recruitment. Van Der Merwe (2002) writes that four pillars support Classical business development thought:

• Division of labour
• Scalar and functional processes
• Structure
• Span of control

Overtime, span of control and division of labour have been replaced by strategy and projects. Strategy can be further decomposed into analysis, preference and execution. Structure can be horizontal (flat) and vertical (tall), referring to chain of command echelons.

Project management refers to the directing, planning, monitoring, and organizing necessary for successful goal attainment. The five managerial tasks are:

• Set objectives
• Find ways to make them happen
• Think strategically
• Act decisively
• Evaluate results

Being open to change and able to adapt in the fast-paced, aggressively competitive international conditions is critical for continued achievement. Failure to adjust can prove catastrophic.

Management theories have concentrated on business processes and behavioural theory. The latter and industrial psychology share history. As ascertained by the Canadian Society for Industrial & Organizational Psychology (CSIOP), members come from both Psychology and Business faculties.

Lloria (2008) reviews knowledge management, appearance and quantification. Efficient software automates the managing assignment. Knowledge can be created through popular social media. Metric models of intellectual capital take care of measuring.

Happiness, contentment, enjoyment, pleasure, all these are praised elements in positive psychology. Also, a derivative expression is “happy as a clam at high tide, meaning extremely joyful. Are you happy? Image : © Megan Jorgensen.

Comparing the classic and the refined, Knowledge Management (KM) used to concentrate on how strategic business units stimulate production. Sequentially, the focus shifted to core competences being at the heart of product design. Lately, a certain gradual democratization of strategic learning has been observed.

Berends et al. (2007) clarify how New Business Development (NBD) reacts to Information Technology (IT) innovations. Working with KM may be the answer according to the author. Radical innovation is a tactic for some companies. The authors base their argument on evidence from three companies: DSM Venturing & Business Development, OGIR Group for Shell Global Solutions and Phillips Research.

Jarboe (2001) stresses the significance of tacit knowledge in economic development. The author defines social capital as the networking techniques by which tacit science is secured. Formal knowledge is as essential; literacy and numeracy are musts in today’s world. An evolving economy means a diversified set of skills, being able to weed out irrelevant from relevant information saves time and consequently lowers cost. Likewise, access to telecommunications infrastructure is imperative in an information economy.

References:

    Berends, H., Vanhaberbeke, W. & Kirschbaum, R. (2007). Knowledge management challenges in new business development. Journal of Engineering and Technology Management, 24 (4): 314-328.

    Jarboe, K. P. (2001). Knowledge management as an economic development strategy. Review of Economic Development: Literature and Practice, 7. U.S. Report prepared for Economic Development Administration, U.S. Department of Commerce.

    Lloria, B. M. (2008). A review of the main approaches to knowledge management. Knowledge Management Research & Practice, 6: 77-89.

    Van Der Merwe, A. P. (2002). Project management and business development: Integrating strategy, structure, processes and projects. International Journal of Project Management, 20 (5): 401-411.