Female or Women Entrepreneurship – Definition, Advantages and Disadvantages

Women constitute around half of the total world population. They are therefore regarded as the better half of the society. In traditional societies, they were confined to the four walls of houses performing household activities. In modern societies they have come out of the four walls to participate in all sorts of activities. The global evidences prove that women have been performing exceedingly well in different spheres of activities like academics, politics, administration, social work and so on. Now they have started plunging into industry also and running their enterprises successfully.

Although small businesses owned by women have traditionally focused on fashion, food and other services sector, but recently women entrepreneurs have been moving rapidly into manufacturing, construction and other industrial filed. Women owned business are lightly increasing in the economics of almost all countries. The hidden entrepreneurial potential of women have gradually been changing with the growing sensitivity to the role and economic status in the society. It means women have the potentials, skill, knowledge and adaptability to run a business successfully.

Today, women have demonstrated their multitasking ability. Women entrepreneurs can certainly initiate, organize, plan and operate their small and medium venture efficiently. Affirming this notion Ms. Shahnaz Husain, Chairperson and Managing Director of Shahnaz Husain Group of companies elaborate, “the women who is creative finds greater freedom to translate her creativity and ideas when she has her own enterprise. For those women without high professional qualifications and those who are from a lower economic sector, entrepreneurship is a means of earning money and contributing to the family income.… Read the rest

Glocalization – Definition, Advantages and Disadvantages

Globalization is one of the most important phenomena of the recent past and of the future. The term “Globalization” describes an ongoing process by which regional economies, societies and cultures are becoming more integrated through a dramatically increased global network of technological, economic, political and cultural exchanges. In specifically economic contexts, the term refers to the integration of national economies into the international economy through trade, particularly trade liberalization or free trade, foreign direct investment, capital flows, migration and the spread of technology. This worldwide phenomenon of interaction among the countries is driven largely by advances in communication, transportation and legal infrastructure as well as the political choice of countries to open cross-border links in international trade and finance.

Due to many difficulties that a globalization strategy faces another term has developed in recent years called “Glocalization”. In contrast to globalization, the glocalization strategy, which means thinking globally but acting locally, is a more modern and different approach.

The term “Glocalization”, which had become a buzzword in business world in 2000, describes a historical process whereby the local is integrated into the global. This means that localities develop economic and cultural relationships to the global system through information technologies, bypassing and subverting traditional power hierarchies like national governments and markets including cultures clash with newly introduced cultural concepts, ideologies and practices. So put simply, globalization is a move toward centralization, while glocalization is a move toward decentralization.

Definition of Glocalization

Glocalization is a combination of the words “globalization” and “localization” and emphasize the idea that a product or service is developed and distributed globally is more likely to succeed if it is adapted to the specific requirements of local practices, legislation, fiscal regime, socio-political system, cultural expectations, local laws, customs and consumer preferences.… Read the rest

The Difference Between Efficiency and Effectiveness

Efficiency and Effectiveness as stated by Peter Drucker “Efficiency is doing things right; Effectiveness is doing the right thing.” An organization survives based on the efficiency and effectiveness of a manager/management. Efficiency is the use of financial, human, physical and information resources such that output is maximized for any given set of resource inputs, or input is minimized for any given quantity and quality of output. An efficient manager might be doing the right job but not the job right. Doing the right job does not require much time or resource. A job can be done very quickly and efficiently within time. In this case, the manager’s main aim is to get the job done within the allocated time using the given resources. But doing a job effectively involves time and planning the right strategy. In this case the manager concentrates more on the outcome rather than just the input. Both efficiency and effectiveness are an integral part of a successful management.

Management is almost entirely concerned with getting things done and determining how to get things accomplished. In each manager’s mind there is a debate over whether more concern should go into low-cost production or to disregard production costs and go after complete satisfaction of goals and objectives. These two paths are known as the decisions which separate  “Efficiency” and “Effectiveness”.  Efficiency means that the job was accomplished cheaply and on time yet may not be a very thorough and impressive accomplishment. Whereas, effectiveness means that the job was done correctly and was accomplished but with no regard to whether the job was done inexpensively or on time.… Read the rest

Benefits of Corporate Retreats in Organizations

Corporate retreats can be of any type, such as a sport retreat, or a seminar-style retreat. They are to promote a feeling of teamwork and to build a better understanding among company employees. Corporate retreats can also help employees gain some problem-solving skills that lead to better teamwork and better overall productivity. These team-building activities focus on events where everyone has to work together to reach a common goal. The examples are river rafting, rock climbing, mountain climbing, everyone hiking blindfolded while holding on the same rope, team scavenger hunts, friendly competitions between company departments, etc. Corporate retreats can be customized to fit the company’s need. They can make the employees learn about what the temporary retreat goals are, as well as the long-term results that the company is striving for.

Why corporate retreats can increase productivity? This is because organizations can derive some valuable skills from corporate retreats. These skills include team spirit, problem-solving, leadership, innovation and creativity.

  1. Team Spirit: Corporate retreats promote a feeling of teamwork among company employees. For example, a company organized a corporate retreat where the employees had to build a bridge out of boxes and unstable wooden planks. The employees are working towards a common goal which is building a bridge. This will get them to see the power of acting like a team. They will be able to understand success in each activity depends more on teamwork than individual effort. Under the pressure of reaching a difficult goal, each individual undergoes rapid growth. This growth occurs in group efforts then enhancing the relationships between employees.
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Revenue Management – Meaning, Benefits, Scope and Future

The phenomena of revenue management gained importance in recent years due to variable and discriminatory pricing schemes offered by various companies to their customers. Revenue management applies the orderly analytics that predict the behavior of the consumer at micro level and augment the prices and availability of products to the customers thus enhancing the overall revenue for the company. The aim of devising revenue management techniques is to deliver the fine product or service to the appropriate customer at the precise price. Revenue management system is based on analyzing the customer’s perception of the value that the product would provide and make straight the availability, placement and price according to that perception.

This discipline became the need of every business rapidly. There could be many reasons for this. Even a kid whose is out for selling orange juice will have to analyze and predict the appropriate weather and time for selling his product. When we talk about giant businesses, the need for assessing customer demand and subsequently managing that demand is enormous and critical. A revenue management system is answer to the question of such demand.

History of Revenue Management

The concept of revenue management is not new to the business world. Every business that is selling some fragile product needs to flex the price of that commodity due to some uncertain environmental change or response to some competitor’s action or customer’s demand. Seats in airplanes, clothes (i.e. for summer and winter), rooms in hotels etc., all require revenue management strategies to be sold in a manner that maximize the overall wealth of the company.… Read the rest

International and Comparative Human Resource Management

International Human Resource Management has been defined as HRM issues, functions, policies and practices that result from the strategic activities of MNEs. International Human Resource Management deals principally with issues and problems associated with the globalization of capitalism. It involves the same elements as domestic HRM but is more complex to manage, in terms of the diversity of national contexts and types of workers. The emphasis is on the MNCs’ ability to attract, develop and deploy talented employees in a multinational setting and to get them to work effectively despite differences in culture, language and locations. International HRM tends to mitigate the impact of national culture and national employment practice against corporate culture and practices.

Comparative Human Resource Management, on the other hand, is a systematic method of investigation that seeks to explain the patterns and variations encountered in cross-national HRM rather than simply describe HRM institutions and practices in different societies. Different national business systems arise from differences in specific historical, cultural and institutional heritage in certain countries. Comparative differences occur due to decisive historical events such as the process of industrialization or due to the legacy of pre-modern forms of social organisation. Hofstede adopted the ‘culturalist’ perspective where he argued that national business styles emerge due to ingrained cultural attitudes and mental schemas. He described culture under five dimensions which are power distance, individualism, masculinity, uncertainty avoidance and long-term orientation.

Human Resource Management policies and practices are becoming universal and that country-of-origin effects are no longer relevant. The pressure to build standardized operations internationally is strongest in sectors where competition is highly internationalized and where firms compete on the basis of a similar product or service across countries such as in cars and fast foods.… Read the rest