Paradoxical Thinking

For decades, the management theorists have focused their attention on three types of thinking i.e. magical thinking, modern thinking and postmodern thinking. The latest inclusion is the paradoxical thinking. The main reason that paradoxical thinking has gained importance in the business world is that there were some buzz phrases that were being used by the employees of the organisations such as controlled chaos, getting outside the box, breaking the frame of reference, creative destruction, fuzzy logic and etc. All of these terminologies show that a business can develop something impossible by going beyond the imaginative framework and these old models have less importance in the contemporary world. The primary crux of the paradoxical thinking is that the openness can be anything but it is indecisive, lacks principled convictions and is sometimes passionless as well. Paradoxical thinking implies that problems should be looked from different angles rather than one perspective so that it can be resolved effectively.

The term ‘paradox’ is described as a range or group of statements that are contradictory and challenge the conventional thinking parameters. Likewise, the paradoxical thinking is stated as the way of looking at a situation or a problem form a various range of perspectives and carrying out in-depth analysis to understand the problem completely. One of the best examples of the application of paradoxical thinking is evident in the work performed by Farday in about 1830s. Farday observed that when the electricity current is passed through a wire it can cause a magnetized needle to move that is located adjacent to the wire to move in a direction which is rotational; it formed the basis of electric motor invention.… Read the rest

Diversity Management

The world’s increasing globalization trend demands more interaction between people from a vast diverse of cultures, beliefs, and backgrounds than the past. Today, people no longer live and work in an insulated marketplace. The reality is they are now part of a worldwide (or commonly mentioned as flatten) economy with competition coming from nearly every angle of the globe. For this reason, businesses need to be open to change and accept the concept of diversity to become more creative.

In daily conversation, the word of “diversity” has the meaning of differences or variety. However, in the business world and in the business textbook, diversity often refers to the many differences present among people today in workplace as well as marketplace that were not aware of by most people in the past. Diversity management is often referred as acknowledging, understanding, accepting, valuing, and celebrating differences among people with respect to age, class, ethnicity, gender, physical and mental ability, race, sexual orientation, spiritual practice, and public assistance status for better workplace performance. The term diversity management indicates the implementation of strategies or policies to knit a network of varied individuals together into a dynamic work force.

Advantages and Disadvantages of Diversity Management

In recent years, diversity is increasingly perceived as an important issue in the context of business management. This is due to the increasing differences in the population, globalization process, increasing of international business and cross borders business dealing activities. In the business community, companies have also tend to pay more focus on diversity and look for ways to reap the opportunities offered by diversity as they acknowledge that diversity has the potential of yielding greater productivity and competitive advantages.… Read the rest

How to Boost Productivity In Your Accounts Department

Boosting productivity within the accounts department is no easy feat. After all, such departments are usually pretty relaxed environments and not many accountants have loads of pressure to deal with, apart from in tax season. With that said, accountants still work hard and get their work done, but they can still do more. If you’re looking to boost productivity within your own accounts/finance department, consider the below tips that’ll help you do just that.

Proper Training Is Key

Accountants with a masters in accounting (online MACC) always have the knowledge and experience to propel businesses to the top, but not all accountants have gone down that route. Some accountants have experience of working in other sectors, and they’ve more or less fallen on their feet in an accountancy role. Therefore, it’s imperative your accountants all have their qualifications to help the department flourish.

Automate Fiddley Manual Processes

There’s plenty you can do to automatically undertake those fiddley manual jobs that take time to complete. Using the right accountancy software is a good start, but you can do more when it comes to automatic business processes. By introducing the latest BPMS (Business Process Management Software), you can ensure your accountants aren’t wasting time with the manual processes that can easily be made automatic. Look at the latest BPMS here to see which suits your business needs.

Implement Strict, Short Deadlines

Consider implementing stricter, shorter deadlines to increase productivity. You don’t want to pile too much pressure on your accountants, but you can still get them to dig a little deeper as far as their working efforts are concerned.… Read the rest

The Other Side of Entrepreneurship

People who have opposite opinions against entrepreneurship point out ten potential risks. First is management mistake that is the primary cause of business failure. Sometimes the owner of a small business lacks the leadership ability, sound judgment, and knowledge necessary to make the business work. Second is lack of business experience which indicates that most entrepreneurs tend to be beginners to be easy to make management mistakes in their own businesses.

Third one is poor financial control. Effective managers realize that any successful business venture requires proper financial control. Business success also requires having a sufficient amount of capital on hand at start-up. Under-capitalization is a common cause of business failure because companies run out of capital before they are able to generate positive cash flow. Entrepreneurs tend to be overly optimistic and often misjudge the financial requirements of going into business.

Fourth one is weak marketing efforts that means entrepreneurs tend to misunderstand the marketing efforts. For example, owners of small businesses usually believe their businesses will make a great number of customers automatically, but it almost never happens in reality. Building a growing base of customers requires a sustained and creative marketing effort. Keeping customers coming back requires providing customers with value, quality, convenience, service, and fun.

Fifth thing is failure to develop a strategic plan. Many small business managers ignore the process of strategic planning because they think that is something that benefits only large companies. Without a good defined strategy, a business has no sustainable basis for creating and maintaining a competitive edge in the marketplace.… Read the rest

Are Entrepreneurs Made or Born?

Since the late 18th century, business has constituted a main composition of the modern society. As the success of Steve Jobs, Bill Gates and Warren Buffet, many people start their own business in chase of profit. There are entrepreneurs growing everyday while some others bankrupting. You may think that entrepreneurs are born successful, and they owned an enormous business. However, entrepreneur is not defined as the one who has made their business tremendous, but the one who starts his own company and employs himself. Therefore, anyone can become an entrepreneur if he or she starts his or her own business and works for himself or herself. There are no boundaries among people, but your working position determines whether you are an entrepreneur. Entrepreneurs are not naturally born, but naturally made. Entrepreneurship is actually not a destiny, but a qualification. It is the qualities that make entrepreneurs successful. Moreover, the qualities are not inherent, but gotten through education and experiences.

Are Entrepreneurs Made or Born?

Entrepreneurs are not born. Entrepreneurs are not like athletes, they don’t need natural inherent body and muscles. An athlete’s child may grow up an athlete, but it would not happen in an entrepreneur’s family. Many businesses bankrupted everyday, including some entrepreneur’s family. However, entrepreneurs are naturally made, and they own some special qualities and also need some training’s and experiences as athletes. Many people from non-entrepreneur’s families start their own business and become entrepreneurs everyday. Dhirubhai Ambani, the most enterprising business man in India who’s father is a school teacher, started his business on his own.… Read the rest

10 Common Characteristics of Successful Entrepreneurs

Entrepreneurship is itself a process through which the entrepreneur allocate the resources available to the business in a way or in other words in a systematic manner that the entrepreneur can meet the requisites of the business and achieve the objectives of the business as well as of his own. Now a days businesses are being done on large scale or more businesses are being run in one organization therefore, the executive management or the entrepreneurs has to adopt the ways and system through which they can not even secure their time but to save their resources from drain.

Entrepreneurship is the process of innovation that reallocates resources to new opportunities, often creating new opportunities through unusual combination of resources and skills of risk taking. The entrepreneurs some time has to face the problems because they prepare their plans personally and create innovations and believe that they are doing the best and when the problem in the market has to be faced by them, then they suffer losses and face the rejection of their self developed ideas, innovations, inventions or creations on the basis of incomplete information and evaluation of the factors because they personally believe in strategies and plans. The success is behind the criticism because when the entrepreneur of such kind prepare plans for business before going to other persons, he himself cities his ideas, innovations, creations and plans which he develop and get the answer to check his satisfaction. The entrepreneurs of successful type take and evaluate constructive and realistic criticism of their business on the basis of past and previous plan/strategies being adopted by them and others and before adoptions to any of them constructively consider the positive and negative possibility of such adoptions.… Read the rest