Analysis of Employability Skills in Managing Enterprise Report

This report delves into the multifaceted aspects of managing an enterprise in the 21st century, emphasizing the crucial role of employability skills for entrepreneurial success. The analysis covers various key areas, including inventory management, accounting, human resources, and customer relationship management, highlighting how these elements integrate to support business operations. The report emphasizes the importance of adaptability to change, strategic planning, and market research, including competitor analysis and customer demand assessment. The author explores the development of leadership qualities, the significance of customer retention, and the need for continuous improvement in product quality and promotion. Furthermore, the report examines the development of essential skills such as communication, problem-solving, and strategic thinking, and their impact on both business performance and personal development. The author also discusses the importance of team skills, customer service, and the ability to convert ideas into innovative solutions. The report concludes by emphasizing the practical application of these skills in real-world scenarios, underscoring their value in achieving entrepreneurial goals and contributing to a harmonious and efficient working environment.

MANAGING ENTERPRISE
IN THE 21ST CENTURY

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
Description:.................................................................................................................................1
Interpretation:..............................................................................................................................2
Outcome:.....................................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Managing enterprise helps in managing day to day process such as inventory
management, accounting, human resources and customer relationship management (CRM). It
supports how different business units works by sharing information through a shared database. It
helps in managing the organisation integrally and adapting themselves to the changes of
transformations which results in organizational development. To be the most successful
entrepreneur, one have to develop a certain set of employability skills that will help them reach
their goals for which they need to focus on nurturing various critical skills which includes
ambitious nature, willingness to learn new and innovative things, courage to take steps which are
unfamiliar, creativity which will lead to new opportunities that will be integral for future success
in very important ways. This report shows the study of various employability skills which are
being required for being an entrepreneur and developing business.
Description:
While managing an enterprise, entrepreneur undergoes different practises to achieve
some specific objectives and performs some researches about the market position (Cano and
et.al., 2017). During this, evaluation of company's performance along with competitive position
and customer demands and expectations has been performed to set the effective strategies for
expansion and development of the business. For performing this activities, I have seen that,
managers were involved in regular evaluation of the cash inflow and outflow with product
demands and selling in the market (Fleacă and Fleacă 2016). As an entrepreneur, I have also
performed research practices about strengths and weaknesses of enterprise along with evaluating
strengths and weaknesses of its competitive firms to increase the sales of the firm. I have
observed that these researches are done to maintain market position of the firm which helps in
customer retention (Sen and Heim, 2016).
While strategic planning, entrepreneur design purpose, goals and objectives for working
of business as well as sets rules and regulations along with building executive summaries for
good management. During managing an enterprise, managers set the complete plans for its
running includes financial planning, selling strategy, targeting location and customers with
understanding their needs and demands. As an entrepreneur, I have also learned about leadership
quality by framing strict laws of working (Fleacă and Fleacă 2016). I have seen that they sets the
low prices with managing good profit margins which are helpful in increasing loyal customers
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and they are highly involved in choosing the right target place for selling their goods and
services (Cano and et.al., 2017). I have also seen that managers working on improving quality
and quantity of products to increase number of sales. For developing sales, managers were also
involved in promotion of the products by advertising it on the targetted location for increasing
number of sales which is necessary for gaining profits (Sen and Heim, 2016).
As an entrepreneur, I have seen that during managing a firm, different activities has to be
managed properly, for that they have to build different effective ideas and plans which are
helpful in running business along with managing product quality, quantity and prices.
Entrepreneur also has to maintain culture which is helpful in managing workers. During
management, all these activities should be performed well to establish or to run a business to
achieve objectives and success of the firm. These helps to improve worker motivation and
increase their productivity (Fleacă and Fleacă 2016). As an entrepreneur, I have also analysed
that maintaining as customer relationship is also plays a vital role in managing a company and
also helps to maximise returns by increasing consumer satisfaction as it helps in developing
understanding (Cano and et.al., 2017). Managing an organisation is also helpful in developing
self employed skills which are essential for achieving success of the firm.
Interpretation:
For me the most significant aspect of managing an enterprise is development of business
ideas and planning along with market research about customers and competitors. With the help
of these, I have developed my market knowledge and thinking skills along with developing my
understanding skills (Sen and Heim, 2016). Previously I thought that establishing a business and
managing it throughout is very easy process but later on I realised that we have to perform
multiple difficult tasks to establish and manage an enterprise (Fleacă and Fleacă 2016). For
these, practises like researches and planning are important along with implementing
improvements in the qualities of the products to develop sales and to retain loyal consumers
which is important for gaining profits. I have undergone such practises for managing my
enterprise, I have researched about current market position of my entity along with
understanding demands of my products in the market (Sen and Heim, 2016). With performing
research, I have improved my decision making and planning and marketing. After researching, I
have undergone strategic planning in which I have designed plans for budget, production and for
its promotion and also sets a different rules and regulations of working. Due to these strategic
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ideas, work can be done fast and effectively. Strategic planning are important for running of
business as it gives the direction to the workers and helps to increase productivity and motivation
of the employees towards work (Lee and et.al., 2016). These ideas helps to build working
priorities and to set deadlines for work done which improves time management of the
employees. As an entrepreneur, with these qualities, I have developed my leadership quality by
setting strict rules for the workers (Cano and et.al., 2017).
For managing my company, I have also managed the culture or environment at workplace
which helps to motivate my employees to work effectively, ultimately which leads into
increasing productivity of my business to attain the success at higher rate and also manages the
working of my business (Hutchinson and et.al., 2015). At first I have also thought that retaining
customers can be done easily, but subsequently I noticed that satisfying customers is very hard,
to fulfil their needs and expectation, a high potential and patience is needed throughout whole
process. These also includes managing a customer relationship to improve understanding to meet
their demands (Lee and et.al., 2016). As an entrepreneur, I have also arranged a customer service
team to understand their needs along with answering their queries and to fix their issues
regarding goods and services provided to them. These has been helped me to gain good
communication skills along with building my confidence (Fleacă and Fleacă 2016).
I have recognised that managing an enterprise helps to develop multiple skills which are
also useful in managing regular life style. For maintaining market position and retaining
consumers, it is also very essential to develop quality and quantity of the product which can only
be done till an extent. After that it becomes very difficult to implement more improvements. As
an entrepreneur, I found it to be very hard to improve a good quality product (Hutchinson and
et.al., 2015). With researches, I have also observed that demands, preferences and expectations
of the consumers has been increased every time they purchase something. They always wants an
improve quality product. With these I have understand that changes and improvements are
necessary to be done to satisfy consumers.
As an entrepreneur, I have developed employability skills which are decisive factor and
are important for contributing to harmonious and efficient working environment. As they hold a
paramount place in today's environment these are to be necessarily adopted by an entrepreneur
like me, for enterprise development (Hutchinson and et.al., 2015). In my enterprise management
programme I have learnt to work in a team by going through projects assigned in a team and has
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helped me in developing team skills through which I have now developed leadership skills which
helps in developing efficient working environment (Lee and et.al., 2016). Communication skills
helped me in gaining confidence to talk to clients and others face to face flawlessly and putting
forward my opinion and making them understand my points. I learnt to solve problems and
overcome the hurdles which came in my way of setting up business and finding solutions
efficiently through my seniors. As an entrepreneur I have acquired knowledge to convert an idea
into innovation by applying creativity and putting that idea into action is a skill which has to be
developed effectively for reaching the desired goal (Kumar and Panicker, Wipro, 2018).
Employability skills have helped me in thinking strategically and managing time effectively and
efficiently by creating milestones and their proper execution as it would not be possible for
managing the project without proper time allocation. Growing Networks has helped in finding
more business opportunities around me such as collaborations, venture, etc., entering into which
can expand my business and open more doors of success along with accomplishment of my goals
(Litvaj and Stancekova, 2015).
Outcome:
Having analysed these processes of management of an enterprise I have learned from the
research practises and strategic planning, due to which I have developed my understanding
towards the need of business for its expansion, demands and expectation of the customers along
with understanding its competitive position in the market (Kumar and Panicker, Wipro, 2018).
Due to this, I have experienced that strategic planning is essential for maintaining its competitive
position and for increasing number of sales meanwhile increasing loyal consumers to develop
business (Litvaj and Stancekova, 2015). Additionally, I have significantly gained market
knowledge with performing these researches. Along with this, now I have also improved my
thinking skills which can be implemented towards business expansion and are helpful in framing
strategic planning for working of an enterprise (Lee and et.al., 2016). Most importantly, with
these skills, it is very easy for me to start a new business or to develop a business. These
enterprise management techniques are useful to me as a practitioner because these are very
useful for running an enterprise (Hutchinson and et.al., 2015).
As an entrepreneur, I have managed an enterprise which have helped me to learn and
develop number of qualities within me which can be execute in my daily life also. These
managing techniques also helped to become self employed (Litvaj and Stancekova, 2015). Due
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to all these activities I have improved such qualities due to which I gain the ability to establish a
new and fresh business or can run a complete business. These has also given me the leadership
qualities which are very helpful in organising daily working schedules and in leading a team or a
company. Managing an enterprise also helped me to gain confidence along with improving
patience, motivation and understanding. These managing elements are also useful to gain
knowledge which helps to develop thinking skills and creativity (Hutchinson and et.al., 2015).
Besides all the above mentioned skills which I have developed for growing myself and
my future, the additional quality which have dominated my mind is the enhanced analytical skills
which becomes important when analysing the market trends. This skill has enabled me to focus
on each and every aspect of the business which will eventually help me in contingency and
strategic planning and will intensify my logical thinking ability (Kumar and Panicker, Wipro,
2018). Apart from this, the strong leadership quality has driven me towards the career goals and
inspired me to personify the company objectives as well as opened the new ways of running the
business successfully. The management process has allowed me to understand the significance of
solving the complex problems as a strategic planner for meeting the future uncertainties (Litvaj
and Stancekova, 2015). Thus my problem solving ability has strengthened which has not only
made me stronger to handle the obstacles but also taught the efficient means of aligning the
business goals with the strategic planning. The management techniques has empowered my
brainstorming ability which will help me in meeting the customer's needs and demands. It has
manifested the new way of looking at the business concept and understanding its existence.
These all skills will go a long way not only in shaping my personal experience but also in
establishing the business across the world and trading globally (Lee and et.al., 2016).
CONCLUSION
It is being concluded from the above report that the business management can develop
number of different qualities and can explain how an innovative and creative idea can lead to
successful business. It is also mentioned that by learning and applying certain sets of skills,
which has helped me as an entrepreneur to fulfil my targets and goals. As an entrepreneur,
managing an enterprise can help succeed in business by learning to work as team, planning and
organising project plans by making an outline as desired and making appropriate decision which
leads to completion of target, is also being mentioned. Moreover, this report also focuses on
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different development criteria such as being ambitious, optimistic, opportunity seeker, etc. which
has helped me in self- employment and enterprise development.
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REFERENCES
Cano, I. And et.al., 2017. Curator: Self-managing storage for enterprise clusters. In 14th
{USENIX} Symposium on Networked Systems Design and Implementation ({NSDI}
17) (pp. 51-66).
Fleacă, E. and Fleacă, B., 2016. The business process management map–an effective means for
managing the enterprise value chain. Procedia Technology, 22, pp.954-960.
Hutchinson, R. and et.al., 2015. Methods and systems for managing enterprise assets. U.S.
Patent 9,047,582.
Kumar, S. and Panicker, J., Wipro Ltd, 2018. System and method for managing enterprise user
group. U.S. Patent 9,910,880.
Lee, D., and et.al., 2016. Method and system for managing enterprise-related mobile calls. U.S.
Patent 9,379,909.
Litvaj, I. and Stancekova, D., 2015. Decision-making, and their relation to the knowledge
management, use of knowledge management in decision-making. Procedia economics
and finance, 23, pp.467-472.
Sen, R. and Heim, G.R., 2016. Managing enterprise risks of technological systems: An
exploratory empirical analysis of vulnerability characteristics as drivers of exploit
publication. Decision Sciences, 47(6), pp.1073-1102.
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