Sports and Entertainment Management - Essay Example

For instance, we found out how important liquidity is for a company. Also, we have studied about various rules and principles that help pave a way towards success but rarely do we talk about the element of luck involved. There are many times when we are not sure whether we have taken a right decision and only time can unravel the truth. Some decisions turn out to be very fortunate while others turn out to be otherwise. The financial crisis of 2008 hit many businesses, large and small, and it was just bad luck for those businesses.

It was not any fault on their part that they happened to be in such a dire situation. The most interesting aspect of this presentation, for me, was the emphasis on the formation of an effective team. Mr. X is a man of great skills. His academic qualifications may not be of the level that one expects from such a person but it is no secret that he is a man that possesses very important skill of creating and managing teams. He has the ability to multiply the size of any business that is handed to him.

It is very important for a leader to assess the abilities of the members of his team. He needs to pick those people who can achieve something by working hard for it rather than just being lucky to have achieved it. The team members should also have an involvement in the decision-making process so that they can be more motivated and interested in doing what is asked of them. Further, the leader can never be complacent and must be active at all times. No one can be perfect and a good leader always looks to find out his weaknesses and of ways to overcome them.

We are living in world which is changing so fast that a business always needs to investigate the effectiveness of its current strategy. The changes in technology are continuously putting the tastes of people in new moulds. This highlights the point that a business always needs to be aware of the changes in the tastes of its customers. The respected speaker currently belongs to the field of ice skiing and snowboarding. It is extremely hard to entice people to visit Canada and ski. However, there is a class of people that can afford to do this.

But the problem is that as more and more gadgets are available for use at home, the interest in outdoor activities is diminishing. There is an overall decline in the world of sports due to this fact. Therefore, in order to establish whether one can be interested in skiing, a lot depends on how the individual is brought up. In the presentation, it has been emphasized that a leader should always be vigilant. It seems a very useful tip for a leader but it can also have a negative impact. A leader who is always looking for high standards might get too excessive in his approach.

His constant concern with how the work is being done might irritate his team members and might make them think that he does not trust their abilities. The team members might take a lot of stress due to this excessive supervision which can have dire effects on their work. In my view, Mr. X is quite an autocratic leader because he defines very clearly what is expected from his employees, and holds the authority to make final decisions. It can be clearly seen from this presentations that when he asked his employees to give their “absolute best forecasts”, they were “incredibly conservative” when they gave him their numbers.

This made me think why the employees that were “business people and finance people” did not give their honest opinions? This might be due to the fact that they were afraid that their boss would want more from them and they would be brought under pressure to deliver. It might have happened that they deliberately gave low forecasts so that they would not be