Management of Nichepreneur - Assignment Example

? Week 6 DQ Response Week 6 DQ Response When an organization invests in its community, it gives back to those who have supported the firm’s growth. Every business house has the primary responsibility to support the struggling classes of the society as they also contribute to the public good. When a business struggles financially, it cannot support its community by providing money. Under such circumstances, firms may invest their time to support local organizations that are able to use firms’ different skills. The act of giving back to community has a wide range of tangible benefits like deduction on income tax and intangible benefits including rise in customer loyalty. In addition, volunteer groups and other non-profit organizations also work to support struggling sectors of the community. Such volunteer groups have a crucial role to play in abolishing social class systems and improving living standards of the society. Multinational corporations like Wal-Mart and Toyota allow its employees to take part in volunteer work so as to increase the stature of their business. 2. Simply, a Nichepreneur is an individual who operates big business in a small market. A Nichepreneur has several secrets and strategies, which would place him on the top of the market segment in which he operates. Sometimes, Nichepreneurs do not even try to compete in particular niches as they have already dominated against corporate giants having huge budgets and highly qualified PR teams. An effective tagline is one of the major secrets of success of a Nichepreneur as it is the way a customer identifies the company. In the opinion of marketing experts, the tagline must be too creative and should pass some strong messages to customers. Similarly, a Nichepreneur often focuses on the cultural aspects of the niches as he serves the needs of a specific group of people. According to Friedmann (2008), fewer competitors, higher efficiency, attractive profitability, and increased visibility are some of the most significant benefits of a Nichepreneur. 3. Developing a career plan is significant in an individual’s life, for it will assist him to work for attaining the predetermined goals and thereby to achieve a good standard of living. A well organized long term career development plan is greatly beneficial for an individual to obtain job promotion by enhancing his skills and abilities. In addition, this plan would greatly motivate individuals to deal with life difficulties as well. Moreover, a good long term career development plan may aid an individual to achieve financial security and thereby quality life (Professional growth). When a post-graduate MBA student enters the employment sector, he gets a range of quick start opportunities. Successful completion of the first assigned task may greatly assist the student to start his career outstandingly as every management team would be enthusiastic to monitor the performance of its new employees. In addition, development of a creative idea for a business venture would also assist a post-graduate MBA student to begin his career. 4. Master of Business Administration (MBA) is a post graduate degree that has been accepted globally. The idea behind this degree was derived from the need of applying a scientific approach to business administration. This degree in business administration greatly assists the holder’s career for long-term as an MBA course involves a wide variety of subjects like accounting, finance, marketing, economics, supply chain management, and project management. The MBA degree course includes training programs and it will definitely aid an individual to enhance his leadership skills. In addition, various projects, presentations, and group assignments would greatly assist an individual to acquire different skills for addressing difficult business situations in future. Scholars opine that group assignments and project works may be beneficial for the student to evaluate the principles of teamwork and collaborative effort. Furthermore, this degree course will help the student to develop business ideas that may help him to begin his own business venture in future. In short, the MBA degree course would develop the inherent skills of an individual, offering him a highly reputed and financially stable career. 5. In the words of Lapin (2010), despite the difficulties like higher unemployment rate and increased public distrust of business executives, the MBA degree sector is still alive, and business organizations keep their doors open to MBA degree holders. It is advisable for the post graduate MBA students to take advantages of personal relations, particularly of friends and relatives, to achieve success in the labor market. In the opinion of Tahmincioglu (2008), individuals can easily make use of social media relationships (for instance, facebook) that would aid them to attain better employment. The author also advises individuals to make themselves well know in an industry by preparing articles for trade publications or by authoring a blog. Similarly, right resume is also a very important element for seeking better career for an MBA degree holder as the efficacy of document determines the student’s entry to a new employment. In the view of Allen (2001), it is recommendable for individuals to list their carrier achievements, awards, and goals met in way that may evoke emotions in the reader (p.8). Finally, better interview performances and willingness to work for lower initial salaries will aid a post graduate MBA student to find a best carrier option immediately. 6. An individual must be well aware of his potentialities so that he can easily and quickly find his areas of interests. While choosing a career option, an individual must focus more on his personal interests rather than financial gains. According to Tella, Ayeni, and Popoola (2007), psychological studies clearly indicate that job satisfaction is an important element in determining the productivity of an employee. When an individual is forced to choose a career, which does not meet his personal interests, he would be reluctant to bear worksite responsibilities. Such barriers may prevent a person from reaching heights. In other words, inappropriate career selection will certainly stunt the future of an individual. Therefore, one must select career on the basis of one’s mental preferences although the chosen career yields less economic benefits. References Allen, J. G. (2001). The Resume Makeover. New York: John Wiley and Sons. Friedmann, S. A. (May 2008). Riches in niches: Small market success. Indus Business Journal. Retrieved from http://www.indusbusinessjournal.com/ME2/Audiences/dirmod.asp?sid=&nm=&type=Publishing&mod=Publications%3A%3AArticle&mid=8F3A7027421841978F18BE895F87F791&tier=4&id=48EB272383814C9E8FA454948956709B&AudID=EEB7C7075C2E462F969310BCC0CAA619 Lapin, N. (06 August, 2010). MBA student find job prospects are improving. CNBC. Retrieved from http://www.cnbc.com/id/38596176/MBA_Students_Find_Job_Prospects_Are_Improving Professional growth. (January 2005). A Workbook for Planning Personal Development, 1-24. Retrieved from https://ag.tennessee.edu/eesd/Documents/StaffDevelopment/UT%20Extension%20Professional%20Growth%20_%20Development%20Plan.pdf Tahmincioglu, E. (03 March, 2008). How job seekers can get their foot in the door. MSNBC.com. Retrieved from http://www.msnbc.msn.com/id/23352839/ns/business-personal_finance/t/how-job-seekers-can-get-their-foot-door/#.Trt3ivRxHvM Tella, A., Ayeni, C. O & Popoola, S. O. (2007). Work motivation, job satisfaction, and organizational commitment of library personnel in academic and research libraries in Oyo state, Nigeria. Library Philosophy and Practice 2007. Retrieved from http://unllib.unl.edu/LPP/tella2.htm Read More