Strategic Management and Business Policy - Essay Example

Running Head: Strategic Management and Business Policy Strategic Management and Business Policy There have been many thoughts upon management, and how they are dealt with. There are real managers out there, who gain success with the use οf education upon their managerial and entrepreneurial skill; they believe that common skills οf their managerial techniques are taught with education. Barbara Elmore states, by combining challenging education skills with new active involvement among emerging ventures, entrepreneurs are able to acquire a "well-rounded" knowledge base, which prepares them for the diverse competitive marketplace (Elmore 2005). By the use οf education in conjunction with entrepreneur, they are able to gain a broader view οf how the "real-world" is organized, furthermore understanding the correct steps in decision making. A Pro-quest article states that people with education who want to become an entrepreneur, take the risk οf owning or controlling a business because they use their knowledge to ensure promising business opportunities (Anonymous, 2005). It is well understood that people who have well educated skills acquired from tertiary education, become entrepreneurs to turn their dream and vision into action. Knowledge gained by education consists οf guidance, and not to tell you what to do in life. Most successors who take this into considerations have broader views and more information on how to succeed in life. Although what education from class may not be true, or mean anything towards their view, it is solely up to the person him/her self to use the techniques that they have learnt through education. In 1913, Henry Ford, the founder οf 'Ford Motors' used his educated knowledge for mass producing cars, which increased production greatly, as well as decreased the cost per car by two-thirds (Jones, et al, 2000). Henry Ford introduced the 'classical scientific theory' (established by Frederick W. Taylor) towards his manufacturing company. With the use οf this theory in which he implemented, he experimented to discover the most efficient way that each worker performed in their one specialized task (Jones, et al, 2000). Although each process was very repetitive, production for cars grew, and costs were cut down which made Henry Ford a huge success person within the car production industry. With such an innovative idea which Henry Ford implemented, through the use οf the 'classical scientific management theory', Henry Ford became one οf the biggest entrepreneurs in the history οf car manufacturing. Another great entrepreneur who used his educated skills greatly is Stewart L. Tubbs. Tubbs is the author οf the book "Leadership: Communication, Innovation and Change". Tim McGraw Quotes "He was the dean οf the College οf Business at Eastern Michigan University. He received his doctorate in communication and organizational behavior from the University οf Kansas. His master's degree in communication and his bachelor's degree in science are from Bowling Green State University. He has completed postdoctoral work in management at Harvard Business School, the University οf Michigan, and Michigan State University." (McGraw 2002) Although Tubbs is only an author for the McGraw publisher, is had many success stories οf how he become the person he is currently. Tubbs has used his widely well educated skills and been named outstanding teacher 3 times, as well as being an outstanding scholar twice. He has also consulted with over 500 companies have has achieved more than he ever could wish for (McGraw 2002). Along with education purposes, they are able to extensively use educated skills gained by academic classes/buildings, in order to support their decisions in which they make to become their own entrepreneur. In Tubbs case, Tubbs took his knowledge to pursue his goals in life. Donald Trump, the famous successor from his real estate skills as well as being famous for the TV show, The Apprentice, one οf the world's most successful entrepreneurs. Donald Trump believed that his father was his mentor in the path he pursued. After studying Wharton Business School, he then began his career with his father upon their real estate business for five years and generated 'extreme' profit deals. His dad quotes "everything he touches, turns to gold" (Woopidoo.com). Donald Trump then took off to Manhattan and started off his career there. After years οf work, he is able to acquire some οf the most exclusive properties around the city. Donald then starred in his own TV show called the Apprentice, which became one οf the worlds biggest hit watched by millions οf people (Woopidoo.com). Donald Trump uses his skills which he learnt from Business School in conjunction with his work, currently one οf the biggest successors amongst all entrepreneurs. By looking at the three examples shown by three very different people, who all lead into success, there are many other entrepreneurs that followed in the path that Henry Ford, Stewart Tubbs as well as Donald Trump pursued. These are why most businesses and larger companies hire more experienced as well as better educated people to join their staff. Some businesses also require most applicants to gain academic knowledge before they are able to be promoted to the next level οf management/supervisor. William F Crittenden states that it is necessary to educate someone before developing them into a manager position, which requires higher risk taking decisions for the company. It is vital for the student to be prepared for what he/she does thus creating enthusiasm as well as higher expectation οf that person (Crittenden 2005). On the contrary, there are also many successful entrepreneurs that did not require academic education in order for them to pursue in their dream. These people believe that they have a 'gut instinct' or intuition οf how their business should be progressed. Most definitions οf entrepreneurs, explain what they are, and what they do towards the organization. Rarely do they state that it is necessary for them to have academic knowledge in order to gain proper control οf their specified job task. Dixon O. Torimiro and Erlina A. dionco-Adetayo carried out an experiment upon children growing up with their parents who conduct entrepreneurial activities. It was interesting to observe the fact that the children had favorable involvement in entrepreneurial activities similarly towards their parents (Torimiro, et al 2005). Entrepreneurs who grew up in an entrepreneurial family will often carry out the same trait that is, by growing up with knowledge passed down from family, and influences the child themselves. This statement is then backed up with the saying "Like father, Like Son". Such an example οf an entrepreneur who succeeded with no form οf academic education is Richard Branson. Richard Branson, founder οf Virgin attended school at 'Stowe School', where he established a national magazine entitled Student at the age οf sixteen (askmen 2000) Richard Branson then started a Student Advisory Centre at seventeen, striving to help young people. At the age οf twenty, he founded Virgin as a mail order record retailer and a short while later; he opened a record shop in Oxford Street, London. In 1972, a recording studio was built in Oxford shire where the first Virgin artist, Mike Oldfield, recorded "Tubular Bells", later released in 1973 (askmen 2000) Years later, in 1984, Richard Branson established 'Virgin Airlines' and now is one οf the most successful airlines nationwide. The airline was founded on the concept οf offering competitive and high quality first class and economy services. The airline holds many major airline awards and recently earned "Airline οf the Year Award" for the third consecutive year (askmen 2000). Richard Branson is now one οf the most successful entrepreneurs that didn't require any form οf academic education in order to pursue in his goal. Although he succeeds in his goals and dreams, he is also able to keep his employees happy and committed to working for him, and appears in many management textbooks. William H. Gates (otherwise known as Bill Gates) is the chairman as well as the CEO οf the company 'Microsoft', Mr. Gates attended public elementary school at 'Lakeside School', it is at elementary school where he discovered his interest upon programming with computers at the age οf 13 (Microsoft 2005). Throughout his life, he attended University at Harvard where he developed a version οf the programming language for the microcomputer called 'The MITS Altair'. Mr. Gates then decided to leave Harvard within his early years and devoted his life towards Microsoft, where he then pursued his entrepreneurial business (Microsoft 2005). After many years οf succeeding his dreams and goals, which was to see the desktop computer as tool on every household, he continually works harder to produce better products for the general public. Mr. Gates is by far the richest man amongst the whole world. After success within his organization, Mr. Gates required no academic education to pursue his dreams, it is stated that he left Harvard University in his early years. Bill Gates also earns his reputation from his innovative ideas. John Markoff reveals that Mr. Gates will introduce many different innovative products that will continually οf all kinds, especially businesses. But the only thing that affects Mr. Gates in taking his decisions, is due to the reasons οf the market being large to expand upon, with so many competitors out in the field already, it would be difficult for Mr. Gates to succeed. (Markoff 2005) But nothing will stop Mr. Gates from trying to expand his products; this is why he becomes so successful in his entrepreneurial skills. With the three examples given, it is possible to argue that it does not take education to be a successful entrepreneur. All three examples οf very different people have all succeeded in the same path that is, achieving their goals and dreams without the need for academic education. Through the use οf common sense as well as background knowledge for their professional skill, each one οf these individuals owns a huge success for themselves as well as the general public. There are also many individuals which followed the footsteps οf these huge successors. A good example οf this statement would be Mr. Mathew Pak's success story. Mathew was born in Vietnam, Saigon, Ho Chi Minh City, where he was raised up with his parents as well as 3 other siblings. Throughout his years οf youth, he decided to leave school at the age οf 15 to pursue in a business with selling cow skin in order to earn a bit οf pocket money. Mathew then became successful and was able to support his family with luxuries in the third world country. Years later, Mathew got married and decided to migrate to Australia. With the lack οf the English language, he decided to take English educational classes in order to cope with the foreign country. After he become adequate with English, he decided to use his entrepreneurial knowledge and experience that he already gained from his past and opened his own clothing manufacturing company. After years οf hard work, he was able to expand towards retail stores; selling women's clothing as well as accessories targeting women aged 13-45. Mathew Pak's company SISCO is running successfully Australia wide. Owning and managing over 23 stores as well as his own manufacturing company in China, Mathew Pak was able to set his dreams and his goals into reality. (Sisco 2004) Through the use οf Mathew's life story, it is possible to say that any person (regardless if they are famous or not) can be an entrepreneur, regardless to Mathew's lack οf education; he was still able to follow his goal and becoming successful with SISCO. At this point, experience serve much better than education. A true life experience, Mathew managed his business from the knowledge he gained from selling Cow Skin. He then was able to implement his own experience οf entrepreneurship, to support him in another foreign country in order to become a successor in his own views. Although all the examples given upon these huge entrepreneurs, what conclusion does this bring? Or which is the better successor? There are no real answers to these questions because they all have pursued with their dreams and goals in their life regardless οf education. It is unfair to say that entrepreneurs can manage an organization better through the use οf academic education, but it is also poor to say that 'gut-feeling' or intuition is the success οf all entrepreneurs, which brings the statement to a stalemate. So what is the real answer to success? From an entrepreneurial point οf view, to become successful he/she will need to have the adequate information and background knowledge depending on which department they are in control of. It is not always important to gain knowledge from academic studies such as universities, but to take advantage οf it if the knowledge is present. For example, Henry Ford implemented his studies upon Frederick Taylor's theory in order to gain success within his industry. Compared to Bill Gates unfinished education at Harvard University, they both became rich and famous for the steps they have fulfilled. It is also adequate enough to say that through the research οf this essay, entrepreneurs that have not used academic education towards their business will most probably outsource another person to gain third person views. That is, hiring someone from outside the company in taking their advice in the problems they question them. So at some point, education may not be needed to make the final decision, but it will always help if the person who wishes to run a business properly and successfully, they should never stop educating themselves upon that task. Entrepreneurs should always allow other view's, which may or may not affect they final decision into consideration. It doesn't hurt to gain knowledge, but it is a competitive advantage if you do have knowledge. Academic Education such as University teaches and prepares students up with knowledge they may use to support their final decisions in their future. If these people such as Branson and Gates attended as well as finished tertiary education, would they have gone further than what they are now? Answer would be yes, because they were inspired since they were young. They had followed their intuitive feelings as well as following their visions οf what they wanted to be, and how they wanted to succeed within their life as entrepreneurs. In conclusion, although there are many successors with and without education, there is no real side that is most agreeable. Each and every individual will have their own different thoughts and values upon the each view. But it is possible to say that whether you have or don't have the academic education, the real success οf being an entrepreneur, is to gain the true determination οf how the organization/company would progress, and how will the decision made affect the organization. It is also fair to say that not all entrepreneurs use education towards their company within every single decision they make, but at some point, they will require to use information to assist them within their final decision, whether it will require them to be educated within a business college or university, or rather to outsource the information, which will save time and money in the short-term, but be quite costly towards the organization in the long term. Reference List Askmen (2000) Richard Branson's Biography viewed on 8/5/05 < http://www.askmen.com/men/december99/6c_richard_branson.html> Crittenden, W. F. (2005) Journal οf Business Research Elmore, B. (2005) Entrepreneurship at Baylor, Jones, G. R. George, J. M. Hill, C. W. L. Contemporary Management 2nd Edition McGraw-Hill Companies, United States Stoner, J. A. F (1982) Management 2nd edition Prentice Hall, United States. Markoff, J. (2005) New Microsoft Products Aim To Take Ground From Phones http://proquest.umi.com/pqdweb?did=805010081&sid=2&Fmt=3&clientId=8429&RQT=309&VName=PQD McGraw, T. (2002) Leadership: Communication, Innovation and Change http://doi.contentdirections.com/mr/mgh.jsp?doi=10.1036/0072845872 (Site found by www.scholar.google.com) Microsoft Organisation (2005) Biography on Bill Gates < http://www.microsoft.com/billgates/bio.asp> Torimiro, D. O. Dionco-Adetayo, E. A. (2005) Children involvement in entrepreneurship in rural communities: an attitudinal analysis http://proquest.umi.com/pqdweb?did=825018701&sid=18&Fmt=2&clientId=8429&RQT=309&VName=PQD Woopido.com Biography on Donald Trump < http://www.woopidoo.com/biography/donald-trump.htm> SISCO, (2004) Sisco (family based company) Information can also be found at www.sisco.com.au/layout Read More