Businesses that Opened and Folded and the CEO Position

Management 101 Assignment Week 3
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Management 101 Assignment Week 3
1. Identify some businesses that have recently opened in your area. What are their chances of survival and why? How would you advise the owners or managers of those businesses to enhance their success?
Several coffee shops have opened in my area. The chances of survival are minimal because of the stiff competition. There is a huge market for coffee shops which has attracted more businesses in the area. To enhance the success of the businesses, I would advise managers to motivate their workers. Motivated staff will work towards achieving the business’s objectives. Secondly, I would outline the importance of enhancing customer relations. In any business setting, customers are important because they are the reason a business exists. The managers must put on measures to ensure clients are served efficiently. They should handle all customer concerns quickly.
2. Identify a business that recently folded. What were the causes of the failure? What could have been done differently to prevent the failure?
The business folded because of demotivated employees, leading to a decline in productivity. The management was not treating the workers well. The managers would use verbally abusive words while addressing the workers. As a result, some key employees left the organization for their competitors. The high employee turnover rate meant the business had to incur high costs to hire and train new employees. The new staff could not relate well with the loyal clients. Within six months, the business lost most of its clients. The sales declined to lead to massive losses. The recurrent costs escalated beyond the ability of the business to meet them. The management decided to close down the business to avert more losses.
3. What are some advantages and disadvantages of being in the CEO position?
Being a CEO is advantageous because it allows an individual to be a major part of projects that change the direction of an organization. CEOs can determine society's culture by determining the kind of products that should be produced. Secondly, the position comes with better remuneration and bonuses. CEOs tend to be the highest-paid individuals, ...