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Unit 20 Enterprise (LAA) Distinction example
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Unit 20 Enterprise LAA Distinction example marked by Pearson
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Unit 20 Enterprise in ITContents
Introduction...........................................................................................................................................1
P1: Explain, using examples, the principles and characteristics that lead to successful enterprises.....6
M1: Discuss, using examples, the principles and characteristics that lead to Successful enterprises..14
P2: Perform an audit of your own entrepreneurial and IT skills, describing any skills gaps.................19
M2: Perform a realistic audit of your own skills, (explaining how any skills gaps could be overcome).
.............................................................................................................................................................22
D1: Evaluate, using examples, the principles and characteristics that lead to successful enterprises
and your own skills, justifying how any skills gaps could be effectively overcome..............................25
References .........................................................................................................................................30
Introduction
What enterprise is and what it involves
A for-profit corporation or company is known as an enterprise, but it is most
linked with entrepreneurial endeavours. "Enterprising" is a term used to
describe people who are successful in business. Legal businesses come in a
variety of shapes and sizes, with the most frequent successful enterprises
being in the United States.
, Furthermore, entrepreneurship is a skill. Simply said, entrepreneurship is a
person's or an organization's willingness to take risks. It takes a lot of courage
to start a new business. Even if the entrepreneur has done extensive market
research, there is always the possibility that clients could reject the product,
resulting in a loss. Furthermore, an entrepreneur should, demonstrate
initiative and the ability to make things happen. Entrepreneurs with the desire,
determination, and energy to overcome obstacles and create new firms are
successful, for example JP Morgan. Furthermore, entrepreneurs need to
engage in new business endeavours. This is to recognise business prospects
that will fill holes in the market, an entrepreneur needs to be imaginative.
Enterprise skills and capabilities
For example, an enterprise will need key skills such as
Creativity
Literacy in the digital age
The ability to think critically
Problem-solving
Building good partnerships with financial awareness
Furthermore, Digital literacy is one of the most recent critical skills to emerge.
With the advent of technology in the workplace and the move to a substantial
portion of commercial activity taking place online, digital literacy is quickly
becoming a sought-after skill. Because of the transportable nature of an
enterprise, it may add value to a new role by bringing a grasp of how processes
work and adapting to different systems.
Creativity is a crucial part of having a diverse skill set. Being innovative and able
to think or plan differently than your competitors is extremely beneficial to
your company's future business and brand.
,Businesses are commercial enterprises, and at the end of the day, they want to
hire people who will help them increase their efficiency and profits. When
speaking with hiring managers, having a thorough understanding of the
financial structures and processes involved in the functioning of a firm is a
critical ability to have.
Factors that make enterprises successful
Leadership, People who can focus on the large picture while directing the
details. They must not become lost in the trenches, consumed with firefighting,
or grind their own axes. They must be available for business and capable of
dynamic and compassionate leadership.
Plans that are both strategic and tactical. For example, to achieve success, we
aim to design and implement five plans.
Decisive choices. Realistic judgments about genuine goals and actual
challenges are made clearly, and timely action that is taken.
Communication that works. Making the best decision is pointless if managers
and employees continue to make poor decisions.
Quality improvement is ongoing. Customer needs are always changing, and
competition is becoming more intense. For example, a enterprise will be left
behind if they do not improve.
Production that is efficient, it all comes down to work.
Excellent customer service and marketing. Find your consumers, pull them in,
and delight them or they'll leave you for good.
Attributes of the entrepreneur
, They're forward-thinking....
They Aren't Afraid of Taking a Risk.
They're willing to put in the effort...
They know how to deal with both money and people.
They are enthusiastic about their work.
Furthermore,
Ambition and self-assurance.
Willingness to take a calculated risk.
The ability to learn from one's errors.
Respect and trust for the team
Enterprise planning
What is it?
Large firms utilise enterprise planning to consolidate and synchronise planning
across various departments, including finance, HR, sales, marketing,
information technology, and operations. Enterprise planning aims to give
planners a holistic view of the company's financial performance. Breaking
down operational silos and combining financial and operational planning
procedures is how enterprise planning does this. Enterprise planning solutions
combine data from various departments into a single source that management
may utilise to make decisions.
The purpose of enterprise planning
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