In today’s world, there is lot of competition in between existed entities and the reason behind that is to show their dominance. But this dominance attribute is not rose today but it exists since ancient era. And at that time kings of particular region were quite adamant to win the other regions too so they adopt disastrous ways to succeed. But now things are totally changed, now this dominance is shown by change in self with view of welfare of people.

And this change transforms into innovations and innovations are the one which makes the particular entity different from others.  Success requires leaders who are passionate about innovations and they know how to motivate their employees. And once the people like that innovation then that particular entity becomes dominant.  And matter of the fact is that an innovation can make established products obsolete.

And Research and Development facilitates the whole process. In R&D there are investigative activities that a business chooses to conduct with the intention of making discovery that can either lead to the development of new products or procedures, or to improvement of existing products or procedures. Research and Development consists of four types of activities:

• Basic Research: Basic research is original experimental work without a specific commercial aim, frequently done by universities.
• Applied Research: Applied research is original experimental work with specific aim.
• Product Development: Product development is the improvement and extension of existing products.
• Process Development: Process Development is the creation of new or improved processes.

Basically ideas of new products are arisen by interactions with scientific research, demand conditions and competitive conditions.

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“When a truth is necessary, the reason for it can be found by analysis, that is, by resolving it into simpler ideas and truths until the primary ones are reached.” – Gottfried Leibniz

Analysis is breaking the data or information into its component parts for systematic evaluation and examination. When we talk about the business area then it diverges itself into various subareas of business. I’ll cover important of them in brief along with their respective significance.

Financial Analysis:

If an organization wants to invest in something with satisfactory profits then an organization’s first step towards this is to check and analyze its stability, liquidity, and solvency. And these all organization will get from analyzing the finance. It even evaluates the organization’s budgets, projects and other business entities for suitability for investment. It also estimates future performance of an organization by deriving conclusions from past performances.

Financial statement is an important aid to financial analysis because financial statements provide a summarized view of the financial positions and operations of the firm. Basically focus of financial analysis is on key figures in financial statements and the significant relationship that exist between them. And ratios are the one which is used to compare the risk and return relationships of firm. So ratio analysis is the mandatory thing inside financial analysis.

Business Analysis:

Business analysis helps the organization by identifying the needs and recommending solutions to business problems. Generally business analysis collaborate with various stakeholders of the organization to define and implement the solution of given business problems. Now days change is the thing which an organization needs to continuously deal with because of tense competition in between the organizations. And in that case business analysis becomes significant as it involves taking information gathered from different sources and analyzing the information so that a forecast of the future trends can be made. This will aid in generating ways to improve business strategies, business operations and making smart business decisions.

Understanding the customers and other facets of the organization is mandatory for having existence in this competitive market. Significance of business analysis is that it ensures that the decisions that are made beneficial for the business and diminish incidents of unrealistic expectations which could later on result in disappointments.

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The concept of Big Five personality model is taken from Psychology and includes five domains that describe personality. This model is the most stable model and it represented a significant advance in personality theory. Personality traits are always plays an important role in management as it drives employee behavior.

Big five model derives from analysis of data which contain number of interesting findings about personality and have allowed researchers to identify some major patterns in humans personalities. And matter of the fact is that generalization of big five model doesn’t (mandatorily) apply to all humans even though the average of people have that patterns. Basically this model is assumed to represent the basic structure behind all personality traits.

Now, the following are big five factors:

• Extraversion: The extraversion dimension captures our comfort level with relationships. Extraverts tend to be gregarious, assertive, and sociable. Introverts tend to be reserved, timid, and quiet.
• Agreeableness: This dimension refers to an individual’s propensity to defer to others. Highly agreeable people are cooperative, warm, and trusting. People who score low on agreeableness are cold, disagreeable, and antagonist.
• Conscientiousness: This dimension is a measure of reliability. A highly conscientious person is responsible, organized, dependable, and persistent. Those who score low on this dimension are easily distracted, disorganized, and unreliable.
• Emotional stability: This dimension – often labeled by its converse, neuroticism – taps a person’s ability to withstand stress. People with positive emotional stability tend to be calm, self-confident, and secure. Those with high negative scores tend to be nervous, anxious, depressed, and insecure.
• Openness to experience: This dimension addresses range of interests and fascination with novelty. Extremely open people are creative, curious, and artistically sensitive. Those at the other end of the category are conventional and find comfort in the familiar.

Employees are sometime tested on the big five personality traits in collaborative situations to determine what strong personality traits they can add to the group dynamic. Knowing about personality traits of employees is as important as knowing about operations and processes because through that mode employer able to know well about employees ability for performing organizational activities.

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Y2K is an abbreviation for “year 2000” that caused problem in dealing with dates beyond December 31, 1999. Actually it was a problem for both digital and non-digital documentation and data storage situations which resulted from practice of abbreviating a four digit year to two digits. And that flaw, faced all over the world on January 1, 2000.

Y2K problem is also known as ‘millennium bug’ and the letter ‘K’ in Y2K stands for kilo is used to represent the number 1000. In 1960s computer engineers used two-digit code while writing the computer programs.  For example instead of date reading 1999, it read 99. Computer engineers shorten the date because data storage in computers was costly and took up lot of space.

And as year 2000 got nearer, computer programmers realized that computers might not interpret 00 as 2000, but as 1900. And matter of the fact is that the activities that were programmed on a daily or yearly basis would be damaged or flawed. As December 31, 1999, turned into January 1, 2000, computers might interpret December 31, 1999 turning into January 1, 1900.

And its consequences were that banks which calculate interest rates on a daily basis faced real problems. Centers of technology, such as power plants, were also threatened by Y2K bug because power plants depend on routine computer maintenance for safety checks. Airlines were put at risk, as computers with records of all scheduled flights would be threatened after all.

Realizing this and a host of other problems, a relentless battle to meet the Y2K challenge has been launched all over the world.

In fact it is claimed that Y2038 is so bad it could be worse than Y2K. It could cause major issues for any computer systems. And if the computer systems are upgraded in time then we able to protect ourselves from Y2038 occurrence.

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“Personality is an unbroken series of successful gestures.” – F. Scott Fitzgerald

According to the Gordon Allport (one of the founding figures of personality psychology) defines personality as the dynamic organization within the individual of those psychophysical systems that determine his/her unique adjustments to his/her environment.

Personality is enduring characteristics that describe an individual’s behavior. Research has shown that personality tests are useful in hiring decisions and help people forecast who is best for job. And matter of the fact is that through personality testing an individual can know about his/her personality and make modifications according to the future needs and requirements.

Measuring personality is through self report surveys, with which individuals evaluate themselves on a series of factors. Observer rating surveys provide an independent assessment of personality. And a combination of self report and observer reports predicts better than any one type of information.

The Myers – Briggs Type Indicator

The Myers-Briggs Type Indicator (MBTI) is the most widely used personality assessment instrument in the world. It is 100-question personality test that asks people how they usually feel or act in particular situations. Respondents are classified as extraverted or introverted (E or I), sensing or intuitive (S or N), thinking or feeling (T or F), and judging or perceiving (J or P). These terms are defined as follows:

• Extraverted (E) versus Introverted (I). Extraverted individuals are outgoing, sociable, and assertive. Introverts are quiet and shy.
• Sensing (S) versus Intuitive (N). Sensing types are practical and prefer routine and order. They focus on details. Intuitives rely on unconscious processes and look at the “big picture”.
• Thinking (T) versus Feeling (F). Thinking types use reason and logic to handle problems. Feeling types rely on their personal values and emotions.
• Judging (J) versus Perceiving (P). Judging type wants control and prefers their world to be ordered and structured. Perceiving types are flexible and spontaneous.

These classifications together describe 16 personality types, identifying every person by one trait from each of the four pairs. E.g. INTJ, ENTP etc.

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In economics, the general definition of inflation is sustained increase in the general price level of goods and services in an economy over a period of time. Now, when we talk about this then the general population gets scared of increasing price levels of goods and services. But instead of scaring, we need to understand what are the forces behind this hike first.

Let understand inflation more clearly. Basically it is measured as an annual percentage increase. The value of rupee doesn’t stay constant when there is inflation. The value of a rupee is observed in terms of purchasing power, which is the real, tangible goods that money can buy. When price level goes up, there is a decline in the purchasing power of money. For example, if the inflation rate is 5% annually, then theoretically Rs.60 kg of rice will cost Rs60.05 in a year.

There are several variations on inflation:

• Deflation is when the price level is falling. This is opposite of inflation.
• Hyperinflation is unusually rapid inflation. In extreme cases, this can lead to the breakdown of a nation’s monetary system.
• Stagflation is the combination of high unemployment and economic stagnation with inflation.

Basically no one is in accord while conversing upon forces behind the boom in prices, but at least two theories are generally accepted:

• Demand-Pull Inflation – If demand is growing faster than supply, prices will increase. This generally happens in growing economies.
• Cost-Push Inflation – When companies’ costs go up, they need to increase prices to maintain their profit margins. Increased costs can include things such as wages, taxes, or increased costs of imports.

Many times people ignore the fact that wages also rising now days. The question shouldn’t be whether inflation is rising, but whether it’s rising at a quicker pace than our wages.

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“You don’t have to be a mathematician to have a feel for numbers.” – John Forbes Nash, Jr.

Game is a form of competitive activity played according to rules. But this is just a definition of the game and the most crucial point is that one can’t make strategies just by knowing the rules but one can easily approach self to strategies by watching actions taken by other players. And game theory is a framework to aid decision making in that case.

Basically game theory is the phenomenon which combines psychology, mathematics, philosophy and an extensive mix of other academic areas. And most interesting fact is that eight Nobel prizes have been awarded to those who have progressed that discipline. But beyond the academic level this theory actually applicable to today’s world.

Game theory in the business world arises when there is oligopolistic market. And an oligopoly is a market structure in which a few firms dominate. The products the firms offer may be identical (as in perfectly competitive market) or differentiated (as in monopolistic competitive market). Game theory has also encompasses various business disciplines like optimal marketing campaign strategies, waging war decisions, ideal auction tactics and voting styles. The crux of game theory is that it provides a hypothetical framework with material implications. E.g. Technology companies consistently face decisions regarding whether to market an Operating System immediately and gain a competitive edge over rival firms, or prolong the testing period of that Operating System. So game theory provides the base for rational decision making.

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“Twenty years from now, you will be more disappointed by the things that you didn’t do than by the ones, so throw off the bowlines, sail away from safe harbor, catch the trade winds in your sails. Explore, Dream, Discover.” – Mark Twain

And yes, Entrepreneurship is the synonymous of above quotation. Entrepreneurship is about weaving the dream, casting the innovations and sail along with the winds and make the whole journey enjoyable.

Entrepreneurship is like a planting a plant present and in future it will turn itself into a tree which not only provide fruits of life but it also provide the shadow. And be the entrepreneur like tree which provides shadow to its soil.

A plant will always grow itself into a tree at that place where it belongs and equally soil and its living beings felt comfort and balanced beneath it. Similarly entrepreneurs grow themselves much better in their own places where they belong most and they become an asset to that locality. And yes on regular basis they need to be cultivated, motivated and remunerated to the greatest possible extent.

Entrepreneurs always offer path breaking offerings in the form of new goods and services and results into cascading effect of increased employment and higher earnings which contribute towards the betterment of national income in the form of higher tax revenue and this revenue used by government towards the welfare of nation and to imbibe that revenue so it can be used in calamities.

And matter of the fact is that globalization provide solutions in the form of technology to those countries who are lesser developed by providing specific tools which are also used by developed countries. And now days entrepreneurship means staying parallel with worldwide trends.

A balanced approach to nurturing entrepreneurship will definitely result in a positive impact on economy and society.

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If an organization wants to build a sustained competitive advantage in this new world, it would have to have world-class human capital. People and their acquired skills were the foundation of competitive advantage. Organizations that rely on technological or manufacturing innovations alone cannot be expected to dominate their markets indefinitely. The quality and strategic deployment of human capital is what separates winner from also-rans.

To execute strategy, organization needs to create global product divisions. And to yield that new strategy, Human Resource Management must be aligned with that.  Organization should have global approach to managing and deploying its human capital.

Global human resource management is the process of employing, developing and rewarding people in international or global organizations. It involves the world-wide management of people. Global HRM mostly emphasis on functions and activities such as relocation, orientation, and translation services to help employees adapt to new and different environments outside their own countries and to help local employees adapt and integrate into the foreign companies in which they were hired.  Many larger corporations and even smaller ones doing business in key international markets have full time HR managers, devoted solely to assisting with the globalization process. Many organizations have a team of HR directors who travel around the world to help country managers stay updated on international concerns, policies and programs.

The HRM function, through its staffing, training, compensation, and performance appraisal activities, has a critical impact on the people, culture, incentive, and control system elements of the firm’s organizational architecture

HRM professionals have a critically important strategic role. It is incumbent on them to shape these elements of a firm’s organizational architecture in a manner that is consistent with the strategy of the enterprise, so that firm can effectively implement its strategy. Human resource management can be a sustained source of high productivity and competitive advantage in the global economy.

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Risk is the potential of losing something of value. Risk can also be defined as the intentional interaction with uncertainty. And uncertainty is the thing which is unknown, and it always commences at unknown point and ends up with like an accident or say ends up with an opportunity.

Optimist person always see risk as an opportunity that’s why he accepts risks by foreseeing the expected return. But this foresee ability doesn’t come in its own, but primarily it comes when we able to do distinction between danger and risk. And secondly we need to know that there are ways to approach an otherwise dangerous task in such a way that risk is reduced to an acceptable level. And the ultimate learning is that we need to translate knowledge from everyday instances into a workaday life.

For managing the risk training is the mandate thing e.g. we unable to do swimming without training and when we do it without training then there is high probability of getting drown. And the base is, one has to know what one is doing. Swimmer has to be educated about the technique, the appropriate use of tools and procedures, reading the depth and other attributes of water, and the evaluation of objective hazards. But overall fitness is the essence which certifies you that whether you are able to do that particular speculation or not.

And matter of the fact is that the whole thing is based on trust. Trust in our training, our assessment of the situation, our tools, fitness, and especially – our partner. We wouldn’t consent to being driven on the freeway by someone we didn’t trust. Partner is that someone whom we trust with our lives.

Finally, there is always a doubt i.e. Are there any guarantees? Few. Yet if we fail, which we might, at least there is a higher probability that we will live to try again. But remember, business – like life was never about certainty.

And yes,

“One cannot refuse to eat just because there is a chance of being choked.”

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