Leadership Studies Courseworks Essay Sample on Organization Failure

Organization Failure

Question one

In today’s business, there is a rapid change between technology and business phases, and most enterprises are taking the minimum time to introduce a new product in the market. With this effect, a good number of organizations and business entrepreneurs have embraced the new technology and means in order to match their products and services with the market requirements and trends. This has resulted in some organizations and entrepreneurs changing their business models completely within a short time, ranging from months. This has resulted in many entrepreneurs avoiding the idea of failure. Failure has been viewed as an opportunity, which can be utilized to drive an organization to future success (Finkelstein, 2003).Therefore, I do agree that  failure is an important and necessary part of innovation in business because in the process of failure comes learning. Additionally, through failure, most businesses get to know how to build new concepts through an experienced learning process. A good number of Innovations in businesses are as a result of failures.

Question Two

Steps to Avoid Failure

Despite the importance of business failure, it is not a good idea for failure to be always part of the business. Initial failure should act as a leeway to reduce further failures in business organizations. There are three main steps that can avoid future failures in organizations within a short time if implemented.

Understanding Customers More

This is the most secure way for any business and organization to ensure it does not fail and maximizes profits. Knowing the kind of customers for any organization is a powerful weapon for any organization, especially with current trends and innovations. This could also be narrowed down to specific sect of customers whom an organization will specifically target in order to carry out necessary research on them, and identify their specific needs. The best way to do this is to establish the history of previous dealings with other companies, which will be crucial in determining the best way possible that will aid an organization in providing services to the clients. This is because most clients will look for best companies that they feel address their needs. This knowledge of having an intimate knowledge of customers is special for service and product delivery that ensures smooth running of a business without risks of failure.

Developing a Business Strategy

This is the most important aspect in business. Many businesses fail because they wait to figure issues instead of planning (Collis & Montgomery, 2005). Taking off new opportunities without proper planning is subject to failure. Good business plans will also take into consideration possible failure opportunities, and the process of taking them for their advantage. Planning is the best point of direction for any business.

Keep at Pace with Technology

Technology is what is driving many businesses now and very dynamic. However, much technology might seem difficult or costly; it has a great power in any business. A business should always strive to adjust business plans with regards to technological ideas and competing firms.

Steps to Learn from Failure

Planning reevaluation is one of the best ways to achieve success and avoid failure. It involves the process of taking considerably quality time in planning the best way in order to achieve the best goals before setting up any business. This provides solutions easily to any eventuality that is handled amicably. Reevaluating preparation is crucial, which ensures that all the required elements and requirements are put in place before starting the execution process. The last step is reevaluation of the execution, which measures one’s efforts. This should be also joined with finding out if there was a drop in the process. Negative feelings should be pointed out and planned for in case they appear in future.

References

Collis, D.  J., & Montgomery, C. (2005) Corporate Strategy. New York: McGraw-Hill/Irwin

Finkelstein, S. (2003).Why Smart Executives Fail and What You Can Learn from Their Mistakes. New York: Penguin Group USA.