- April 9, 2020
Technical Speech on Business Development
TechnicalSpeech on Business Development
TechnicalSpeech on Business Development
Ladiesand gentlemen, it is with great pleasure that I have this opportunityto make an address to you in a bid to demystify the issues inbusiness today. The business world today has changed and is stillfast changing as the demands of the consumers have become globalwhere a customer can get his desired goods and services from any partof the world. That is because the world has become a global villagein the sense that information is fast moving at the click of a buttonand the demands are known and met on a global platform. The speechseeks to address how to start a business and what should be done togrow it to be the giant that is an envy of all, with reference tolessons learnt from Disney Organization.
Asa starting point, it would be pleasing to understand that businessesnever reach an optimal point as there are so many opportunitiescoming up every day which can always be taped by the entrepreneurialmind. About 97% of the businesses that people envy today began assmall business enterprises which grew into the missing middle andthrough the resilience of those who run them have been able to makeit in this realm. Though, of those businesses which start as small,only 40% of them graduate to the missing middle. Disney Organizationwas founded in 1923, with a loan of $500 and in 1987 it had grown tobe a giant in the entertainment industry with sales of $3 billion. Itfascinates to know that most of Disney’s activity one seesflourishing, their growth and development are financed by externalsources which shall be discussed later in this paper. Learning iscrucial in the business realm where one needs to seek knowledgeeither from a formal class or from the informal where one has mentorswho have made it before you. Many times we seem to run the businessesas lone rangers without seeking advice from the firm colleagues onhow to make it. Mostly they will only give tips, and it becomes theresponsibility of the business person to connect the dots with theoncoming experienced being encountered in the course of working.
Informationis power in business and one cannot lie that he started a businesswithout research at all. Even the simple questions one asks are partof seeking information and thus learning. The extensive and intensivestudies that are done by those in research and developmentdepartments of Disney firms is also part of gathering knowledge onhow to run businesses. Therefore, a business thrives in seekinginformation and for success to be achieved information and knowledgeis fundamental pillars.
Takingcharge is pertinent in carrying out business activities as it makesone responsible for the consequences that one makes in the process ofbusiness operations. The business owner is the project sponsor andthe project owner and thus the decision maker for it to beimplemented by the management to whom authority is delegated.Further, one needs to be innovative and creative in this businessworld. To be transformative and unique in that realm is anotheradvantage towards being competitive in business and one needs to setgoals which are achievable and timely and once attain, higher barscan be configured. To take charge is to be the one running the showas the business owner and at the same time welcoming ideas from theemployees and stakeholders on making the business organisationbetter. Disney Walt in 1934 visited Italy to initiate businesslicensing with an Italian publisher. He took charge of the businessand that is what is required of a business owner.
Inbusiness and as the business owner, it is important that allfinancial records are tracked for the purpose of getting to knowwhere to correct and cost cut and where to improve.Cost-effectiveness and economic spending is an issue that only theproject owner can track. Also, one should always seek an update onthe product uptake progress which is instrumental in making it asuccess in the business world. In Disney Organization, financialmanagement was part of the duties and responsibilities of thebusiness owner as business development is based on finances andproduct development. Thus the entrepreneur should track the spendingand the revenues. The reasonability of the expenditure should befully ascertained and if approved, how the cost is applied shouldalso monitor and controlled. Due to Walt Disney monitoring thefinancial trends and also sales, the growth has been seen as depictedin the figure below.
Adelegation of duties and authority is critical to efficiency whilethe responsibility is left in one`s hands. The proprietor shoulddelegate duties to other personnel so that they implement the ideasthat you have. These ideas have to be brought off the ground and beactualized for the returns to be earned. Delegating includesmanagement and supervisory of the junior staff, audits, plantoperations and logistics. Consultancy services provided to thecompany by the outsiders should also pass through the business ownerwho will have the first-hand information on the recommendations givenby the consultant. Research and development are also delegated to adepartment who tracks the consumer demands, costing and feedbacks onwhere to change as overhaul or partial changes. Where improvement isrequired and investment on a given brand is also needed the duty ofR&D section. Disney organization had to delegate duties to thesubordinate staff who managed the running of the affairs of theorganization and thus a show of how efficient assigning of duties andauthority to the juniors. Delegation should be done to mature adfocused people with the necessary experience as has been done byDisney. The chairmen in various nations are seen to be people withgreat wealth of experience both with age and career history in thepositions they each hold. The mix is also interesting as the youngestcountry is 41 years of age serving in Portugal and UK while theoldest is at 70 years old serving in France. While the old mentor theyounger, the younger enlightens the old on the demands of the young.
Inconclusion, business is like a baby, if well taken care of, itflourishes and if otherwise, it collapses and thus a risky affair.Risks are real and imminent in every business big or small, and it isthe responsibility of the team in the organisation to make thebusiness viable and economically tenable. The recruitment for thosein senior positions should be rigorous as possible and should createthe image of the challenge ahead for the prospective manager and assuch, high quality manager should be picked to fill the position.Disney Organization in hiring Dennis Hightower was a tasking momentas he had to travel far and wide to meet all country managers tolearn the business so that by the time he accepted the challenge, heknew what he is going into. He took up the challenge and he changedthe management style by having a global management style that noneelse had done the same. He adopted the global operations where hisrole is to step back to have a global view and determine thetradeoffs. That style paid off for the company.
Ford,R., Heisler, W., & McCreary, W. (2008). Leading Change with the5-P Model
“Complexing”the Swan and Dolphin Hotels at Walt Disney World. CornellHospitality