New And Existing Situation Human Resources - 1911 Words

Establishing a business if more than having an idea and access to experimental customers. Even though the product idea and access to the designated market is the first step to build up the business but to make it live for the long term one has to give importance to: financial resources, human resources, change of plans according to market demands etc. Dealing with new and existing situation human resources department is the critical one. Moreover starting a business with passion and dedication, without resources can only make one survive for short time but for the long running of the business something more than passion is required. Entrepreneurship: â€Å"Entrepreneurship is the pursuit of opportunity beyond resources controlled† (Thomas.†¦show more content†¦Literature Review: A prosperous businesspersons is hard-hitting at the early stage of his business, building the reputation of his business, managing the considerable essential resources/facilities, getting a helpful advice in managing the finance of company, and fulfilling the legal requirement (Carter, Gartner, and Reynolds,1996). Moreover successful organizations have virtuous resources for dealing with financial problems, inside management of the staff and have a defined business plan (Lussier 1995). (Menefee, Michael L.; Parnell, John A. ‘Journal of Applied Management and Entrepreneurship’, Vol. 12, No. 4, October 2007) According to Reynolds and Miller, a well-developed firm is known to be one who have dedicated and passionate employees to sell the product, financial resources, and a great team. (Reynolds, P. Miller, B., ‘New firm gestation: Conception, birth, and implication for research’, Journal of Business Venturing., September., 1992., 405-417). Furthermore Zacharakis, Meyer, and DeCastro, states that business failure is result of poor management skills, less financial resources, failure in changing the business plan according to the market needs, stiff marketing strategy which fail in fulfilling the customers need and poor internal managementShow MoreRelatedThe Role Of Management In Improving Performance Essay541 Words   |  3 Pagesa composition of resources within a demanding situation that will eventually cater for the needs and wants of the market and to fulfil stakeholder expectations that that particular business operates in. 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