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Showing posts from April, 2024

Week 7 - Importance of Culture

  Alhussain Ali Murshed TP078072   Culture is important because it creates a framework for expression and communication, forms our identities, and promotes social cohesion. It has a large economic impact, protects our legacy, and fosters creativity via diversity. For additional research, consult anthropological, sociological, and cultural studies resources; online databases and the websites of cultural organizations are also good places to look, the contribution of culture to the economy is substantial. Cultural products and attractions are essential to the success of industries like tourism,   Reference: joseph, S. (2015, October 28). Why is Culture Important? Www.linkedin.com. https://www.linkedin.com/pulse/why-culture-important-stanley-j-oakley/\   Because of WhatsApp's meager revenue, Facebook's $19 billion acquisition of the messaging app first seemed excessive. Nonetheless, the acquisition was calculated since WhatsApp enhanced Facebook's offerings, had a siza...

Week 6 - Effectuation.

  -Alhussain Ali TP078072   Effectuation, transcends its origins in entrepreneurship and offers valuable insights for application in established companies. In organizational situations, it encourages creativity, strategic adaptability, and adaptive decision-making.   The fundamental difference between effectuation and conventional methods is the paradigms they use to make decisions. Effectuation places a high value on embracing uncertainty, establishing collaborations, and making the most of the resources at hand. Traditional methods, on the other hand, frequently focus on goal-setting and forward-looking planning.   Effectuation and causal approaches complement one other in certain situations and are not mutually exclusive. Although effectuation is great at navigating ambiguity and finding new opportunities, causal techniques might be a better fit when it comes to executing organized tactics or scaling operations.   Effectuation stresses flexibl...

Week 5 - Good ideas.

-Alhussain Ali TP078072   Good ideas are not generated out of thin air. Instead, they expand upon preexisting ideas and knowledge, we wouldn't be able to grow as a society and would be limited to the most fundamental concepts if every writer had to construct their own writing system or every app developer had to recreate the internet. The more we produce and develop, the more we use prior knowledge to boost our creativity and innovation, leading to the generation of ever-more complex concepts. Simply watching the world around us or pulling from own experiences can inspire many clever ideas. This could be recognizing an issue that requires attention or, depending on personal experience, spotting a chance for development. Innovative ideas come from attempting to resolve particular issues or difficulties. When faced with an issue, people frequently discuss various remedies, which produces creative ideas. Coming up with good ideas also requires having networks of concepts that ex...

Week 4 - Understanding the good concept and tools for risk management and managing risk as an entrepreneur.

 -ALI HUSSEIN M. AHMAD. (TP077707) The concept of risk management involves identifying, assessing, and mitigating potential risks to minimize their impact on business objectives. -Risk Identification: This involves identifying potential risks that could affect your business. Techniques such as brainstorming, risk workshops, and risk registers can help in identifying a wide range of risks across various aspects of the business. -Risk Assessment: Once risks are identified, they need to be assessed in terms of their likelihood and potential impact. (Tucci & Stedman, 2023) As an entrepreneur, managing risk is needed for the success and sustainability of your business. -Understand Your Risks: Take the time to identify and understand the risks specific to your business, considering both internal and external factors that could impact your operations. -Develop a Risk Management Plan: Create a comprehensive risk management plan that outlines how you will identify, assess, an...