Journal of Small Business and Enterprise - MyAssignmenthelp.com

Question: Discuss about the Journal of Small Business and Enterprise. Answer: Components of Growth The purpose of this task is to provide a brief overview about the activities of a company which they shall initiate to remain in competence. Further it talks about the role of resources and the management of human resources in organization. Further it also discusses about formal informal practices and its difficulties in organization. More details about the task about discussed below Human resources are the most important asset of an organization which helps them to achieve their defined target and aim high in the competitive market. The human resources are innovative, creative and efficient enough to help an organization to attain their targets in the market (Autio, Acs, 2010). Human resource is an asset for the organization which uses all other non-living assets of the organization provides output from it to the company. This is the basic and the foremost role of the human resource in the organization that is to support the organization towards the achievement of their objective. It shall be noted that only human resources of the company cannot help the organization to achieve their targets but other intellectual resources are also required by the organization to remain in competence. Intellectual capital refers to all the other resources present in premises of an organization which has its significant share in the growth of an organization. It helps an organi zation to become competitive and initiate activities at a faster speed and eliminate repetition of work. Depending upon the type of equipment, it helps the human resources and somehow decreases its burden so that they can focus on other aspects as well (McCord, 2014). These resources have a major role in helping the organization to become competitive, but if these resources are misused then they can hamper the growth of the organization as well. Thus, it is the duty of the management of the organization to look after the use of such resources and monitor the work of employees with the equipment as well. Apart from that the organization also needs to concentrate on the technological implementation and changes present in the environment which directly affects the growth of the company. If the intellectual resources used are out-dated and of low quality then the output produced will also portray the same quality in its specification. Thus the organization shall monitor the external environment and then analyze the incompetency present in the internal system. Then they shall aim to change ad adopt new technologies to maintain their image in the competitive environment (Ram, 2000). Further in order to adequately make use of the resources available with them organization firstly need to manage the resources properly and then use them in their business functions. Initially talking about the human resources, hey can managed in the organization if they are satisfied with the working of the company (Mollick, 2012). The organization shall focus on the needs and requirement of their employees and satisfy them. With this process the employees will get motivated and work in order to help the organization to complete its target, this will also reduce employee turnover and improve the image of the company as well. Next coming on intellectual resources, the employees shall regularly check the machines and equipment, and they shall also maintain and develop the intellectual resources. Development of thee resources is very important in todays world artificial intelligence is majorly used be organizations to gain competence (Maresch, Fink, Harms, 2016). These practices shall be co-ordinated and implemented by all the employees in the organization. Further and informal practices both are important for an organization to work smoothly, formal practices helps in creating responsibility and accountability whereas informal helps in initiating communication and bond between the employees of the organization. But they shall be balanced to a certain level as more of formal practice can levy strictness and more of informal can levy ignorance in the organization. So, the managers can regulate it by defining the individual targets which the employees shall achieve and accountability to department manger, this will help in completion of work and communication with the head by eliminating barriers (Barringer, Ireland, 2015). Difficulties in becoming formal is that employees will not stay for long time in organization due to strictness, lack of free communication, heavy burden of work and responsibilities as well. Lastly, finance helps the organization to take calculative risk in the target market and expand their business as well. Apart from that information of finance keeps the stakeholder interest in the activities of business as well. Thus, the above mentioned task discusses about the competent of growth in a competitive market. References Autio, E. Acs, Z. (2010). Intellectual property protection and the formation of entrepreneurial growth aspirations. Strategic Entrepreneurship Journal, 4: 234251. Barringer, B.R. Ireland, R.D. (2015). Entrepreneurship: successfully launching new ventures, Global Edition, 5th edition, Upper Saddle River, NJ: Pearson Education. pp.424-461. Maresch, D., Fink, M. Harms, R. (2016). When patents matter: The impact of competition and patent age on the performance contribution of intellectual property rights protection, Technovation, 57: 14-20. McCord, P. (2014). How Netflix Reinvented HR. (cover story). Harvard Business Review, 92(1/2), 70-76. Mollick, E. (2012). People and process, suits and innovators: the role of individuals in firm performance. Strategic Management Journal, 33: 1001-1015. Ram, M. (2000). Professionals at work transition in a small service firm. Journal of Small Business and Enterprise Development, 7(1): 69-77.