BUSN115 Concept Connection Week 3 Last name

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Hazara University, Dodhial, Mansehra *

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MISC

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Management

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Nov 24, 2024

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First and last name. 1. What are some advantages and disadvantages for small U.S. businesses competing in today's global markets? Advantages for small U.S. businesses competing in today's global markets: Disadvantages for small U.S. businesses competing in today's global markets: Innovation: Small businesses can be more agile and innovative compared to large corporations. They can quickly adapt to market changes, and they have the ability to be more creative in their marketing and product development strategies. Lower costs: Small businesses often have lower operating costs than larger corporations, which can be an advantage when competing in global markets. They can also take advantage of cost-effective technology and software to streamline their operations. Limited resources: Small businesses may not have the resources to compete with larger corporations on a global scale. They may not have the same marketing budgets or access to the same distribution channels as larger companies. Lack of brand recognition: Small businesses may not have the same brand recognition as larger companies, which can make it difficult for them to establish themselves in new markets. 2. Corporate social responsibility (CSR): Environmental sustainability: Businesses can take steps to reduce their environmental impact by implementing sustainable practices such as reducing waste, conserving energy, and using eco- friendly materials. A real-world example of this is IKEA, which has committed to using renewable energy sources and has set a goal to become carbon neutral by 2030. They have also implemented a circular business model, where they aim to reuse or recycle materials and products. Social responsibility: Businesses can take actions to support social causes and contribute to the well-being of their communities. This can include supporting local charities, volunteering, or implementing programs that promote employee well-being. Ethical business practices: Businesses can demonstrate CSR by adhering to ethical business practices such as fair labor standards, transparency, and integrity. A real-world example of this is Patagonia, an outdoor clothing company that has a strong commitment to fair labor practices and has implemented supply chain transparency. They also donate 1% of their sales to environmental organizations and have launched campaigns to raise awareness about environmental issues.

The leadership style I would promote Today is Democratic leadership Democratic leadership is a leadership style where the leader involves their team members in the decision-making process. This style promotes open communication, collaboration, and participation from all team members, resulting in a more engaged and empowered team. Here are some reasons why I believe promoting democratic leadership would be beneficial: 1. Encourages creativity and innovation: By involving team members in the decision- making process, democratic leadership allows for diverse perspectives and ideas to be shared. This fosters a culture of creativity and innovation, which can lead to new and better solutions to problems. 2. Increases team morale and motivation: When team members feel that their opinions and ideas are valued, they are more likely to be motivated and engaged in their work. This can lead to increased productivity and better performance. 3. Builds trust and respect: By treating team members as equals and involving them in the decision-making process, democratic leaders build trust and respect within the team. This can result in better communication, stronger relationships, and a more positive work environment.

References Cherry, K. (2017, 11 30). Very Well. Retrieved from What Is Democratic Leadership?: https://www.verywell.com/what-is-democratic-leadership-2795315 Cherry, K. (2017, 05 30). What Is Autocratic Leadership? Retrieved from Very Well: https://www.verywell.com/what-is-autocratic-leadership-2795314 Cherry, K. (2017, 11 30). What Is Democratic Leadership? Retrieved from Verywell: https://www.verywell.com/what-is-democratic-leadership-2795315

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