The Strategic Management in Business and Productivity of SHS in their Family Business
The lack of knowledge and experience in promoting/advertising the family business. For the family business to expand more, it needs to get the attention needed for it to under go to a certain level and may attract people. Promoting business is the key to put up the benefits of one’s business especially when you are starting a business.
Well design promotional strategies can ensure long-term success and profit to the business. Cited from Ajeet Mishra (2015), promotion is the voice of your company which send out your brand’s message loud and clear to the audience. Promoting will benefit you in many ways: increase brand awareness, provide appropriate information, increase customer traffic, and build sales and profit. With any promotions/advertising a business will not acquire the attention of costumers.
In this early stage of being involve in a business, it is a fact that SHS are not yet ready, focus and interested in involving themselves in any family business activity. After all, the senior high students are more focus on their specific strand. As for the SHS it will be difficult for them to focus on their family business when they are still studying because when you observe how they work, they don’t have the time for themselves to be engaged to it because or requirements at school.
And certainly, they can’t handle their family business without experience. It may cause a negative impact if they mismanage it. When giving a thought about being the SHS, it may take a risk if parents try to involve their children to their business in this early. They are still far away from knowing to run a business, they still lack knowledge and experience from it.
If parents are forcing to engage their children at this young stage without any interest and skills, it is very likely that their children will be a total failure and would not fulfill their expectations. Parents are very conservative with what their children do. They know what is best for them but sometimes, it can low the child self-esteem. When parents force their children at a young age unto something that they are not interested in, parents think that they can do because they had done in before.
Then if the child didn’t fulfill it, the child will be pressured because of the parent’s expectations for the child to be successful. And, being only at SHS may lack their knowledge on being on business and lack of experience on the actual job. In senior high, not everyone took business strand, some may not know well on how handling business and some may have the knowledge but still not enough to manage their family business and how it works.
Those who are engage in their family businesses at this early stage are very much serious in every aspect of their daily lives and they are always petrified with their parents. It is true that parents want their children to be involve in their family business, especially for the students who have family business. They put their children into school that focuses more in business and so that their children can learn and know new ways to the system in going through business.
They are often afraid on committing mistakes. That’s because parents have expectations on their children. According to Andrew Steen (2015), there is an exceptional weight put on the people to come, the age set to acquire the products of this diligent work and success– to satisfy the desires for their progenitors.
There have been not many youngsters who battle to live up the desire for their folks, in scholastics as well as hoping to maintain their business unto achievement. For those who have family business, they need to step up to be able to cope with their parent’s expectations for the next generations.
So far, the practice is that they send their children in college and universities to study, especially the new ways and strategies on how to manage business. They put their children into school that focuses more in business and so that their children can learn and know new ways to the system in going through business. There is a need for a further study when and how to engage the children without affecting their behavior and become productive in their family business. This will help gain the knowledge and new strategies for their children to be able to be productive in their way for business. And it may help for future use of the family business if their children pursue on business.
There have been a few strategies that had been used through all the years and according to Julius Tapera (2014) that he cited from Thompson, Strickland and Gamble (2007) define strategy as “…management’s action plan for running the business and conduction operations.”
They further assert that “a company’s strategy consists of the competitive moves and business approaches that managers are employing to grow the business, attract and please customers, compete successfully, conduct operations, and achieve the targeted levels of organizational performance.” With what they said, it would help the students in senior high in their family business to be able to have attention that should be striving for their family business to expand.
There had been few studies related about strategies and management on handling business. Joe, Donoho, Casey (1992) studied this because being in business is survival and may grow if owners and members who succeeded in the generation had the clear understanding to the main issue that relates to organizational positioning and continuity in operational planning. The study presents an alternative way of conceptualizing the strategic planning process that will help the family business grow and that is also can acquire to the small family-owned firm.
In another study, Sharma, Chrisman and Chua (1997) they concentrated more “what” can privately-run company or family firms can do to accomplish that are not the same as those that are not nonfamily firms. What’s more, they likewise incorporate their attention on “how” the family firms will accomplish and settle on choices and the procedures by which family firms plan and execute.
In result, the specialists build up a theoretical structure and set out a motivation for future research on how the unmistakable/exceptional association between the business and the family impacts the administration forms by which family firms actualize their methodologies. This focuses more on family relationships.
This reviews on the literature of the strategic management perspective, but it doesn’t say that this address on how family relationship affects the performance of the family business. This review specializes in the relationship of the family if the relationship will affect the performance of the business then there might be some complications that will arise, and it will have a negative impact to the business firms.
Another study, Braidford, Houston, Allinson and Prof. Stone (2014) they mean to build up a calculated structure and set out a plan for future research on how the particular/exceptional cooperation between the business and the family impacts the administration forms by which family firms execute their systems.
Most littler organizations communicated little want to develop quickly, referring to hazard avoidance, protection from change, and a craving for longer term solidness and supportability, over transient development in benefits. Second era entrepreneurs were increasingly open to evolving the board, administration or methodology to animate development or productivity, including more prominent receptiveness to utilizing advisors as sounding sheets.
More youthful relatives could feel contracted in their endeavors to build up the business by the proceeded with association of the more seasoned age.
According to Paul Pounder (2015), The reason for this is to research how the privately-owned company writing has advanced, and to look at the elements affecting family-possessed and oversaw organizations. The paper talks about vital examples in the present writing and new headings for future investigation.
The discoveries of this exploration contend that the fundamental driver of the difficulties in maintaining a privately-owned company originate from the administration of the interrelationship between family concerns and business concerns. Solid initiative and building a culture that acknowledges ceaseless change are key achievement factors. This study recommends that understanding the way of life encompassing basic leadership in privately-run company has incredible esteem.
Qualities, for example, forcefulness, dauntlessness and rivalry are key regions for examination. This audit of past research offers researchers a more extensive and far reaching perspective on the privately-run company, which is comprehensive of the difficulties, basic leadership and arrangements inside the privately-owned company structure.
According to Nancy Upton, Elizabeth J Teal, Joe T Felan (2001), Fast?growth family firms were overviewed about their business and vital arranging rehearses. Of the 65 fast?growth family firms overviewed, the dominant part get ready composed formal plans. The strategies are in adequate detail to empower the business to attach intending to genuine execution and to modify the executives pay as needs be.
Most of the organizations normally share data with workers in regards to correlations between real organization execution results and objectives or arranged execution. Further, most of the organizations portray their business technique as a great maker procedure as opposed to as a low?cost or time?based system.
Further, when putting up new items for sale to the public, these fast?growth family firms embrace a first mover or early devotee procedure. Ramifications of these discoveries for growth?oriented family firms are introduced.
However, there is a lack of studies on how the SHS can help in their family business to grow. Some of the studies focused on the strategic management on how to expand their business but didn’t include any SHS. This lack of studies about the students involving to their family business compromises that there should be more research about involving the SHS if it would benefit the business or not and should study the advantage and disadvantage for the students if whether they should be in the family business at an early stage.
This study evaluates whether the SHS should be involve in their family business or just focus on their studies. This includes the students on how they can help expand and more successful on their business and the strategic management of the students to plan for their family business. Being able to assist in a family business is an advantage for a student for the future, because it can enhance their skills and knowledge about managing a business. This study expects to answer the following questions:
What is the problem of Filipino family businesses in Bahrain?
What are the strategic management/style of Filipino family business?
How can a student be productive in assisting their family business if they are still in SHS and with their lack of knowledge of managing skills?
The Importance of Strategic Management to Business Organizations It characterizes procedure and clarifies the key ideas in key administration; vital vision, goals, methodology plan, technique usage, assessment and starting remedial activity. It only focuses on the planning and goals of a good strategy management.
The importance of strategic management, Case study of H;M The outcome demonstrates an unmistakable picture of the procedure of vital administration by H;M case. Some proposals made for H;M help to improve their feasible advancements and bolster a clear case for some organizations. It could be better if they had questions that really directs to their research and the business rather that asking what strategic management is.
Daspit, Chrisman, Sharma, Pearson, and Long (2017) A Strategic Management Perspective of the Family Firm: Past Trends, New Insights, and Future Directions Chrisman et al. (2012) find that the involvement of the family in the firm is positively related to the importance
of family-centered, non-economic goals and that this relationship is partially mediated by transgenerational succession intentions and family commitment. It would have been better if they include expanding their business firms.
Strategic management in private and family businesses They trust that the qualities of the Asia Pacific setting and the long history and customs of private and privately-owned companies will give procedure scientists superb chances to distinguish and test assortments of speculations and suggestions among methodology substance, setting, and procedures.
Past this Special Issue, they will probably drive look into grounded in an Asia Pacific setting to add to the worldwide talk of vital administration in private and privately-owned companies. Limited review of the literature Jean Paolo Gomez Lacap (2017) Senior High School Students’ Entrepreneurial Inclination: The Case of Accountancy, Business, and Management Track Students in Pampanga, Philippines the discoveries uncover that every statistic factor school connection, age, sex, plan to seek after a professional education, and privately-owned company foundation demonstrate no factual huge contrast in the innovative tendency of the respondents.
This outcome proposes that all distinguished statistic factors don’t influence or impact SHS-ABM track understudies’ enterprising tendency. Ramifications of the examination on the enterprise instruction in the Philippines and the headings for future research are additionally given. It could be better if it also has different perspective rather than saying that statistic factors doesn’t impact on SHS-ABM.
Sanjay Rastogi and Reena Agrawal (2013)
Intention of offspring to join the family enterprise: a study of Indian businesses The significant discoveries suggest that components, for example, profession intrigue, weight from guardians, confidence, free mentality, frame of mind toward work, disposition toward hazard, authority characteristics, and camaraderie all impact the posterity’s aim to join the family undertaking or not. Further, the discoveries likewise shown that statistic factors, for example, dimension of training and sexual orientation have an effect.
THE INFLUENCE OF FAMILY BUSINESSES TOWARDS CAREER DECISIONS OF ABM STUDENTS IN DLSJBC, ASC AND SVPDC
This study can support the understudies’ folks. This would be their pattern if their youngsters truly need the ABM strand or simply constrained. It is additionally trusted that this study may give information that can be advantageous to class chairmen and direction instructors to enable them to give quality profession direction administrations to their understudies with the inclusion of guardians.
The investigation may likewise give data to the two students and guardians on how basic guardians with regards to profession decisions of their youngsters. It might likewise enable understudies to understand the significance of vocation decision as they enter the universe of work after investigations. Its more on career choice of students. Doesn’t really talk much about family business influencing the students.
Cath Tarling, Paul Jones, and Lyndon Murphy (2016)
Influence of early exposure to family business experience on developing entrepreneurs This study assesses the impacts affecting after rehearsing business people following presentation to privately-run company and consciousness of business thoughts emerging from quick or more distant family preceding endeavor a business start-up.
The discoveries advise exchanges about family good examples and add to the advancement of big business instruction teaching method. It is discovered that people connection to business and privately-run company esteems are emphatically shaped ideas that rouse and steer pioneering course. Should have more on family business since it wants to influence early exposure to family business experience on developing entrepreneurs.