Learning from Life of Pi

Stages in Evolution of Business

Stages in Evolution of Business

Let's understand the broad meaning of evolution of business.

“Evolution of business means its origin, growth, and continuous development with expansion in various sectors, that contribute and run economies.”

The evolution of business went through many progressive stages or so called developmental steps. In each stage of progress, it evolved itself and got more mature than its previous stage. It is evident that, at every step of evolution; it expanded its scale of operations and also widened its modes of communication. Business is continuously evolving since then.

The five main stages in evolution of business are depicted below.

Figure shows 5 stages in evolution of business from local to a global one.

The evolution of business went through following five stages:

1. First, the local business evolved from its three basic sub-stages, namely; starting with barter economy, then followed by village and town economy.
2. Secondly, the regional business grew as a result of cooperation between different states.
3. Thirdly, the national business was an outcome of a business presence felt in the entire country.
4. Then, international business emerged as an answer to fulfill the scarcity of resources felt within each country.
5. Finally, an idea to see the entire world as one huge market was realised. This paved the way to form a new concept called global business.

Now let's discuss in brief each of the above-mentioned main stages that contributed towards evolution of business.

1. Local business

Business had its origin since early ages of human civilization. It began with a mere sharing of food commodities. People use to collect and store whatever surplus they had and use to seek out something they didn't have. This situation was present in various areas around the world which later gave birth to a form of business in local areas.

What is a local area?

“Local area comprises of surrounding neighbourhood, adjacent areas where community of native people mostly dwells, resides, and remains active regularly.”

Explain the simple meaning of local business.

In general, “local business can be stated as various exchange (trade) activities happening regularly among people of a local-area.”

The following diagram depicts the three basic sub-stages through which a local business pass.

The three sub-stages of evolution of local business are as follows:

1. Barter economy stage:

1. In barter economy stage, money is not used as a medium of exchange. Here, goods are exchanged for goods.
2. Monetary transactions are absent in barter exchange.
3. Here, the rate of exchange depends upon needs of both parties involved in a barter transaction.
4. It is the barter system of trade that laid the very foundation of a business.

2. Village economy stage:

1. “The village is a self-sufficient communal unit.” Here, people usually live in harmony with each other and their environment by forming different cooperative social groups.
2. The village economy is mainly supported and fueled by various agricultural activities.
3. Here, people satisfy each other’s requirements by trading among themselves their basic goods and services. However, in some special cases, even gold, silver, and copper are used for trading.
4. When villagers started doing their businesses at a village level, it helped to form the world’s first markets.
5. In these small markets, the villagers exchanged or sold their surplus goods.
6. This overall helps to transcend the economy from a barter stage to become a village economy.

3. Town economy stage:

1. “Town is a meeting ground for the majority of villages.”
2. It is a place where people from different villages come together, interact and mingle.
3. This heterogeneous interaction brings the influx of new cultures and traditions, ideas, and creates better opportunities.
4. This attracts many new people, and development also starts taking place to sustain the demands of incoming masses.
5. This process gradually results in formation of a town's economy.

2. Regional business

What is a region?

In context of this article, “region is a huge landmass or area that comprises of numerous town economies.”

When a business alliance of town economy from any specific region feels the need to extend the scope of their business, it results in business expansion at a regional level.

What is a regional business?

1. “Regional-business is a business between different areas within a country.”
2. It mainly includes trade between various states, which are political divisions that make up a country.
3. Here, credit sales get more importance.
4. Better and economic infrastructure facilities, especially, transport and communication are required to develop regional business.

3. National business

Explain the meaning of word nation.

“Nation is an organized political union of its member states.”

What is a national business?

1. “National business is present in the entire country.” In a practical sense, it is spread in the most parts of a country.
2. The business at a national level first started in England during the era of Industrial Revolution. The joint-stock companies became very popular during this stage.
3. The size of a national business is always large when compared with the business done at a regional level.
4. National business helps to make the availability of goods and services in the most parts of a country.

4. International business

No nation is 100% self-sufficient with its all available resources. A nation may have abundance of some resources but may also experience scarcity of other resources. To overcome this scarcity, nations often trade among themselves. They satisfy each other's needs by supplying their surpluses and/or expertise, and in return bring home, the scanty resources.

What is an international business?

1. The term international business implies “businesses conducted among or between different nations.” Here, two or more countries do business with each other. It mainly consists of imports and exports. For example, crude oil-rich gulf countries export their raw oil and in return import the scare food items.
2. The international business is not a phenomenon of modern times. It has its origin in the ancient times. It began when merchants from different kingdoms started exploring remote parts of the old world in search of wealth and opportunities. For examples, European traders came to the south-Asia via a new sea-route in search of cheaper spices, which were in huge demand in Europe.
3. It helps to improve friendly relations between different countries.
4. It also helps to improve the standard of living of the people.

Today, international business has increased many folds. It is so, mostly due to availability of faster modes of communication and transport, regional cooperation between countries, and adaptation of free trade policies.

5. Global business

First let's understand, What is a global market?

“Global market is one big world level market.” Here, the entire globe or world is considered as one huge market of opportunities. This market has the enormous levels of customer base than any other type of market. It has no borders and is almost restrictions free. All companies can sell their goods and services in this kind of one open global market. However, here, the competition is very severe. Large funds, skilled human resource, an ample amount of creativity and innovation, best quality of produce and services, along with world-class logistics and marketing are required to sustain the tremendous pressures of its severity. Generally, this market is fully controlled by the rich cartels of multinational companies (MNCs).

What is a global business?

1. “Global Business is a business in one giant world-level market.”
2. It is a new concept and is also referred as Globalisation.
3. India entered the world market and started its global business in the early 1990s. Since then its importance is increasing rapidly in India.
4. The global business is the most current and latest mature stage the modern business has evolved into.

This is how the evolution of business took place starting from its basic local level and arriving at a global stage.

How to get any Job

Whole Brain Model

Whole Brain Model

The Herrmann Brain Dominance Instrument (HBDI) is a system claimed to measure and describe thinking preferences in people, developed by William "Ned" Herrmann while leading management education at General Electric's Crotonville facility. It is a type of cognitive style measurement and model similar to the Myers-Briggs Type Indicator
Brain Dominance Model
In his brain dominance model, Herrmann identifies four different modes of thinking:
A. Analytical thinking
Key words : Auditive,logical, factual, critical, technical and quantitative.
Preferred activities : collecting data, analysis, understanding how things work, judging ideas based on facts, criteria and logical reasoning.

B. Sequential thinking
Key words : safekeeping, structured, organized, complexity or detailed, planned.
Preferred activities : following directions, detail oriented work, step-by-step problem solving, organization and implementation.

C. Interpersonal thinking
Key words : Kinesthetic, emotional, spiritual, sensory, feeling.
Preferred activities : listening to and expressing ideas, looking for personal meaning, sensory input, and group interaction.

D. Imaginative thinking
Key words : Visual, holistic, intuitive, innovative, and conceptual.
Preferred activities : Looking at the big picture, taking initiative, challenging assumptions, visuals, metaphoric thinking, creative problem solving, long term thinking.

His theory was inspired by the research into left-right brain laterilization by Roger Wolcott Sperry, Robert Ornstein, Henry Mintzberg, and Michael Gazzaniga and further developed to reflect a metaphor for how individuals think and learn. Use of that metaphor brought later criticism by brain researchers such as Terence Hines for being overly simplistic.
Herrmann also coined the concept Whole Brain Thinking as a description of flexibility in using thinking styles that one may cultivate in individuals or in organizations allowing the situational use of all four styles of thinking.
The Herrmann Brain Dominance Instrument
The format of the instrument is a 120 question online test which claims to determine which of the model's four styles of thinking is a dominant preference. More than one style may be dominant at once in this model. For example, in Herrmann's presentation a person may be dominant in both analytical and sequential styles of thinking but be weaker in interpersonal or imaginative modes, though he asserts all people use all styles to varying degrees.
A 1985 dissertation by C. Bunderson, currently CEO of the non-profit EduMetrics Institute which has an ongoing business relationship with Herrmann International, is published on the Herrmann International website. It asserts that "four stable, discrete clusters of preference exist", "scores derived from the instrument are valid indicators of the four clusters", and "The scores permit valid inferences about a person's preferences and avoidances for each of these clusters of mental activity".

6 Ways to Make Your Internship Count

Published by: Deborah Federico

Congratulations on landing that internship. Now comes the hard part, following 6 guidelines will help you make the best out of your Internship

Social Media Mores

You may be dying to find out who posted on your wall or see who just texted you, but don’t log into Facebook and don’t take out your cell phone until you know what the office policy is. Some companies forbid using the internet for personal reasons. Also, never post anything negative about your internship or employer on any social media site–ever!  Not even things like, “Had an awful day at work today.”  If you do post about your internship, keep it positive: “Awesome day at work. Learning so much!” Learn from the Twitter goofs by these employees who were axed for their inappropriate tweets.

Should you “friend” your boss or your coworkers on Facebook? Many students ask me this question. In general, I say no. Of course, every situation is different. A good alternative would be to connect with them on LinkedIn.

Can do and will do

Eagerly do whatever is asked of you, including making copies, getting the coffee or answering the phone. Prove to management that you can do these menial tasks with a smile and you’ll be seen as a cooperative team player. At a recent internship panel, a student shared that he was asked to get coffee by his boss. No problem! he thought. By cheerfully getting coffee for his boss, his boss soon returned the favor.

There was another student interning on Wall Street who spoke of how he had to put together 40 binders at midnight for a client presentation the following morning. Not only that, he also had to find a way to get them to the hotel where the presentation was taking place, and by 6:00 AM. Well, he was able to get the binders there by 4:00 AM. His manager was quite impressed with his attitude of doing whatever it takes to get the job done, and he offered him a full-time job.

Get iniquisitive

Students will tell me that they were afraid to ask questions for fear of admitting ignorance. Think of it this way: It’s much better to ask questions than do something wrong or waste time trying to figure things out on your own. Companies don’t expect interns to know everything. If you did, you wouldn’t be an intern!

If you finish your assignments early and have nothing to do, don’t just sit there. Go find something to do—an assignment, a project, something. Approach your direct supervisor. If he or she doesn’t have anything for you at the moment, ask to do a project for someone else in the office. Many overworked employees would readily welcome the assistance of an eager intern—and you’ll be earning lots of kudos from the staff.

Find ways to impress,

Go above and beyond what is required of you. Give 100 percent in everything that you do. Make a note of any measurable accomplishments you achieve along the way, then be sure to include them on your resume. Be on the lookout for new, creative, cost-effective ways to do things. As an intern, you bring a fresh perspective and may readily find solutions to problems that full-time employees can’t see. The ability to problem-solve is a key skill that employers are looking for in full-time hires. So if you can hone this skill during your internship, you’ll be able to highlight it on your resume and in your future interviews.

Meet, talk, connect

Get to know as many people as possible during your internship and conduct informational interviews with people who are doing the jobs that you would like to do. As I mentioned above, you probably don’t want to friend your co-workers or supervisor on Facebook, but LinkedIn is the perfect place for you to connect with them. Make sure to stay in touch with these people throughout your senior year and in the future.

A grand exit

Some companies have a formal evaluation process for interns. If your company doesn’t, you should ask for one. You will impress your supervisor with your proactive approach and your openness to receiving constructive feedback.

Make sure to update your resume with your internship details while it is fresh in your mind. Remember to make note of any key accomplishments you achieved, problems you solved or ways you make an impact. Many students will see me after the summer so I can review what they have written about their internships. I would recommend that you do the same with your career counselor, especially if you are a senior who needs to gear up for fall recruiting.

Six factors to consider in a job offer

By Saumya Bhattacharya 

When the job market is good, companies are often looking to strengthen their talent pool. If an offer comes your way, that is great news. You are considered a high performing individual in the job market. If you are comfortable in your current job and have no ‘push’ factor to move on, you have a difficult task deciding on the offer. Here’s a checklist of six factors to consider.

Role vs. Designation

It is important to understand what the job is all about. HR heads often talk about employees wanting to come back to their earlier jobs because these employees did not understand their role and made the mistake of moving into roles they were not suited for. Succumbing to the lure of fancy designations is a definite no. Ask the organisation about the role, expectations from that role and then decide whether you can take up the challenge or not.

Career path

So, you like the role, but where is it going to take you two years down the line? Ask your potential employer about the growth prospects. If you want to work across functions, ask whether the organisation is open to such an idea. Ask about the promotion policy of the organisation. On an average, how often are employees given promotions at your level?

Salary

Talking salary hike is one of the most important and sometimes trickiest parts of the job switch. HR heads say it is acceptable to negotiate a salary offer across most levels. A pay hike of 25% to 30% is considered reasonable, but one size does not fit all.  If you are not comfortable with the offer, you can convey that it is not up to the expectations. Do not, however, base your decision to switch jobs solely on the basis of salary offered.

Working hours

Do not underestimate the working hours of your potential workplace. Perhaps your current organisation is not a stickler when it comes to clocking those nine-and-a-half hours. That may not be the case in your next organisation. Giving up a five-day work week may also be difficult because your family may be well-adjusted to that. So, be clear what you are getting into. Also, ask about the leave policy before you join.

Development programmes

Re-skilling is a necessity of modern careers. If you are an engineer, you may want to acquire that coveted MBA. Or may be your job requires you to learn a new technology. You may also have plans of joining a course in a new skill few months down the line. Ask your organisation whether it helps with such initiatives.

Brand matters

Career choices are governed by our expectations from the career. Do you want to work in a company that gives you the comfort of a big brand, a known name? Or do you want to rough it out in a start-up kind of an environment? Or may be you want to venture into a sector that is growing and offers big challenges. Be clear about the choice you are making. 

Foreign Direct Investment in Indian Retail Sector – An Analysis

BY:-Pulkit Agarwal

http://www.legalindia.in/foreign-direct-investment-in-indian-retail-sector-%E2%80%93-an-analysis

A must read for all the management students