1. What is the key learning you have taken from society’s effort to create meaningful environmental shifts?
Environmental shifts that have been seen in society since time immemorial can only be taken as a survival strategy. Environmental shifts that have been marked from the age of Jurassic are only meant for social survival. Human kind shifted itself from nomadic creature to domestic animal and that was only meant for survival. An organisation must put focus on the environmental factors for the survival which is “profit making”. The environmental changes may include political, technical or demographic changes. Either change can bring you profits or loss, all it depends how you manage change. Change must be adapted at individual, work group and organisational level to bring profit to the organisation. If the change occurring outside the organisation is negative, the organisation must develop strategies to handle the negative changes.
When a society at large makes a meaningful environmental shift, the aim is to adapt itself to a larger change.
1. The society is able to predict the effect of a larger change occurring at the geographical or demographic level. Anticipating the change supports a civilisation, a society to survive and develop. At individual level, one must have positive attitude to any occurring change. That can bring improvement at the personal and professional level.
2. Meaningful environmental shift inside an organisation helps in Crisis and Risk management. Changes in technical issues or global market can bring crisis into an organisation. Even at individual level, one’s technical knowledge can be obsolete. One must adapt to change to avoid risks related to product and process extinction. The demand of a product also keeps on changing, either it can increase or it can vanish from the minds of the consumers. Organisations need to search for meaningful environmental shifts so that it can keep growing.
3. Meaningful shifts in marketing strategies of an organisation depend on the environmental factors too. The marketing strategies must be made according to the environmental factors. Products vanish from the market due to decrease in the demand, non availability of raw material or political interference or advent of new products. One must be aware of the conditions to follow to avoid the loss of money and reputation.
2. How equipped are we as a business society to learn from (or can learn from) self-generated mistakes OR the consequences of mistakes on the system?
Society at large provides a business all the required resources. Beginning from the man power to raw materials, everything is a part of society. A business society has all the responsibilities towards the world community which has been avoided during Industrial revolution. When we are taking all the required resources from the society, we receive a huge responsibility towards the society too. Whether it is environment where from we are getting raw material or man power that provides all managerial skill, all the resources need our attention.
When we are receiving some of the raw materials from the society, we must try to compensate that object. If the material is non-renewable, we must put effort to minimise the wastage. At the same time, when we are using the most valuable resource i.e. manpower, we must at the same time return in the way of a developed economy.
As a business society, we have many a time neglected these simple yet unforgettable facts and responsibilities.
Our efficiency to manage our mistakes:
The consequences of this mere negligence are seen in the environment. The environment is getting empty with valuable raw materials and there the business society confronts the less satisfied employees.
We as a business society are always well equipped to rectify that self-generated mistake which is nothing other than avoiding one’s social responsibilities. Ultimately it will decrease the output of the firms only. When you as a body are not focusing on returning to the environment at large, a day will come when everything will be much costlier or vanishing from the society.
We as a business society are always well equipped to develop the economy through good incentive and a salary pattern. A benevolent policy-change can bring development to an economy.
We as a society can enhance the skill of the man power which will always bring better consequences.
We are equipped to provide products of better quality at a reasonable price that will always satisfy the consumers at the end of the supply chain.
We can minimize the wastage and concentrate on recycling many of the raw materials so that elements will not vanish from the environment. Our technological advancement equips us to do so easily.
There is always impediments stand in the way of social responsibility. State policies, political influence and competition may bar organisations from implementing their responsibilities, but it is always one’s managerial skill that keeps one ahead of all the obstacles.
3. Once you embark on your careers.how will YOU transform into the ‘black swans’ as “agents of change” from the current predictive and linear model of “doing things as they’ve always been done.”
Bringing a change at the social or corporate level is not so easy. As a part of a firm, one can bring a little change inside the society. But when one aims at becoming an entrepreneur, things appear much easier. As an entrepreneur, one can focus on the corporate social responsibilities and at the same time innovate processes to maximise profit.
With innovation, one can develop many of the ways to manage resources effectively. Inside one’s own firm, one can take the required risks to bring change. One may possess a smaller firm, but the ability to bring changes with policies and practices is always larger with one’s own firm. One may not bring a sea change inside the society but taking smaller steps towards change can influence other competitors too.
One can show one’s CSR activities in the social media which can get viral and influence others to follow the same activities. Bringing a sea change alone is never easier; it is the cooperation of all the firms of an industry that can bring good “Black Swan Effect” in society. And attempting a good thing always gets spread. When one invents many of the processes to maximise profit while doing one’s CSR activities, even competitors will appreciate and follow the process. As a business, we cannot forget profit but sharing the benefits with the environment can bring a good change inside the social sphere.
4. Describe the BSE of your generation that had the largest impact on Millennials. What did you learn from the event and how has it changed you?
The good BSE that has largest impact on the Millenials is the evolution of internet. Technology such as internet was always present in the science fiction during the 80’s. It was purely unpredictable. Something so faster and cheaper was never there in the communication system. Internet is not a medium of communication only, but it is a vast encyclopaedia. One can get many of the information at the top of the finger tips. Today, the quicker way to get any information is of course “the internet”.
It has changed the ways Millennials would have worked at the absence of the internet. It has changed the business world in many ways. Developing a business and promoting it has become much easier with the advent of internet. The millennials as small scale business owners can focus more on internet-marketing. Developing websites for the products and market the product with less cost is possible through the internet. Cost-minimisation is the benefit that is the gift of internet to the small entrepreneurs. One can also manage one’s supply chain with the use of internet cheaply. Reaching the end users and target audience gets much simpler with the internet.
The millenials as the costumers also enjoy net-shopping. They do not prefer to move to the shopping mall to make purchases anymore. They can order their products through internet and the item reaches their home in a few days. The institutions facilitating financial transactions are also getting their share of profit through the internet-shopping. Internet is facilitating both the business and the end users.
5. Provide a NON-GAFA product or service marketing example that expresses an edgy BSE.
Providing the financial loan for housing is a NON-GAFA service that caused America’s economy collapse. The attitude of the investment Bank was the cause of edgy BSE.
Though the local banks and all other financial institutions knew the borrowers were frauds, they sanctioned the loans. They knew the loans are not going to be paid back ever. For showing a positive figure of their institutions they became the cause of a collapsed economy. The loans that showed the dreamy selling of the Banks were destined to fail. The victims were the legitimate borrowers who had no negative intentions towards paying back the loan.
Easier access to housing loans and overvaluation of mortgages became the cause of the collapse of world economy. The things though started in early 2004; things were clear in 2007-08. The consequences were harsh and it was compared with the Great Depression of 1930s. The real estate market and housing market suffered a lot. Many other key businesses suffered and unemployment started to rise. The world at large confronted scarcity in the name of recession which occurred during 2008-2011.
This attitude of the financial institutions slowed down the world economy. This unpredictable consequence of the housing loan brought a change which negatively affects the world economy. The housing loan crisis of America can be taken as an edgy black swan effect that brought bad effects to the world community at large.
Alannah E. Rafferty . Nerina L. Jimmieson . Achilles A. Armenakis . “Change Readiness”. Academy of Management . Australian School of Business, The University of New South Wales, Kensington, NSW, Australia . 24 Mar. 2016 . <http://jom.sagepub.com/content/39/1/110.full>
