Business Management Project

Business Management Project

Abstract

This paper analyses three publications in management as required by the assignment requirements. It applies the quantitative approach to summarize the first two academic journals and literature review to analyze the third publication. The assignment has provided various topics for completion of this paper and this paper tackles articles associated with management. It analyses each writing and offers detailed summary according to the specifications of the assignment. It discusses the aims, the thesis of each publication, the methodology utilized; it evaluates significant findings and finally provides personal views about common understanding and the assignment scope.

Introduction

The three articles considered to develop content for this paper are “Personality Traits of Entrepreneurs,” “Healthy Business? Managerial Education and Management in Healthcare” and “An Invitation to Market Design.” Two of the papers talks on the subject of and entrepreneurship management, and the third one falls under strategic marketing. All the three articles have been analyzed and summarized as per the assignment requirements.

“Personality Traits of Entrepreneurs: A Review of Recent Literature”

By Sari Pekkala Kerr, William R. Kerr, and Tina Xu

The academic journal is under entrepreneurship management as highlights dominating personalities existing amongst entrepreneurs and the influence on their venture enactment. It is expressing three themes which are personality traits in comparison to other groups; attitudes of entrepreneurs related to risk management; goals plus inspirations that drive entrepreneurs towards their pursuits.

The literature reviews baseline personalities such as big five model, requirements for achievement, self-efficacy, centers of control, ability to be innovative. It also analyses risk attitudes, aspirations and goals of the entrepreneurs. Under each docket, the studies are categorized behaviors, entries methods, the results of performance and exit criteria. It shows common outcomes and clashing points and provides reflections of nature associated with entrepreneurship (Kerr, S. Kerr, W. &  Xu, T. 2017). The literature classifies studies involved by the type of entrepreneurship population that research was conducted upon to identify the critical features of associated heterogeneity and highlights anticipated areas of consideration for future large-scale research.

The paper under summary considers the characteristic of entrepreneurs using the methodology that has three aspects that entail application of longitudinal information on the prominent and representative model; grades personality characters initially before entry decisions, and measures personal traits like the aversion of risk and self-efficacy associated with entrepreneurship. The literature under review discusses conditions for comparison of entrepreneurs against other management groups and offer in-depth analysis of resulting startup performance.

The paper analyses how the personality traits affect business performance. The research methodology used in the academic under analysis and summary considers several disciplines which include business management, economics, sociology, and psychology(Fini, R. et al 2018). The controls are used to come up with solutions to define entrepreneur traits and their underlying drive plus motivation. The big five factor model for personality is applied and fused with other extra dominating trait analysis.

The research has fused and matched resulting traits to describe multidimensional entrepreneurship alignments. The academic journal uses information from the year 2000 up to date to argue its core thesis. It applies several research studies from the educational database including journals and dissertation papers that covers economics, management, and psychology. The groups considered in the research analysis are business managers, business owners, and commercial entrepreneurs(Kerr, S. Kerr, W. &  Xu, T. 2017). The data applied is extracted from Europe, United States, New Zealand, Canada and Australia. The research on risks includes self-reported cases, hypothetical gambling circumstances and metrics of investment history.

The limitations on the research include unclear results and lack of structured format to draw the boundary of traits to be considered as entrepreneurship factors. The big five model provides analysis based on the following criteria: openness to experience, Agreeability, Conscientiousness, neuroticism, and extraversion. This model enabled the researchers to identify the features that separate entrepreneurs from managers. The thesis of the paper illustrates that entrepreneurs are open to new experiences than business managers and by ever-changing business environment and adaptable to challenges which make them more creative.

The chief difference between the two according to the big five model is conscientiousness which orients to the motivation for achievement and dependability. Both entrepreneurs and business managers have reliability as the common factor for them. There is lack of clear evidence whether managers have more extraversion that entrepreneurs and the research results also present they have small elements of neuroticism and agreeableness(Kerr, S. Kerr, W. &  Xu, T. 2017). The result also summarized that practicing entrepreneurs who were involved in the research 30.2 percent already have firms, 9.9 percent will establish their companies in the next three years; 46.7 percent are likely to create their investments in future with 13.2 percent never will set their companies. Entrepreneurs have strong self-efficacy, the locus of control, need for achievement and are highly innovative to support execution of their business strategies.

The subject of personality traits is detrimental to the study of entrepreneurship in multiple dimensions including entrepreneurship, determinants of success and payable employment. The empirical research analysis indicates that entrepreneurs are highly heterogeneous with minimal differences. There is also evidence that productive trend for the future emulates development of new firms and high application of technological trends(Scarborough, N. 2016). The survey has analyzed spaces that exist in personality theory and their models of measure since the practical tools provided is not disentangling multifaceted, and the psychological traits overlap due to casual roles. There is no clear literature that credit specific traits to entrepreneurs since they are subject to different terms and conditions.

“Healthy Business? Managerial Education and Management in Healthcare” by Nicholas Bloom, Renata Lemos, Raffaella Sadun and John Van Reenen.

The proximity of hospital in the relationship with the provision of university supply of business and healthcare education is related to management practices for best outcomes. This paper is summarized associated with strategic management and researches on the association between performances of hospital plus education management. The research results in the gathering of information from management practice databases and various skills which is available in hospital in nine countries.

The research results indicated that hospitals which are situated next to universities provide both healthcare education and business education thus having excellent management quality. These institutions have overqualified educated managers and exhibit the low number of mortality rates (Bloom, N. Lemos, R. Sadun, R. & Van Reenen, J. 2017). The research authenticates in comparison to distant institutions that offer only either business education or medical education. Some of them provide neither of the two, but this research literature argues that universities should incorporate MBA courses which are focused on enhancing healthcare business skills thus increasing related clinical performance.

The literature under summary highlights the connection between performance in hospitals and management education through the gathering of information from management practices sources and skills available in hospitals(Fini, R. et al 2018). The medical care systems are under pressure resulting from aging population, there is the increase in medical technological advancements cost, the public have tight budget models, and there is the increment in expectations. The evidence of high variations existing inefficiency rate in different hospitals and existing medical system challenges can eliminate by expanding hospitals productivity.

In the United States, the high-class areas used a cost that is fifty percent higher than low-class regions. Such variation is attributed to technological focus, the difference in preferences and the human capital available. This paper under review applies the survey tool which was first employed by Bloom and Van Reen to analyze hospitals in the United States and other eight countries(Bloom, N. Lemos, R. Sadun, R. & Van Reenen, J. 2017). The survey tool methodology provides general and metrics measures used to identify the best management practices above operations, targets and monitoring elements.

Hospitals with efficient management strategies have best medical care practices which are evaluated by survival rates which come from emergency health challenges. These medical facilities also have the high number of managers with excellent business skills evident from their credentials. The methodology applied also considers the advantage of having human management skills and associated results by analyzing information available in world higher education database and reference of the facilities locations. The research also considers the geographical areas of the health facilities and universities using geocoding(Scarborough, N. 2016). The analysis of reports available in the research paper shows that universities close to hospitals provide both healthcare and business courses have better outcomes than others that are situated far away.

It also evaluates the subject with other associated benchmarks such as population, climate, and income. On the other hand, the institutions which are far from hospitals only offer either business courses only or medical studies only. The analysis tool used sets a score range of twenty with 1(bad practice) to 5 (best practice); it has four operations questions, five target questions, five target questions and six human capital management questions. The management index in total have twenty queries and uses regression analysis plus various survey techniques were used to persuade workers to provide precise results.

The rate of response was 34% which was same as school-related survey and manufacturing sector outcomes. Sweden response rate was 6 percent, Germany response rate was 53 percent and Brazil response rate 49 percent. The United States available health facilities were 21 percent; the general response refusal rate is 11 percent; Sweden had zero percent of response refusal rate; Germany had 22 percent of eligible hospitals(Bloom, N. Lemos, R. Sadun, R. & Van Reenen, J. 2017). The sample hospitals which is within the criteria of each country concerning their location, size, and ownership.

About 2,000 health facilities from nine and the results show that management issues for performance in hospitals and the supply of human management capital are Core Avenue of improving productiveness in hospitals. The results indicate that application of management skills significantly enhance the performance in hospitals (Meyer, G. Neck, H. & Meeks, M. 2017). Therefore it is detrimental for medical institutions to incorporate management skills and associated human capital to provide best services. The managerial skills are essential to business organizations and other institutions which are not related to the subject for their operations efficiency and success in business.

“An Invitation to Market Design” by Scott Duke Kominers, Alexander Teytelboym, and Vincent P. Crawford

The academic literature entitled above discusses how effective design for marketing improves the market equity, liquidity, and efficiency associated with the market. It expresses the effective practices that exist in the model of the market using three significant examples which includes programs for healthcare residency matching, the system to the distribution of food which is stock to the food banks and latest incentive actions that dispensed spectrum which is wireless from television broadcasting stakeholders to telecoms. The primary examples used to illustrate how efficient market designing can improve participation, gaming reduction and comprehensive information to boost equity of markets, liquidity, and efficiency.

The design of the market pursues turning economic theory and related analysis into the actual pursuit of solutions to problems existing in the real business world. Individuals that design the market iterate to move back and forward between the theoretical concepts and real practice to enhance market functionality (Kominers, S. Teytelboym, A. & Crawford, V. 2017).

The main aim of market designing approach is to eliminate some of the challenges and externalities that hinder the market from being the best. Therefore market designing is majorly tackling the regulations that control the business transactions and the assets that support the related processes. The provisions have varied format that constitutes simple guidelines to multiple pages of literature. The infrastructure includes physical assets, legal assets, technological assets, and social investments. It is essential for the marketplace to be decentralized to coordinate business activities effectively.

Therefore market designing is disturbing part of policymakers working too and practitioner’s asset in their daily business engagements even though the literature under review considers the key points. In today’s world, the market designing starts operations in the availability of minimum fee of communication and synchronization across available space and period, extensive data sets that entail digital media, high-quality information and social networks. It also demands deep the understanding of personality traits and psychoanalysis and application of technical innovations plus artificial intelligence (Kominers, S. Teytelboym, A. & Crawford, V. 2017). On the same note market designing also involves interaction with economics and associated policies. Market design involves challenges like some institutions are weak to adopt newly developed strategies. The market designing should supersede problems related to inequality, movements, and globalization. The market designers should work from a broad perspective which is not limited to the marketplaces such as a trade exchange should focus mostly on trade policies; the designing of products-exchange should associate with production regulation.

The paper highlights market designing in practice using three illustrations and the first one is medical residency matching and discusses the related solution which is the availability of stable associated mechanisms and associations. The second illustration is the allocation of food donated to food banks and provides the solution of switching from the provision of ration offers to marketplace system and usage of scrip currency plus related applications (Hill, C. Jones, G. & Schilling, M. 2014). The third illustration according to the literature under review is the United States wireless band incentive auction. In this case, the wireless band is the valuable yet limited resource and distributing licenses is the traditional market is a challenge. The solution is the development of double-sided spectrum auctioning. The strategy refers to “incentive auction.” This solution was developed by United States communications commission, economists and expert computer scientists including related applications.

The fundamental tenets include encouragement of participation where both doctors and hospitals fall in residency market which is centralized, reduction in strategic gaming and aggregate of data. Efficiency improvises quality amongst other elements such as liquidity and equity. The new marketplaces in public areas include digital markets; the paper also discusses living donor’s allocation of human organs, road and air transport, refugee resettlement, natural ecosystems, intellectual property and financial markets.

Reference

Kerr, S.P., Kerr, W.R. and Xu, T., 2017. Personality Traits of Entrepreneurs: A Review of Recent Literature (No. w24097). National Bureau of Economic Research.

Bloom, N., Lemos, R., Sadun, R. and Van Reenen, J., 2017. Healthy Business? Managerial Education and Management in Healthcare (No. w23880). National Bureau of Economic Research.

Kominers, S.D., Teytelboym, A. and Crawford, V.P., 2017. An invitation to market design. Oxford Review of Economic Policy, 33(4).

Fini, R., Bartolini, M., Benigni, S., Ciancarini, P., Di Iorio, A., Johnson, A., Mariani, M.M., Peroni, S., Poggi, F., Rasmussen, E. and Silvi, R., 2018. Collaborative Practices and Multidisciplinary Research: The Dialogue Between Entrepreneurship, Management, and Data Science. In Rethinking Entrepreneurial Human Capital. Springer, Cham.

Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management. Pearson.

Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.

Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship‐strategic management interface. Strategic entrepreneurship: Creating a new mindset.