During our time in Young Enterprise, we were able to broaden our knowledge and skills towards helping our company become more successful. Young Enterprise is helping many students become more aware of the business world this has helped us become attentive into producing and manufacturing a product that will help reform this world. Due to the evolution of business and our economical crisis, we were not able to fund for a suitable product that can be successful amid customers, many of the products that were analysed was over the price range for our target audience.
This then lead for a further team discussion towards deciding upon a suitable product, we realised that our product ideas matched different time frames of the year, for example on idea was t-shirts, these are normally sold quicker during the summer, because of this we decided to have a range of products to sell through out the year. Leadership in a business is essential if the team members are to keep on task, motivated and organised.
Our team was able to select an excellent representative/leader who would take upon the job of Managing Director. This led our team to have democratic election towards choosing a reliable managing director. The vote came to a unanimous decision where Bahram Ehsas was elected as the Managing Director of Elite. Advertising is a form of communication that typically attempts to persuade potential customers to purchase or to consume more of a particular brand of product or service.
“While now central to the contemporary global economy and the reproduction of global production networks, it is only quite recently that advertising has been more than a marginal influence on patterns of sales and production. You need to make sure that you have selected the right promotional resources and you need to follow the legal and ethnical laws when you are advertising. Finance was the key department for the business, because every department need to go to them to get money.
Therefore, this made it an essential for the Finance department to be continuously active because they were required to delegate money to the different departments depending on what the case was. Finance is the key department of Elite as it was the pivotal point of all departments. It was their job to keep all the financial figures organised so we knew who our debtors were, how much we owed, how many shares were sold and the profit made. The Finance department would delegate money to the different departments depending on the amount needed and the reason for it.
All of these transactions had to be recorded by the Finance team. The sources of finance for the business were shares and fund raising projects. The distribution of money to different departments had different effects on the finances of the business depending on how much of the money was used to make even more profit for the business and how much of it was used to pay of creditors, overall the Finance team were able to keep all the aspects mentioned above at bay.
In conclusion, we were able to tackle our weaknesses and by preparing beforehand and acting more responsibly in decisions and the actions that needed to be taken as a Team. Another way in which we could have expanded our style is to find the similarities and differences we had as a team. This would have us become a better leaders as well as helping the team become a T. E. A. M (Together Everyone Achieves More).