PLEASE REBUTTAL, RESPOND, AND ANSWER EACH OF THE FOLLOWING QUESTIONS OR POST STATEMENTS. MUST BE 150 WORDS (PLEASE), WRITE IN 3RD PERSON.ONLY ONE REFERENCE CAN BE USED FOR EACH ANSWER.
DQ 1. In the lecture it is shared that "a sole proprietor is a relationship builder who creates a unique configuration of resources through these relationships". In in your post your agree with the idea of the sole proprietor having a greater responsibility to the community over the internal stakeholders. Love for you to share some of the pro/cons of that.
DQ 2. Stakeholders are individuals or people that have a vested interest in an organization, and can exercise their interest through power and influence. Though the interest for some may be a financial interest, others may be interested in ethical or environmental issues associated with the company. Therefore, organizations must make it a priority to identify stakeholder's interest because it can affect the vision and mission of the company. Furthermore, leaders can also go about developing good corporate citizenship as noted by Wibowo and Gunawan (2015) by ensuring transparency, responsibility, and fairness to ensure organizational goals and objectives are met. Building stakeholder relationships is paramount to an organization's success. It is about making meaningful connections that are a win-win for all, and though it should be a top priority, corporations that fail to invest in building this foundation will soon see how toxic the partnership can become. This will influence my research because my dissertation topic focuses on key points such as relationships, parents, and student achievement.
Wibowo, W., &Gunawan, H. M. (2015). Implementing Good Corporate Governance in Indonesia: A Strategic Approach. Journal Of Accounting, Business & Management, 22(1), 29-45.
DQ 3. I think the most significant idea I will take from this course is the importance of managing stakeholder needs, and ways to engage stakeholders to uncover needs. There is value in being aware as a leader how to effectively manage stakeholders. Organizations are dynamic and are constantly changing which can create a shift in priorities for both the organization and stakeholders. Leaders must actively be engaged in order to best understand the changing needs of stakeholders. According to Greenley&Foxall (1997), comprehensive understanding of stakeholder interests is essential to an effective strategic management process, which should be ongoing and interactive process. It is sometimes difficult to manage relationships and balance needs of stakeholders. I find that there is value when leader understand ways in which to engage stakeholder to identify their needs. Lawrence & Weber (2014) propose that engagement may take the form of focus groups, individual or small group interviews, surveys, key-person meetings, ,or advisory council. I do not think that the list of engagement methods listed by Lawrence & Weber are exhaustive and leaders should explore and consider other strategies that may be effective in working with stakeholders.
Greenley, G. E., &Foxall, G. R. (1997). Multiple stakeholder orientation in UK companies and the implications for company performance. Journal of Management Studies, 34(2), 259-84.
Lawrence, A. T., & Weber, J. (2014). Business and society: Stakeholders, ethics, public policy (14th ed.). New York, NY: McGraw-Hill/Irwin.