EMSK5012 | Economic and Commercial Understanding of the Working Sector

Information regarding the sector:

Being aware regarding my field of work will provide me ability to recording, reporting and interpreting the same information to my supervisors as well as clients. The general information of firm’s operation and performance will aid me to deal with the future issues and additionally it will make me potent enough to deal with the problematic situation. Being admitted for the economic degree, it is expected that a number of things from the economic as well as the financial perspective will be learnt, which will aid me to guide through the zenith of success in my career (Engel et al. 2016). Additionally it will help me to learn a number of things which will enhance my commercial awareness regarding the performance of a firm and sharpen my ability to enhance the efficiency of the same that will include learning to interact with the small scale firms and volunteering to aid by performing so that I could be able to learn the difference in the organisational money making and how it enhance the performance over the years. Moreover, knowing about the working sector will aid me to know the general depiction of the financial and economic state of different firm and economy around the world leading to fall in the performance of the same. So as to become more commercially recognized by the worldwide business personnel, the essence of the networking can be came handy because it will allow me to know my working sector and learn how I can develop my personal goals. My mutual interest in the networking will provide me ability to handle the pressure of the work under the developing world, where the market is utilising the technology by a large amount during the present years and as per expectation which is going too enhanced by a large extent. As far as my economic field is concerned, networking will aid me to escalate my value of goods and service as the result owing to the performance of a network and additionally it will provide me ability to network economics denoting multiple professionalism within my operational sector.

Economic and commercial understanding of the working sector:

As it can be seen from the objective my carrier to become a successful consultant with the economic, commercial and networking knowledge, it can be seen that economic and commercial understanding is essential for me. As it can be seen from the study that knowledge regarding the comparative advantage, economies of scale and economic performance of the firm, these are essential for the performance of the firm. Understanding regarding the same will provide me ability to deal with the future consequences that may arise in case of inability to understand the same. Commercial knowledge will provide me ability to understand the commercial performance of the firm and align me with the requirement of the file for a consultant who can provide input regarding both the economic as well as commercial performance.

Analysis of personal qualification:

Personal qualification will provide ability to understand the working environment of my sector that will enable me to understand the performance of the firm. Additionally it will guide me to understand the financial performance of the firm while enhancing the firm. Understanding regarding the economic terms regarding the economic factors like all cooperates needs to have a finance system that handles all the currency exchange within an organization. A financial direct is a member of a top ranked execute team which has responsibilities of their company’s monetary health. To become a good financial direct, you ought to be a good chartered accountancy. With the enrolment to an economic degree the module of financial management is taught.

Success scope of in the private sector:

Futuristic:

As per the finding of the Don Clifton, who is acknowledged as the father of strengths psychology and inventor of Clifton Strengths argues that one may want to go for his company or join one of the largest firm around the world, however, his or her dream need to be big to become successful in the working field (Hodges and Kennedy 2015). There is a high scope that the carrier of a person is driven by the keenness to do something big, however, if it is not futuristic and does not have potential to stand out from the crowd, then it is of no use. There is possibility that every now and then there will be new ideas within us that will aid us to become one of the largest entrepreneur in the world, however, thing that can alter the balance is the futuristic characteristics of the same. Thus, my next step will be to narrow down the options to bank upon considering the prevailing circumstances, available resources, pressing deadlines and budgetary constraints.

Strategic:

Strategic decision making skill is one of the most important parts that a consultant require in his career and without the same he or she cannot develop proper skills to become successful in his career. As far as literature regarding the same is concerned, it has focused on the personalised strengths insights in order to enhance the strategic front of the self. As it can be seen from the findings of (Bryman and Bell 2015), strategic understanding is crucial for every aspects, because it will guide the consultant to understand both the economic and commercial requirement of the firm providing better strategies to deal with the future problems. Thus, being a student of economics degree, it would be highly important for me to develop my strategic front so as to enhance my skills and performance in the working field.

Connectedness:

It can often be seen that though some of the entrepreneur is getting higher amount of exposure, whereas some fails to get the same, yet both of them have same understanding regarding the problem (Kizner 2015). Thus connection within the employees is essential for the growth of personal carer and organisational performance as well.

Belief:

It can often be seen that though some of the entrepreneur is getting higher amount of exposure, where as some fails to get the same, yet both of them have same understanding regarding the problem. It is not because the performance but because of the personal relation within the working framework. it can often offend people who work at same place at same post, however, believing on own self is highly important because it will provide courage and power to stand out from the crowd otherwise the same can happen again and again leading to frustration within own. It would rather hamper the personal mental balance deteriorating the overall belief on own. Thus I would always prefer no matter what the situation is, it would be my duty to keep belief on myself.

Relator:

Many things during 21^st century is taking place at a same time and if a consultant fails to do so, then there will be grave consequences (Drucker 2014). Providing optimal strategy to the firm for future growth depends on large amount of factors and relation all of them within a single framework is highly recommended for the smooth growth or transformation of the firm. It would not only enhance the performance of the firm, rather expand the business over different region because if the consultant can provide good and sophisticated strategies to the firm considering all the factor within the domestic and foreign market, then market penetrating strategies will be effective for the firm to enter new markets. Thus, being a student of economics, my optimal target would to become a relator.

Conclusion:

From the above discussion it can be seen that performance of the employee is one of the factors that determine the future performance of the firm and that define the development of the personal career. As it can be seen from the above discussion, if there is good amount of knowledge regarding the performance of the firm’s operation then it will enhance the performance of the firm and providing career boost. In addition to this, there will be large amount of scope to the performance of the firm because under the consultancy under my supervision will allow me to enhance the performance of the firm

References:

Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.

Drucker, P., 2014. Innovation and entrepreneurship. Routledge.

Engel, J.S., Minet Schindehutte, H.M., Neck, R.S. and Rossi, B., 2016. 1. What I have learned about teaching entrepreneurship: perspectives of five master educators. Annals of Entrepreneurship Education and Pedagogy–2016, p.1.

Hodges, T. and Kennedy, J., 2015. Creating a positive campus culture. Positive psychology on the college campus, p.343.

Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.

Sannino, A. and Engeström, Y., 2017. Studies of expansive learning: Foundations, findings and future challenges. In Introduction to Vygotsky (pp. 100-146). Routledge.