In reality world, there is no such thing that the businesses are assured or guarantee success. Businesses nowadays are bond with ups and downs of the economics, politics, demographics and legislative of the country. The business can be successful in a certain period and then face failure on the coming period or the business is facing failure but then, it turn to become successful after overcome those difficult time. As people said "Man proposes, God disposes and all good things must come to an end". This means that things may not always turn out the way we want them to and all good things as well as success cannot last forever and would end one day.
Have anyone at any time speculate about why they always be inadequate of what they want or desire? People can't get what they desire or want as result of they did not have a clear and obvious objective as well as aim. In order to get what they desire and want, they have set a goal or a plan. For the purpose of become successful, one should have to learn how to determine and fix goals and specify on those goals. As a matter of fact, goals and plan will not only help people to get what they desire and want but also help them to decide the direction of their life. In business world, goals are divide into two categories which is long-term goal and short-term goal. Many people are unable to differentiate the meaning between long-term goal and short-term goal. What is long-term goal and short-term goal? Long-term goal refers to any or all aim and objectives that the businesses plan to fulfill and achieve over one year more or the next five to ten years. Long- term goal are more beneficial than short-term goal as long-term goal provide longer time for the business to decide clearly which direction the business should head to and where the people would like to channelize and direct their business. In the other hand, short-term goal can be define as any or all aim and objectives that the businesses plan to fulfill and achieve within first six months to 2 years. Short-term goal are the most crucial for new set up businesses and should be separated into particular month periods as well as prepare a comprehensive account of the beginning of the 2 months of the operation but if compare to long-term goal, short-term goal has its disadvantage which is it only focus more on the present plan than future plan.
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In order to be successful, a business is advisable to plan a long-term goal rather than a short-term goal. This is because long-term goal give a greater motivation to the business to achieve it and it also plan for future plan but nor present or current plan but there are still a number of business that practice short-term mentality and goal. Normally, business with short-term mentality and goal will face many challenges and failures if compare to the business that practice long-term goal. The challenges that short-term mentality business face are lack of well- constructed decision making system. Decision making system is very important for any business and organization because once the managers make wrong decision, the whole organization may suffer loss or face many problems and even worst, it will collapse. Managers that practice short-term mentality will usually make decision immediately without thinking deeply into it or carefully. This is why the business faces failure. A decision can change the business fate and for the purpose of making a profitable and successful business, the managers have a great responsible to make sure they make a correct decision and the decision are accepted by every shareholder in the organization as well as the decision will not bring loss to the business. To have a good decision making system, managers have to create a useful and encouraging environment. For instance, "Facebook founder Mark Zuckerberg stepped into a hole when he decided to retrofit his site with a featured named Beacon. Beacon pass information about customer Web activity to participating vendors, provide a new source of revenue for Facebook. But when Beacon was implemented, Facebook was slammed with complaints about privacy intrusion and a lawsuit. Based on the wild popularity of his social network site and his rapid rise in the business world, Zuckerbeg was probably overly confident about how users would receive Beacon" (New Era Of Management Ninth Edition, p.227). In this case, the managers have to make sure that the decision involves the right people in it and the decision make should agree by people with allowing the opinions to be voice out. Besides that, the managers need to set up the objectives before making any decision and finally, the most important is, the managers have to make sure whether they use the right method to make decision, use inventiveness and resourcefulness tools from the beginning together with thinking about different perspectives and viewpoint.
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The second challenge that the business with short-term mentality face is the substandard and inadequate credit preparations. The business never plans for the future financing problems so they never expect that the availability of financing for the future may affect the business and may cause the business in trouble. This is because when the business plans only for short-term financing, they will eventually use up half of the money of the business to achieve their short-term goal. In this case, when the business had achieve their short-term goal, they will most likely to plan a long-term goal but then, they are already lack of money and feel hard to achieve it and in a serious case, the business may face failure if the business does not have enough credit to backup together with insufficient credit to use when in urgent. For examples, "Software as a Service (SaaS) business intelligence (BI) provider Lucid Era will end the operations, a company executive has confirmed. Lucid Era's decision to shut down was brought about by a lack of funding and due to financial problems". (Jeff Kelly, 2009). This problem can be solved if the managers can plan and arrange financial matter well. The managers should avoid using up all the credit in a short time period and should plan for future and left a quite amount of the credit for backup and urgent use purpose. Other than that, the managers must also prepare credit for fast growth purpose. Before making any decision related to financial, the managers should discuss with the shareholders in the organization as well as the financial departments to avoid making wrong decision.
The following challenge that the short-term mentality business face is the unity of the teamwork and collaboration. Many managers think that workers are not important enough to influence the business's performance so they are not needed in any decision making session. The managers think that only the upper level of management are qualified to listen, share and voice out the opinion but actually they are wrong. The decision make involve the whole organization so the workers have the right to listen, share and voice out their opinion. As people said, unity of teamwork and collaboration can make a business achieve the goals and be successful faster. Mostly all the managers will like to gain profit for the organization in a short time and have a high ambitious target to achieve it in a short time so that they can be promote to a higher level of position. Due to this thought, these types of managers always decide things and plan on their own without discussing it with their workers and staff and will involve in insecure and uncertain practices for the purpose of meeting the high ambitious target. In this case, the workers feel that they are not important and are not taken serious by the organization so, they will feel disappointed. Eventually, they will lose the feeling of being a team of it and they will not work smart and happy and they are not willing to put more effort on their works. The operation of the organization will become slower at this time and the distance to achieve the goal become further and further. In order to avoid things like this to happen, the managers should listen and ask for the workers' opinion and decide and make the decision together as this involves the whole organization. Sometimes it works if the managers listen to more opinion rather than struggle among themselves to decide it in a short time and end up with a wrong decision. Besides that, the managers should not have a short-term mentality goal of earning and enjoying profit in a short period as this will only beneficial to the organization in a short-term period but not a long-term period. In other words, if the organization wants to enjoy profit and become successful for long time period, the organization has to plan and concern about the long-term goal and has a long-term mentality but not a short-term mentality. For instance, "My view is that teamwork is fundamental. The people in your executive management team are important. One works on operations, one on finance, one on human resources management so, each of them is very important and we complement each other, said Daisy Poon, President of Ajisen China". (Teamwork Is Fundamental, 2009).
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Next challenge that the business applies short-term mentality is the lack of effort to learn. The managers do not have the motivation to learn things that the results only can been seen after a period of time because they do not have patience as they want to see the results immediately. As a result, they are lack of skills and experience. Since they are lack of skills and experience, they are unable to manage the organization properly and may make wrong decision in certain decision making session. For example, an organization can be successful in one day but, because of the attitude of the managers that are not willing to learn and are not patient enough in doing things, the organization will not successful in present time as well as future time. To prevent these things happen, first, the managers should get rid of short-term mentality habits, change his impatience attitude and lastly, they have to put a lot of effort to learn new skills at all time and try to gain more experience. They also need to display a positive attitude if they want to achieve its profitability goal of earning an acceptable income.
Last but not least, the challenge that faces by short-term mentality business is that the business does not have realistic and flexible strategy. The business only plan for short-term goal and in the managers' mind, it is full of short-term mentality thinking and achieving profit for present time. Hence, the organization did not plan for realistic and flexible strategy that can be brought to future time. For instance, "now China is a fast growing developing economy. In business terms, this means that there are parts of the economy which are well-developed and very modern, while there are other parts which are less-developed and efficient. Because this market is so rapidly changing, it is almost impossible to set a strategy for it completely outside China. A smart multinational always give its local Chinese management sufficient freedom to act quickly without facing the overhead of explaining every move to the overseas headquarters'. (Paul M. Denlinger, n.d.). The ways to solve these problems are the managers should be mentally strong and tough and understand the postponement and deferment of the satisfaction and fulfillment. In addition, the managers should always have lateral thinking and think outside the box means they have to think differently, unconventionally, from a new perspective. This can help them to know and gain more knowledge and other things in other perspectives.
In conclusion, in order to have a successful business, organizations should get rid of short-term mentality. They should plan for short-term goal as well as long-term goal but not only plan for short-term goal. Short-term mentality will only bring problems and challenges to the organization and are not beneficial for the organization. So, the organization should always remember to get rid of short-term mentality habits and practice long-term mentality habits as long-term mentality helps the organizations to plan for present and future time. On the other hand, long-term mentality will cover and concern about all the problems and challenges that occur in the organizations and is able to solve it easily. It also can help the organizations to earn long-term profit and it also has a plan and solution if there is an urgent situation happens. Therefore, it is advisable for the organizations to get rid of short-term mentality and start to practice long-term mentality habits for the purpose of the benefits for the organizations.