Seizing The Opportunity Is Of Paramount Importance Commerce Essay

Published:

This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

Rightly it has been said by Sun Tzu, "Opportunities multiply as they are seized" .This quotation is potentionally useful to any business. This statement consists of two parts which are complementary to each other. The first part is to seize the opportunity in time with full vigour and enthusiasm as being the foundation for the other opportunities. The stronger the foundation, the stronger will be the pyramid of business based on it. Thus, the seizure of an opportunity is the gateway for many other opportunities. The second part is the multiplicity of other opportunities and these are to be utilized properly and pertinently with the strong urge to achieve the best. Therefore, the central core of the quotation is the timely seizure of an opportunity and then the promotional strategy to ensure success while taking into account all the indispensable components of any business. The underlying principle of the quotation generates a strategy to start any business and then the promotional strategy to select and connect prudently the best ingredients of any business (entrepreneurial mindset, selection and scope of the product, financial strategy, customer services, long term planning and diversification, etc.) even in the face of all cut-throat competition. This is well evidenced in the following paragraphs with a series of success by the most successful businessmen- M.S. Oberoi (Oberoi Hotels) and Dhirubhai Ambhani (Reliance Group).

Entrepreneurial mindset in perspective of seizing the opportunity is of paramount importance. This mindset combines the initiative and the hard work with the capability to face and to overcome the most overwhelming odds. This golden opportunity serves as a spring- board to touch the climax of success .For example, M.S. Oberoi started working as a front desk clerk but because of his intelligence and enthusiasm, today he owns The Oberoi Group (Oberoi Hotels and Resorts). To start with, he signed a lease in 1938 to take over operations of the 500 room Grand Hotel in Kolkata that was on sale(Sawant 2002) .Thus, the opportunity he seized, became a gateway for the multiple opportunities. With his customary confidence and sheer determination to succeed, he was able to convert this hotel into a highly profitable venture which was his first step towards his success. Another budding entrepreneur, Dhirubhai Ambhani (Founder of Reliance Group), whose life has been referred to as the true "rags to riches" story (Gusain 2004). He had to give up his education to support his family. The entrepreneurs always do focus on making their business plans and do eliminate any hindrance or distractions to their goals. They form the strategies how to get them accomplished being disciplined enough to take steps everyday towards the achievement of their objectives.

The Selection and scope of the product is one of the key components for the promotional strategy as to select a product which has good scope and is trendy. The selection of the right product or service is very crucial because it can make or mar any business. That is why the right product or service to sell is the pillar of the whole business which can turn it into an income- generating machine. M.S. Oberoi started by investing in Hotels, he chose his product and further worked towards the quality of the product and its promotional aspects after consolidating his early ventures. Mr. Oberoi was the first Indian to get into contract with a renowned chain of International Hotels and opened the first Five- Star hotel in India in 1965 i.e. The Oberoi Inter Continental, New Delhi. This achievement was enhanced with the opening of another Hotel in 1973, thus, he was the first to work in association with international chain to attract travellers to India which contributed significantly to India's foreign exchange earnings (Marmefelt 2007). After realizing that the Hotel and Hospitality business is greatly dependent on the travel agencies , a vital element in the distribution chain. Therefore, he decided to establish his own travel agency which now ranks amongst the leading travel agencies in India.(Mirza 2010) This act not only helped him to advertise about his hotels but also it helped to increase income as well.

The financial strategy is a large part of any business plan. The financial section includes the income statement, cash flow statement and the balance sheet. For new businesses, the financial statements are projections, whereas for an existing business it will have several years of history as well as the projections. In addition to this, the plan includes the financial strategy of the business and the guidelines of when approval is needed to make changes to current investments or to liquidate investments to cover business necessities. In the case of Dhirubhai Ambhani, in order to generate more income, he invested in shares and very soon, he became a major in the stock market in 1982. Surprisingly, more than 58,000 investors from various parts of India, subscribed to Reliance's IPO (Initial public offering) in 1977(Ramandeep 2007) and he was able to convince small investors to invest more as it would turn out to be profitable for them. Mukesh Ambhani(2011), like his father, used to boost the share holders stating in the letters , "Reliance Industries (RIL) is entering fiscal 2010-11 with the clear message that while its growth is planned and focused, it is also spontaneous and self-energizing. In addition, the company states that it is on the path to improving its global ranking in polymers by building extremely competitive new assets in India" (p.34). To brief, the financial strategy of a business plan should be laid as a general guide as it is difficult to account for every possible financial scenario that may arise in a business from time to time. However, the financial strategy should be enough of a guideline to direct the basic staff of the business in conducting the financial aspects of the business from the purchase of payroll to the making of the payroll.

Excellent customer service is also an integral part of the promotional strategy .For any business, the most vital asset is its customers because without them the business cannot exist. When a customer is satisfied it would bring goodwill and help the business to grow. There's no industry that demands customers more than the hospitality industry. Under Mr. Oberoi's dynamic leadership, The Oberoi Group introduced its second brand of hotels, 'Trident'. Trident hotels are five-star hotels that have established a reputation for excellence and are acknowledged for offering quality and value. These hotels combine state of the art facilities with dependable service in a caring environment, making them the ideal choice for business and leisure travellers. (Siegel 2002) In the case of industries, Customers should understand the system. Sometimes the best industries fail as their customers get dissatisfied .The staff should take time to explain how the system works and how they simplify transactions but being careful that the system does not reduce the human element of the organization. Moreover, the staff must be competent enough to sort any situation. Reliance which is one the biggest corporate industry shows a good presentation of skilled and unskilled workers (McDonald 1998).

Long-term planning and diversification is the last but not the least component of any business as a part of its promotional strategy. This means to improve service and to implement the strategies to diversify the business and to increase the profitability through greater sales volume obtained from new products and new markets. For long term planning, flexibility is necessary, as to adapt to the changes which are highlighted by D .Ambhani. He began the process of backward integration, setting up a plant to manufacture a polyester filament yarn, which eventually increased the demand for Reliance Industries. (Gohain 1999) .The company became more market potential, by diversifying business into a core specialization in petrochemicals with additional interests in telecommunications, information technology, energy, power, retail, textiles, infrastructure services, capital markets, and logistics.

From the above-mentioned interpretation of the quotation, "Opportunities multiply as they are seized" by Sun Tzu, with the most suitable examples of the top businessmen, does reveal the secret of success which lies only in action but not in contemplation. The more we are in action; the more relevant becomes this quotation. Thus, success demands strategy. This strategy must be used while seizing any opportunity which will lead to a bundle of opportunities and, then, the Promotional Strategy must be formed to utilize and to upgrade all the indispensable components (entrepreneurial mindset, selection and scope of the product, financial strategy, customer services, long term planning and diversification, etc) of any business in concern. The spirit behind this quotation is well expressed in the words of Robert Browning, (Karlin 1846) "To strive , to seek , to find but never to yield" (p.49) which is crystal clear by the business history of the most successful businessmen- Oberoi Hotel and Resorts and The Reliance Group.

Writing Services

Essay Writing
Service

Find out how the very best essay writing service can help you accomplish more and achieve higher marks today.

Assignment Writing Service

From complicated assignments to tricky tasks, our experts can tackle virtually any question thrown at them.

Dissertation Writing Service

A dissertation (also known as a thesis or research project) is probably the most important piece of work for any student! From full dissertations to individual chapters, we’re on hand to support you.

Coursework Writing Service

Our expert qualified writers can help you get your coursework right first time, every time.

Dissertation Proposal Service

The first step to completing a dissertation is to create a proposal that talks about what you wish to do. Our experts can design suitable methodologies - perfect to help you get started with a dissertation.

Report Writing
Service

Reports for any audience. Perfectly structured, professionally written, and tailored to suit your exact requirements.

Essay Skeleton Answer Service

If you’re just looking for some help to get started on an essay, our outline service provides you with a perfect essay plan.

Marking & Proofreading Service

Not sure if your work is hitting the mark? Struggling to get feedback from your lecturer? Our premium marking service was created just for you - get the feedback you deserve now.

Exam Revision
Service

Exams can be one of the most stressful experiences you’ll ever have! Revision is key, and we’re here to help. With custom created revision notes and exam answers, you’ll never feel underprepared again.