BUSINESS STUDIES

 Creative Thinking*

- creative thinking refers to thinking differently and looking at something in a new way

- it is a process of putting facts together in new and original ways

Conventional Solutions*

- these are solutions that are believed and followed by everyone

- Focus on being relevant to a situation

 Non-Conventional Solutions*

- they are often interrupted or changed by better ideas

- Diverse solutions may be applied to problems or challenges

Ways in which Businesses can Create an Environment that Stimulates Creative Thinking in the Workplace

- Encourage staff to come up with new ideas

- Encourage alternative ways of doing things

- Provide a working environment conducive to creativity free from distraction

Benefits of Creative Thinking in the Workplace

- Complex business problems may be solved

- Better ideas are generated

- Morale among staff members will be improved

Meaning of Problem Solving

- A process of finding the correct strategy to respond to a problem

- Problem solving involves analytical and creative skills

Meaning of the Delphi Technique

It is a technique that is used to solve new and complex problems.

- The group of experts panel never meet face to face.

Ways in which Businesses can Apply the Delphi Technique in the Workplace

- Experts do not have to be in one place and will be contacted individually

- Summarize the responses from the experts in a feedback report

- Choose the best solution after reaching consensus

Meaning of Force Field Analysis

- It is often used for planning and implementing change in a business

- This tool is especially useful to overcome resistance to change

Ways in which Businesses can Apply the Force Field Analysis

- Describe the current situation and the desired situation

- Identify priorities and develop an action plan

- Choose the force with the highest score as the solution

Advantages of Working with Others to Solve Problems

- Greater results can be achieved

- The problem can be solved faster and easier

- Workload decreases if everyone does their share

Meaning of Stress

- Stress is defined as a state of emotional or mental strain

- The strain can affect memory and lowers the morale of employees

Causes of Stress in the Business Environment

- Heavy workload

- Long working hours

- Taking work home

- Job insecurity

Importance of Stress Management in the Workplace

- If stress is not managed efficiently and effectively, it can get out of control and cause staff health issues

- Managing stress will curb absenteeism in order to maintain productivity at workplace

- Constant stress can cause many problems for business since it can become an unhealthy environment

Ways Employees can Manage Stress in the Workplace

- Follow a balanced diet

- Practice time management

- Get enough sleep and relaxation

Definition of Crisis

- It refers to the sudden and potentially disastrous events

- It is a time of intense difficulty

Examples of Crisis in the Workplace

- Conflict

- Lawsuit

- An accident

- Supply shortage

Ways Businesses can Deal with Crisis in the Workplace

- Identify and prioritize the actions required

- Provide accurate and correct information

- Attempt to contain the situation to minimize further damage

Definition of Change

Change is a process

- Change is a process that takes people, employees and organizations from the present to a future desired change

- New ways to get things done

Internal Causes of Change

- New management

- Restructuring

- Retrenchment

- Equipment

External Causes of Change

- Social factors, example: unemployment

- Legal factors, example: passing of new laws

- Economic factors, example: increase in the interest rate

Major Changes that People and Businesses Deal with

- Unemployment

- Retrenchment

- Globalisation

Strategies Businesses can use to Deal with Globalisation

- Investigate overseas markets for their products

- Be creative in making products desirable and unique

- Adapt your approach to new operational complexities

Strategies Businesses can use to Deal with Affirmative Action

- Inform employees on how affirmative action will be implemented in the business

- Businesses must have acceptable affirmative action programmes

Ways Businesses can Deal or Manage Change in the Workplace

- Do not deviate from the original plan

- Involve employees in the transformation process

- Respect differences and focus on achieving the goals

Meaning of Ethical Behaviour

- Moral principles that govern the behaviour of a person or a group

- Focuses on developing a moral compass that can be used in decision making

Meaning of Professional Behaviour

- The competence or skill expected of a professional person

- It involves taking pride in your actions and never compromising standards

Principles of Professionalism

- Communicate with clarity and honesty

- Caring about the quality of work before submission

- Responding quickly to the request of customers

Principles of Ethics

- Confidentiality

- Avoiding conflicts of interest

- Looking after the environment

Theories of Ethics that Apply to the Workplace

- The rights approach

- The consequential approach

- The common good approach

Meaning of Good Decisions

A good decision enables businesses to make a lot of profit.

Meaning of Bad Decisions

- Bad decisions are not always ethical. They can be the result of wrong information.

Ways in which Professional, Responsible, Ethical and Effective Business Practice should be Conducted

- Regular payment of taxes

- Draw up a code of ethics

- Adequate internal controls

Benefits of Ethical Business Ventures

- Provide a competitive advantage in terms of customers

- Build customer trust, avoid legal problems and retain talented employees

- Staff morale can be built and maintained by paying employees fairly

Meaning of Code of Ethics

- Outlines the mission and values of the business or organization

Requirements for a Good Code of Ethics

- Regular identification of ethical risk areas

- Induction of new employees

- Alignment with the disciplinary code

Implementing a Code of Ethics

- Employees must understand that a breach of the code is punishable

- Employ the right people

- Train employees on ethical principles

Different Perspectives on Ethics

- Different cultures have different rules of conduct