Strategic management includes resource management

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Ben:

Is it possible that you have a strategic weapon and don’t even know it? I decided to do further research on resource-based theory, to understand how business owners can be aware of what resources they possess and their strengths. Resource based theory involves the use of strategic resources. A strategic resource is a resource that is “valuable, rare, difficult to imitate and nonsubstitutable” (Mastering Strategic Management). When we talk about strategic management, understanding what resources you can and do possess that put you at a strategic advantage in the market is critical. In order to be a lean business owner, you need to understand, properly evaluate and execute the use of your resources.

Resourceful entrepreneurs see opportunity based on the resources that are at their fingertips. To many who are not learned in research based theory, it may be easy to overlook and under-capitalize on ones strategic resources. The Journal of Management discusses this exact topic, “An understanding of how entrepreneurial actions, the creation and combining of resources that create new heterogeneous resources, can inform RBT by suggesting alternative uses of resources that have not been previously discovered leading to heterogeneous firm resources. It is the firm’s unique bundle of resources that is different from competitor firms that are potentially valuable and contribute to a firm’s competitive advantage” (S. A. Alvarez, Journal of Management). Each firm has its own set of resources that are available to them. By considering the unique position of the firm and its strengths, the firm can determine what combination of strategic resources are available to them for action.

The successful RBT entrepreneur acts like a mixologist, concocting a blend of effective resource use. I love how the Journal of Management explains this concept, “Entrepreneurial opportunities are thought to exist when different agents have insight into the value of resources that other agents do not, and the agents with the insight act upon these un-exploited opportunities. If these agents are correct, an entrepreneurial rent will be earned; if not an opportunity loss will occur” (S. A. Alvarez, Journal of Management). By thinking up new executions for the same old resources, an entrepreneur can give themselves a competitive advantage by strategically using a non-hetergenous resource. In this way, the entrepreneur has created a new strategic resource by using an existing resource in a new way. I can relate this idea to my own life. I take part in a point collecting group, where we find ways to collect points to travel for free. I was in bed at night brainstorming ways to hack points – making myself frustrated by trying to think up new ways to earn points, and I stumbled upon a potential hack. I tested this hack out and it worked, I shared it with a few of my friends in the hobby and we kept it hush hush but were able to amass a lot of free points by taking advantage of an unpatched hole that I am certain we should not have been able to. By thinking of new ways to use the resources that were available to others, I was able to bring value and strategic use of resources into my own example.

Strategic management includes resource management. How you use your resources is how well you use your time, your influence, and your money. By poising a business to operate in a lean manner and use your resources to your advantage, you are adding value to your business and is an important part of the value chain

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Quality altering as of now has broad applications, for instance, in farming, and it has energized sees, with entire enemy of GMO developments occurring all over the planet. Vandana Siva, a social lobbyist from India vigorously advances naturally developed food and is emphatically against hereditarily changed crops in ranches (Navdanya, n.d). She accepts that ‘the general concept of GMOs is a mark of the end for biodiversity.’ She contends that the ‘respectability of life’ will never again exist when partnerships push out and promote the hereditarily changed crops which they produce (Greens-EFA, 2013). This paper centers around the utilization of quality altering in people, yet a reference to agribusinesses with regards to hereditarily changed food gives a valuable road to understanding how companies and enormous business mean to and are as of now involving quality altering for benefit.

Maybe the most well-known utilization of quality altering beyond clinical exploration in people, is in ‘architect children. ‘Since quality altering allows you to alter the hereditary code and change the attributes of anything, you can really make ‘originator children’, by changing the hereditary code of your prospective conceived undeveloped organism, giving it any trademark you need (Pang and Ho, 2016). In the cutting edge world, the corrective business covers more than 500 billion USD (Cosmetic market esteem around the world, 2018-2025 | Statista, 2018), which shows the sheer significance society puts on appearance. Victor Hugg, a social researcher composing for Iowa State Daily, says that “The quantity of individuals in our general public who put an excessive measure of significant worth on the actual appearance of themselves — and of others — is overpowering” and “each person makes decisions in light of somebody’s age, level, weight, hair, eye tone, etc” (Hugg, 2011) . Since society is so centered around appearance, essayists like Hugg contend that individuals believe appearance to be what directs their worth. This could prompt an ever increasing number of individuals utilizing quality altering to modify their kids’ appearances.

Magnificence principles have a gigantic impact in the cutting edge world. One might say that quality altering, and all the more explicitly, architect children, would empower social norms in regards to excellence to proceed and deteriorate. Ladies are feeling the squeeze to look a specific method for fitting in and adjust to the body standard at that point (Mazur, 2010). One year, blue eyes might be the norm, then it might change to brown in a couple of years. This is a comparative case with body shape. As per an examination directed in 2007, 90% of all

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