Business management as per definition from Penn State University an organization of material, human and financial resources with an objective of achieving an organizational goal. A principal in business management ought to undergo through foundations in statistics, human resource functions, marketing, principles of accounting and decision-making. Training equips one to direct, control, hire, plan, organize and manage different organizations.
Nokia Corporation is Finish intercontinental communications its headquarters in in Keilaniemi Espoo, a city neighbouring the capital of Finland Helsinki. Its main of specialization is mobile electronic devices, especially phones and other gadgets concerning communications. The Corporation has 130, 000 employees in 120 different countries, sells in 150 countries plus and a worldwide yearly revenue of more than ˆ38 billion and a working loss of ˆ1 billion as of last year.
Nokia manufactures mobile phones for all main market segments and protocols. Examples are entertainment through music and games, messaging and media via Ovi. Its has collaborated with Nokia Siemens Network, Siemens and Nokia. The Nokia Siemens management has seen to it a production of telecommunication networks devices, solutions and services.
The biggest challenge facing entrepreneurs around the world is establishing a business and maintaining it. Nokia as a leader in the mobile phones industry faces challenges too. Its mission is clear. Connecting people with a goal of developing grand mobile phones products to enable their customers. Communicate and do much more. The challenge for the reputable international company is to meet the escalating vigorous and aggressive atmosphere. But through well defined management strategies, the corporation has been able to rise to success by implementing opportunities, excitement, ideas, and energy and from their blog they say “that is what motivates to get out of their beds each morning(Top of ForShaw,1914).
Business Opportunities and Management
Business opportunities are ongoing prospects to create income as an independent entrepreneur representative of business. Under new management in Feb 2011, Nokia launched smart phones that are accessible through the Microsoft operation systems Windows 7Phone Equipments. Before then th corporation had been dependent on its local operating system design. For this reason, it was a verge of losing grounds with a market share of 36.4% in 2009 but, according to the Infrmation Technology company Gartner, only 28.4% of all the phones sold in the whole universe were a product of Nokia Corporation.
Further, Nokia presents several types of firewall and VPN products using its operating system IPSO. In 2008, December, a frim called Check Point over threw Nokia of the security technology for the unknown amount of money. In 2009, Nokia pressured on the Finnish government. This was to inflict the law that regulated on supervising the electronic communications of workers probable. It threatened to relocate from Finland were their case to be rejected. For this reason, the law of the media “ Lex Nokia” on 4th March 2009.
The Nokia Siemens Network was at the verge of breaking and that badly affected the Corporations turn over. This was as a result of selling monitoring systems to Iran where they had limited freedom to express themselves and the restrictions to protest by the presidential elections of Iran in 2009. Most of other countries that are not democratic reject Nokia Corporation customers too.
Innovation and ideas
For any entrepreneurship to survive in a competitive environment, innovation and ideas must have their space. Innovation is, therefore, developing of better or more effectual technologies, services, products, processes and ideas that are viable and to the market and accepted by the government, markets and society.
Nokia Research Centre engages in innovation by intensely researching with collaborations from leading institutions around the world. Nokia believes by leveraging ideas, exchanging ideas and putting into practical, other persons expertise, the is growth of innovation and network, doubled efforts, improved innovation efficiency and pace and get more significance for organizations and certainity for the end consumer (Snider & Peterson's 2006).
Nokia’s goal behind the Open Innovation is a reflection of ambitions to advance in innovation, solve main technical obstacles and unbolt world entrepreneurship opportunities in working jointly with the world best. Nokia’s innovations are possible, endless and thrilling. Just a sneak peak, having your Nokia phone in the driving chair enabled by Nokia Car Mode, single and double SIM mobile phones, world’s brightest screens such as Nokia 701. Nokia phones interface is a prove enough of the corporations innovation. There is always new handsets with different features and designed to suit every esteemed customer.& Interface innovation leads to quicker interactions, natural and a lot easier which thevalue a customer needs through time and efforts.
One of the working culture for this Corporation is learning is change. Its encourages its staff to learn so as to thrive in the world of unpredectable technological changes. According to Carl Welck and Francis Wesley, learning is significant for individuals and organizations in situations of order and disorder where exploitation and exploration are joint in a fine manner.
Planning for objectives and goals
Planning creates an agenda on how and when the intended goals are achievable. In addition, it gives a definite strategy to reach the goals. At this stage, those responsible for implementation should be identified. During planning, the management should be able to talk of any problem that could hinder the accomplishment of the plan. (Tibergien, & Pomering,2005).
Away from diveristy being one of the major drivers for the Corporation’s success it is also in the heart of its Nokia ways and values. There is a ceasing commitment to provide equivalent and various opportunities to their employees to grow and enhance personally and career wise. Its customer are well understood, and their needs are better identified by having a diverse personnel who cater for the worldwide customers. Therefore, diversity in the workplace environment means being open- minded to multinational views. The Corporation has flexible work environment, and policies so that the workers achieve exclusively sound goals. The key principle is to develop a comprehensive leadership as a segment of Nokia’s general leadership umbrella( Bates,2005).
For a business to thrive, management skills are an aspect of consideration to dominate a global market which during the era of Jorma Ollila, Nokia was able to achieve. The company failed due to lack of anticipation, organization and understanding when mobile phones were not thought of as communication gadgets but as interface objects for users to experience the content and control functioning that was eventually existing in the network.
There are constant rumours about Nokia’s extraordiary gadgets. Its should not be taken on a light note because in Nokia innovation and technology meets experts. Fresh things are in the wings some place.