Week 1 bus Q
Question
Section 3.3 on page 42 discusses “A Launch Argument Formula: Seven Principles.” Examine the concept of In-House Ownership and discuss what it means in some detail. Find one related citation from credible sources that further amplifies the concept of ownership of a business-related function and share major principles underlying the entire concept with other participants. On a side note, present your concept of “ownership” of a concept, activity, or project in an individual basis. What does it mean to own a concept or product?
Answer 1
The first of the seven principles is ensuring in-house ownership, which refers to the company leaders as the owners of the entire program (Burtles, 2016). As the author further explains, in Business Continuity, it is vital to understand our role as facilitators and the limits of developing plans and procedures. In simpler words, we as consultants provide the skills and guidance that the business leaders need. However, the gross part of the plan and procedure is dependent on the leader’s input and participation.
Faertes (2015) mentions that the lifecycle in Business Continuity is composed of six elements. The first two have to do with understanding the business, and the last one focuses on integrating the business continuity program into the organization’s culture (Faertes, 2015). An example is when doing the business impact analysis. As consultants, we know the purpose and requirements of this process but is the organization leaders the ones that should document and determine how a disruption on its products and services may impact the business.
I see us the consultants, as “living templates” or in a temporary co-dependent relationship. As mentioned before, we can provide a starting point and guide the business leader throughout each step, but the numbers, hazards, staff, contacts, and accuracy of the data are all on him or her. Then, the in-home ownership concept should be reflected in the business leader’s ability to revise the plan without necessarily our assistance and also explains why we should be seen as external to the organization. I believe that when you “own” a concept, activity, or project, you become responsible for the idea and its outcome. And with such high responsibility comes deep involvement and management in its development and application.
References:
Burtles, J. (2016). Principles and Practice of Business Continuity: Tools and Techniques (2nd ed). Brookfield, CT: Rothstein Publishing.
Faertes, D. (2015). Reliability of Supply Chains and Business Continuity Management. Procedia Computer Science, 55, 1400–1409. https://doi.org/10.1016/j.procs.2015.07.130
Answer 2
In general terms, ownership under the law refers to the formal and private rights over control on such properties as; a piece of land, real estates, and cars, among others. In this case, any economic or financial benefits that accrue are entitled to the owner to enjoy. Therefore, to enable the investors in the real estate and get maximum returns from their properties, they need to engage the right consultant. Through this, the facilitator knows the correct tools, produces, and mechanics to employ to give smooth running of the activities and to ensure the business is in line with its primary objectives. In this post, I will look into the concept of ownership of the business and also clarifies more on the overriding principles that make the concept work out concerning other disciplines. I will also exegete what it means to own a property or a concept in real-life scenarios.
Under the notion of ownership, the person or organization or the state is entitled to the overall guidance and time to time evaluation. In this case, they are responsible for the procurement process, which has brought a lot of conflicts on the levels of governance, answerability, transparency, and sole responsibility. Ehret and Wirtz (2010) state that there have been issues on the level of guidance given in terms of planning, monitoring, and effective outsourcing. Under the umbrella of ownership and management function of businesses, the major concern is to identify goals and make decisions that work best. As a consultant, the task here is to accomplish these owners’ work plans and decisions and see them done (Ehret & Wirtz, 2010). The owner functions here are not limited to getting to know the level of requirement of a facility, coming up with project scope, knowing the cost, spatial and temporal paradigms, and harmonizing the conflicting priorities, among other tasks.
Some of the principles under in-house ownership are:
Step-by-step: considering the stages and financial implications of the business continuity (BC), it is best for the management to split the functions and tasks to be completed in stages (Burtles, 2016). The process is capital intensive, and thus, carrying the whole process at a go may lead to failure.
The second principle is to reach and withdraw. It acts like an enticer that is presented at disposal once the owner is willing and ready to accept the offer, or the facilitator should walk out of the idea. In this way, they will want to follow on because, in the subconscious mind, they have created a convincing and something worth taking.
The third principle is observance; this is being aware of the SWOT, the strengths, weaknesses, opportunities, and threats before the concept of the idea. The threats are the factors that could cause damage. Opportunities are open doors for expanding, and weaknesses are factors to be improved.
Lastly, under the notion of concept ownership, it means that the person therein is the patent owner of the idea, product, or business; therefore, all rights are reserved. A project of real estate or published books verifies that the person has sole ownership of the product. Therefore any act of duplication without their prior knowledge is prohibited, and the law protects their rights. In this case, the individual has all the authority to report to any court of law and compensated for the infringement of his/her rights.
References
Burtles, J. (2016). Principles and Practice of Business Continuity: Tools and Techniques Second Edition. Rothstein Publishing.
Ehret, M & Wirtz, J. (2010). Division of labor between firms: Business services, non-ownership-value, and the rise of the service economy. Service Science, 2(3), 136-145.
Answer 3
There are seven principles in A Launch Argument Formula. The seven principles are ensuring In House Ownership, provide five relevant examples, display observance, allow cognitive marketing, reach and withdrawal, remain realistic, and go one step at a time. The importance of ensuring in House ownership is that this will benefit customers, business and staff. As an outsider you can only set them up and point them in the right direction. Business Continuity professionals’ job is to discipline management’s attention and provide the tools along the way, and help. As a center one will remain available as a reference source and a support center. “Through-out this process you will be transferring skills to mangers on various levels, after which you will stand back and let them get on with it” (Burtles). Business operators will own their business continuity plan and procedures. It is important to remember that the involvement is not external, and one must be able to let go. The last two ideas of the importance of In-House Ownership is to be independent, and fully capable of free spirts, and one must take responsibility for their own success and survival.
An article that relates to this is the concept of having disciplined management and gaining the tools along the way is an article about Richard Branson. The article states “Most young people with good ideas … will find that 99 percent of people will give them every reason why their idea’s been done before or why it’s not a good idea or why they’re going to fall flat on their face,” Branson recently told Inc.’s president and editor in chief Eric Schurenberg during an exclusive sit-down interview. “In the end, you have to say, ‘Screw it. Just do it.’” (Raymundo). We can learn from this that we need to take that chance and not doubt ourselves.
There are import factors of having other participants. Using the reach and withdrawal effect can help you reach out towards the participant with an offer of something enticing. Then when you gain their interest your withdrawal and walk away. Based on natural instinct they will follow you because you have caused them to want something on an unconscious level. Having something tangible which a participant can feel or touch is helpful. Also having an illustration of what you are selling but not dwelling on it is important. Send someone on a training course and come back with ideas and solutions, and going over reports and plans are also helpful when having other participants. The main goal is to get board level commitment, this will gain support. Business continuity brings resilience and protection to a business. It will help with merger of businesses, operations, or functions, and Functional and Procedural improvement. During the assessment and analysis stages of Business Continuity there will be many opportunities to spot better and safer ways of doing things. As a result, you could end up with a robust business operation which is not only stronger but also more effective.
If I had ownership of a product, I would keep in mind the concept of Why, What, and How? Between the stakeholder, and product owner I would think Why are we doing this? What is the opportunity? How did we measure success? This opportunity would bring questions such as “who are the users, what are their needs and pains, and what are the possible solutions” (Kleiner). The How question would be “How does it get used, how should it be coded, and How should it look” (Kleiner).
References
BURTLES, J. I. M. (2016). Principles and Practice of Business Continuity: tools and techniques 2nd. Place of publication not identified: ROTHSTEIN Publishing.
Kleiner, M. (2017, September 11). Agile Product Ownership in a Nutshell – flowdays -Retrieved from https://flowdays.net
Raymundo, O. (2014, October 7). Richard Branson to Young Entrepreneurs: ‘Just Do It’. Retrieved from https://www.inc.com/oscar-raymundo/richard-branson-young-entrepeneurs.html
