Assignment on: Reflection Submitted by: XXX Date: Reflection To take an initiative, business, social or other, it requires courage, as in the beginning, people can only see obstacles and challenges, attached with an opportunity. Those who have courage and who are bold, only they can see beyond challenges and no fear can alter their views. Colombia restaurant was opened in 1903, by a Cuban immigrant, who did not know the native language, who had limited capital, connections and experience. It was 40-seat restaurant, which expanded flourished and even endured the Great Depression of 1930s. To me it is inspiring and motivating, as a person decided to take chance, when everything was at stake. The founder of the Colombia restaurant had limited education and capital, which is inadequate for success in the contemporary corporate system. Despite of his limitations he had faith in entrepreneur design and motivated by his desires and dreams, he committed to establish a restaurant. As the restaurant sustained and swelled its revenues, it expanded, physically and financially. The Nature, Importance, and Uniqueness of Family Business Another aspect, of Colombia restaurant, which enthuse me, is its desire to survive, not for corporate reasons but for the families, who are benefitting from the operations of restaurant. During the time of Great Depression, Colombia restaurant, faced serious financial challenges and at a point, the founder of restaurant, planned to sell his corporate. However, he altered his decision because of the families, who were associated with the corporate. I believe that it was such decision that required immense courage. All organizations are profit-oriented and indulge in business to generate and swell revenues. However, in the case of Colombia restaurant, the owner took decision, by keeping in view all the families associated with the business. The Governance and Professionalization Challenge It is also true that family corporate should be run just as other corporate. If it were not run as any other corporate, it could create serious challenges. People, of the family, who are part of corporate activities, must treat themselves as employees, should assign salary for themselves. Such practice is beneficial for the corporate and for the family members, who are working for the corporate. Sustainability and expansion of family corporate I agree that for the sustainability of corporate and to swell the revenue, it is imperative to expand and diversify corporate. The expansion does not only mean physical expansion, expansion of corporate also means that corporate starts to provide additional products or services or both. Colombia restaurant, not only diversified its corporate, but it also added new services, which helped it to grow its financial revenues. The perpetual evolution of corporate is necessitated by the contemporary corporate realm. All corporates, organizations, firms or companies operate on certain basic corporate or organizational principles. However, smart corporates just not stick to these basic principles but also innovate. They take bold and courageous decisions, as required by the circumstances, they do not let apprehensions, and fears halt their progress.

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Category Business-to-Business Marketing
Paper Type APA
Reference Type Assignment
Words 496

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