Mike Cunningham. BUS Sp16: Intro to Business. e-portfolio Term Project Paper 4/20/2016

Transcription

1 Mike Cunningham BUS Sp16: Intr t Business e-prtfli Term Prject Paper 4/20/2016 Hell and welcme t my e-prtfli Term Prject. Earlier in the semester, the business class which I attend at Salt Lake Cmmunity Cllege, lcated in Salt Lake City Utah, was asked t identify and research career path which we are interested in. With the research assignment, we were t discver what things we wuld need t d in rder t qualify fr and hw btain ur desired career. Identify a career path yu are interested in: In my wrking experience, and in my current career, I have always had a strng inclinatin twards becming a Chief Operating Officer. I have a strng business sense and ften evaluate the strategic business decisins f my emplyers by way f my persnal ethics, business ethics, and the needs f the cmpany. As I have dne this, I believe I have gained a greater understanding f the business, and have begun the prcess f cnditining myself fr a future rle in this psitin. I feel that with my experience and dedicatin I can make a strng and business Savvy COO. Alng with a desire t psitin myself as a COO, I have desired t create a cuple startup cmpanies, a sftware cmpany within the cnstructin industry, and management and rental cmpany within the real-estate market. I have identified a need in bth f these industries and in shrt rder will begin the prcess f starting my first business.

2 Jb Descriptin: The bk describes the Chief Operating Officer as, Is respnsible fr day-t-day peratins f the rganizatin and reprts directly t the CEO. (Slmn, Patsy & Martin, p.169) In my research by brwsing the internet and lking at many jb descriptins fr a COO thrughut the United States, I have fund that many f the desired skills and respnsibilities f the a chief Operating Officer can be gruped int the fllwing areas. Business Strategy Advise the President/CEO and ther key members n fiscal planning, budgets, and investment pririties. Help develp strategic gals f the cmpany Cmpany Visin Help t define and enfrce the visin f the cmpany Create and enfrce plicies Leadership Ensure strng lines f cmmunicatin within the rganizatin, especially with critical issues. Evaluate the verall perfrmance f management within the cmpany. Team Develpment Grms existing and new members f management and staff fr their rles. Day t Day Operatins Helps t establish a cnstructive and psitive team based wrk atmsphere (Sme f the abve infrmatin was surced frm: Bridgespan.rg, authr unknwn.) The General Career Path t btain this psitin: The path I have chsen t begin my jurney t this psitin is as fllws. I will attend Salt Lake Cmmunity Cllege and will receive my Assciates Degree within the next cuple f years. After this, I plan n transferring my schling t Western Gvernrs University, lcated in Salt

3 Lake City Utah, where I will finish ut my Bachelrs Degree and mve n t a Master f Business Administratin Degree (MBA). Meanwhile, I wuld have started at least ne f my persnal business ventures which in turn will help build my marketable prfile with first-hand experience as a tp executive. During this time I will change frm my existing career and wrk in the ffice f a prperty management cmpany as a prperty manager. After a number f years f mving up in the industry, my business will als be strng and I will seek ut a psitin n a Bard f Directrs fr a few startup cmpanies t serve their needs, and meanwhile their success in their markets will als have a psitive effect in building my prtfli. Smetime during these events I hpe t find a psitin as a Chief Operating Officer f an investment real-estate cmpany. As these events cme t pass, the knwledge gained by bth first-hand experience with launching my cmpanies, and with seeking emplyment in the cnstructin management and real-estate fields, my business will grw, and I will be a valuable asset t any cmpany whm chses me t fill a psitin within their rganizatin. General Educatin Experience: The majrity f jb pstings I have read all require a Masters f Business degree, and als ask fr five t eight years f senir management experience. Amng the educatinal requirements, mst cmpanies als, a strng backgrund in analytical data, and financial peratinal analysis reprting. Peple Skills, travel availability, and depending n the type f business having experience in freign cuntries is a big plus. Average Salary: As a Chief Operating Officer, the average salary is $100,000 t $150,000 per year fr smaller t

4 midsized lcal businesses. ( The psitin als cmes with health and ther medical benefits, stck ptins, 401k, wellness packages, and ther beneficial incentives are als usually ffered which are als cnsidered when evaluating the ffered salary. Career Outlk: The Chief Operating Officers psitin is prjected t grw 5% by 2022 (Mnster.cm), while LinkedIn shws an article by Dug Wendt, Chief Grwth Officer fr B2B Cmpanies Fueling Next-Level Grwth that states, firms wh maintain a COO psitin has steadily declined since 2000, ging frm a high f just arund fifty percent dwn t 35% in It is my belief that the larger rganizatins, utlined by Mr. Wendt is large crpratins being Apple, Kdak, McDnld s, Twitter, Windstream, and Yah, are large enugh that business wise it may make sense t discntinue the psitin f a COO while they have enugh ther executive psitins wh can fulfil the duties f this rle. As I am targeting smaller cmpanies whm depend n a COO, I dn t believe my career will be effected by Mr. Wendts findings utlined in his article. Bi f smene in the prfessin: Fr this BIO I had the pleasure f interviewing Jhn Davis, please nte that his name has been changed fr privacy. Jhn began a rental prperty business in the early 1980 s with his wife. He began selling and using the built up equity in his hme t purchase a cuple apartment duplex s and lived in ne until they were able t build a new hme. Later he sld his cmplex and used the mnies, and

5 sme additinal mney frm a private investr purchase additinal prperties. Slwly his rental prperty prtfli began t grw. It tk him abut 20 years when he had mst f all his prperties paid ff and he became in cnstant search fr new investment pprtunities. He had grwn t have several emplyees, prperties in multiple states, and his stress tk n a whle new meaning. As he grew he began t get sued by tenants, and he had large tax payments. Sme days he wasn t sure hw he wuld make things wrk, but mst f the time he was able t enjy life and take care f his family. He tld me it was extremely difficult at first, starting ff small and trying t make ends meet. But as it gt bigger, that s when it became fun, up until being sued, but when that passed he was better prepared with a crprate lawyer and he is back t enjying what he des. Prs and Cns: Prs Fr all f the psitins in upper management, I believe the COO can make the mst difference. A high level f influence within the rganizatin fr plicies and the visin. Large Salary, stck ptins, and ther benefit packages Cns Extensive Travel Jb Stress fulfilling expectatins f the CEO Cmpetitin fr this highly sught after psitin Pssible requirement t relcate.

6 As an Executive Officer f the cmpany, yu can be legally held respnsible fr business actins Yur fit with this career: I feel that I fit this career path given my experience, my keen understanding f business, and the true cncern and dedicatin I have geared twards the success f business. If a business has my same cre beliefs, is centered n helping thers, exercising empathy, gd judgement, and is a partner f the cmmunity it resides, I want it t succeed. The success f gd cmpanies help the ecnmy in which it serves, and if it has a dedicated well natured staff driving it t the visin f the cmpany. As a COO, I wuld be dedicated t the success f a cmpany like this, and as it achieves its gals I wuld feel rewarded, and in its pitfalls I wuld use years f experience t help minimize the business impact, and will get the teams f managers and emplyees n bard t get the business mving back in the right directin.

7 Surces: Jb-Descriptins/Chief-Operating-Officer-Jb-Descriptins/Sample-COO-Jb- Descriptin-Operatins-Admin.aspx#.Vxg9ZDArJGM Better Business Michael R. Slmn PhD, Mary Anne Patsy, MBA, CFP & Kendall Martin Phd, p.169 Dug Wendt; Chief Grwth Officer fr B2B Cmpanies Fueling Next-Level Grwth