Business Regulations Journal Reflective Entries

Posted: August 26th, 2021

Business Regulations Journal Reflective Entries

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Business Regulations Journal Reflective Entries

Module #5-Reflective Journal Chapter 5

The chapter assesses the importance of incorporating agents and officers in pursuing the objectives of a venture. Agents are intermediaries acting on behalf of the firm while officers are part of the firm and they are directly involved along the firm’s line of production(Davidson& Forsythe, 2017). The concept raises various critical explanations on agency law and its influence on generating a working framework for the directors and officers to achieve the objectives of a business. It provides educative insights about agency law as a robust framework that enhances coherence for incorporating directors and officers in the overall functioning of the corporate system. Subsequently, drawing from these lessons, the chapter expounds on how to streamline the conflicts that arise amongst officers, agents and directors in the execution of their mandates for the common benefit of a firm. Thus, each party is aligned to their tasks, with clearly defined authority and liability to bear as consequences of their actions following the provisions of corporate guidelines.

Module #3 – Reflective Journal Chapter 7

The concept examined in the chapter is about avoiding torts and minimizing the risks that have adverse effects on the competitiveness of entrepreneurial ventures. I understood the meaning of tort as an infringement of rights, for example, through negligence, intentionally committing an offense or incurring liability for the wrongs committed by an employee. Equally, a company is always exposed to various risks ranging from economic, social and political. Although it not possible to counter or avoid all these risks, the organisation must establish appropriate strategies to deal with such risks(Davidson& Forsythe, 2017). Accordingly, bearing in mind the ideas I attained through reading about tort and business risks, the best strategy addressing these issues is to establish a risk management plan. The plan serves to help identify and understand torts and risks that exist within the business environment and legal framework, thus avoiding court orders or lawsuits that would harm the business activities.

Module #6-Reflective Journal Chapter 9

The chapter focuses on the importance of the firm to comply with employment laws. The laws guide or emphasize on the need to accommodate the diversity that comes with the variety of employees working for an entrepreneur(Davidson& Forsythe, 2017). Mainly, I learned that as an employer, one should avoid cases of discrimination based on race, religion, sex, and physical wellbeing, among others. Similarly, it is the responsibility of an employer to ensure the safety and security of their employees while on duty. It is illegal to discriminate against employees in any form as a firm. Besides, the business venture is likely to suffer a financial, reputation or other losses if it tolerates discriminations or fails to abide by employment laws within a given jurisdiction. Thus, an entrepreneur must ensure a healthy working environment by eliminating harmful elements that may undermine or implicate the company with an inability to abide by employment laws.  

Module #4-Reflective Journal Chapter 10

The chapter focuses on protecting the business name and the value of the venture. The concept is critical in ensuring that the value and the brand of business remain relevant and competitive in the market. Such advantages are at a loss when a business is exposed to factors such as negligence, unnecessary damages on third parties and external attacks for lack of transparency, defamation, among others (Davidson& Forsythe, 2017). Attributing the issues raised in the chapter to the current economic environment that is highly dynamic, an organization should strive to ensure that its reputation and brand is durable and attractive. In this way, it will be able to attract and continue retaining highly skilled employees, customers, and investors as well as business partners. Hence, bearing these concepts from the chapter and the knowledge gained, I can apply it in my future business ventures. Accordingly, I also understand that the best approach to sustaining the brand or the reputation of a product in the current market place is never to wait for a crisis or a risk to occur before taking action. The best strategy is to strive and ensure that there is proper management of the venture’s brand and reputation risks to sustain the business value.

Module #7-Reflective Journal Chapter 11

The chapter explains the need to secure the business identity and uniqueness while appreciating the dynamic development in technology. The chapter presents an in-depth assessment ofthe importance of the intellectual property. In this case, I understood some of the ways to protect once an idea, which includes patenting, trademarking, trade dress, and copywriting, among others, depending on the type of the venture. Here, the intention is to ensure that the business idea remains unique and original. Similarly, the intellectual property gives the owner of the original idea a legal claim whenever there is a dispute arising from copying or claims of ownership(Davidson& Forsythe, 2017). The chapter underlines the strategic importance of a business’s uniqueness because it serves as a competitive edge besides enhancing the establishing of a brand. Equally, the increasing reliance on internet services for improved ease of doing business also comes with adverse risks of loss of one’s business idea. Hence, there is a need to emphasize appropriate intellectual property rights for the security of the business.

References

Davidson, V., D. & Forsythe, L., M. (2017).The Entrepreneur’s Legal Companion (2^nd Ed). St. Paul: West Academic.