Coming into week 8 of this semester, in terms of MikesBikes but have fallen horrifically. When i checked last week Thursday night how well we had done in our rollover I was shocked to see only $0.01 for our SHV. My entire team immediately contacted one another discussing our surprise and plans for next week. Later on in the week we all received an email from Peter explaining that we were currently insolvent and that it was close to impossible for us to recover from it. As a team and group member we were all so guttered and kept questioning ourselves where we possibly went wrong. Peter announced that he was willing to give us cash but we had to draw up a strategy/plan detailing how much we needed, what we were going to use it on and what return we were expecting to get from it. Therefore our group individually drew up a strategy for each of our assigned fields and came up with the best possible solution to get out of our current situation. We emailed our plan to Peter and so he granted us that cash to use. So we had a solid plan in place and then we were confronted by another team in the market. Here is where our situation became even more confusing. Thursday our CEO discussed with the other groups CEO about the possibility of a takeover by them. Straight away my group and I had concerns and a lot of questions if they were going takeover our company. There were a lot of concerns with this deal such as the amount of control their company would have over ours, the money side, and the amount say their CEO had on our final decision. As you can see there was a lot of concerns and unsure minds at this moment. So day of rollover our team met and eventually decided to go with the takeover seeing as though our CEO was very enthusiastic about it, although our possible parent group did not show up until an hour later which left us with more concerns. Eventually the group was able to see us and basically told our CEO that they we were not going to go ahead with the takeover leaving us to rush our final decision before rollover.
As you can tell I had a pretty rough and busy week with MikesBikes therefore leaving me with little time to complete this weeks readings. However i was able to do one of the readings which i felt had a lot of meaning and importance. Katz (1955) thoroughly discusses three key ideas of skills which was technical, human and conceptual skills. What i thought about technical skills is the knowledge of the actual task or job given, analyzing all areas thoroughly and specifically. Human skills basically meant for me was the positive interaction and relationships with co-workers, partners, top managers and also with the competition. Lastly what i saw in conceptual skills is having a wide knowledge or obtaining large information about the business as a whole and paying good attention to areas of it that needed fixing.
Katz, R. L. (1955). Skills of an effective administrator. Harvard Business Review, 33(1), 33–42.