CEO for Jewelry Personal Business

Introduction

Entrepreneurship plays significant role in driving the economy of individual and that of nations. Indeed, through entrepreneurship, people can create a source of income for their families. Further, business allows individuals to create employment opportunities for other people thus helping boost the living standard of a society. However, the success of a business relies on the ability of Chief Executive Officer (CEO) in developing and pursuing achievable goals (Blumberg, 2013). The Chief Executive Officer has a responsibility of inspiring the vision of his business to all his employees. Therefore, it is a requirement that the CEO understands the dynamics of the business and mechanisms to influence its growth. Further, he requires foreseeing the future to plan how to match those needs with relative effectiveness to remain competitive in the market. This paper discusses jewelry business and the role of Chief Executive Officer in influencing competitiveness of the business. 

Nature of Work

Jewelry manufacturing involves processes that turn precious stones and metals into valuable equipment used for beauty and enhancing the outlook of individuals (Carrera Casting, 2019). The procedure involves a significant amount of time and skills to ensure that products are attractive and gain demand in the market. Chief Executive Officer needs to understand the changing preferences of consumers to ensure he offers products that meet these expectations. Indeed, some customers require customized products and therefore the CEO have to have personal dedication to meet these needs.  However, the general manufacturing of jewels follows various steps such as; design making where the product blueprint is developed and handed to the designers (Carrera Casting, 2019). The next procedure is molding, in this stage, wax reproduction and fine details takes place. The step that follows involves casting of molds, where wax replicas undergo through heating and chemicals powders added at high temperatures, this procedure help solidify and melt wax (Carrera Casting, 2019). After cooling the cast, polishing followed by decoration takes place and this ensure that the jewels are smooth, thus ready for the market.

Entry Requirements

Different requirements are necessary such as background knowledge on jewels for individuals entering the industry. Learning about the industry allows individuals and especially the Chief Executive Officers understand the needs of people and how best to meet them. Further, the knowledge is necessary for ensuring that the CEO understands different ways to respond to the competition in the industry (Ingram, 2019). Knowledge is also important in influencing the capacity to identify the unique market segment and penetrate them with quality products. Other requirement includes an understanding of government policies that regulate the industry and licenses that are required (Ingram, 2019). It is also necessary for the CEO to understand the environmental conservation requirement that may hinder the operation of the business. Additionally, there is a need to have adequate funding for establishing production halls and employing a qualified workforce. Indeed, the CEO requires having subordinate staff that helps in administration of different functions such as human resource, marketing, and financing for the business (Ingram, 2019). Besides, money is necessary for supporting the outsourcing of different raw material for the business. Therefore, CEO requires having plans on how to get financial support from different financiers to aid in manufacturing and marketing the products (Ingram, 2019). 

Rewards and Benefits

The CEO of a jewelry business requires offering different types of awards to his employees to ensure that they retain high morale as they work. Indeed, the rewards come in various forms such as attractive salaries, allowances, bonuses and commissions (White, 2014). It is essential the CEO offer a certain percentage of the sales profit to the employees to motivate them. Motivated workers are unlikely to switch business and join the competitors. Therefore, the business can retain skilled personnel that helps in focusing on the goals for the business. The commissions are from sales or production that goes above a certain target (White, 2014). The incentive allows the workers to focus on giving their best to the business to ensure that they benefit from such additional pays. However, the CEO requires giving reasonable targets to ensure that the employees do not view them as an exploitative mechanism by the employer to overwork. Bonuses on the other are benefits that employees get as a percentage of sales they make in a given year. It is necessary for a business to appreciate the efforts of its employees by recognition of their contribution to yearly profits (White, 2014). 

The outlook for the Future

Jewelry industry faces a competitive future where brand from different countries will compete for the same market (Matricano & Vitagliano, 2018). Therefore, it is the responsibilities of entrepreneurs in the jewelry industry to prepare for these changes in advance to remain competitive. The CEO requires identifying the buying patterns in different markets and those that are unexploited. The information is important in ensuring that there is standardization of products to fit these markets. Further, future customers will have variety of jewelry to choose from thus need for presenting unique products in the market (Matricano & Vitagliano, 2018). The entrepreneur in the industry needs to tailor products on the basis of changing needs to the customers. However, despite the changes, there is possibility of a growing market for the jewels in the world. People are gradually embracing the use of jewels in enhancing beauty and thus a new opportunity for jewel entrepreneurs in serving emerging markets (Matricano & Vitagliano, 2018). Indeed, there is a need to develop strategic plans to meet the needs of jewels in the future and tap new markets by the entrepreneurs. 

Conclusion

The Chief Executive Officer in a jewel business plays a significant role in influencing the match between jewel demand and supply in the market. However, success in their business requires individuals to be aware of the nature of the industry and steps followed to generate different jewels. Entering the industry require adequate information on the needs of the consumers and how to attract them to the products. Further, there is a need to understand the sources for capital required to support the entrepreneurship in addition to getting government licenses. Concerning rewards, it is crucial that CEO consider offering attractive remuneration to the workers in addition to benefits such as bonuses. The future of the jewel industry is optimistic, and CEO needs to plan on how to tap the opportunities the sector presents and cope with growing competition in the sector. 

References

Blumberg, M. (2013). Startup CEO: A Field Guide to Scaling Up Your Business. Hoboken: John Wiley & Sons,

Carrera Casting. (2019). Jewelry Manufacturing Process. Retrieved January 15, 2019, from https://www.carreracasting.com/education/casting-process 

Ingram, D. (2019). The Barriers to Entry in the Retail Jewelry Industry. Chron. Retrieved January 15, 2019, from https://smallbusiness.chron.com/barriers-entry-retail-jewelry-industry-77710.html 

Marciano, D. & Vitagliano, G. (2018). International Marketing Strategies in the Jewellery Industry: Are They Standardised, Adapted or Both? International Journal of Marketing Studies, 10(1), 1-10. 

White, M. C. (2014). There Are Myriad Options For Compensating And Rewarding Sales Staff. JCK Breaks Down The Payment Possibilities. Retrieved January 15, 2019, from https://www.jckonline.com/magazine-article/the-many-ways-retailers-pay-and-reward-employees/