RESEARCHING FOR A TARGET MARKET No matter what the size of the target market, it is crucial that an entrepreneur know as much as possible about the customer. In the beginning of a market analysis, the customer definition may be fairly loose and may even change fairly substantially as field...
Don’t Miss
HOW TO FORECAST NEW PRODUCT/SERVICE DEMAND One of the most difficult tasks facing the entrepreneur is forecasting the demand for new product or service, particularly if that product or service has never existed previously in the marketplace. Much of this difficulty is due to the lack of historical data and...
FUNDING A RAPIDLY GROWING VENTURE (PART FOUR) The Initial Public Offering (IPO) Making the initial public offering or “going public” is the goal of many companies because it is an exciting way to raise large amounts of money for growth that probably couldn’t be raised from other sources. However, deciding...
FUNDING A RAPIDLY GROWING VENTURE (PART THREE) Capital Structure It may seem that the entrepreneur is totally at the mercy of the venture capitalist. That, unfortunately, is true if the entrepreneur enters the negotiation from a weak position, desperately needing the money to keep his business alive. A better approach...
MAINTAINING AND WARRANTING PRODUCTION PROCESS In the production process, maintenance refers both to the maintenance of plant and equipment used to produce a product or project outcome and to the maintenance or servicing of the product or project outcome after it is sold. Maintenance must be taken into account when...
ENRICHING JOBS TO MOTIVATE WORKFORCE One way to improve motivation is to enrich jobs. The “scientific” management school divided work into component parts, at which each worker, by repetition, became proficient – and bored. Aim for variety, multiskilling, and high interest levels. Raising Interest Levels The interest in a job...
HOW TO EVALUATE EACH JOB As well as looking for ways to motivate your team as a whole, you also need to look at ways to develop individuals and their jobs. Conduct a thorough evaluation of all aspects of each job as well as of the organization’s overall system. Using...
HOW TO DEAL WITH DEMOTIVATED PEOPLE However hard you try to prevent staff demotivation, you will not always succeed. Ways of dealing with demotivated people depend on the situation. A personality clash between staff members needs different treatment than demotivation caused by stress. Identifying causes Demotivation must first be analyzed...
HOW TO PREVENT WORKPLACE DEMOTIVATION The course of people management seldom runs smooth, and emotions run high on both sides of the process. The most valuable technique you can use for preventing demotivation is a sympathetic and understanding human response. Using Interviews If you find it difficult to motivate a...
ETHICS AND SOCIAL RESPONSIBILTY Ethics or the moral code by which we live and conduct business – essentially the concept of right and wrong – derives from the cultural, social, political, and ethnic norms with which we are raised as children. People don’t always sit down to think about their...
