Identifying the problem to solve. Needs Analysis Matrix Knowledge on the specific needs of potential buyers of the good or services is a key strategic requirement that the entrepreneur must pay a lot of attention. For this reason, it is important that in the phase of market research all preventive measures are taken so that, as part of the gathering and analysis of the market supply and demand data, the entrepreneur can know what the market is really asking for. Maslow's Hierarchy of Needs Maslow's hierarchy of needs is a theory by Abraham Maslow, which puts forward that people are motivated by five basic categories of needs: physiological, safety, love, esteem and self-actualization. In order to better understand what motivates human beings, Maslow proposed that human needs can be organized into a hierarchy. This hierarchy ranges from more concrete needs such as food and water to abstract concepts such as self-fulfillment. According to Maslow, when a lower...
Be Authentic and Open It’s easy for an “us vs. them” mentality to fill a company when managers pretend that they have all the answers. This resentment can only be reversed by having managers take off the mask and be authentic, building trust, and ultimately promoting employee acceptance. Build Their Confidence to Build Your Company Your team is an asset, and like any asset, you want to see its value grow. Ego is one of the greatest motivators. Building someone’s confidence can have a powerful and positive impact on their work as an employee. Your job as a leader and manager is to help your team members strive to be their best and reach their maximum potential. Focus on Education Knowledge is power, so continually educating your employees empowers them to make bigger contributions to the company’s success. Plus, since you are ultimately responsible for their output, when they succeed, so do you. Education also lifts the veil of secrecy between management and employees th...
Assets, liabilities, equity, income, costs and expenses It is important to classify the financial accounts in order to know or to find information quicker. In every entrepreneurship there are two big groups of accounts: - Assets, liabilities and equity: accounts that make part of the balance sheet - Income, costs and expenses: accounts that make part of the profit and loss statement Specific denominations of the financial accounts Assets : There are divided in three types, which are current, fixed and deferred Current assets are those goods or values that are in coin or paper in the cash account. The characteristics of current assets is that they can be converted into cash within a year. Fixed assets are those which are not bought to be sold, but they work as support for the business. For example: - Land, buildings, machines, equipment, furniture, compu...
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