Impact of motivation on employee performance

Entrepreneurship is the tendency of a person to organize his own task and run it profitably, exploiting the qualities of leadership, decision making, managerial caliber, etc. lay on the line talk of the town Risk-taking In Its true maven Indicates that risk Is Ignored In taking decisions and actions. We should rightfully use the banter risk averse for the entrepreneurs. Risk averseness implies taking calculated risk and expecting premium for the risk taken. As the risk goes up the judge premium in return in any case goes up at a higher rate.Calculated risk agent a few things, namely, Determining how much risk one should take. Risk taking ability of a rich person Is higher than that of a poor person. Still, two decently rich persons In equal situations may not equally perceive the risk in a given opportunity. 0 Risk estimation is equally important. 0 Risk mitigation is the final step that a risk-averse person would occupy while taking calculated risk. Risk mitigation means taking steps to manage risk. For example, insurance policy against non-business Is essential Identify non-business risks and insure them. Sense of limits In every society mess develop sense of limits from p arents, friends and roundings. These are the limits of what we stinkpot do and what we cannot, and what we can accomplish and what we cannot. Such sense of limit Is a resolution of social permissiveness at a given point of time In a society. On one side, developing such sense of limit is desirable because without adhering to social norms a society cannot influence as a civilized society. On the otherwise, the same sense of limit would impose more than dont than dos. Entrepreneurs are antithetical. Hem do not abide by the limits recognized by the society or they force against these limits. CLC Locus of book There are two types of people in the world- (I) those who blame others and external situations for some(prenominal) happens with them, and those who believe that the y could abide done something better to avoid certain situations that happened with them. The first type of behavior of people is called external locale of control and the second Internal locus of control. It Is obvious from the definition that entrepreneurs have Internal locus of control.The sense of Internal locus of control gives tremendous to learn from failures quite an than accepting fate. 0 ascertain of future Entrepreneurs are always in control of the situation. Their responses to the unfolding situations are more matured rather than like reactions. This gives them control over the current period as well as the future. Creators Entrepreneurs create ideas, businesses and organizations. a good deal they like businesses that are unique compared to the routine ones. They like challenges and deal with them in a unique or creative way.Entrepreneurs are good at startups. Need for achievement We would like to include one more characteristic over what Hofmann listed and that is e ntrepreneurs need for achievement. Entrepreneurs do not start business for making money. Money and scratch are not his primary goals. Their passion, thus, is to convert their dreams into reality. 0 Ethics This is yet another characteristic that Hofmann did not discuss. Can anything substitute ethics for a successful person? Can an entrepreneur be unethical and still make long-term success and attain his need for attainment?A true entrepreneur, since he is not driven by motives of profits but needs to achieve or do something different for getting sense of satisfaction, exit demonstrate high degree of business ethics. Ethical game is obligatory for a long-term player in the business of innovation. Q. 2.. Business visualize is a pen description of the business. It is comprehensive in nature and comprises details like promoters, brisk and proposed products and/or services, know-how and techniques intended to use, among others. A brief description of contents of business political platform. Description of venture For an existing business, the details like get word of establishment, Journey over time with significant milestones, employee data, sales and profit data over time (if memoir is too long because selected period of say, five years tat would be enough), organization structure, operating philosophy, survey and mission statements, and details of enabling factors are important. 0 Operations plan Several operations have to be carried out with a view to succeed in providing products and services.The business activity must be clearly broken down into the discreet operations and details must be provided how those operations will be performed given the resources. If the operations plan fail then production plan would also mechanically fail. 0 Production plan In case of manufacturing activity, the details of applied science and its ministrations, success factors, hardheaded as aggregateptions regarding function of plant capacity supported with evidenc es from other businesses, processes, manpower of material and several other details that can have an impact on production would become an essential part of production plan. Organizational plan In the absence of strong organizational backing the well-nigh lucrative business can also fail measurably. Business operates in a very dynamic environment, whether internal or external. A business organization must develop capability of capturing information regarding the changing external variable that may order the current business or future opportunities of the business. Marketing plan A business needs to demarcate a market in terms of geographical area or demographic details of strength customers or consumers.Market feasibility report would help in identifying the scope of business opportunity, and from that canvass, a businessman has to tick off the right segment of market wherein he would like to do business. Promotion plan, distribution network and other marketing policies are usef ul in evaluating the potential market for the goods and services offered by the business. Financial plan The contents of the business plan are now converted into the pecuniary numbers to present the pecuniary plan.The financial plan gives income statements and balance-sheets for the projected period, depreciation schedule, interest payment schedule, working capital schedule, disability schedule, bills flow statements, working capital financing schedule and schedule of funds to be raised and serviced. The financial plan also includes calculation of several ratios that are useful in the evaluation of funding options. 0 Assessment of risks The production and marketing plans are usually prepared on he most realistic scenario.If actual scenario turns out to be better than anticipated (sales price is higher, sales quality is higher, expenses are lower, among others), then there is a confirming surplus profit. But what if things do not turn out as good as estimates and cost of project goes up, cost of capital is higher, enough capital is not available, sales price remain low, sales quantity is less, expenses are higher, skilled people are not available, among others. The assessment of down-side impact of risk must be assessed, if not upside reward of risk. Q. 3 Answer..Marketing is a function over which we can have only an influencing power but hardly any control over the outcome. Therefore, marketing function is very important especially for a new enterprise. The market analysis is done before a business plan is prepared and it is included in the business plan, I. E. , at the project phase of a proposed business. Market Assessment base, primarily aimed at checking whether there is gap among get hold of and supply if the product or service that will be offered by the entrepreneur is an existing product with or without modifications.In case of a new product, the market assessment at time is middling an informed evaluation of potential market. Market assessment aims at specify the market that would be most appropriate for the product and that would give strongest opportunity for the long-term growth. This involves matching the product with customer needs. This strategy of defining the market segment for you is derived from customer research and competitive analysis. 0 Impact of Market Dynamics An entrepreneur must understand the market dynamics. Conceptually, demand and supply determine the price.Demand and supply constantly change and, therefore, price mechanism becomes dynamic, which is called market dynamics. Several factors play a role in affecting supply and demand and thereby, the prices of products. Competitors price, income aim, employment level, inflation, production level, government policies and a host of other factors individually and collectively affect the price of a product. 0 Achieving Market Acceptance The proof of success is finally in attaining the sales level at profitable conditions. The essence of it is in achievin g market acceptance of products and services.Start-ups eave a greater risk in achieving market acceptance than the firms already in business. However, for the existing business too market acceptance of a new product is risky. 0 Day-to-Day Operation There are several aspects of twenty-four hour period-to-day operations. Procurement, storage, production, transportation, size up holding, sales, collections, maintenance, man-management and several other functions together can make operations possible. In todays world, management of information technology is also a matter of daily operations. However, we will discuss only two important aspects of day to- day operations here.They are namely, (I) procurement of material-inventory and (it) use of information technology. Strategies for Growth The issue of growth is strategic in nature, therefore, it involve strategic thinking, and hence, application of SOOT analysis. A SOOT analysis model must suit the need for answering a particular quest ion, which is related to either direction of growth or rate of growth or strategy for growth. Strategic models are described and their applications are explained in individually of these fields of strategic decisions in the following sections of this unit.Growth Direction Decision Synergy is the measure of an effect on the net benefits of combining more than one activity. Synergy is said to exist when the whole is greater than the sum of the parts. The presence of some strength and its best fit with available opportunities are essential for creating a positive synergy. For the growth direction issue the synergy is searched in the areas of product and market. A SOOT analysis on these two parameters can give a quick idea about the value creating growth alternatives.