Motivation factors for small business owners

Motivation factors for small business owners
17/09/2017 Comments Off on Motivation factors for small business owners Academic Papers on Business Studies,Sample Academic Papers admin

As the business owner, you need motivation qualities. People work for money and usually for prestige and you need to motivate them accordingly. It is no use offering money to a person who thinks his job carries prestige and it is up to you to figure out what they want and give it to them so that they give you their best performance. Other very essential aspects are how to manage your money and time effectively. Start learning about money, because that is what is going to keep your business afloat. Time is usually the same as money because if you spend too much time on one issue, it could cost more than you are making from it.

To make money and save time you need to identify the areas that you are weak in and improve yourself. Make ethical decisions and practice ethical management. Another factor that will improve your effectiveness in managing your business is to learn to combat stress. Usually, people who are stressed out are less tolerant and snap at anyone within range. This makes other people want to stay away from you. So if you feel that you are losing it, take a break and relax. Your increased productivity and better nature will compensate for the time that you have taken off

Effective management and good decision making are the two most important aspects of any new business. New businesses mostly fail due to poor management and not because of the idea of the business. Business owners must learn to face their fears. Fears are a deterrent for new experiences and you can miss a good thing because you were afraid to try it. This does not mean taking stupid meaningless risks. You must learn to take calculated risks for anything that you do. If a method was successful with someone else does not mean that it will work for you, or if someone failed with the method that you would like to try does not mean that you will also fail.

The fear of failure sometimes paralyzes a person into doing nothing. When in doubt, consult with others. The best people to consult with are experienced people that are working for you. They have probably faced a similar situation and know how to deal with them. Again calculate everything, including advice and then make your decision. At the beginning of your business, never put all your eggs in one basket. This means never getting involved in a situation where it could either make or break you. When people are desperate, they mostly end up making decisions that break them, not make them

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