A business may face competition from various sources either within or outside its industry. Competition may come from essentially similar products or from substitutes. The competitor may be a small firm or a large multinational corporation. To gain an adequate perspective on the competition, a firm needs to identify all current and potential sources of […]

Competition is basic to the free enterprise system. It is involved in all observable phenomena of the market-the prices at which products are exchanged, the kinds and qualities of products produced, the quantities exchanged, the methods of distribution employed, and the emphasis placed on promotion. Over many decades, economists have contributed to the theory of […]

In a free market economy, each company tries to outperform its competitors. A competitor is a rival. A company must know, therefore, how it stands up against each competitor with regard to “arms and ammunition”-skill in maneuvering opportunities, preparedness in reacting to threats, and so on. To obtain adequate knowledge about the competition, a company […]

Consumers develop attitudes about products, brands, and advertisements, and these attitudes influence their buying decisions. What is the role of emotion and reason in developing and forming such attitudes? And what are the implications for positioning brands in different types of product categories? An attitude is an overall disposition towards an object or person.

Subsequently, the […]

Unlike the other initiation phase themes, which all start immediately, this final theme generally starts a short time after the project work has begun. This happens because as work progresses more people will become involved in the project. This results in a need for you to gain control of the work being undertaken. This quickly […]

One theme that is often overlooked during the early stages of advanced projects is the starting of activities that are likely to take significant time to complete. Often those involved in the project get caught up in the whirlwind that accompanies the business case and other project set-up activities. Project managers often feel that they […]

At this stage you and the project sponsor should have a business case production plan that you both believe in. This will include sufficient detail to ensure that you are confident of achieving the production of the business case in the given time. It will allow you to argue your case with others to enable […]

Arranging a meeting with the project sponsor and building a strong rapport with the sponsor is the first step to establishing a successful path to the completion of the business case. By the end of your first meeting you should have established a number of goals.
These goals should lead to the completion of the […]

Building a business case is one of the key parts during the initiation phase of any advanced project. Badly produced business cases will make organizations very nervous. This is particularly true of advanced projects because of the very large investments that are often involved. If the case is badly written then it is likely that […]

Stake Holder Management covers a topic that is often undertaken poorly by project managers. Although many organizations promote the management of stakeholders in projects, this rarely translates into active stakeholder management. This is a mistake since this theme is extremely important and is one that occurs continuously during a project. If stakeholder management is undertaken […]

Surprisingly, once an organization has decided to undertake an advanced project, building the initial momentum can be difficult. The number of people involved in the project will grow quickly and as a result it becomes increasingly difficult to make progress. Often the early stages are characterized by significant time wasting. Since time is one of […]

The simplest and most logical answer to what causes burnout is that there is an excessive workload. However, workload alone does not explain burnout. Recent theoretical frameworks about burnout are integrating personal and situational factors rather than giving an either/or explanation. Although the idea of person-job fit is acknowledged at the point of hire and […]

The phenomenon and term “burnout” emerged in the 1970s and was identified with people working in the human services careers. Initially seen as pop psychology because it lacked the traditional top down theoretically derived approach, burnout has been extensively researched and has generated theoretical models that illustrate the relationship that people have with work. Experts […]

Defining leadership is an elusive pursuit at best. Over the years, great leaders have been identified. We have had less success, however, in enumerating specific characteristics of leadership that can be universally replicated and form a firm foundation for identifying the full range of leadership characteristics. It appears that we know leadership when we see […]

Manager, leader, supervisor, and administrator are often used interchangeably, yet they are not the same. A leader is anyone who uses interpersonal skills to influence others to accomplish a specific goal. The leader exerts influence by using a flexible repertoire of personal behaviors and strategies. The leader is important in forging links—creating connections—among an organization’s […]

Even though as your own boss you are free to work when and if you want to, we urge you to set up a work schedule. A schedule not only will help you organize your work, but will also help your family and friends know when they can and cannot interrupt you. Business contacts will […]

Selecting the right name for your business may be one of the most important business decisions you make. If your name is memorable, distinctive, pronounceable, and understandable, it can be a valuable sales tool. On the other hand, if your name is hard to pronounce, confusing, and difficult to spell, it can actually cost you […]

When you open your business you should set up a separate business checking account. We recommend selecting a small or local neighborhood bank where your business will be noticed and valued. If you’re happy with your existing bank, you may want to open your business account there because they already know you. Find out what […]

In operating on your own, you must choose one of three forms of business. Your business can become a sole proprietorship, a partnership, or a corporation. We recommend beginning as a sole proprietorship unless your business faces the danger of being sued for damages, needs to establish independent contractor status with companies that require it, […]

1. Basic money-management skills. While you don’t need to have a lot of money to start a business successfully, you do need the ability to make the most of the money you have. Being able to focus on the bottom line and pay attention to the numbers is as essential as the ability to price […]