Trigger 3: How to create a structure of a growing company?

1. MANAGEMENT

What attributes define a successful manager?

This is a very large subject. The attributes that the manager decides to use are defined by the people (s)he is managing. Many books seem to have the same answers to this question, they're just addressed differently. There are still the main attributes and critical skills all managers should have. A successful manager performs the following skills with an ease:

• Builds effective and receptive interpersonal relationships
• Communicates effectively
• Builds the team
• Understands the financial aspect
• Knows how to create an environment with positive morale and recondition
• Leads by example and sets the pace via her expectations
• Helps people grow and develop
• Integrity
• Motivational skills
• Decision making skills
• Supports open communication

Every manager should know his/her employees, be able to recognise their skills and make them feel welcome and needed. Managers should give constructive feedback and by assigning the employees with a certain amount of authority they can take charge at the task in hand by themselves.

(Susan M. Heathfield, 2017)

(What makes a good manager)

2. STRUCTURE

What are different company structures?

"A business structure is a category of organization that is legally recognized in a given jurisdiction and characterized by the legal definition of that particular category." (Whatis, 2015)

Different businesses have different structures. Here are five common types. 

1. Sole Proprietorship: The most basic and easiest to understand. You are the owner and you're responsible for all that happens in the company.
2. Partnership: Two or more people carry on the business. Shared control and management of the business with the partners.
3. Corporation: An independent legal entity owned by shareholders. The corporation itself is held legally liable for the actions and debts the business incurs.
4. Limited Liability Company (LLC): Hybrid structure from partnership and corporation. "Owners" are referred to as "members" and there can be one or more members.
5. Cooperative: Owned by and operated for the benefits of those who use it. Profits and earnings are distributed among the members. Usually an elected board run the cooperative whileregural members have voting power to control the direction of the cooperative.

3. EMPLOYEES

How do companies motivate their employees? (case studies)

So a lot of companies have a yearly maternal leave, a sick leave or/and vacancies. But what I wanted to find was some unusual perks that would keep the employees of a company motivated and happy. The coolest one I could find was Airbnb. So Airbnb was chosen as "the best place to work in 2016" by the employees.(Forbes, 2015). 

They have a lot of cool and different benefits for their employees. So let's start listing:

1. $2000 for travelling a year. This is as cool as it sounds as Airbnb not only focuses on getting their employees out of the office but out of the city.
2. You can bring your pet to the office. 
3. Sailing together
4. A ping pong table
5. Weekly yoga classes
6. Get to eat organic lunches every day
7. Formal Friday. Dressing up for Formal Fridays and you get a moustache. How cool is that?

(Nancy Messieh, 2012)

Sources

What makes a good manager?: http://www.tsrt.info/id207.html

Susan M. Heathfield, 2017: 7 Tips for Effective Management Success: https://www.thebalance.com/tips-for-effective-management-success-1916728

Whatis, 2015, Business Structure: http://whatis.techtarget.com/definition/business-structure

Partnership, 2017: https://www.business.gov.au/Info/Plan-and-Start/Start-your-business/Business-structure/Business-structures-and-types/Partnership

5 Common Business Structures: Find the right one for your small business: https://smallbiztrends.com/2014/01/5-common-business-structures.html

Forbes, 2015, Best places to work in 2016: https://www.forbes.com/sites/kathryndill/2015/12/14/the-best-places-to-work-in-2016/#672cee01ceee

Nancy Messieh, 2012, 12 tech companies offering the coolest perks: https://thenextweb.com/insider/2012/04/09/12-startups-that-offer-their-employees-the-coolest-perks/#.tnw_RgnvGRZe

Trigger 2: How does a company adapt to market changes?

Market positioning

How does a company adapt to market changes?

As the market it ever changing, it's important to always know where the company position is. The company should understand their positioning to be able to properly compete their share. It's also very important to know what position competitors hold, so the company would be able to know witch fields in the market are free to fill. 

By developing a unique business idea the company should have a bigger chance to succeed in the market. To be able to adapt to market changes the company should know who their target customers are and what do they need. The company should also be able to grow when the market changes. 

Predicting

What methods does a company use to predict market changes?

A company should always be aware of the fact that markets change. How to predict the changes? 

1. Surveys for the customers to measure their interest in different kinds of products

Financial aspect

What is the financial aspect behind the market changes?

Less sales mean more expensive products. Also as the fact that we could 

Diversification

What is the role of diversification in changing markets?

Market positioning strategy guide: https://www.smartling.com/market-positioning-strategy/

Trigger 1: What makes us more employable?

Motivation

How to adapt motivation theories to be more employable.

The Two-Factor Theory of Motivation (motivation-hygiene theory)

Motivation Factors: 'Factors that lead to satisfaction and motivate employees to work harder.'

Hygiene Factors: 'These factors can lead to dissatisfaction and a lack of motivation if they're absent.'

"While motivator factors increased employee satisfaction and motivation, the absence of these factors didn't necessarily cause dissatisfaction. Likewise, the presence of hygiene factors didn't appear to increase satisfaction and motivation but their absence caused an increase in dissatisfaction."

(Contactzilla, 2014)

Social 

How can one manage life, balancing work and studies

To be able to balance work and studies you need to understand the importance of this factor in your life. 

There are many ways to balance work and study. I'll list the most important ones that I found by researching 

Be organised and have a plan

Create a flexible schedule

Prioritise and be realistic

Communicate

Avoid time waisting

Learn to manage stress

Innovation

How can one adapt to a fast paced world

"While a fast-paced environment can feel overwhelming at first, with a little practice, it can transition into an exhilarating and exciting place."(Chron)

Good tips:

Educate yourself

Know your role

Know your co-workers 

Prepare yourself 

Take breathers

Look for shortcuts

Opportunities after school

How important is the theoretical knowledge versus practical

Theoretical knowledge teaches you why. It can lead you to a deeper understanding of a concept through seeing it in context of a greater whole.

Practical knowledge teaches you how. It teaches you the understanding through doing and experiencing.

Contactzilla, 2104: https://contactzilla.com/blog/5-psychological-theories-motivation-increase-productivity/

https://www.kangan.edu.au/students/blog/best-ways-to-balance-work-and-study

Chron: http://work.chron.com/survive-fastpaced-environments-3491.html

http://vanseodesign.com/whatever/theoretical-practical-knowledge/