Making a Start up efficient

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  • Making a start up effective
    • Liability
      • Unlimited Liability
        • The owner of the business is responsible for the debts
        • All the profits and control go to the owner
        • High Privacy
        • Partnerships and Sole traders have unlimited liability
      • Limited Liability
        • Control and Profits are shared between owners
        • Low Privacy
        • Private Limited Companies, and Public limited companies are Limited liability
        • Other owners are responsible for Debts
    • Training
      • On the Job training
        • Training that is done in the job.
        • Cheap
        • Experienced staff train staff in the same place they work in
      • Off the Job training
        • Training that is done outside a job.
        • Expensive
        • Outside experts are paid to train
    • Customer Satisfaction
      • If the customer is satisfied with the business. They may advertise with the word of mouth.
      • This happens through Customer service
    • Customer Service
      • Customer service is providing services before, during or after purchase.
      • Example: Iphone has problem with the battery, then Apple charged us £200. Then they couldn't fix it so they gave a new Iphone.
    • Recruitment
      • Recruitment laws
        • 1. You cannot refuse to recruit someone due to race, age, gender or disability.
        • 2. You must pay over the minimum wage, even if they are ill, on holiday, maternity / paternity  leave or working overtime.
        • 3. Rooms must be safe
        • 4. Lighting, room temperature at least 16 degrees must be avalible
      • If the business doesn't follow the law, they go to court, get a fine, forced to shut down business or go to jail
      • Recruitment Processes: Click Me!
    • Motivation
      • Motivation can lead to a competitive advantage.
      • Google has motivated their staff through 80% on Google's work and 20% on their own project.
      • Maslow's hierarchy of needs: Click Me!
    • Legal and tax issues
      • There are different types of taxes such as cooperation tax, income tax, VAT, sales tax, national insurance and local government.
      • Taxes exist because the money we pay to the government via tax is used to improve the country.
    • Effective Marketing Mix
      • There are 4 ps in the Marketing Mix
        • Product: What will the product do? USP?
        • Place: Where will it be sold? Where will it be manufactured?
        • Price: How much will it cost? Cost of manufacturing?
        • Promotion: How is the product promoted? Is it been advertised?
      • In order for the business to be successful, the 4 ps must be used correctly.

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