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Importance Of Cash Control

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Cash is a vital component of any profit-generating organization. An organization’s assets generate revenue, which in turn generates cash inflows. These cash inflows are used for several purposes: to pay creditors, compensate employees, reward shareholders, provide asset replacement, and provide for growth.

Cash is unique because it’s the single asset that is readily convertible into any other type of asset. Therefore, it’s also the most widely desired asset. However, cash is also the asset that is most susceptible to fraud and abuse. Therefore, management has to ensure that adequate controls and safeguards are in place to eliminate any unauthorized transactions with cash.

Fortunately, there are ways management can safeguard the cash generated by its organization. Each of the following methods will help an organization prevent losses due to human error or theft:

o Monthly bank reconciliation

o Segregation of duties over cash handling

o Accountability for cash shortages

o Authorized cash disbursement

o Internal audits

Monthly Bank Reconciliation. Monthly bank reconciliation will help ensure that the amount of cash generated by an organization is consistent with bank records. In addition, an independent review of the reconciliation by management will provide an additional safeguard. Independent verification of bank reconciliation acts as a check to make sure the reconciliation was done properly and ensures there is no abuse of the organization’s cash.

Segregation of Duties Over Cash Handling. Every organization must make sure that there is adequate segregation of duties over cash handling. Separating the duties of cash receipts and disbursements prevents an individual from committing and concealing embezzlement.

Accountability for Cash Shortages. Management should hold supervisors accountable for cash shortages. If supervisors know that they’ll be held accountable for a cash shortage, they’ll be motivated to keep a close eye on how cash is used within their departments.

Authorized Cash Disbursement. Management should allow cash to be disbursed only through checks issued by authorized signers, which will provide a method for tracking cash usage. In addition, your organization should require signatures on all checks in order for them to be valid.

Internal Audits. Every organization should arrange to have internal audits conducted on a regular basis. Whether the auditors come from an internal audit staff or an outside auditing firm, auditing an organization’s accounting system can identify how effective and accurate the operation is and whether or not any improvements need to be made.

ESTABLISHING A QUICKBOOKS CONTROL ENVIRONMENT

QuickBooks allows more than one user to access company files. (Conceptually, an unlimited number of users may have access to the company’s data files, but only five users may work with the data at the same time.) When multiple users will have access to the company’s QuickBooks data files, it generally is necessary to create a control environment that protects the data from unauthorized use. For example, some users may not need access to sensitive payroll data, while others may not need access to accounts receivable and sales information.

One of the best ways to prevent errors when posting transactions in QuickBooks is to limit access to specified users. If passwords and access permissions are not assigned, users have unlimited access to all areas in QuickBooks. When setting up QuickBooks, one user should be designated as the QuickBooks Administrator.

The QuickBooks Administrator has unlimited access to all areas of QuickBooks and assigns passwords and access permissions to other users. The name and password for the QuickBooks Administrator can be set up by selecting “Set Up Users” from the “Company” menu. The QuickBooks Administrator must be set up before any other users can be set up. Although QuickBooks does not require the use of passwords, the QuickBooks Administrator should set up and use a password since anyone logging in to the company’s QuickBooks files as the administrator has full access to all areas in QuickBooks. After setting up a name and password, the QuickBooks Administrator should click the “Closing Date” button in the “User List” window and enter the date through which books are closed in the “Accounting” preferences dialog box. The administrator can also password-protect the closing date (requires single-user mode). When this feature is enabled, QuickBooks requires users to enter the password before they can make changes to periods that have been closed.

The QuickBooks Administrator is the only user who can:

o Set up other users.

o Change other users’ access permissions.

o Set up a company file using the “EasyStep Interview.”

o Change company information (such as company name, address, fiscal year, tax year, tax form, and federal identification number).

o Change company preferences.

o Condense data.

o Import and export data.

o Apply for QuickBooks Merchant Account Services.

Note: Since the QuickBooks Administrator has the ability to password-protect the entire company’s files, has access to all accounting functions, and assigns access to all other users, the company should carefully consider whom to select as administrator. The person selected should have an understanding of the importance of this position on the internal control of the company. Some companies designate the controller or Chief Financial Officer as the QuickBooks Administrator because those individuals normally do not have direct interaction with the software.

The QuickBooks Administrator can set up additional users and specify the areas to which each person has access. To do so, select “Company” from the menu bar and “Set Up Users.” Then click the “Add User” button in the “User List” window. Assign a user name and password for the new user. Even though QuickBooks does not require the use of passwords, each user should be set up with a password that must be used when logging in to the company’s QuickBooks file. (An unlimited number of users can be added, but only five can have access to the company’s data file at the same time.)

After setting up the user name and password, the administrator then specifies whether the user will have access to selected areas of QuickBooks or all areas of QuickBooks. The user should not be given access to all areas of QuickBooks since that permission essentially establishes a second administrator allowing users to access the following:

o Sales and accounts receivable.

o Purchases and accounts payable.

o Checking and credit cards.

o Inventory.

o Time tracking.

o Payroll and employees.

o Sensitive accounting activities such as bank transfers, general journal entries, and online banking.

o Sensitive financial reports.

o Changing or deleting transactions.

o Changing closed transactions.

Note: Even if users need access to most of the preceding areas, they should not be allowed to change closed transactions.

Rather than giving users access to all areas of QuickBooks, the QuickBooks Administrator should give users access to selected areas. In that case, the QuickBooks Administrator specifies whether the user should be given no access, full access, or selective access to each individual area listed in the preceding paragraph. If the user is given selective access in a particular area, the QuickBooks Administrator also must specify whether the user can (a) create transactions only, (b) create and print transactions and forms, or (c) create transactions and create reports.

Sensitive Accounting Activities. Users generally should not be given access to sensitive accounting activities. Such activities include:

o Maintaining the chart of accounts.

o Working in the account register for balance sheet accounts.

o Reconciling accounts.

o Making journal entries.

o Using the “Accountant’s Review.”

o Transferring funds between accounts.

o Using online banking.

o Creating budgets.

o Printing registers.

o Condensing data.

Even if users are given full or selective access to sensitive accounting activities, they cannot create financial reports (with the exception of the “Payroll Report”) or change or delete previously recorded transactions. Those permissions must be assigned separately, as discussed in the following paragraphs. The QuickBooks Administrator generally should be the only user with access to sensitive accounting activities.

Sensitive Financial Reports. Users generally should not be given access to sensitive financial reports (such as the balance sheet, profit and loss reports, budget reports, cash flow reports, income tax reports, and audit trail reports). That access allows users to create all reports and graphs available in QuickBooks. However, even users with access to reports cannot change or delete transactions included in the reports. That permission must be assigned separately, as discussed in the following paragraph. The QuickBooks Administrator generally should be the only user with access to sensitive financial reports.

Changing and Deleting Transactions. Even if QuickBooks users have full access in a particular area, they cannot change or delete transactions in that area unless they are given that permission in the “Changing or Deleting Transactions” window. For example, a user with full access in the sales and accounts receivable area cannot change invoices or sales receipts unless they are given permission to change or delete transactions. However, even if users do not have permission to change or delete transactions, they can change or delete transactions they entered in the current QuickBooks session so that quickly identified data entry errors can be corrected. Users that are given permission to change or delete transactions can alter transactions only in areas in which they have access. For example, users that have access to the inventory area but not to the payroll area cannot alter payroll transactions even if they have permission to change or delete transactions. The QuickBooks Administrator generally should be the only user with permission to change or delete historical transactions.

If a user is given permission to change or delete transactions in areas in which they have access, the “Changing or Deleting Transactions” window also asks whether the user should be able to change or delete transactions recorded before the closing date. The QuickBooks Administrator always should deny users access to such transactions by selecting “No” in response to that question. Even when “No” is selected, users can view prior-period transactions in QuickBooks areas to which they have access. If “Yes” is selected and the administrator sets a password, the user will be required to enter the password.

Viewing Data. QuickBooks allows the QuickBooks Administrator to limit a user’s access to creating sensitive financial reports or creating and printing sensitive reports. Companies can use this feature to allow the Controller, Chief Financial Officer, or another person independent of the accounting function the ability to oversee the accounting operations. Because many companies frequently have small accounting staffs, this increased oversight can mitigate some of the risk to the system of internal control created by having limited segregation of duties.

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Source by Leigh Ann

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January 22, 2020
e-Marketing Strategy: 7 Dimensions to Consider (the e-Marketing Mix)

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What is e-Marketing?

e-Marketing is still quite a controversial subject to talk about, since no one succeeded to unify the various theories around it; however there is one thing upon which there is no doubt – that e-Marketing first appeared under the form of various techniques deployed by pioneer companies selling their products via the internet in the early 90’s.

The frenzy around these new marketing techniques created by e-tailers and supported by the internet rapidly gave birth to a new dimension of what we knew as Marketing: the e-Marketing (electronic Marketing).

There are many definitions to what e-Marketing is, the simplest and shortest one being formulated by Mark Sceats: e-Marketing is Marketing that uses the internet as manifestation media. A working definition is that coming from a group of CISCO specialists: e-Marketing is the sum of all activities a business conducts through the internet with the purpose of finding, attracting, winning and retaining customers.

e-Marketing Strategy

The e-Marketing Strategy is normally based and built upon the principles that govern the traditional, offline Marketing – the well-known 4 P’s (Product – Price – Promotion – Positioning) that form the classic Marketing mix. Add the extra 3 P’s (People – Processes – Proof) and you got the whole extended Marketing mix.

Until here, there are no much aspects to differentiate e-Marketing from the traditional Marketing performed offline: the extended Marketing mix (4 + 3 P’s) is built around the concept of “transactional” and its elements perform transactional functions defined by the exchange paradigm. What gives e-Marketing its uniqueness is a series of specific functions, relational functions, that can be synthesized in the 2P + 2C+ 3S formula: Personalization, Privacy, Customer Service, Community, Site, Security, Sales Promotion.

These 7 functions of the e-Marketing stay at the base of any e-Marketing strategy and they have a moderating character, unlike the classic Marketing mix that comprises situational functions only. Moderating functions of e-Marketing have the quality of moderate, operate upon all situational functions of the mix (the classic 4 P’s) and upon each other.

1. Personalization

The fundamental concept of personalization as a part of the e-Marketing mix lies in the need of recognizing, identifying a certain customer in order to establish relations (establishing relations is a fundamental objective of Marketing). It is crucial to be able to identify our customers on individual level and gather all possible information about them, with the purpose of knowing our market and be able to develop customized, personalized products and services.

For example, a cookie strategically placed on the website visitor’s computer can let us know vital information concerning the access speed available: in consequence, if we know the visitor is using a slow connection (eg. dial-up) we will offer a low-volume variation of our website, with reduced graphic content and no multimedia or flash applications. This will ease our customer’s experience on our website and he will be prevented from leaving the website on the reason that it takes too long to load its pages.

Personalization can be applied to any component of the Marketing mix; therefore, it is a moderating function.

2. Privacy

Privacy is an element of the mix very much connected to the previous one – personalization. When we gather and store information about our customers and potential customers (therefore, when we perform the personalization part of the e-Marketing mix) a crucial issue arises: that of the way this information will be used, and by whom. A major task to do when implementing an e-Marketing strategy is that of creating and developing a policy upon access procedures to the collected information.

This is a duty and a must for any conscious marketer to consider all aspects of privacy, as long as data are collected and stored, data about individual persons.

Privacy is even more important when establishing the e-Marketing mix since there are many regulations and legal aspects to be considered regarding collection and usage of such information.

3. Customer Service

Customer service is one of the necessary and required activities among the support functions needed in transactional situations.

We will connect the apparition of the customer service processes to the inclusion of the “time” parameter in transactions. When switching from a situational perspective to a relational one, and e-Marketing is mostly based on a relational perspective, the marketer saw himself somehow forced into considering support and assistance on a non-temporal level, permanently, over time.

For these reasons, we should consider the Customer Service function (in its fullest and largest definition) as an essential one within the e-Marketing mix.

As we can easily figure out, the service (or assistance if you wish) can be performed upon any element from the classic 4 P’s, hence its moderating character.

4. Community

We can all agree that e-Marketing is conditioned by the existence of this impressive network that the internet is. The merely existence of such a network implies that individuals as well as groups will eventually interact. A group of entities that interact for a common purpose is what we call a “community” and we will soon see why it is of absolute importance to participate, to be part of a community.

The Metcalf law (named after Robert Metcalf) states that the value of a network is given by the number of its components, more exactly the value of a network equals the square of the number of components. We can apply this simple law to communities, since they are a network: we will then conclude that the value of a community rises with the number of its members. This is the power of communities; this is why we have to be a part of it.

The customers / clients of a business can be seen as part of a community where they interact (either independent or influenced by the marketer) – therefore developing a community is a task to be performed by any business, even though it is not always seen as essential.

Interactions among members of such a community can address any of the other functions of e-Marketing, so it can be placed next to other moderating functions.

5. Site

We have seen and agreed that e-Marketing interactions take place on a digital media – the internet. But such interactions and relations also need a proper location, to be available at any moment and from any place – a digital location for digital interactions.

Such a location is what we call a “site”, which is the most widespread name for it. It is now the time to mention that the “website” is merely a form of a “site” and should not be mistaken or seen as synonyms. The “site” can take other forms too, such as a Palm Pilot or any other handheld device, for example.

This special location, accessible through all sort of digital technologies is moderating all other functions of the e-Marketing – it is then a moderating function.

6. Security

The “security” function emerged as an essential function of e-Marketing once transactions began to be performed through internet channels.

What we need to keep in mind as marketers are the following two issues on security:

– security during transactions performed on our website, where we have to take all possible precautions that third parties will not be able to access any part of a developing transaction;

– security of data collected and stored, about our customers and visitors.

A honest marketer will have to consider these possible causes of further trouble and has to co-operate with the company’s IT department in order to be able to formulate convincing (and true, honest!) messages towards the customers that their personal details are protected from unauthorized eyes.

7. Sales Promotion

At least but not last, we have to consider sales promotions when we build an e-Marketing strategy. Sales promotions are widely used in traditional Marketing as well, we all know this, and it is an excellent efficient strategy to achieve immediate sales goals in terms of volume.

This function counts on the marketer’s ability to think creatively: a lot of work and inspiration is required in order to find new possibilities and new approaches for developing an efficient promotion plan.

On the other hand, the marketer needs to continuously keep up with the latest internet technologies and applications so that he can fully exploit them.

To conclude, we have seen that e-Marketing implies new dimensions to be considered aside of those inherited from the traditional Marketing. These dimensions revolve around the concept of relational functions and they are a must to be included in any e-Marketing strategy in order for it to be efficient and deliver results.

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Source by Otilia Otlacan

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January 22, 2020
Living Alone with Hemiparesis

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Safety would be the primary concern of course when people with hemiparesis live alone or are alone for extended amounts of time. Of course your first references are your doctor, physical therapist and occupational therapists especially. This being stated, I can offer insights on some important items to consider in practical aspects of living alone after a traumatic brain injury or a stroke that result in a severe muscle weakness along the left or right side of the body and is sometimes exhibited in slight nerve damage as with me. Perhaps instead of living by them selves, it would be better to consider us living independently. At this writing, I will have reached almost thirty years of living with hemiparesis. Most of this time I was living alone and working as an engineer and writer, author.

For us, the detrimental effects of hemiparesis are still prevalent even after initial rehabilitation and limited recovery. The effects can change with extreme variation.

Effects When Tired or Awoken

When the body is tired, effects can be worse and certainly more dangerous when living alone. An example is if awoken in the night, maybe by thirst, a call, or other concern. Even a healthy person could possibly stumble on sleepy legs or with eyes half open, but for those with left or right hemiparesis, the negative effects are magnified. A stumble can turn into a fall and possibly a head injury since one arm has poor strength, does not react quickly and is not likely to stop a fall. If a foot drags slightly during the day with shoes, then it can be so much worse at night even so unsafe that the person will roll over the toes so as to bruise them and fall forward on the weak side. Lessons learned here emphasize the need for uncluttered floors and hallways. A stray shoe on the floor or even newspaper can prove disastrous. Either could throw off the balance suddenly for a waking person especially in the dark.

This brings up a suggestion for low level lighting in the home or apartment. Economical battery operated motion detector lights are available at many stores now or a search online. Even if a cane is not needed during the day; it would be wise to have a cane near the bed, even a quad cane for late night awakenings or an early morning rising. In the morning, there are other issues as tightened up leg muscles that need stretching before safely moving.

Shower and Bathroom Safety

Morning stretching is important, especially as we who are injured age but more importantly, shower safety needs to be addressed. There is much assistive devices available and occupational therapists can communicate effectively the needs here, however I can give you my thoughts. These are that it can be quite scary at times, especially if you have had an accident, falling in the shower, tub or bathroom before. You will need to be able to have something within reach on your good side to grab onto, basically at all times. Please note that if you can’t use the screwed in support rails and use the bars with suction cups, you really need at least two bars together. Redundant support as these are known t slip and when you have water or soap in your eyes and reach out with the bar slipping, it can be devastating. I would recommend having a bar on the entry or exit and on the opposite side. This way if a person with hemiparesis turns around there is always a bar on the good side.

But it does not stop there. Bathroom floors are usually smooth surfaces and with one foot having no or minimal grab, then any water on a smooth tile or marble surface is like ice and can easily cause a fall when drying. Rubber backed rugs are most often used but can bunch up under feet. A work around solution for these throw rugs is rubber strips with adhesive on both sides. The local hardware store will have some rug grippers or search the web

Dressing

This is an area again where an occupational therapist assures you are prepared with any assistive devices for reaching around the weak side or fastening in back and collar. However, I can emphasize that so much more time needs to be available, just in case. Even though, there are assistive devices and there is ample training in doing this usually available before even leaving the hospital.

Food Preparation, Cooking Kitchen Safety

One’s ability to prepare meals will vary. I understand it’s good to be independent but in the kitchen it just may be smarter to minimize preparation with knives or stovetop. Even the oven can cause burns and fire easily. Having a cardboard pizza box fall onto a hot broiler iron can start a fire that is not too easy for someone with a disability to put out quickly. Sure there are now small convenient fire extinguishers available but some often need two good hands to operate correctly and then even finding it quickly can be an issue for trauma, brain injury or stroke victims.

Fortunately, there has been an improvement In microwave dinners. This certainly would not be your first option in the past. However, I have been at this for almost thirty years now and I really have seen a great variety come on the market and costs go down. Good, healthy dinners can be cooked in one minute. I still bake chicken and pizze plus a few others but safety really needs to bethe forst priority. Losing balance and reaching out to find as hot frying pan to lean on can happen and I have personal experience, it’s not a quick heal having a burn in the palm of your good hand. Agsin here as in the bathroom, a rug with rubber backing and rug grabbers should be required.

Mind Body Health Needs

Concentration and Focus are the key in most everything that the person with hemiparesis might have to overcome. That is why ongoing brain training is so important.

Human interaction, relationships contribute greatly to complex usage of our brain and even helping to stay young. Well living alone minimizes this benefit ad over time can have an adverse effect. Sure, some will say the upward potential may be limited but start with the objective of not losing ability. Without regular exercise, mind or body can atrophy to borrow a term used to describe not using muscles.

There are free and paid sources on the web. There are now brain improvement magazines at the local supermarket and brain games are popular and effective, most even for one hand use.

Geographic Area Specific Issues

Depending on your locality, power outages can occur during natural events mostly as snow or ice storms, hurricanes, tornadoes. When living on the eastern coast, I lost power even when their was a high windstorm. Natural events as this can have an impact on people living with hemiparesis just as they do for others with a disability, elderly or families in general. However preparedness is the key here and living alone increases importance of having battery lighting, food, water, cell phone, radio, all available and easily attainable in possibly in the dark.

The power loss may be worse in cold weather for this condition as detrimental effects can disable some people with this extreme muscle weakness and possibly nerve damage. This varies of course depending on person or injury but in general arms and legs can start shaking uncontrollably and a serious limitation to mobility. Poor effects are also exhibit in sudden changes of weather. Each person may experience this differently but a check with your physician is best.

To assist in times as these, warm clothing, even a safe generator where it can be installed in a home as a backup are suggestions with heat packs available at sporting good stores or camping supply shop.

Summary

Some of the techniques and tips outlined here may seem obvious to some or simple but they are not always thought of ahead of time before they are used. This is evident in support forums online, knowing individuals and my own thirty years of living with hemiparesis. There are of course more but in general, consideration that movements can be slow at times as can thinking. An important point is if there is a loss of balance or tripping, it will most likely be on the weak side which of course doesn’t react fast nor have enough hand strength usually to hang on to something firmly. This is why safety is the first priority when living alone with this injury.

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Source by Leon Edward

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January 21, 2020
What Is a Relationship Mission Statement

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RELATIONSHIP VISION

Aligning values in relationships is a good thing to do intentionally. Think about how most people go through relationships. Does one person give up important values for the other? Is there conflict in the relationship? These things usually happen when values and beliefs aren’t talked about and don’t align with each other. Most conflicts in any relationship is due to differing values or beliefs. After all if we all agreed on what is most important there would be no need to argue. A Relationship Mission Statement can help!

WE ALL COME FROM DIFFERENT BACKGROUNDS

Think about how you grew up, your environment, money, food, school and so many other things. Did you partner grow up the same? Did your parents teach you different lessons regarding TV, meals, religion, or friends then you partner? We all bring expectations into our relationships but most likely they aren’t the same for each of us. So why do we think things are supposed to magically work out without talking about it, creating goals, or aligning values. Eventually if the bumps can’t be smoothed out then couples tend to search for someone like me. This is not a bad thing, seeing a professional can be incredibly helpful and restore the peace and longevity of your relationship.

CHECKING IN WITH YOUR PARTNER

For now let me provide you a simple way to check in with each other, communicate, and look at the future. Creating a Relationship Vision is a simple and helpful tool. It doesn’t take much time and can really target the lasting happiness of your relationship.

A few steps to creating a Relationship Vision Sit down by yourself for about 30 minutes. Remember it doesn’t have to be done in one day.

SIMPLE STEPS TO FOLLOW

1. Go for the positive

When brainstorming phrase things in a positive manner. For example instead of saying “we don’t argue” say “we will settle things calmly and peacefully” or “we trust each other” instead of “we won’t be jealous”.

2. Write down your non-negotiables and desires

Write down your “must-haves” such as “we will parent together” or “exercise is important” or “we will communicate openly and respect each other’s perspective”. You could also write things like, “going outside of our union is non negotiable”, “monogamy is of the utmost importance “, “attending church is a priority”, “traveling and experiencing the world with my partner is a high priority.” Make sure it’s not a laundry list for your partner, i.e. he mows the lawn and she does the laundry.

3. Explore several areas of a relationship

Since we have a multifaceted life it is important to address as many of these as you feel necessary. Expressing wants, desires, and values with sex, finances, lifestyle, parenting, career in-laws, leisure time and education are just a few of the things you may want to consider in You Relationship Vision. Answer questions about these topics such as what do I enjoy in my free time? How important are finances? Do I want to work full time? Do I need a 401k? What about insurance? Does my job need to provide this? What percentage or amount of time do we spend with in-laws? How do we allow them to interact with the children? Is sex satisfying? Do we want to explore new sexual ideals? Do the answers align with my values?

4. Come together

Come together as a couple and discuss the things you agree on first. Then Discuss what is negotiable and create short sentences expressing what is important to both of you. Leave the things that you don’t agree on for last. See if you can compromise on these issues if not this is where someone like me comes in. Having a professional help couples work through the hard stuff is helpful and will benefit your relationship for a lifetime.

5. Come up with your statement.

It doesn’t have to be long, complicated or directive. As a matter of practicality it’s better to make it succinct, covering the overarching theme of your intentions for your relationship.

Examples

We are co-creators of our lives, sharing a desire to love and be loved unconditionally, by consciously determining our behaviors and the outcomes we wish for ourselves and our family. We value respect, trust, non-judgment and self-control. We bring our best selves to this union, casting out destructive, egocentric motivations so that we may achieve the most positive and loving lifestyle we are capable of.

We agree to always love and cherish each other and recognize how fortunate we both are; each of us consider ourselves the ‘lucky one.’ We build a healthy lifestyle together, where we support each other in getting exercise, eating well, having fun, resting and relaxing. We make all important decisions together, as a team. We don’t keep secrets from each other. We confide in each other and feel safe in each other’s care.

We’re together to build a loving family and teach our children about healthy relationships. We create a sense of stability by having some routine but also make time for fun and spontaneity. We don’t intentionally hurt each other, but recognize we still do – and so we quickly and readily apologize. We take care of each other.

6. Schedule a time

Weekly, monthly, quarterly or whatever works for you, but make sure you come together to gauge if you are on track. This is the best way to ensure you both get your needs met and can address it if you’ve gotten off track. This will also provide space for growth. Since nothing in life stays the same, people, situations, events, or relationships, this provides room to renegotiate, change your Relationship Vision as the both of you change.

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Source by Roxanna Teeling

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January 15, 2020
Creativity and Entrepreneurship

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We will commence our assignment with a discussion of sources of new ideas. We will then examine methods of generating ideas, creative problem solving, the product planning and development process, and then e-commerce. We will then generate several new ideas using brain writing, the checklist method, and free association. We will apply the product development stage to our new ideas and end our discussion with two alternatives to e-commerce.

Sources of new ideas include consumers, existing products and services, distribution channels and even the Federal Government (Hisrich, 2008). The files of the patent office are full of new ideas and new product ideas can form as a result of government regulations. Research and development is the largest source of new ideas and can occur in a formal lab or in a garage or basement.

Many methods can be use to generate new ideas. In focus groups, a moderator leads a group of people through open, in-depth discussions. These groups generally consist of eight to fourteen participants. They are stimulated by comments from other group members in creatively conceptualizing and developing a new product idea to fill a market need. Focus groups are also an excellent way to screen ideas and concepts. Problem inventory analysis is another great method of generating new ideas. It uses individuals in a manner that is similar to that of focus groups. Consumers are provided with a list of problems in a general product category and are then asked to identify and discuss products in this category that have the particular problem. This method should be used primarily to identify product ideas for further evaluation.

Creative problem solving takes the generation of new ideas to a higher level. Brainstorming allows people to be stimulated to greater creativity by meeting with others and participating in organized group experiences. Rules include the following:

a) Criticism not allowed

b) Freewheeling is encouraged

c) Quantity of ideas is desired

d) Encourage combinations and improvements of ideas

Brainstorming should be fun and not contain any domination or inhibition of discussion. It is highly effective in groups of six to twelve individuals and can generate ideas about a problem within a limited time frame through the spontaneous contributions of participants. Reverse brainstorming offers a different perspective as it is similar to brainstorming, except criticism is allowed. It is based on finding fault by asking in how many ways an idea can fail. The focus is on the negative aspects of a product, service, or idea. One must be careful to maintain group's morale though. Reverse brainstorming can be used prior to other forms of creative techniques to stimulate innovative thinking and involves the identification of everything wrong with an idea. It is usually worthwhile since is easier for people to be critical about an idea instead of coming up with a new one.

Brainwriting is a form of written brainstorming and gives participants more time to think than brainstorming. It is silent and each group member writes down three ideas within five minutes. A form is passed around to all participants while a leader monitors time intervals and can even modify them. The Gordon method is another method of creative problem solving and begins with group members not knowing the exact nature of a problem. This ensures that a solution is not clouded by preconceived ideas and behavioral problems. A general concept associated with the problem is mentioned and the group then expresses a number of ideas. A concept is then developed and related concepts are developed. Finally, the actual problem is revealed.

The checklist method involves the development of a new idea through a list of related issues or suggestions. The following questions demonstrate how the checklist method is used:

ii.Put to other uses? New ways to use as-is?

iii.Adapt? What else like this? What could I copy

iv.Modify? New twist? Change meaning, color, form, shape?

v.Magnify? What to add?

vi.Minify? What substitute? Smaller?

vii.Substitute? What else instead? Other material?

viii.Rearrange? Other pattern?

ix.Reverse?

x.Combine? Blend?

Free association is another form of creative problem solving and is one of the simplest and yet most most effective methods. It is helpful in developing an entirely new slant to a problem. First, a word or phrase related to a problem is written down. Then other ones are written down and so on. Each new word attempts to add something new to the ongoing thought processes. This creates a chain of ideas ending with a new product idea.

The product planning and development process is crucial to an entrepreneur's success. One must first establish evaluation criteria by assessing the market opportunity and size. One must evaluate current competing producers, prices, and marketing efforts. New idea should have synergy with existing management capabilities and marketing strategies. The proposed product or service idea should be able to be supported by and contribute to a company's financial well-being. One should evaluate the compatibility of a new product's production requirements with existing plant, machinery, and personnel. Entrepreneurs should be concerned with formally evaluating an idea throughout its evolution. The idea stage involves identifying new product or service ideas while eliminating impractical product or service ideas.

One must determine the need for the new idea as well as its value to the company to ensure both prior to proceeding with the ideas. The need determination should focus on the type of need, its timing, the users involved with trying the product or service, the importance of controllable marketing variables, the overall market structure, and the characteristics of the market. In the concept stage, a new product should be developed further and refined through interaction with consumers. The refined idea is then tested to determine consumer acceptance. Features, price, and promotion should be evaluated for the concept being studied and any major competing products. The product development stage involves determining consumer reactions to the physical product. An entrepreneur can provide samples in this stage. The final stage of the development process consists of the test marketing stage, which provides actual sales results that indicate the acceptance level of consumers.

E-commerce is a relatively new concept in the business world and should be used creatively. An entrepreneur must address additional specific issues due to continually-evolving technology. For instance, one must decide if he will run the internet operations of the business or outsource the task to another firm. A website is often created and must be aesthetically-pleasing and fully functional. Ninety percent of small businesses use websites and ease of use is important with websites. The website is a communication vehicle in which search capability and speed are equally important. A website should have a shopping cart, secure server connection, credit card payment processing, and a customer feedback feature. It should be customized for specific target market groups and should be compatible with various browsers.

The tracking of customer information is vitally important when dealing with e-commerce. This is often accomplished via electronic databases. Doing so supports personal marketing and captures customer attention with customized one-to-one marketing. It is critically important to protect the privacy of individuals when keeping databases.

When conducting e-commerce as an entrepreneurial company, one's products should be able to be delivered economically and conveniently. Products must be interesting to a large number of people and a company must be prepared to ship products out of its geographic location. Online operations must bring significant reductions in cost as compared to having a store.

We now turn our attention to the generation of clothing ideas for Libya. We utilized brainwriting with a time limit of five minutes to come up with a new idea. We drafted an adjustable robe for women that can be rolled up and then attached with velcro to shorten it when desired to offer additional clothing and styling capabilities. We then used the checklist method and came up with the following:

xi.Modify? New twist? Change meaning, color, form, shape?

a) Can offer robe in multiple colors such as white, red, and blue

xii.Substitute? What else instead? Other material?

a) Can make robes out of breathable polyester / nylon material as used in athletic wear

b) Allows for wicking away of sweat and moisture to keep clothing dry and light in weight

We then used free association to come up with a list of related words:

-xiii.cooling, light weight, windproof, light colors, reflective material xiv. End result is metallic-colored fabric that will reflect sunlight like aluminum foil

We then applied product development stages to the new ideas to formulate a final product concept. We first established our evaluation criteria by assessing market opportunity and size. The population of Libya is 6,173,579, so this will serve as our potential market (Wikipedia, 2009). We then turned to the idea stage to identify new product ideas. These ideas included the following thought process:

a) Can offer robe in multiple colors such as white, red, and blue

b) Can make robes out of breathable polyester / nylon material as used in athletic wear

c) Roll-up velcro to shorten robe for greater cooling and comfort

d) metallic-colored fabric that will reflect sunlight like aluminum foil

xv.Eliminate impractical product / service ideas in this stage

a) Metallic-colored fabric will be eliminated

b) Reflecting sun can create an oven effect on wearer

c) Can actually make customer hotter and not cooler

xvi.Determine the need for the new idea as well as its value to the company to ensure both prior to proceeding with ideas

a) Multiple robe colors will appeal to different people

b) Wicking-material robe will appeal to men more

c) Roll-up robe will appeal to women more

d) Can result in greater sales and market share

e) Is beneficial to company to sell more robes while meeting individual needs of customers via mass customization

We then moved on to the concept stage to further develop and refine our new product ideas through interaction with consumers. We plan on participating in trade shows to present our new ideas. We will display prototypes and obtain feedback from potential customers. Our refined ideas will then be tested to determine consumer acceptance. We will take consumer ideas into consideration and tweak prototypes accordingly. We will then consider the pricing and products of our competition and price our products accordingly to maintain a competitive edge. In the product development stage, we will determine consumers' reactions to the physical product by allowing customers to try our robes on at trade shows. We will then participate in the test marketing stage by proving actual sales results once our products enter the market.

Alternatives for the use of e-commerce in conducting one of the product development stages for the actual commercialization of our final product idea can involve the creation of a company website that is easy to use. We will incorporate powerful search capabilities while ensuring that our site performs with acceptable speed. We will include a shopping cart, secure server connection, credit card payment, and customer feedback feature in our website. In addition, our website will be customized for specific target market groups and be compatible with various browsers. We will also track customer information by creating an electronic database that supports personal marketing. This will allow us to capture customers' attention with customized one-to-one marketing while protecting the privacy of individuals via strong database encryption. Incorporating online operations will bring significant reductions in cost as compared to having a store. This will allow us to pass savings on to customers via lower prices and greater value.

Bibliography

Hisrich, Robert D., Peters, Michael P., and Shepherd, Dean A. (2008). Entrepreneurship
(7th ed.). Boston: McGraw-Hill Irwin.

Wikipedia (2009). Libya. Retrieved July 23,2009 from http://en.wikipedia.org/wiki/Libya .

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Source by Bobby Mobini

Views: 0

January 14, 2020
10 Characteristics of a Successful Entrepreneur

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For many people, entrepreneurship has become the job choice of the 21st century. That's understandable given the challenges and rewards of building a successful business. If you are considering entrepreneurship, you should begin the process by understanding the mental, psychological and behavioral characteristics needed for success.

1. Positive mental attitude . This is arguably the most important of all the characteristics. You will never be a successful entrepreneur without a positive attitude. The one thing you can be sure of is that you will experience difficult times. Your success or failure will be determined at these times. If you maintain your confidence, persevere and continue to stay positive, you will be successful. Conversely, if you allow doubt and uncertainty to prevail, you will probably fail.

2. Enjoy being around people . Being a successful entrepreneur means you will continuously interact with a diverse array of people such as customers, potential customers, colleagues, competitors, suppliers, lawyers, accountants and coaches. It really helps if you enjoy being around these people.

3. Excellent communication skills . Communication can be defined as the accurate exchange of information between two or more parties. This is important because you will have many conversations. You need to be able to accurately exchange information in a fast-moving world using a variety of communication methods (eg, interpersonal, electronic). Of particular importance is the ability to listen and truly understand where another person is coming from.

4. Have a need to achieve . Successful entrepreneurs are achievement-oriented. They value accomplishment and the intrinsic rewards that go along with achieving difficult goals. It is a strong motivator for most business owners.

5. Resourceful . Most new businesses have limited resources such as money, information and time. Successful entrepreneurs figure out how to get the most out of these resources. They are masters at stretching a dollar and making a few resources go a long way.

6. Objective . It is not easy to be objective about your business because you are passionate about making it successful. However, you do need to be impartial and dispassionate when it comes to making business decisions because emotion, bias and sentiment can result in poor choices.

7. Committed . Building a successful business requires an absolute commitment. It takes a lot of work and there will be times when you become discouraged. It is during these times that you must be steadfast, faithful and committed to your vision.

8. Dependable . This should go without saying but I will say it anyway. There is a strong positive relationship between your perceived level of reliability and the success of your business. No matter what type of business you have, your customers expect you to be dependable.

9. Proactive and not reactive . Successful entrepreneurs anticipate problems in advance and deal with them before they occur. If you simply react to problems and issues as they arise, you may get overwhelmed.

10. Possess technical skills and knowledge . Every business requires unique technical skills and knowledge on part of the owner. You have to be good at what you do for your business to succeed. This often means getting additional education and training on an ongoing basis, sometimes for the purpose of obtaining specific credentials (eg, certifications, licenses).

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Source by Tyrone Holmes

Views: 0

January 14, 2020
The Catcher in the Rye: Mental Health Services and Social Connections for Children

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The Catcher in the Rye, by J.D. Salinger, was required reading for my tenth grade English class. I remembered it as a story about the struggles of adolescence, the yearning for independence, and the reluctance to let go of youth. My son is now about the same age as I was when I read the book and we are living through his own nudge for independence, which sparked my interest to give the story another read. Before I began, I wondered what my take on the book would be at this point in life having survived adolescence and received training and experience in child development in addition to having a teen in the house. This reading accentuated the unresolved grief, family dysfunction, mental illness, and lack of social connectedness of the main character, Holden Caulfield, and how these difficulties exacerbate the issues experienced during the typical maturational process. As the country still debates gun control laws in the aftermath of Sandy Hook, and as we try to recover from the Boston Marathon bombing, The Catcher in the Rye reminds us about the importance of developing meaningful and genuine connections with our children and the need to address their mental health issues.

The Catcher in the Rye begins as a flashback story about Holden Caulfield’s experiences leading up to his nervous breakdown prior to Christmas. Holden narrates the story while receiving inpatient psychological treatment on the west coast. The events begin at Pencey Prep in Pennsylvania, where Holden has been expelled due to poor academic performance, and conclude in New York City as Holden attempts to return home. During the course of his journey, Holden attempts to make connections with a number of people however, he fails miserably due to his social ineptitude, lack of appropriate treatment for what may possibly be bipolar disorder, and inability to believe that other people are capable of being genuine. Holden eventually makes it home and connects with his younger sister. By that time he has decompensated to the point that, even though he is no longer experiencing suicidal ideations, he feels disconnected, misunderstood, and alone. Holden decides that he is going to go away, to escape from society and the rejection, the loneliness, and the pain that he feels. However, Holden makes one last trip to see his sister Phoebe before he disappears. Phoebe’s caring, anger, and innocence provide Holden with the connection he is looking for; she is both a peer and dependent to him. Through Phoebe, Holden is able to cling to his childhood and put off making the leap to young adulthood and independence.

One theme that I was more attuned to during this reading was the unspoken dysfunction of the Caulfield family. Holden frequently compares himself to his younger, deceased brother, whom he describes as brilliant and athletic, as well as his older brother, who has become a successful author. It is suggested that Holden is a challenging child, and somewhat of a disappointment to his parents as he has been unable to live up to their expectations. He has been expelled from at least four preparatory schools due to poor academic performance, he has difficulty socially connecting with others, and he has frequent mood swings. It is possible that Holden’s parents were drained from watching their youngest son battle with leukemia which left them with little strength to effectively deal with Holden’s grief and potential disability. In Holden’s eyes, they appear to have emotionally and physically divested themselves from him. He has little to no emotional family support and what appears to be very little communication with them. Holden is left adrift to navigate this tumultuous time in his life without support, understanding, and treatment. His efforts to reach out and communicate, including failing out of schools and getting into fights, are not understood as cries for help but are seen as personal shortcomings.

Holden perceives most people as being phony, superficial, and hypercritical. This may in part be due to his social awkwardness, lack of maturity, and feeling of being abandoned by his parents. He is continuously let down by everyone that he reaches out to for help as they either don’t live up to what Holden has built up in his mind, or they try to take advantage of him. Therefore, Holden comes to believe that everyone is phony who doesn’t or is incapable of meeting his preconceived expectations. In addition, Holden clearly experiences moments of mania during the story, which are often followed by feelings of sadness to the point where he does express some suicidal thoughts. It seems that the lack of communication with his parents, the unresolved grief and guilt over the death of his brother, and the inability to effectively and appropriately connect with others result in Holden being unable to interact with others on anything but a superficial level. The exception to this is Phoebe. Her reluctance to let her brother leave provides Holden with the strength to go home and ask for help. However, in the end, Holden continues to suffer from a lack of love and feelings of loneliness. He states, “Don’t ever tell anybody anything. If you do, you start missing everybody.” At this point, Holden continues to find it difficult to have genuine, meaningful relationships believing that when you open up to people that they will turn away from you in order to keep the relationship on a superficial level. Holden continues to be plagued by this emotional void and, while there is a hunger for social connectedness, he will continue to experience emptiness and rejection due to his quirkiness.

For me, reading The Catcher in the Rye in high school highlighted the struggle for independence and Holden’s war on hypocrisy. On this reading, I was able to obtain a better understanding of the tragedy that occurs as a result of Holden’s parents being unable to provide him the emotional support that he needs to overcome his brother’s death and deal with his mental health needs. Holden’s repeated failure to socially connect and develop a meaningful relationship with anyone other than his sister and the lack of treatment for his mental health issues made me think of the recent tragedies in Colorado, Sandy Hook, and Boston. It reinforced the need to take mental health needs and services seriously; just because these conditions are unseen doesn’t mean that they aren’t debilitating. Feeling cared for and connected to others reduces the stress, stigma, and isolation that are associated with these conditions. It made me wonder whether these tragedies could have been avoided if the people involved had received appropriate therapy and treatment. They may have felt connected and accepted, and these tragedies may have been avoided. The message of being accepted and cared for from The Catcher in the Rye continues to be relevant to young people today as we all strive for acceptance.

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Source by David Pino

Views: 0

January 12, 2020
The Importance of Randomized DOT Drug Testing

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Catch Drivers Off-Guard

There is a reason for randomizing the DOT drug testing. If drivers know when to expect the drug test every month or every quarter, they’re going to know when to stop using drugs, if they are using. They will know exactly how long it takes to flush out of their system in order to get a negative result.

By randomizing it, you catch drug abusing drivers off guard. They never know when you are going to call them in for a drug test, and therefore if they are using, you are likely going to catch it. This will allow you to learn more about your drivers and keep the roads safe. If for any reason you catch an employee who is using, you will be able to apply the necessary disciplinary action, which can include termination.

Deter Drug Users

You want to be smart about who you bring onto your team. You don’t want drug users and therefore, you may be able to detect any of them when you announce that you offer a randomized DOT drug testing. The moment they hear randomized, they know they will not be able to beat the system. Therefore, they are likely not even going to apply to your company – they will move on to someone who has yet to randomize their testing.

Ensure No One is Being Targeted

Employees often like to say that employers play favorites. This is something you have to be extremely cautious of. If you don’t randomize your drug testing, it’s likely that someone will feel as though they are being targeted. Particularly if you have a third-party running the program, no one will be able to claim such a thing.

It Allows You to Be Complaint

The DOT wants to be sure that you are running the best program possible. This means that they want you to be randomized, and being compliant is of the utmost importance. If the Department of Transportation decides to conduct an audit on your location and you are found to not be randomizing your DOT drug testing, you could be fined.

In the end, there are plenty of reasons as to why you want to conduct a randomized drug test. Whether you are a large company or an owner-operator, you need to remain compliant. This doesn’t have to be a task that you do completely on your own. Assistance is available to conduct all of the drug testing, and manage the entire program, should you desire.

Take the time to explore your current system and determine whether it is running effectively or not. If you aren’t randomizing the drug testing, get started right away. If you are inundated with the process, seek assistance.

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Source by Jeff Weigang

Views: 0

January 10, 2020
The Importance of Excellent Customer Service

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Having excellent customer service is vital for the success of any business. The level of satisfaction of a customer reflects the services he or she received, which also stands for the grade of the business.

A disenchanted customer does not necessarily mean the business or the services received are a failure. The business may not have done something to make their customers fume at them, but something related to the business or service made that person mad.

So to make things easier for businesses, companies are willing to extend a helping hand by teaching excellent customer service. They have personnel who can teach your organization how to be the best in all of their tasks.

A happy customer will always come back to your organization, which helps a lot in promoting your line of business to others. People often look for good treatment over good service.

Some people want their emotions in check, which businesses should consider highly since customers deserve to get their money’s worth. According to online website Forbes, “Words alone are very powerful and they a big influence what your employees and customers think. If you don’t set both of these groups’ expectations up front, your company will never be able to excel in customer service”.

Encouraging feedback within your organization is also a good call to make because not only do you foster openness, you also make others believe that you are there for their best interests. The article added that mistakes should be admitted. “Once you admit it, the customer will be happier”.

Following what the customer wants and needs while looking out for what’s best for your company ensures success on different levels. For one, excellent customer service is just beyond the horizon. It seems so hard to pull off but in reality, all you need to do is call experts for the job.

Even big corporations need someone to teach them the ropes in handling people. That’s why experts are invited to give talks to even big bosses who may need a refresher. Since times change, the wants and needs of customers have also changed.

Have someone teach you people handling. Having a good customer relationship is where all good things stem from. Whether it’s an online or offline business, with or without direct physical contact between client and service provider, experts can provide you with all the information in providing expert and excellent customer service.

They know that times are changing pretty fast and can make sure that things will positively in place for you. The world is growing and so are their needs and wants. They have to be addressed so they have something to look forward to whenever they come back to avail a business’ services.

The right step is always the next. No matter how complicated things may be, the customer is always right. To facilitate them more, to be tagged as an organization that practices excellent customer service all the time, the proper organization should be hired for the job.

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Source by Rhonadale Florentino

Views: 0

January 10, 2020
Social Media Trends Every Digital Marketer Should Know About

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Social media trends are constantly changing and consumers are always eager to be a part of the interactive campaigns with their fluid use of devices, channels, and screens, and they expect that their experiences should be seamless, engaging, and entertaining. As consumers adapt, digital marketers have to be flexible and savvy about how to break through into their ever-changing behaviors, to make an impact, resonate, and inspire, to get their attention.

The focus is on innovative execution, smart content and mobile awareness. These trends in today’s social media should likewise inspire digital marketers to take their cross-channel marketing to new levels.

Some brands are now using blog content to sell consumer products. Others are using mobile apps to engage their mobile audience. Smart digital marketers should be quick to embrace the ever-changing rules of search engine optimization, social media and online marketing with creative innovation as well with designs to engage consumers. Some notable trends in digital marketing seen to resonate and inspire consumers are in key areas that have to do with the following:

· Product context: because today’s consumers care more about how a product can have a positive impact on their daily lives-the benefits of a product is what digital marketing should be selling.

· Guided creativity: consumers like to explore and engage with content without the scrolling on mobile devices-it’s such great idea in terms of using smaller screen design elements, easy to draw the consumers’ attention.

· Idea-based ecosystems: social media have become giant selfies and a business can now showcase its identity, and it’s a win when a company can tie its brand to the identity of the consumer.

· Content curation and aggregation: the information overload in today’s online environment underscores the need for relevant information such that when a business becomes the go-to-source for relevant information on a specific need, consumers will seek out.

· 4-screen revolution: being able to interact with consumers on the multiple devices they use today-TV, mobile phone, laptop and tablet-a great way of coping with the ever shrinking attention spans of consumers.

· Video messaging campaigns: video campaigns are becoming relevant in digital marketing to promote a brand and they appeal to the interest of consumers.

· Decoding digital signals: the importance of using analytics is a great way to understand consumers and how best to reach them. Mobile usage has increased significantly in today’s social trends as such the smart digital marketer should ensure the company’s website is optimized for mobile phones to capture traffic that goes through mobile devices.

· Social ad targeting: messaging apps like SnapChat is great for social media ad targeting. Smart brands could stage fleeting sales via a SnapChat-when opened up, the target has few seconds of messaging and it’s a catcher.

Effective digital marketing is developing conversations with consumers that keep them engaged to ensure a brand is better than the alternative. Consumers keep raising the bar on what they expect from businesses and digital marketers have to work even harder to meet those expectations.

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Source by Kenday S Kamara

Views: 0

January 10, 2020