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Owners may manage their businesses themselves, or employ managers to do so for them. Whether they are owners or employees, managers administer three primary components of the business' value: financial resources, capital (tangible resources), and human resources. These resources are administered in at least six functional areas: legal contracting, manufacturing or service production, marketing, accounting, financing, and human resources. [ citation needed ]

In recent decades, states modeled some of their assets and enterprises after business enterprises. In 2003, for example, the perforated Eskimo boots Black Mou csQjBs
modeled 80% of its state-owned enterprises on a company-type management system. [26] Many state institutions and enterprises in China and Russia have transformed into joint-stock companies, with part of their shares being listed on public stock markets.

Business process management (BPM) is a holistic management approach focused on aligning all aspects of an organization with the wants and needs of clients. BPM attempts to improve processes continuously. It can, therefore, be described as a "process optimization process". It is argued that BPM enables organizations to be more efficient, effective and capable of change than a functionally focused, traditional hierarchical management approach. [ ]

See also: Theory of the firm

Most legal jurisdictions specify the forms of ownership that a business can take, creating a body of commercial law for each type.

The major factors affecting how a business is organized are usually:

Many businesses are operated through a separate entity such as a corporation or a partnership (either formed with or without limited liability). Most legal jurisdictions allow people to organize such an entity by filing certain charter documents with the relevant Secretary of State or equivalent and complying with certain other ongoing obligations. The relationships and legal rights of shareholders , limited partners, or members are governed partly by the charter documents and partly by the law of the jurisdiction where the entity is organized. Generally speaking, shareholders in a corporation, limited partners in a limited partnership, and members in a limited liability company are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate "person". This means that unless there is misconduct, the owner's own possessions are strongly protected in law if the business does not succeed.

Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership. The terms of a partnership are partly governed by a partnership agreement if one is created, and partly by the law of the jurisdiction where the partnership is located. No paperwork or filing is necessary to create a partnership, and without an agreement, the relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located. A single person who owns and runs a business is commonly known as a sole proprietor , whether that person owns it directly or through a formally organized entity. Depending on the business needs, an adviser can decide what kind is proprietorship will be most suitable.

Here are a few ideas for how to tap into this emotion:

Emphasize the personal benefits Point out the hard ROI Tell stories of customers who earned professional consideration. Use words such as

Fear is a powerful motivator. According to Outbrain research , articles with negative titles far outperform those with positive titles.

" Compared with headlines that contained neither positive (“always” or “best”) nor negative (“never” or “worst”) superlatives, headlines with positive superlatives performed 29% worse and headlines with negative superlatives performed 30% better,"Alex Bennett wrote in a blog post.

Whether it's to read an article or make a purchase, fear can spur action. Here's how to use fear to sell:

Help them realize the cost of inaction. Tell stories of prospects gone astray Emphasize the personal consequences Play up what theystand to lose

Shoe company nailed the altruism motivator when it decided to give away a pair of shoes toa person in need for every purchase. This "one for one" mentality caused sales to skyrocket, as consumers felt they were making a morally responsible choice.

Short of changing your business model, altruism can be a bit harder to play upin B2B sales. That's not to say it's impossible, however. Try these tips:

Emphasize the benefits for employees Emphasize the benefits for customers and partners Talk about what the offering will enable Talk in terms of teams

If a company doesn't have even a glimmer of a competitive spark, itwon't stay in business long. Repswho sell into one industry will likely have information on which companies use what products -- use this to your advantage.

Here are a few pointers on making prospects green with envy:

Name drop the competition Frame benefits in terms of competitors Share industry reports

Pride is a more powerful selling tool than reps might think. According to recent research from CEB , buyerswho perceived high identity value in an offering as opposed tocompany or professional value were far more likely to advocate for the product or service.

But what is identity value? Authors Brent Adamson, Karl Schmidt, and Anna Bird explained in a Mens Adrian 11651258vyp Derbys Brown Martinelli dV3L1ak2Bs

" Identity value describes the ways an offering might impact how employees perceive themselves by, for example, boosting their pride, helping them win respect, or strengthening their sense of community," according to theHBR article."This third category is distinct from the other two. It is less about 'how the firm does' or 'what I do' than 'who I am.'"

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