Among other definitions, motivation is the willingness to complete a task. Taylor’s principles of scientific management, a 1911 motivation theory, assumed that money was the primary motivator for employees. Therefore, productivity could be improved by shifting efficiency targets in relation to pay. He further promoted division of labour to improve output.

Pink challenges the effectiveness of traditional rewards, like money, arguing that they can dull creativity. His theory involves three innate factors that motivate: autonomy, mastery and purpose. Nonetheless, he accepts salaries as ‘baseline rewards’.

A new business is likely to face multiple problems. All businesses require finance, but some start-ups may not have the credentials to access external funding. Cash flow problems are another possibility; the business may have an abundance of stock that cannot be converted to cash with ease. People management problems may arise if there is a lack of experience in hiring staff.

One of the major problems that most start-ups encounter is an unestablished customer base, especially if they are operating in a market with well established competitors.

Marketing is about attending to people’s needs and wants. Thus, it must look at the reasoning people have behind their purchasing choices, i.e. the price range or quality they gravitate towards. In order to make a profit, a business must strive to successfully and efficiently meet the needs and wants of customers.

The marketing department usually has four generic goals: ensuring that the right product is in supply, setting the right price, distributing to the right places and developing effective promotional methods.

Advertising exists to draw you in and attract you to what is being sold. Therefore, an ad headline needs to be compelling. Here are some tips and tricks for writing ad headlines:

Include a keyword for clarity, so that a potential customer immediately knows what you sell. Suggest that a problem will be solved. People want functionality; thus, you need to create the perception that your product or service can uniquely help them. Also, adding a little humour is a good idea in most cases.

Sole traders, partnerships and corporations are commercial organizations. Cooperatives, microfinance providers and public-private partnerships are for-profit social enterprises whereas non-governmental organizations and charities are non-profit.

An unincorporated business is one where the owner is the same legal entity as the business, meaning that they bear full responsibility for all liabilities. Organizations can operate in the private or public sector. Private sector organizations are under private control, rather than governmental as in the public sector. Each type of business has its advantages and disadvantages.