Comparison of W.S Jevons’ and A. Marshal’s Thoughts
The economic market is characterized with different economic agents whose objective is to obtain high satisfaction levels from market activities. As it is the case, main economic markets talked about include labor market, commodity market and foreign exchange market (Chin & Hock 212).
Every market has its economic actors who aim at deriving maximum satisfaction from market operations. Therefore, optimization has become relevant in every segment. This is to say that many companies aim at cutting down on production costs and maximizing on revenues as well as output obtained from different production processes.
Consumers also aim at getting high utility levels from their consumption bundles and minimizing their expenditures. From the two cases, economic actors are known to be rational in their decisions to purchase and sell products and services in different markets. Under given circumstances, the economy can operate efficiently in a monopolistic market structure where suppliers and or firms are the only determinants of market prices.
Similarly, consumers can consider different modes of operation especially those that prevent sellers from exercising their market rights. In the event of such occurrences, the market is considered monopolistic and it is very common in labor markets. This paper therefore analyzes situations are offered by Alfred Marshall and William Stanley Jevons.
It happens that Jevons and Marshall are neoclassical economists. The two economists employ approaches that provide economic analysis based on determination of market prices, income distributions and outputs in different markets as per demand and supply. The two economists according to their views strongly believe that economic players pursue the urge to maximize their utility area to certain constrains including the cost of production, competition from other actors and individual income.
Jevon’s thoughts in a close examination reveal that an economic actor has the right to decide the market to operate in, choose from an existing market and settle for the best choice from various commodity products as they emerge from the market. According to Jevon, economic good should at all times have a characteristic of recognition by economic actors who are in a position of satisfying their needs (Chin & Hock 217).
According to economic actors, an economic good should bring pleasure to its producers other that causing just pain. This is the concept by which, different scholars derive the meaning of consumer and producer production. Economic actors according to Jevons, in specific consumers make valuable judgment on level of utility they derive from consuming a service or product (Chin & Hock 219). Jevons offers his assumptions that individuals may be willing to spend more money on additional commodities consumed to the point where marginal utility begins to diminish.
With the consideration, one can easily assume that utility is highly measurable in terms of units of products consumed. Economic actors according to Jevons also maximize on level of utility derived from a product through prioritization because their actions are fully constrained by the ability to purchase.
Jevons in his prediction also argues that the urge of an economic actor is to optimize even in little market operations to the extent of making choices similar to those they make when purchasing (Bazen & Stephen 215). Jevon to this extent offers a utilization method that provides a shift from common optimization models. His introduction of a model that depicts operations of an economic market places his work in critical point for criticism.
The model of operation for Jevon is based on the concept that market actors operate based on their interests. This is to say that any additional value consumed or produced should provide the highest levels of satisfaction to an economic actor. If a market is characterized with production of goods in bundles for consumption, the bundles namely X and Y, a utility that maximizes the actor will offer the same quantities of goods X and Y, to ensure equal Marginal Utilities (Bazen & Stephen 125).
That is to also say, Mux=MUy and this is contrary to Marshall’s view in regards to additional utility generated from consumption of an extra commodity unit. Marshall’s view also revolves around prices of different commodities as the only determinants of the level of satisfaction of an economic actor.
Marshall intends that any actor in the market would be more than willing to pay an extra amount for any additional utility derived from consumption of a specific product or service. He also intensifies his rationale by making a market proposal that it has ability of supplying different bundles including bundles X and bundles Y, where the ratio of the two Marginal Utilities of two goods should be equal to their prices (Bazen & Stephen 126). To be exact, Mux/MUy=Py/Px so that Mux.Px=MUy.Py.
The equation representing utilization of good X according to Jevons, is such that U=f(X) and the marginal utility of goods (MUx) would be a derivative of the function U=f(X), and to be precise du/dx=f’(x) =MUX (Cropp &Truman 278). In this relevance, Jevons employs differential calculus to provide a model that can be efficiently used to determine total marginal utility of a product.
Total utility for an economic actor according to Marshall on the other hand is given as U=f(x, y), so that by employing cross partial derivatives, the total utility of the actor is generated. To be exact, du=f’(x) dx + f’(y) dy (Cropp & Truman) 278. However, Marshall and Jevons accept that the willingness of an actor to pay for a specific service or good largely depends on marginal utility of the product.
Marshall proposes that marginal utility would be very important in analyzing market trends but there is not in determining its demands as argued by Jevons. Marshall’s point of view indicates that the sole factor that affects demand and supply of goods and services is market price. His view offers support to theories presented by David Ricardo and Adam Smith in their classical thinking (Messina, Michelacci, Turunen & Zoega 143).
Jevons intentions still under different market operations shift to operations in a labor market. His analysis focuses on demand and supply of labor under the right market competition (Vettori 334). The supplier of labor services in labor market is the employee or the worker while the demander of the services is the firm or the employer. The interaction between an employer and employer in regards to exchange labor services for wages results into creation of a labor market.
The market operates under set conditions and each actor has a unique motive from the others. Generally, the aim of an employee is to maximize his or her wage and work within the shortest time possible. An employer on the other hand expects the employee to dedicate his or her time for the work under the lowest pay. There seems to be a conflict of interest between the two and each participant tends to optimize the benefits that would arise from his or her role in the market, based on market labor analysis.
It also seems that there is an initial disutility amongst workers as per Jevon’s theory of labor amongst the workers in production of different products and services (Vettori & Stella 110). He presupposes that a reduction in output level in initial operation stages can be efficiently explained by lack of motivation amongst the workers and the drive to produce.
To be precise, workers utility happens to diminish as they produce more output at the initial production stages. Jevon bases his theory on the concept that with waning marginal product of labor, any employee can provide his or her services to the point where the last unit of marginal utility produced is equal to marginal disutility of the unit of labor used to produce it.
As a result, labor could be optimal (Cropp & Truman 301). Even so, Jevons tends to fail to take into consideration interests of the firm when presenting his arguments. His theory does not explain how the company would optimize in the event where an employee refuses to provide his or her labor services to the company.
According to Marshall, the operation of a firm and workers is mainly based on employment terms and objectives of the firm (Bazen & Stephen 127). The main objective of a firm is to make the most of its output and at the lowest price possible. This could mean that the cost of employment has to go down in the event where a company wishes to cut down on its operation costs, or other ways would be used to recover costs of employment (Messina, Michelacci, Turunen, & Zoega 144).
A firm, in an effort to maximize on its profits would want to hire more employees to the point where marginal productivity of each employee is equal to the salary paid by the firm. According to Marshall, MUL=w/p under employment terms, where MUL refers to marginal product of each employee and w is nominal wage while p is output price (Bazen & Stephen 201).
Additionally, Marshall proposes that market prices (P) of most goods would equal their production costs, calculated after considering production costs. More firms would gain market entry is they were to charge high prices thus creating high competition thus, the prices of different goods would drop (Messina, Michelacci, Turunen & Zoega 156). Consequently, with reduced prices of goods, wages of workers would also rise alongside the productivity.
To this end, Marshall proposes that firms and workers under a healthy competition gain equally. This is quite different from what Jevons proposes.
In conclusion, the two theories analyze various economic situations and the role played by economic actors in a given market segment (Bazen & Stephen 131). The entire role of economic actors is illustrated in the two models and it helps in explaining explicit actions taken by different product suppliers in creating prices that match their production processes.
Whereas market forces works towards creating steady conditions in market prices and goods supplied, it would also be very important if a person analyzes critically the actions of economic actors towards price change as proposed by different economic theories and policy makers. The market would in general be even when the interests of producers match the interests of the consumer, in which case, the market is considered to have cleared.
Bazen, Stephen. Econometric Methods for Labour Economics, 2011. Print.
Chin, Anthony, and Hock G. Ng. Economic Management and Transition Towards a Market Economy: An Asian Perspective. Singapore: World Scientific, 1996. Print.
Cropp, Robert A, and Truman F. Graf. Market Adjustments Confronting Wisconsin Fluid Milk Processors. Madison: Research Division, College of Agricultural and Life Sciences, University of Wisconsin, 1972. Print.
Messina, J, C Michelacci, J Turunen, and G Zoega. Labour Market Adjustments in Europe. Cheltenham: Edward Elgar Pub, 2006. Internet resource.
Vettori, Stella. Changing commodity and Labour Markets: Social and Economic Impacts of the Demographic Time Bomb. Farnham: Ashgate, 2010. Print.
Watson’s Theory of Human Caring
The responsibilities and workloads of nursing are intensified by the worldwide healthcare systems’ transformations. Today, nurses are responsible for handling emergent challenges and complexities of the healthcare situations. Despite these problems, nurses have to continually preserve and exercise caring practices so as to sustain and enhance quality performance. Watson’s theory has principles about human caring and these provide vital insights regarding the way desirable performance can be upheld by nurses.
In practical application, the important elements of Watson’s theory facilitate professional performance enhancement and values’ application. Watson (2009) in a review shows that caring as a concept is important while practicing nursing. The theoretical guidelines of Watson allow nurses to provide care and compassion to the patients while eliminating suffering and pain, attaining dignified and sustained healing as well as fostering individual actualization among the nurses. Simply put, these principles help in defining nursing profession as well as giving it a unique or distinctive meaning.
The Caring Moment Conception
Watson (2009) in a review gives the definition of caring moment. He defines it as the specific occasion both in time and space that allows nurses as well as other individuals to come together or to interact in a way that enables them to achieve a state of desirable human caring. The belief of this conception is that although the parties come from varying fields with varied and unique characteristics, they can interact successfully in human-to-human manner. In such a case, the individuals ideally exhibit different feelings, bodily sensations, thoughts, expectations, spiritual beliefs, environmental considerations and individual meanings. The characteristics that precede the situation are complex. The previous history of a person in life, present moment and imagined future influence these characteristics. For a nursing experience that is more satisfying to be achieved on the basis of caring, inherent differences should be reconciled. Nurses are tasked with the responsibility of ensuring that all differences that can undermine provision of quality healthcare are properly and effectively handled or addressed.
Caring moment provides a chance for practitioners to practice their competencies and skills with maximum efficiency. It also ensures that nursing practice benefits the patients optimally. As such, Watson (2006) gives an explanation for a caring moment to be ideal both parties have to contribute incredibly towards its creation and sustenance. The choices and actions made by individuals during this moment influence the shape and outcome of the whole process. Both parties are enabled to protect this initiative as well as to take measures that are practical in relation to realizing optimal benefits by intrinsic ownership of actions and ideas. On the basis of the critical openness principle, this goes across individual boundaries while encouraging human capabilities’ expansion (Nelson, 2011).
The Human Caring Model
Watson (2009) note that the model for human caring has carative factors, relations for transpersonal caring and caring occasion. Carative factors play an important role of enabling the nurses to respect and honor human dimensions while performing their duties. They provide vital guidelines which professionals use in exploring the patients’ inner lives and subjective experiences and also to attain the desirable results. Principally, the need to offer special attention as well as love guides them while practicing nursing. These comprises of ten elements which are hope and faith, a system for humanistic and altruistic value, transpersonal education, sensitivity to self and others, creative resolution of a problem, feelings expression, needs assistance of human, protective, supportive and corrective environment, trustworthy and helpful relationship as well as the divine forces for existential-phenomenology (Carusa, Cisar & Pipe, 2008).
Watson (2006) observes that the relation for transpersonal caring as a component is also important in nursing. This expresses nurses’ commitment to protecting and enhancing human wellbeing as well as deeper self dignity. Nurses via this relationship communicate caring consciousness in relation to respecting or honoring the embodied spirit. Nurses are prohibited by this principle from reducing themselves or patients to mere moral objects.
Additionally, this connection motivates nurses so that they can be conscious while offering care that heals their patients. Exercising nursing, perception and intentional connection makes this attainable. It is apparent at this juncture that this relationship allows nursing professionals to do more than clinical evaluation so that they can explore subjective as well as deeper meanings that any healthcare situation gives. Despite both parties being distinctive, they accept mutuality in order to get meaning as well as wholeness and also to eliminate suffering. According to Sitzman and Watson (2013), transpersonal relationship facilitates the enhancement, preservation and protection of the dignity, wholeness, inner harmony and humanity of a person.
Improving the Caring Occasion
Both the nursing practitioner and the patient consider a caring moment as a very important moment. As such, nurses should take appropriate measures in order to improve it. They can achieve this goal in different ways. Improving practitioner and patient education can help in improving this moment. This can specifically be attained through engagement in different teaching and learning experiences that are aimed at promoting harmony within the boundary limits. Apart from knowledge enhancement for the nurse and patient, both parties are empowered by this practice and it hastens the personal healing process.
Nelson (2011) observes that several activities can lead to the attainment of this objective by nurses. These include listening to the experiences of the patients actively to help them understand their illnesses better. Additionally, learning from patients first would be important in order to understand their viewpoints before sharing experiences as well as providing important alternatives and tools that can be used to assist them. As such, speaking calmly and respecting the patients’ views as well as paying attention to this moment gives the desirable results (Nelson, 2011).
The Caring Occasion in Nursing
According to Adeline (2000), caring takes place each time a nurse interacts with patients. Nurses are able to enter into the world of the patient literarily and to understand it due to these relationships. Although healing or curing can occur, caring makes it easier for nurses to perform their duties. It provides a chance for appreciating the dignity and worth of their patients. In different terms, it enables nurses to acknowledge patients’ humanistic attributes and to be committed to assisting them achieve healing. It can be argued that the belief that patients have that nurses will always care for them provides the healing hope. Watson (2009) in his study shows that hope and commitment are vital elements of caring. Patients think positively due to hope and they also believe in a living possibility. They are optimistic throughout the painful moment with the hope of recovering even when facing the risk of death. Through respect for the optimism of patients and caring, nurses support patients until they get healed. To nurses, patients are complete and whole humans. Within their soul, body and mind, patients are at peace.
Application of Watson’s Carative Factors
The carative factors of Watson were useful in different ways during caring moment. To keep the patient hopeful, the nurse paid attention and listened to the stories and narrations of the patient. This was achieved by honoring or respecting the patient’s belief system which enabled the patient to have faith and hope. This created several self-reflection opportunities and an opportunity that the practitioner used to encourage his patient to continue living. The nurse called the patient by his name during this moment. This enabled him to perceive the patient as human rather than an object.
Responding to individual feelings and needs of a patient made it possible for the nurse to establish a caring, trustworthy and helpful environment (Watson, 2009). In this regard, specific activities such as practicing self-reflection, encouraging self and others forgiveness, showing interest in the condition of the patient and establishing meaningful rituals for encouraging practicing gratitude, surrender and compassion. This led to sensitivity cultivation in both the patient and practitioner.
Developing a trusting and helping relationship on the basis of human caring principles is very important (Watson, 2006). This was attained by the nurse through the establishment of a trustworthy environment for the patient, family members and the team that was providing healthcare. Unconditional love for others was particularly practiced by the nurse. The nurse was open and sensitive while addressing different concerns. The nurse also avoided judging others while promoting direct, respectful and constructive communication. He also sought clarification when necessary. These activities helped in the cultivation of objectivity and confidence more so in making decisions.
Finally, the nurse was able to accept and promote expressions of positive and negative feelings by establishing caring environments which supported spiritual growth. The nurse achieved this by letting the patient narrate individual stories as well as reflect on their feelings and experiences. By praying constantly with patients, the practitioner was able to appreciate spirituality role as well as its influence on the process of healing. The nurse also encouraged patients through advice so that they can consider their illness from its positive aspects rather than the negative aspects. Essentially, the nurse assisted patients in devising viable approaches for handling negative feelings whose effects were far reaching on their healing process and health.
The patient’s illness may not be cured by the caring occasion directly. However, it contributes to the inner healing as well as the reconciliation of the mind, soul and body of a patient. It also encourages the improvement of nursing practice and this makes it more satisfying. The model for human caring encompasses three important elements. These are caring occasion, carative factors and transpersonal caring. Caring interactions enable nurses to exercise values as well as to go past the main objective which is to assess the disease of the patient. They enter the worlds of the patients. The carative factors’ underlying principles enable the nurses to engage in rewarding and sustainable healthcare practices. The preceding review has indicated that carative factors’ specific application in nursing practice improves efficiency while enabling the practitioners to address different challenges with maximum effectiveness.
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Adeline, R. (2000). Watson’s philosophy, science, and theory of human caring as a conceptual framework for guiding community health nursing. Advances in Nursing Science, 23 (2), 34-49.
In his research, Adeline (2000) provides an in depth exploration of Watson’s theory of human caring. He begins by explaining all the constituents clearly. He believes that relative principles are imperative in community based nursing as they enable practitioners to execute their duties with ease. Besides the conceptual framework, the author details the theorist’s philosophy and explains how it relates to the field of nursing.
Caruso, E., Cisar, N. & Pipe, T. (2008). Creating a healing environment: An innovative educational approach for adopting Jean Watson’s theory of human caring. Nursing Administration Quarterly, 32 (2), 126.
Curaso, Cisar and Pipe (2008) assert that patient’s recovery depends directly on the conditions that the practitioners provide. According to them, the principles of Watson’s theory present important fundamentals of nursing. They insist that nursing education should be based on these principles because they are consistent with the relative objectives.
Nelson, J. (2011). Measuring caring: The next frontier in understanding workforce performance and patient outcomes. Nursing Economics, 29 (4), 215-219.
Based on empirical research, Nelson (2011) found that caring is an important benchmark for measuring work force performance in the field of nursing. The author indicates that the values and principles that caring advocates for are in line with the nursing practice. This reading was considered for this study because of the credible contributions that it makes to this field of specification. The statistical evidence played a leading role in decision making with respect to the importance of the caring conception.
Sitzman K. & Watson, J. (2013). Caring science, mindful practice: Implementing Watson’s human caring theory. New York: Springer Publishing Company.
In their research, Sitzman and Watson (2013) detail the application of Watson’s model in clinical practice. They present practical ways through which nursing professionals can apply the concepts during the execution of their duties. This reading is informative with regard to how nurses can utilize theoretical knowledge.
Watson, J. (2006). Caring as an ethical guide to administrative and clinical practices. Nursing Administration Quarterly, 30 (1), 48-55.
In this consultative review, Watson (2006) maintains that caring is an important aspect of nursing. Besides explaining the key concepts, he explores the principles, values and behaviors that constitute caring. In addition, he explains how these can be applied in professional ethics. It is for this reason that the study was considered vital for this research.
Watson, J. (2009).Caring science and human caring theory: transforming personal and professional practices of nursing and health care. Journal of Health and Human Services Administration, 31 (4), 466-482.
Watson (2009) indicates that caring is a humanistic science in the field of nursing. In this particular study, he demonstrates how nurses can utilize the human caring theory to enhance their output and attain high level efficiency. He believes that the caring concept is essential for realization of important nursing goals. Most importantly, he recommends that relative principles can transform the entire healthcare sector positively
An entrepreneur is an individual who creatively comes up with ideas that he or she further transforms for the economic benefits while assuming all related risks. Brannback and Carsrud define an entrepreneur as an individual who is associated with generation of new activities while ensuring the act is done (4). Entrepreneurship is therefore the process of discovering various ways of combing resources to realize a market value.
It additionally involves undertaking a business activity that creates non-monetary and monetary benefits to the industrialist. An entrepreneur according to Abrams is a person who carries out leadership and managerial duties in an organization (3). Industrialization is also focused on innovation and creativity triggering distribution, production and sale of different products and services.
The activity is additionally quite significant as it plays a focal role in the growth of economy in the US. According to the Bureau of Labor Statistics in the US, more than two million jobs were created by the newly created firms in 2010. In this regard, entrepreneurship leads to more employment opportunities in the US and is essential because it comes up with new technologies and ideas.
The U.S is additionally among the top countries that are technologically advanced across the globe. New technology allows for enhanced economic growth and offering effective solutions to social and environmental issues (Brannback and Carsrud (6). It is also essential in wealth creation at personal and national level. For instance, Bill Gates designates ninety percent of his personal earning to the foundation addressing global health issues.
Therefore, he contributed a great deal to the reduction of social issues by offering access to wealth to the less privileged in the society. Entrepreneurship is therefore paramount in the economy of the US.
There are different features that make an industrialist success in a business venture. To begin with, the individual should be very passionate with what he or she is engaging in since passion requires that a person should completely love what he or she is doing (Abrams 4). The mindset of an entrepreneur involves passionately looking for opportunities. The other entrepreneurial mindset feature is risk taking.
Getting into a new business is always a risk and involves perils. For instance an entrepreneur is not assured that the business will ultimately generate profits and that he or she may end up losing personal equity. An entrepreneur focuses a lot of his energy one plan execution despite any possible challenge that one may come across.
The entrepreneurial traditional mindset however differs a great deal from the modern mindset since traditional industrialists have a mind that is more fixed while modern counterparts are more flexible growth mindset.
The intelligence level in a fixed mindset is often static while that of a growth mindset is always growing. Industrialists traditionally could avoid challenges in an effort to appear smart as opposed to modern ones who embrace challenges as they come with the desire to learn from then. An entrepreneur with a growth mindset also embraces criticism while traditional mindset industrialist always assumes negative feedback and even avoids learning from critics.
In the end, the modern entrepreneur reaches a high achievement level to become an inspiration to others.
An entrepreneur also generates new business ideas via a thorough market research and reinvents an older idea. Market research is a continuous process that involves going around to the potential market area and identifying businesses in existence. During the visit, an industrialist will focus on the issue in a given market area. Therefore, he or she generates an ideal problem inventory analysis, a method that is quite effective in generating new ideas as well as solutions by focusing on issues.
Additionally, market research involves the use of target group that offer information in a format that is structured. These methods help an entrepreneur to get ideal knowledge of the market area that he or she is interested in. other sources of business information includes free association, modification of an existing idea and brainstorming. An entrepreneur is can also choose to reinvent an old idea and add value to it thus, making it a very successful business venture.
A person through free association as well as brainstorming can help create new ideas and venture into it. Additionally, in keeping up with modern trends and monitoring the business market, one can develop brilliant and exceptional entrepreneurship ideas.
Business ideas are mainly found within us and when an industrialist encounters a challenge, he or she will try to find an ideal solution. For example, when a person feels dissatisfied or frustrated by a given service or product, he or she will consider better ways to modify the product thus, becoming a successful industrialist.
According to Brannback and Casrud, for an industrialist to get new ideas, it is essential to have a clear understanding of the business environment (23). The business environment includes consumers, suppliers, competitors as well as the state. It is therefore easy to determine whether the client is satisfied with a given product or not. If not satisfied, the industrialist can consider new ways of enhancing the client to ensure the client is satisfied.
A business idea is usually different from a business opportunity since an opportunity is an idea that is just getting started. Ideas are in abundance while opportunities are often scarce especially when it comes to creating a profitable business (Brannback and Carsrud 26). Lucrative business opportunities are often driven by clients as the entrepreneur identifies clients with the ability to purchase products thus generating a significant amount of cash flow. An opportunity is also closely related to the likes of an entrepreneur and has a passion of engaging in the business.
On the other hand, a business idea can be generated from different sources including reading an article or even sourcing it from a person hence, not aligned with the interests of an entrepreneur. A business opportunity also calls for ideal timing unlike in the case of an idea since it can be generated at any given time and immediately put into practice.
An industrialist can also develop an idea and stay for a long period of time trying to observe market trends until he or she is satisfied or gets an ideal opportunity to engage in a business. Depending on just ideas leads to failure on the part of an entrepreneur since there is need to acknowledge an economic advantage on competitors.
A business opportunity also involves having clear market awareness and possible challenges that one is likely to face (Brannback and Carsrud 28). Even so, a business opportunity can be arrived at by observing trends in the market where an industrialist also gets an idea. Entrepreneurship begins with generation of an idea, identification of a lucrative business opportunity and taking the right steps to transform the idea into a business.
A business plan is divided into different sections that have various objectives
An executive summary is a review of the business plan and is usually the last thing to be drafted. The details in the summary focus on the industrialist’s experience as well as background details of a given venture. Its main purpose is to summary major points of the business plan to help save the time the reader spends on the plan (Finch 18). It also aims at tapping the attention of the reader and to entire them into reading the entire document.
This part contains a clear definition of products and services including their worth, features and visual aids (Finch 18). Protection of a product as well as its patent rights is also contained in venture description in the plan. It also includes the location of the business, its size, target market and brief history. Lastly, it consists of a competitive advantage of the business venture as well as its main purpose of offering a clear insight to the reader on the feasibility of the venture.
This part of the business plan clearly outlines the knowledge of an entrepreneur on the industry and monetary forecasts (Finch 20). It also defines the outlook of the market and present growth rate trends, main client groups and specific industry features. It also consists of estimated share of the market, pricing and gross margin targets.
A marketing plan definition outlines different methods that will be utilizes in sales marketing. Its main purpose is to achieve measureable and reasonable promotion methods.
This part shows authority hierarchy in the business world from the top management to the lowest level. It focuses on various managerial roles in the business premise.
This part includes facilities and tools in the business and the stock needed in the business.
Financial plan consists of complete guide on the capital required in the business as well as the expected employee salaries.
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Abrams, Rhoda. Entrepreneurship: a real world Approach. 2012. Print.
Carsrud, Alan L, and Malin E. Brännback. Entrepreneurship. Westport, Conn. [u.a.: Greenwood Press, 2007. Print.
Finch, Brian. How to Write a Business Plan. London: Kogan Page, 2013. Internet resource.