One or two words only.
There are three words that need to be defined properly before we reach a conclusion. These words are teambuilding, marketplace, and start-up.
One of the best definitions of a team comes from John Adair who likened the individuals in a team to the pieces of a puzzle. “A team is a group in which the jobs and skills of each member fit in with those of others as - to take a very mechanical and static analogy - in a jigsaw puzzle, pieces fit together without distortion and together produce some overall pattern.” (B. Babington Smith, as quoted by John Adair). The drive to be part of a team seems to be instinctive and probably originated when human beings came down from trees to live on the open plains. The challenges early man faced were problems of scale, for example, in facing a threat from a pride of lions, and problems of complexity, primarily in how to handle a range of environmental threats to find food, shelter, warmth, and safety. Leaving everyone to sort things out for themselves had limitations. The answer was to pool resources and co-ordinate what everyone did. The concept of the tribe was born which in due course evolved into the concept of the team.
A successful team is one in which the team members not only achieve something special and worthwhile but feel as if they have participated in something special and worthwhile. Unlike a group,
1. teams create varying levels of deep and meaningful personal relationships
2. teams arouse feelings in their members for what the team stands for
3. teams provide stimulus and motivation to those in them
4. teams provide various forms of synergy
5. teams are always developing
6. teams have purposeful unifying activity
7. teams feel special to those in them.
The emergence of the idea of workplace teams owes its origin to the ground-breaking studies at the GEC Hawthorne plant in Chicago by Elton Mayo in the 1920’s and 30’s. Before these studies, the concept of teamwork at work did not really exist. There is, for example, no mention of teamwork in Henri Fayol’s principles of management in the early 20th century. However, because of Mayo’s studies, it became clear that the team has a significant effect both on the productivity of people and how they feel about going to work.
While groups remain largely static, repeating what they do at a fixed or standardised level of performance, teams can grow and change and work towards an excellent level of performance. This development has 5 stages:
a) Stage the team is just a collection of people with nothing in common other than nominal membership of the organisation
b) Stage the team is a group of people with loose links, e.g. sharing a building, meeting occasionally
c) Stage the team come together on work which has a purpose and a goal that the members all share
d) Stage the team start to see themselves as a distinct unit with a life of its own.
e) Stage the team consistently achieve things together and evolve.
Writer John Maxwell says there are a number of laws that are common to all teams. These include communications, shared values, goals, vision, leadership, challenge, investment in the team, feedback, high morale, and knowing one’s value.
Here are the other 7 laws:
a) The Law of Significance: one person is too small to achieve greatness
b) The Law of the Niche: all players must add their own unique value
c) The Law of the Chain: the team is as strong as its weakest link
d) The Law of the Catalyst: all teams have players who make things happen
e) The Law of the Bad Apple: rotten attitudes ruin a team
f) The Law of the Bench: great teams have depth in reserve
g) The Law of Accountability: teammates must be able to count on each other when it counts.
A market, or marketplace, is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods. In different parts of the world, a market place may be described as a souk (from the Arabic), bazaar (from the Persian), a fixed mercado (Spanish), or itinerant tianguis (Mexico), or palengke (Philippines). Some markets operate daily and are said to be permanent markets while others are held once a week or on less frequent specified days such as festival days and are said to be periodic markets. The form that a market adopts depends on its locality's population, culture, ambient and geographic conditions. The term market covers many types of trading, as market squares, market halls and food halls, and their different varieties. Due to this, marketplaces can be situated both outdoors and indoors.
Markets have existed for as long as humans have engaged in trade. The earliest bazaars are believed to have originated in Persia, from where they spread to the rest of the Middle East and Europe. Documentary sources suggest that zoning policies confined trading to particular parts of cities from around 3,000 BCE, creating the conditions necessary for the emergence of a bazaar. Middle Eastern bazaars were typically long strips with stalls on either side and a covered roof designed to protect traders and purchasers from the fierce sun. In Europe, informal, unregulated markets gradually made way for a system of formal, chartered markets from the 12th century. Throughout the Medieval period, increased regulation of marketplace practices, especially weights and measures, gave consumers’ confidence in the quality of market goods and the fairness of prices. Around the globe, markets have evolved in different ways depending on local ambient conditions, especially weather, tradition, and culture. In the Middle East, markets tend to be covered, to protect traders and shoppers from the sun. In milder climates, markets are often open air. In Asia, a system of morning markets trading in fresh produce and night markets trading in non-perishables is common.
Today, markets can also be accessed electronically or on the internet through e-commerce platforms.
In many countries, shopping at a local market is a standard feature of daily life. Given the market's role in ensuring food supply for a population, markets are often highly regulated by a central authority. In many places, designated marketplaces have become listed sites of historic and architectural significance and represent part of a town or nation's cultural assets. For these reasons, they are often popular tourist destinations.
There are many ways to classify markets. One way is to consider the nature of the buyer and the market's place within the distribution system. This leads to two broad classes of market, namely retail market, or wholesale markets. The economist, Alfred Marshall classified markets according to time. In this classification, there are three types of market; the truly short period market where the supply of a commodity remains fixed. Perishables, such as fruit, vegetables, meat, and fish fall into this group since goods must be sold within a few days and the quantity supplied is relatively inelastic. The second group is the short period market where the time in which the quantity supplied can be increased by improving the scale of production (adding labour and other inputs but not by adding capital). Many non-perishable goods fall into this category. The third category is the long-period market where the length of time can be improved by capital investment.
Other ways to classify markets include its trading area (local, national or international), its physical format or its produce.
Major physical formats of markets are:
1. Bazaar: typically, a covered market in the Middle East
2. Car boot sale - a type of market where people come together to trade household and garden goods, extremely popular in the United Kingdom
3. Dry market: a market selling durable goods such as fabric and electronics as distinguished from "wet markets"
4. E-commerce: an online marketplace for consumer products which can be sold anywhere in the world
5. Indoor market of any sort
6. Marketplace: an open space where a market is or was formerly held in a town
7. Market square in Europe: open area usually in town centre with stalls selling goods in a public square
8. Public market in the United States: an indoor, fixed market in a building and selling a variety of goods
9. Street market: a public street with stalls along one or more sides of the street
10. Floating market: where goods are sold from boats, chiefly found in Thailand, Indonesia and Vietnam
11. Night market: popular in many countries in Asia, opening at night and featuring much street food and a more leisurely shopping experience. In Indonesia and Malaysia they are known as pasar malam
12. Wet market (also known as a public market): a market selling fresh meat, fish, produce, and other perishable goods as distinguished from "dry markets"
Markets may feature a range of merchandise for sale, or they may be one of many specialist markets, such as:
1. Animal markets (i.e. livestock markets)
2. Antique markets
3. Farmers' markets, focusing on fresh produce and gourmet food lines (preserves, chutneys, relishes, cheeses etc.) prepared from farm produce
4. Fish markets
5. Flea markets or swap meets, a type of bazaar that rents space to people who want to sell or barter merchandise. Used goods, low quality items, and high-quality items at low prices are commonplace
6. Flower markets, such as the Mercado Jamaica in Mexico City and the Bloemenmarkt in Amsterdam
7. Food halls, featuring gourmet food to consume on- and off-premises, such as those at Harrods (London) and Galleries Lafayette (Paris) department stores. In North America, these may be also referred to simply as "markets" (or "mercados" in Spanish), such as the West Side Market in Cleveland, Ponce City Market in Atlanta, and the Mercado Roma in Mexico City.
8. Grey market: where second hand or recycled goods are sold (sometimes termed a green market)
9. Handicraft markets
10. Markets selling items used in the occult (for magic, by witches, etc.)
11. Supermarkets and hypermarkets
No matter which marketplace you are in, to be a dominant force in the market you must understand these three things:
1. Market change: In recent years markets have been nothing if not volatile. This has compounded increasing competitiveness, but such is an international fact of life. Everywhere all aspects of marketing are having to work harder if an organisation is to hold onto and develop markets. It is said that sustainable competitive advantage comes only from innovation. We are in times when innovation is needed in many aspects of a company’s operation: organisation, technology, product development – and that of the sales resource is no exception.
Furthermore, one of the most pertinent changes of recent times has been with customers. They have had to react within their own organisations to protect and secure their future, and their attitudes to suppliers have changed markedly with any economic difficulty. The expectations of suppliers is now better defined than ever before: they know the service they want, the technical standards they want and they seek suppliers who can provide prompt and well matched answers to the problems or opportunities that initiate their purchase of anything – product or service. Not least, they want to deal with professional people representing a professional organisation. And they want efficient support, response, and communications throughout the relationship. Faced with any short fall in their requirements they have absolutely no compunction about voting with their feet and going elsewhere.
In addition, buyer loyalty is less than in the past. Success on one occasion does not guarantee that people will buy again. Customers are demanding, fickle and need to be treated in just the right way. All this is not a momentary circumstance. Any lingering belief that “it will all be easier when things get back to normal” must be ruled out. Realistically circumstances are simply not likely to return to those of more straightforward or less competitive times. All organisations must all live with, and adapt to, changed circumstances, and recognise that change shows no signs of stopping any time soon. The sales resource must be organised and must operate in a way that deals with the many realities. To do this requires more than “going through the motions”, it means every detail of the process must be thought through and implemented in a way that creates the required edge.
2. Attention to detail: In terms of detail, prevailing standards often leave something to be desired. The best way to explain this is perhaps through an example (for which I will use a personal experience) that shows how such details can be missed or dealt with incompletely or ineffectively. Some of my work has been in the hotel industry. In one such project, talking with a sales team about the sale of meeting and conference facilities (a major area of business for many properties) I touched on the use of photographs as a simple kind of sales aid. After all, if a prospect seeking a venue for a training course, a banquet or a wedding is shown into an empty room, as is often the way, then it is asking a good deal of them. To judge its suitability, they must imagine it laid out in just the way that will make their unique and special function a success. Realistically this is not a degree of imagination to be assumed lightly. All that was available was brochures produced a few years back, and just before the hotel first opened. These – presumably because the hotel was not operating at the time they were originated – showed only (unimpressive looking) empty rooms; hardly a spur to the customers’ imagination (and not so uncommon in the industry). Yet a suggestion that some money should be spent creating a small portfolio of new shots was rejected by the Sales Director - with immediate concern for the budget. So, it would have cost some money, though not too much. But the alternative was that many of their prospects, who were surely highly likely to check out more than one venue, would likely find this particular aspect of the sales process more impressive elsewhere. In a competitive business this kind of detail being ignored is simply risking letting business go by default. This was in a five star and well-known hotel. The above example may seem to focus on an insignificant detail. Not so, it is precisely such things that can make the difference between getting agreement or not. Clearly if several such factors are similarly diluted in effectiveness, then a real disadvantage is created.
The reason for mentioning such an example as this is not to bemoan current standards in the hotel or any other industry; rather it is to show how such situations create marketing opportunities. Quite simply, those who get such details right, all of them, all the time, will do best.
3. Innovation: The example above focuses on an important detail, albeit one that is hardly novel in the industry mentioned. Beyond that kind of detail other more innovative factors may be added that also create an edge (even a strengthening is worthwhile) for those doing the selling. Such may be either an individual initiative, one that is the idea of an individual salesperson, or something that is adopted by management for use throughout the team. One, of course, may lead to the other, though such initiatives must be appropriate to the individual customer and may not be suitable for use slavishly with every contact. If appropriate it is a management job to pass good practice around; again, something not to neglect.
A start-up is a young company founded by one or more entrepreneurs to develop a unique product or service and bring it to market. By its nature, the typical start-up tends to be a shoestring operation, with initial funding from the founders or their friends and families. One of the start-up’s first tasks is raising a substantial amount of money to further develop the product. To do that, they must make a strong argument, if not a prototype, that supports their claim that their idea is truly new or a great improvement to something on the market.
Though a vast majority of start-ups fail, some of history's most successful entrepreneurs created start-ups like Microsoft (founded by Bill Gates), Ford Motors (founded by Henry Ford), and McDonald's (founded by Ray Kroc).
In the early stages, start-up companies have little or no revenue coming in. They have an idea that they must develop, test, and market. That takes considerable money, and start-up owners have several potential sources to tap:
1. Traditional funding sources include small business loans from banks or credit unions, government-sponsored Small Business Administration loans from local banks, and grants made by non-profit organizations and state governments.
2. So-called incubators, often associated with business schools and other non-profits, provide mentoring, office space, and seed funding to start-ups.
3. Venture capitalists and angel investors actively seek out promising start-ups to bankroll in return for a stake in the company once it gets off the ground.
Start-ups have no history and less profit to show. That makes investing in them risky. If an idea seems to have merit, potential investors may use any of several approaches to estimate how much money it could take to get it off the ground.
a) The cost to duplicate approach looks at the expenses the company has already incurred to develop its product or service and purchase physical assets. This valuation method doesn't consider the company's future potential or intangible assets.
b) The market approach considers the acquisition costs of similar companies in the recent past. This approach may be stymied if the start-up idea really is unique.
c) The discounted cash flow approach looks at the company's expected future cash flow. This approach is highly subjective.
d) The development stage approach assigns a higher range of potential value to a start-up that is more fully developed. Even if it is not profitable, a start-up that has a website and can show some sales and traffic is likely to get a higher valuation than one that merely has an interesting idea.
Start-upscaling can be done in the following ways:
1. Responding is key: Once people start talking about you, the best way to continue growing is to detect these mentions and to reply to every one of them. By doing so, it will foster a lot of motivation for them to talk and mention even more about you, creating a network of trusted brand advocates. By having alerts based on keywords – like the name of your company, your products, or your competitors – mention allows you to stay in the know and react in seconds by connecting your social accounts directly to the app. With these tools, you will find yourself developing and maintaining a clear brand voice in no time. And it is then that you will start to see your online presence heating up.
2. Understand how and when to communicate with your customers: On average, through social media channels, Thursday sees the most company mentions (15.78%), followed closely by Tuesday (15.68%) and Wednesday (15.52%). At 12.22% and 11.36% respectively, Saturday and Sunday see the fewest company mentions, presenting an opportunity that often goes unnoticed. This makes sense when you consider that most companies do not have a plan in place for social networks and other platforms over the weekend. Plan and develop a content strategy for sourcing and scheduling content throughout the workweek to be posted on Saturday and Sunday. Since Thursday is the most crowded day when it comes to brands and companies being mentioned, do not focus too much effort on a day when it is hardest to be heard above the noise. Who to communicate with: Only a little over 8% of your users have more than 500 followers. The other 91% of mentions may be coming from people with smaller reach, but they are far in the majority and a powerful force of 1-to-1 connections. Simply answering a tweet in less than an hour, and not just tweets directed to you but tweets about you, can prompt people to tweet about your level of service and your product. Speed, relevancy, and charm can make the difference between a product with decent word-of-mouth and an awesome viral product. Go the extra mile. Not only will the person you help appreciate the effort, so will everyone else who finds out.
3. Deliver the product or service fast: Your business is a work in progress and if you launch your product or service quickly, you will be able to build a community of customers who can provide valuable feedback that can help you improve the offerings. In the words of LinkedIn founder Reid Hoffman, “If you are not embarrassed by your first product release, you’ve released too late.
4. Over Deliver: Once you land a new client/customer, be sure to go above and beyond the call of duty for at least the first few months. You will have this customer hooked from then on and they will be a great case study. Every customer is important, you should always try to over deliver when it doesn’t hurt your company’s bottom line or take up a ton of your staff ’s time, however it’s ultra-critical to nurture the first clients/customers because they will give you important feedback that will then affect how you do business with tons of future clients/customers. Provide outstanding customer service Interacting with people is a big part of the job. Your business may gain new customers because you made them feel important. For example, Zappos was not the first online store to sell shoes, but the company perfected its customer-service department and won over shoppers. They make people feel important before they buy, when they purchase, when the delivery arrives, if they call, if they complain, if they want to return the product, if they want to buy more, no matter what the scenario, Zappo’s has constantly won awards on customer service and their CEO Tony Hsieh wrote a wonderful book about the subject. Some of the best businesses have launched during a recession. In fact, half of the Fortune 500 companies listed in 2009 were founded during such times, according to the Ewing Marion Kauffman Foundation. So, do not overprice yourself compared to the competition but do not be nervous if you have created a strong product offering at the right price.
5. Make sure clients pay their bills: Always be certain to receive payment for your products or services. Instead of being taken advantage of, establish a time frame for payment. Sounds simple, but it is extremely important for your business’s survival to have your accounts receivable received. Set realistic goals for the type of company you’re creating, and I’ll give you a reason to make realistic expectations for your investors, staff, loved ones.
Keeping all these facts in minds and based on the activities a team will do, I can suggest the following names:
1. THE GO GAME
2. LET’S ROAM
3. THE ESCAPE GAME
4. TYPE FIGHT
5. NERF BATTLE
6. TEAM HIKE
7. GET RADICAL
8. SCAVENGER HUNT
9. OFFICE SALON
10. IDEA WORKSHOP
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath