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RE: Market Production

in #production2 years ago

"He is stating that it is important to find everyone of your employees strengths and weaknesses, finding the best fit for them to help your company succeed."

I completely agree with this statement. It is extremely important to use you employees strengths to your (and their) advantage. If you do not, you are making a large mistake. By not playing to their strengths, an entrepreneur/employer will be risking huge setbacks and potential failure of your business. When you do allow them to flourish, they will experience less anxiety, stress, and the workplace will have a much better moral.

I also believe Bylund wanted to shed some light on the areas where multitasking could be beneficial. Not necessarily one person multitasking, but rather, each person working together to reach a common goal. Sort of like an assembly line. While working as a team, each person can focus on one task and they can excel at it. If you have 5 people that are outstanding at what they do, the finished product will be much better than 5 people who know a little about each step of the production process.

"Capitalism is reliant on many things, and can be changed by things such as population, transportation, and change in production. To have a good understanding in this is crucial for any entrepreneur starting out, and is also important to continue to study as your business grows into something big."

This is a very interesting point that many people do not take into consideration. It is nearly impossible to start and to grow a business in an economy or market you do not understand. If you want to start a plant business, you must consider the climate of the area you will be in, who your clientele will be in that area, and if your store is in a good location for customers to transport their plants to their car with ease.

It is very important to understand and consider the state of the economy as well.

I also agree with your statement that there will always be many different threats to your business. Whether it be new entrants, financial risks, political risks, rivalry companies, or reputational risks. It is crucial to be aware of them and to try to stay ahead of them.

I think you did a great job writing this and it was very informative. It was very easy to read and you did explained your opinions and further explained Bylund and Schumpeter's thoughts very well. Overall, this was a great article and I enjoyed reading it!