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Imagine That You Are Starting Your Own Business and Will

question 12

Essay

Imagine that you are starting your own business and will be hiring three employees.State the nature of your business and specifically describe how you will motivate your employees through all six contemporary motivational strategies.


Definitions:

Profit-Maximization

A method used by businesses to determine the sale price and production level that lead to the highest possible profit.

Sole Seller

A term indicating a monopoly situation where there is only one seller in the market.

Patent Law

A legal framework that gives inventors exclusive rights to their inventions for a certain period, preventing others from making, using, or selling the invention without permission.

Sole Ownership

Legal status where a single individual or entity retains exclusive ownership and control over property or a business.

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