This is a solution of Motivational Theories Assignment in which we discuss the chief objective of most people who start businesses is to maximize profit by offering goods or services.
Introduction The chief objective of most people who start businesses is to maximize profit by offering goods or services. Some start organizations not to make profits, but to provide needed goods and services. It becomes extremely hard to provide the products solely as the client base increases. Therefore, people require the help of others to sustain their production. The people who start are called employers and those called upon are the employees. It is important for the employers and employees to co-exist peacefully and to have mutual respect for each other. For the production of goods and services, inputs are imperative; raw materials, labor, entrepreneurship, capital and space for either storage, production or both. Labor is very important because, with all other resources, the output cannot be produced without labor. Labor is the factor of production that comprises of all the people tasked with the production of goods and services. To operate effectively and realize the objectives of any institution, it is important to work with people who have the necessary qualifications, skills, and experience.
When someone is employed, there is a need to ensure there is a contract. A contract is an understanding or agreement between the employer and the employee. It outlines the responsibilities, rights, and duties of both the employer and the employee. The assumption is that a contract needs to be a written document. The reality is that the contract can be a verbal agreement. It can also be a handbook for the employee, a letter on the company’s notice board or even part of the offer letter from the employer. Even in the case that the contract is a written document, there is probably some part of the contract that is not always written. For example, an employee should not steal from their employer.