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5 Important Management Terms Every Start-Up Aspirant Must Know

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5 Important Management Terms Every Start-Up Aspirant Must Know

Every couple of years has some significant improvement attached to it. There were some years that were marked by rise of IT, then there was one with rise of smart devices and now there is a time marked with rise of start-ups (present time). Startups are becoming increasingly popular. However the trend that these startups have gone through highlights the importance of learning business aspects. Business studies can save you the time by letting you not make the common mistakes everyone makes. So here are just few of those business terms that every start-up aspirant needs to know.

  1. Maslow’s theory of hierarchy of needs:

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Every business that emerges out in the market realizes some need that is felt amongst the people. If it satisfies that need or meets that, only then is that business able to create a reputation, competence and high chances of survival in the world.

  1. JIT (Just in Time):

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JIT or Just in time is a methodology that aims to reduce the flow time within production. It was introduced by Toyota in 1960s. JIT basically helps eliminate wastes. Broadly categorized, wastes are in terms of time (transport time, waiting time, process time etc) and quality (manufacturing defects, human errors etc) and chances (response time, just in case cases etc). A study of JIT helps eliminate delays and potential business problems that may practically occur.

  1. Kaizen:

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Kaizen in Japanese stands for improvement. Study of kaizen helps one know about the set of questions and standardized procedure that have been proved to remarkably alter the process time and quality for the better since the time of World War II. Kaizen mainly focuses on continuous improvements. With rapid change of world and technology, business process is also regularly altered. This calls for a standardized measure that can be used to improve the process whenever required.

  1. TQM:

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Questions like:

How to know if your customer is satisfied?

How to estimate and manage your employees’ need?

How to perform under reduced workforce?

Are all answered exceedingly well by knowing about TQM.

TQM is a management approach that is basically a description of culture, attitude and organization of a company that strives to provide customers with products and services that satisfy their needs. It is through TQM that one really learns to manage the customers and employees in most satisfactory manner without compromising on personal ethics or inculcating meaningless risks.

  1. Six Sigma:

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Six sigma is simply a set of tools and techniques that ensures zero defects. Some companies like GE, Toyota and Motorola are so highly efficient that they manufacture products with zero waste. Absolutely no waste! Imagine what remarkable control and governance such big scale companies must have to earn such big reputation. This is why Six Sigma training and certification are so readily sought after. It promises of exceptional quality.

Learning above terms and methodologies might seem intimidating but actually they aren’t. A lot of material in the forms of videos and text is available as books and dvds that can help train you. So be bold, be open and head on to create the most fabulous company you can. All the best! J

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