Business Management
Added on 2023-01-18
23 Pages7643 Words93 Views
Running head: BUSINESS MANAGEMENT
Business Management
Name of the Student:
Name of the University:
Author’s Note:
Business Management
Name of the Student:
Name of the University:
Author’s Note:
1BUSINESS MANAGEMENT
Table of Contents
1.0 Introduction and brief description of the venture......................................................................2
1.1 Introduction............................................................................................................................2
1.2 Overview of the Business Venture Nerd Patrol.....................................................................2
1.3 Business Aspirations..............................................................................................................2
2.0 Organization of the business and Key Players..........................................................................3
2.1 Owners: Roles and Qualifications.........................................................................................3
2.2 Company Legal Structure......................................................................................................4
2.3 Management Team: Roles and Qualifications.......................................................................5
2.4 Employees: Roles and Qualifications....................................................................................5
2.5 Contractors: Roles and Qualifications...................................................................................6
3.0 Financials...................................................................................................................................7
3.1 Anticipated Operating Costs of the New Business................................................................7
3.2 Projected Investment Requirements for Launching New Business.......................................7
3.3 Projected Balance Sheet........................................................................................................0
3.4 Anticipated Revenue..............................................................................................................2
3.5 Pro-Forma Cash Flow Projection for the First Year of Business Operation.........................3
3.6 Payback Point in New Business............................................................................................3
3.7 Estimated Rate of Return on the Investments for Three Years Duration..............................5
4.0 Marketing...................................................................................................................................7
4.1 Summary of a marketing strategy..........................................................................................7
4.2 Marketing Mix.......................................................................................................................7
4.3 Competition...........................................................................................................................7
5.0 Operations..................................................................................................................................7
6.0 Legal and sundry issues.............................................................................................................7
7.0 Major Challenges.......................................................................................................................8
8.0 Conclusion.................................................................................................................................8
9.0 References..................................................................................................................................9
Table of Contents
1.0 Introduction and brief description of the venture......................................................................2
1.1 Introduction............................................................................................................................2
1.2 Overview of the Business Venture Nerd Patrol.....................................................................2
1.3 Business Aspirations..............................................................................................................2
2.0 Organization of the business and Key Players..........................................................................3
2.1 Owners: Roles and Qualifications.........................................................................................3
2.2 Company Legal Structure......................................................................................................4
2.3 Management Team: Roles and Qualifications.......................................................................5
2.4 Employees: Roles and Qualifications....................................................................................5
2.5 Contractors: Roles and Qualifications...................................................................................6
3.0 Financials...................................................................................................................................7
3.1 Anticipated Operating Costs of the New Business................................................................7
3.2 Projected Investment Requirements for Launching New Business.......................................7
3.3 Projected Balance Sheet........................................................................................................0
3.4 Anticipated Revenue..............................................................................................................2
3.5 Pro-Forma Cash Flow Projection for the First Year of Business Operation.........................3
3.6 Payback Point in New Business............................................................................................3
3.7 Estimated Rate of Return on the Investments for Three Years Duration..............................5
4.0 Marketing...................................................................................................................................7
4.1 Summary of a marketing strategy..........................................................................................7
4.2 Marketing Mix.......................................................................................................................7
4.3 Competition...........................................................................................................................7
5.0 Operations..................................................................................................................................7
6.0 Legal and sundry issues.............................................................................................................7
7.0 Major Challenges.......................................................................................................................8
8.0 Conclusion.................................................................................................................................8
9.0 References..................................................................................................................................9
2BUSINESS MANAGEMENT
1.0 Introduction and brief description of the venture
1.1 Introduction
As opined by Coviello (2018), the transformation undergone by the modern business
world becomes apparent in the mushrooming of different kinds of business ventures within its
framework in the present times. Marion et al. (2015) are of the viewpoint that the because of the
different emerging new trends within the framework of the modern business world, the
entrepreneurs are establishing new business ventures on the basis of the opportunities presented
by the business markets. However, for the purpose of establishing an effective business venture
which will become profitable in the longer run there are various factors that the entrepreneurs
need to take into account. For example, one of the most important factors in this regard and on
which the profitability as well as the future business prospects of the newly established business
ventures greatly depend is the business opportunity on the basis of which the concerned venture
had been established (Yang and Gabrielsson 2017). In this regard, it needs to be said that the
entrepreneurs need to select the kind of business ideas which will be valid even in the future
times as well and also either low start-up costs or the high start-up costs for the establishment of
their venture. This paper will analyse the business venture idea, namely, Nerd Patrol and will
also recommend the starting strategy that it needs to follow, namely, high start-up costs or low
start-up costs.
1.2 Overview of the Business Venture Nerd Patrol
John Robbins, Mary Singh, and Nabil Quresh have decided to establish a new business
venture which will be called by the name of “Nerd Patrol” modelled after the name of the firm
“Geek Squad”. In this regard, it needs to be said that the above mentioned three individuals were
best friends in college however after the completion of their college they drifted apart. However,
at a reunion after years they decided to established the above-mentioned business venture. The
primary idea of the business venture is the fact that it will offer small business firms as well as
individuals a wide range of computing and networking services. Furthermore, the business
venture would help its customers with various services like hardware installation, hardware
repairs, debugging, software installation, network troubleshooting, software problems and others.
The primary reason for the formulation of this business idea is the fact that in the recent times it
had been seen that the demand for different kinds of hardware and software related services had
increased in an exponential manner. Furthermore, the popularity gained by the computers or the
laptops and their extensive usage by the different individuals ensures that there will be future
demand for the concerned business in the future times as well. More importantly, John and Mary
had been working as systems engineering in reputable firms and thereby have developed their
expertise level in the concerned departments and Nabil had been working in the sales
department. Thus, it is likely that after the establishment of the concerned venture, the service
aspect will be taken care of by John and Mary and the sales aspect will be taken care of Nabil.
However, because of the capital constraints, the group is not sure regarding the start-up policy
that they need to adopt, that is, should they start with John as a single employee of the firm and
when the business starts to grow Mary and Nabil would join or should they start in a full-fledged
manner.
1.3 Business Aspirations
The major business aspiration of the business venture under discussion here is to become
a leading service in the computer industry in the coming 10 years. In this regard, it needs to be
1.0 Introduction and brief description of the venture
1.1 Introduction
As opined by Coviello (2018), the transformation undergone by the modern business
world becomes apparent in the mushrooming of different kinds of business ventures within its
framework in the present times. Marion et al. (2015) are of the viewpoint that the because of the
different emerging new trends within the framework of the modern business world, the
entrepreneurs are establishing new business ventures on the basis of the opportunities presented
by the business markets. However, for the purpose of establishing an effective business venture
which will become profitable in the longer run there are various factors that the entrepreneurs
need to take into account. For example, one of the most important factors in this regard and on
which the profitability as well as the future business prospects of the newly established business
ventures greatly depend is the business opportunity on the basis of which the concerned venture
had been established (Yang and Gabrielsson 2017). In this regard, it needs to be said that the
entrepreneurs need to select the kind of business ideas which will be valid even in the future
times as well and also either low start-up costs or the high start-up costs for the establishment of
their venture. This paper will analyse the business venture idea, namely, Nerd Patrol and will
also recommend the starting strategy that it needs to follow, namely, high start-up costs or low
start-up costs.
1.2 Overview of the Business Venture Nerd Patrol
John Robbins, Mary Singh, and Nabil Quresh have decided to establish a new business
venture which will be called by the name of “Nerd Patrol” modelled after the name of the firm
“Geek Squad”. In this regard, it needs to be said that the above mentioned three individuals were
best friends in college however after the completion of their college they drifted apart. However,
at a reunion after years they decided to established the above-mentioned business venture. The
primary idea of the business venture is the fact that it will offer small business firms as well as
individuals a wide range of computing and networking services. Furthermore, the business
venture would help its customers with various services like hardware installation, hardware
repairs, debugging, software installation, network troubleshooting, software problems and others.
The primary reason for the formulation of this business idea is the fact that in the recent times it
had been seen that the demand for different kinds of hardware and software related services had
increased in an exponential manner. Furthermore, the popularity gained by the computers or the
laptops and their extensive usage by the different individuals ensures that there will be future
demand for the concerned business in the future times as well. More importantly, John and Mary
had been working as systems engineering in reputable firms and thereby have developed their
expertise level in the concerned departments and Nabil had been working in the sales
department. Thus, it is likely that after the establishment of the concerned venture, the service
aspect will be taken care of by John and Mary and the sales aspect will be taken care of Nabil.
However, because of the capital constraints, the group is not sure regarding the start-up policy
that they need to adopt, that is, should they start with John as a single employee of the firm and
when the business starts to grow Mary and Nabil would join or should they start in a full-fledged
manner.
1.3 Business Aspirations
The major business aspiration of the business venture under discussion here is to become
a leading service in the computer industry in the coming 10 years. In this regard, it needs to be
3BUSINESS MANAGEMENT
said that although the business venture will start initially start with only three individuals
however in the future times, the founders of the venture are hoping to not only enhance the
number of employees but at the same time their customer base as well. Furthermore, the business
venture under discussion here intends to attain this objective through extensive focus on the
aspect of quality and also on the aspect of customer experience so as to earn the satisfaction as
well as the loyalty of the customers.
2.0 Organization of the business and Key Players
2.1 Owners: Roles and Qualifications
Larimo, Le Nguyen and Ali (2016) have articulated the viewpoint that the owners or the
founders of the business firms or ventures not only play a pivotal role in the foundation of the
concerned ventures but also in the designing of the blueprints of the venture as well. In this
regard, it needs to be mentioned that the founding fathers of the firms are required to formulate
effective strategies and also design the manner in which the different departments of the
concerned venture would work together in a coordinated manner so as to offer the best quality
services to the end users or the customers (Fuad and Akbar 2018). As opined by Gerschewski
and Xiao (2015), the business or the organisational prospects of the business ventures greatly
depends on the synchronicity of the different departments of the ventures and also the manner in
which they are work together in harmony so as to attain the business objectives or goals that had
been outlined. More importantly, Kuratko et al. (2017) have noted that one of the most important
roles or responsibilities of the founders or the owners of the business firms or ventures is to
identify the kind of business opportunities or business ideas which are likely to offer them the
maximum amount of profitability or benefits. Another important job role of the owners or the
founders are required to formulate effective vision, mission as well as values that the concerned
venture would follow over the years within the framework of their organisation. This is
important because of the fact that the organisational culture which is being used by the different
business ventures depends greatly on these aspects of the concerned firms and this is perhaps one
of the major reasons why the founders or the owners need to focus on the formulation of
effective values, mission statement, values and other attributes of the firm (Sklaveniti 2017). In
addition to these, the owners also play an integral role in the formulation of the different kinds of
business objectives as well as goals that the concerned firms need to focus on and also try to
achieve within the stipulated time period so as to attain the desired level of growth. These in
short are some of the key roles as well as responsibilities of the founders or the owners of the
business ventures or firms.
In the particular context or the business venture Nerd Patrol it needs to be said that the
founders or the owners of the concerned venture are John Robbins, Mary Singh, and Nabil
Quresh. More importantly, in order to ensure the continued growth of the firm and also to stay
competitive within the business market, the owners would have to effective perform the roles as
well as the responsibilities which are required of them. For example, one of the most important
roles that the three owners of the venture would have to perform is the identification of an
effective business idea which will not only offer benefits to them in the present times but also in
the future times as well. John Robbins, Mary Singh, and Nabil Quresh have successfully
dispensed this role because of the fact that the business idea which had been selected by them is
in demand presently and the demand for the services offered by the concerned firm is likely to
increase in an exponential manner in the future times as well. Another important job role that the
three had performed in an effective as par of the roles and responsibility of the owners is that
said that although the business venture will start initially start with only three individuals
however in the future times, the founders of the venture are hoping to not only enhance the
number of employees but at the same time their customer base as well. Furthermore, the business
venture under discussion here intends to attain this objective through extensive focus on the
aspect of quality and also on the aspect of customer experience so as to earn the satisfaction as
well as the loyalty of the customers.
2.0 Organization of the business and Key Players
2.1 Owners: Roles and Qualifications
Larimo, Le Nguyen and Ali (2016) have articulated the viewpoint that the owners or the
founders of the business firms or ventures not only play a pivotal role in the foundation of the
concerned ventures but also in the designing of the blueprints of the venture as well. In this
regard, it needs to be mentioned that the founding fathers of the firms are required to formulate
effective strategies and also design the manner in which the different departments of the
concerned venture would work together in a coordinated manner so as to offer the best quality
services to the end users or the customers (Fuad and Akbar 2018). As opined by Gerschewski
and Xiao (2015), the business or the organisational prospects of the business ventures greatly
depends on the synchronicity of the different departments of the ventures and also the manner in
which they are work together in harmony so as to attain the business objectives or goals that had
been outlined. More importantly, Kuratko et al. (2017) have noted that one of the most important
roles or responsibilities of the founders or the owners of the business firms or ventures is to
identify the kind of business opportunities or business ideas which are likely to offer them the
maximum amount of profitability or benefits. Another important job role of the owners or the
founders are required to formulate effective vision, mission as well as values that the concerned
venture would follow over the years within the framework of their organisation. This is
important because of the fact that the organisational culture which is being used by the different
business ventures depends greatly on these aspects of the concerned firms and this is perhaps one
of the major reasons why the founders or the owners need to focus on the formulation of
effective values, mission statement, values and other attributes of the firm (Sklaveniti 2017). In
addition to these, the owners also play an integral role in the formulation of the different kinds of
business objectives as well as goals that the concerned firms need to focus on and also try to
achieve within the stipulated time period so as to attain the desired level of growth. These in
short are some of the key roles as well as responsibilities of the founders or the owners of the
business ventures or firms.
In the particular context or the business venture Nerd Patrol it needs to be said that the
founders or the owners of the concerned venture are John Robbins, Mary Singh, and Nabil
Quresh. More importantly, in order to ensure the continued growth of the firm and also to stay
competitive within the business market, the owners would have to effective perform the roles as
well as the responsibilities which are required of them. For example, one of the most important
roles that the three owners of the venture would have to perform is the identification of an
effective business idea which will not only offer benefits to them in the present times but also in
the future times as well. John Robbins, Mary Singh, and Nabil Quresh have successfully
dispensed this role because of the fact that the business idea which had been selected by them is
in demand presently and the demand for the services offered by the concerned firm is likely to
increase in an exponential manner in the future times as well. Another important job role that the
three had performed in an effective as par of the roles and responsibility of the owners is that
4BUSINESS MANAGEMENT
they had formulated effective vision, mission statement and values for the firm. In this regard, it
needs to be said that the vision of the venture is to offer the best quality hardware and software
services to the customers and that too within a very affordable price range. On the other hand,
the mission statement of the concerned venture is to become one of the largest software and
hardware service providers in the nation of United States of America. In addition to these, the
values of the concerned venture which had been formulated by the owners are high quality, cost
effectiveness and others.
John Robbins, Mary Singh, and Nabil Quresh would also be required to formulate an
effective blueprint for the different departments of the venture that they have formulated and also
the manner in which the different departments of the concerned venture would be interconnected
with each other so as to enhance the performance of the firm. In this regard, it needs to be said
that presently the venture under discussion here would have only two departments, namely, the
sales department which would be taken care of Nabil and the service department, which would
be taken care of by Mary and John. Furthermore, the link between these two departments of the
concerned venture had been established by the owners by means of working in close proximity
with each other and also because of the friendship that they share with each other. In addition to
these, it is seen that the three owners of the concerned venture have been able to outline the
objectives or the goals of the venture in an effective manner by way of working in close
association with each other.
2.2 Company Legal Structure
Deligianni, Voudouris and Lioukas (2017) have articulated the viewpoint that the
corporate government policies which are being followed by a particular firm not only articulates
the legal stipulations and also the policies which will be followed by the concerned firm and also
the rules or the regulations which will guide the entire work of the concerned venture. In this
regard, it needs to be said that since the venture will be initially established with only three
employees so no significant HRM policies or processes have been designed however when the
venture expands in the future different kinds of HRM processes or policies would be followed
(Habermann and Schulte 2017). Some of the most important policies or processes related to this
aspect that the concerned venture intends to follow in the future are compensation, reward,
incentives, leave, zero tolerance, gender equality, diversity management and other similar HRM
policies. More importantly, all the important decisions of the concerned venture will be made by
reaching a mutual consensus among the three owners of the venture. For example, each of them
would have equal representation in the meetings which would be organised for making important
decisions and the decisions would only be taken after all the three individuals agree to the same.
In addition to this, special care would be taken so as to ensure that none of the three owners
dominates the other owners and thus all the decisions are unanimous. More importantly, in the
future time when the employee strength of the firm grows, the owners would also formulate
effective performance as well as talent management systems so as to support the business
objectives or goals that have been outlined for the venture. Lastly, the owners also intend to
establish a dispute or grievance resolution committee which will be headed by the three owners
themselves and all the grievances or the disputes that the future employees of the firm would
have will be resolved through this committee itself.
The business venture under discussion here would also have to follow in an ardent
manner the different stipulations as well as regulations of the national government of the United
States of America for conducting their business in an effective manner and also for the
they had formulated effective vision, mission statement and values for the firm. In this regard, it
needs to be said that the vision of the venture is to offer the best quality hardware and software
services to the customers and that too within a very affordable price range. On the other hand,
the mission statement of the concerned venture is to become one of the largest software and
hardware service providers in the nation of United States of America. In addition to these, the
values of the concerned venture which had been formulated by the owners are high quality, cost
effectiveness and others.
John Robbins, Mary Singh, and Nabil Quresh would also be required to formulate an
effective blueprint for the different departments of the venture that they have formulated and also
the manner in which the different departments of the concerned venture would be interconnected
with each other so as to enhance the performance of the firm. In this regard, it needs to be said
that presently the venture under discussion here would have only two departments, namely, the
sales department which would be taken care of Nabil and the service department, which would
be taken care of by Mary and John. Furthermore, the link between these two departments of the
concerned venture had been established by the owners by means of working in close proximity
with each other and also because of the friendship that they share with each other. In addition to
these, it is seen that the three owners of the concerned venture have been able to outline the
objectives or the goals of the venture in an effective manner by way of working in close
association with each other.
2.2 Company Legal Structure
Deligianni, Voudouris and Lioukas (2017) have articulated the viewpoint that the
corporate government policies which are being followed by a particular firm not only articulates
the legal stipulations and also the policies which will be followed by the concerned firm and also
the rules or the regulations which will guide the entire work of the concerned venture. In this
regard, it needs to be said that since the venture will be initially established with only three
employees so no significant HRM policies or processes have been designed however when the
venture expands in the future different kinds of HRM processes or policies would be followed
(Habermann and Schulte 2017). Some of the most important policies or processes related to this
aspect that the concerned venture intends to follow in the future are compensation, reward,
incentives, leave, zero tolerance, gender equality, diversity management and other similar HRM
policies. More importantly, all the important decisions of the concerned venture will be made by
reaching a mutual consensus among the three owners of the venture. For example, each of them
would have equal representation in the meetings which would be organised for making important
decisions and the decisions would only be taken after all the three individuals agree to the same.
In addition to this, special care would be taken so as to ensure that none of the three owners
dominates the other owners and thus all the decisions are unanimous. More importantly, in the
future time when the employee strength of the firm grows, the owners would also formulate
effective performance as well as talent management systems so as to support the business
objectives or goals that have been outlined for the venture. Lastly, the owners also intend to
establish a dispute or grievance resolution committee which will be headed by the three owners
themselves and all the grievances or the disputes that the future employees of the firm would
have will be resolved through this committee itself.
The business venture under discussion here would also have to follow in an ardent
manner the different stipulations as well as regulations of the national government of the United
States of America for conducting their business in an effective manner and also for the
5BUSINESS MANAGEMENT
management of the employees. In this regard, mention needs to be made of the different
corporate legislations of the USA like employment laws, equality law, consumer law and others.
More importantly, the concerned venture would also have to abide by the different
environmental legislations of the USA and thereby ensure that the amount of pollutants released
by them is within the permissible level. Lastly, the owners of the firm would also have to ensure
that the business activities are in synchronicity with the different quality as well as regulatory
parameters of the national government like workplace safety, standard quality of services
delivered to the customers and others. It is pertinent to note that the majority of the above-
mentioned policies or processes would come into play once the business venture expands their
business services as well as their employee strength.
2.3 Management Team: Roles and Qualifications
Vonortas and Kim (2015) are of the viewpoint that one of the most important job roles
that the management teams of the different business ventures perform is not only to manage the
work of the firm but also to ensure that the employees are being able to achieve or attain the
business objectives or goals outlined by the owners or the founders of the firm. This is important
from the perspective of the continued growth as well as the profitability of the business firms
because of the fact that if the work of the firm is not being performed in an effective manner by
the employees then the profitability and the continued growth of the firm will be adversely
affected (Kirkley 2016). More importantly, the management team is also required to take the
help of different kinds of processes or policies like talent management, reward management,
diversity management and others so as to ensure that the employees are being able to perform in
an effective manner (Chi-hsiang 2015). In addition to these, the management teams of the
different firms are also required to formulate various strategies and also make important
decisions of the firm in conjunction with the owners or the Board of Directors. Furthermore, the
members of the management team are required to have various educational qualification like
MBA degrees along with various skills like critical decision making, effective people
management skills, leadership skills and others.
In the particular context of the new business venture it needs to be said that at the initial
stages of the concerned venture the role of management of the venture will be undertake by John
Robbins, Mary Singh, and Nabil Quresh themselves. However, when the business as well as the
employee strength of the venture starts to expand in the future, the venture will formulate its own
management by promoting qualified as well as deserving individuals from the employee base
that they will have. Furthermore, the members of the management team would have to report the
employee performance as well as the progress made by the concerned venture on a regular basis
to the owners. In addition to these, they would also have to take effective care of the different
aspects of the firm like quality management, performance management, talent management and
others so as to ensure the continued growth of the firm and also to ensure that the employees are
being able to meet the objectives or the goals outlined by the owners of the firm. Lastly, the
management team would also be responsible for formulating different kinds of strategies and
making important decisions for the firm however they would have to take get the same approved
by the owners, namely, John Robbins, Mary Singh, and Nabil Quresh.
2.4 Employees: Roles and Qualifications
Broekhuizen, Bakker and Postma (2018) have articulated the viewpoint that the
employees of a business venture can be seen as the backbone of the firms on whom the entire
productivity or the performance of the firm greatly depends. This can be attributed to the fact
management of the employees. In this regard, mention needs to be made of the different
corporate legislations of the USA like employment laws, equality law, consumer law and others.
More importantly, the concerned venture would also have to abide by the different
environmental legislations of the USA and thereby ensure that the amount of pollutants released
by them is within the permissible level. Lastly, the owners of the firm would also have to ensure
that the business activities are in synchronicity with the different quality as well as regulatory
parameters of the national government like workplace safety, standard quality of services
delivered to the customers and others. It is pertinent to note that the majority of the above-
mentioned policies or processes would come into play once the business venture expands their
business services as well as their employee strength.
2.3 Management Team: Roles and Qualifications
Vonortas and Kim (2015) are of the viewpoint that one of the most important job roles
that the management teams of the different business ventures perform is not only to manage the
work of the firm but also to ensure that the employees are being able to achieve or attain the
business objectives or goals outlined by the owners or the founders of the firm. This is important
from the perspective of the continued growth as well as the profitability of the business firms
because of the fact that if the work of the firm is not being performed in an effective manner by
the employees then the profitability and the continued growth of the firm will be adversely
affected (Kirkley 2016). More importantly, the management team is also required to take the
help of different kinds of processes or policies like talent management, reward management,
diversity management and others so as to ensure that the employees are being able to perform in
an effective manner (Chi-hsiang 2015). In addition to these, the management teams of the
different firms are also required to formulate various strategies and also make important
decisions of the firm in conjunction with the owners or the Board of Directors. Furthermore, the
members of the management team are required to have various educational qualification like
MBA degrees along with various skills like critical decision making, effective people
management skills, leadership skills and others.
In the particular context of the new business venture it needs to be said that at the initial
stages of the concerned venture the role of management of the venture will be undertake by John
Robbins, Mary Singh, and Nabil Quresh themselves. However, when the business as well as the
employee strength of the venture starts to expand in the future, the venture will formulate its own
management by promoting qualified as well as deserving individuals from the employee base
that they will have. Furthermore, the members of the management team would have to report the
employee performance as well as the progress made by the concerned venture on a regular basis
to the owners. In addition to these, they would also have to take effective care of the different
aspects of the firm like quality management, performance management, talent management and
others so as to ensure the continued growth of the firm and also to ensure that the employees are
being able to meet the objectives or the goals outlined by the owners of the firm. Lastly, the
management team would also be responsible for formulating different kinds of strategies and
making important decisions for the firm however they would have to take get the same approved
by the owners, namely, John Robbins, Mary Singh, and Nabil Quresh.
2.4 Employees: Roles and Qualifications
Broekhuizen, Bakker and Postma (2018) have articulated the viewpoint that the
employees of a business venture can be seen as the backbone of the firms on whom the entire
productivity or the performance of the firm greatly depends. This can be attributed to the fact
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