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Financial management is the function of the organization that deals with the investigation of the available resources for generating a great success for the organization. The report deals with the lifestyle of Rachel where it has stated that she has a cloth stall which is popular in the market of London. Before being this famous and starting her own business she has worked as unskilled labor. Moreover, the report will highlight Rachel’s behavior and attitude towards the customers. She also knows how to manipulate and get success. The report will help to gain the theory applied by applying the empirical literature. The project will also highlight the approaches which will be used to analyses the behaviors of the Rachel.
The case study is related to a successful entrepreneur whose name is Rachel. She runs a stall of clothes in the markets of London. Apart from this, she is a hardworking woman. She knows how to achieve her goals and for the process she has also been harsh to many people. For this behavior she has also lost many friends and she herself has befriended many of them. The essay will highlight the two theories from the personality psychology literature. The two major theories will display the lifestyle of Rachel, how she has been so successful and what theories she adopted. As mentioned by Shim (2021), the theories are the behaviorist theory and the humanistic theory. The behavioral theory will highlight the nomothetic approach and the other will examine the idiographic theory.
As per the nomothetic approach, the personality theory states how Rachel's behavior stands towards her friends. This describes the ego, and attitude towards the friends and also towards the customers. There are many different types of theory under personality that state the behavior and history of Rachel. The theory also suggests that she is manipulative and can achieve her success at any cost (D?wigo?, 2021). As per the idiographic approach, it states that it seeks the individual and gives focus on unique experience that has been done in aspect of human nature. Rachel’s behavior has been analyzed by the approach towards the customers and the friends as well. It gives a good environment that makes it easier to know the developmental concepts of the human being.
The behaviorist theory deals with the behaviors that are learned by the interaction in aspect to the environment. The theory will focus on the nomothetic approach which says that it can easily know the behavior of the person. Rachel has adopted this process as it helped her to know the demands of the customers in the market. It has helped in her business and has strived her towards success (Hermans, 2021). This also analyzes the history of Rachel and what methods she has applied to grow her business and achieve the goals.
The various approaches examine that Rachel has good and charming behavior and she better knows how to deal with the customers which only led her to grow and develop in the whole market. The history analyses show that she kept only those items which were branded and were mostly demanded by the people. This helps to increase the profit and revenue of Rachel. She was also good in making friends which led to long term business and also led to developing their reputation for the organization. Apart from this, the approach has also highlighted that she was lonely from the early stage of her life and she also loves to control her own children. She was stubborn in the case that her children should obey what she is saying.
As s successful entrepreneur popular indoor markets are mandatory to identify the indoor market of the business. Rachel’s hard work and creativity skills are mandatory for her ability to build business structures with the help of little resources. Achieve business goals and objectives of the organization Rachel are achieving positive goals which are necessary to maintain b business performance. Rachel obtained a better rental deal which allowed them to start a business process with the help of minor arguments. With very charming interpersonal skills, Rachel meets new people who are initially attracted by her good-looking and b interpersonal skills (Wahidmurni et al. 2020). As a result, long-term friendship becomes a serious relationship with her behavior. As a successful entrepreneur, Rachel has the attributes to achieve her long-term goals by maintaining major responsibilities. A minor argument is necessary to identify the important needs of individuals.
A long-term friendship is necessary to meet organizational requirements but there are some unpredictable opportunities that are necessary to maximize responsible opportunities. As a child, Rachel could be described how to increase profitability or revenue. Due to the loss of customers, charming natures are achieved to meet essential requirements. A serious relationship is necessary which is improved by the long-term friendship with individuals. The rental agreements in London which are represent the beginning of a career as an entrepreneur (Abdullah, Hadi & Dana, 2018). There are various approaches which examine that better relationships with the individuals. The specific factors are helps to increase the revenue of Rachel. Specific approaches are mandatory to identify the process of dealing with individual customers. The historical analysis shows that the demand of the whole market is necessary to achieve business goals.
As a successful entrepreneur identifying the popularity of the indoor market is necessary because creativity is set by the little sources. The matriculated approach is necessary to identify market demand and also increase little resources (Marisa, 2018). Ruthless attitudes are necessary to increase market demand and also improve the beginning career of an entrepreneur. The behaviorist theory is necessary to increase unique experience which is the easiest way to maintain. Sometimes environmental changes are required which is involved in the innovation. Maintaining A good environment is the easiest way which is focusing on the unique experience of human nature. Ruthless attitudes are necessary to enhance customer satisfaction. A homothetic approach is necessary to identify better skills which are necessary for the business.
Abdullah, N., Hadi, N. U., & Dana, L. P. (2018). The nexus between entrepreneur skills and successful business: A decompositional analysis. International Journal of Entrepreneurship and Small Business, 34(2), 249-265. Retrieved from: https://www.researchgate.net/profile/Noor-Hadi-4/publication/325481351_The_nexus_between_entrepreneur_skills_and_successful_business_A_decompositional_analysis/links/5c03b56d92851c63cab5b822/The-nexus-between-entrepreneur-skills-and-successful-business-A-decompositional-analysis.pdf
D?wigo?, H. (2021). Methodological approach in management and quality sciences. In E3S Web of Conferences (Vol. 307). EDP Sciences. Retrieved on 16 July, 2022 from: https://scholar.archive.org/work/pptzu7frffduzphssiizeno4hq/access/wayback/https://www.e3s-conferences.org/articles/e3sconf/pdf/2021/83/e3sconf_dsdm2021_01002.pdf
Hermans, H. J. (1988). On the integration of nomothetic and idiographic research methods in the study of personal meaning. Journal of Personality, 56(4), 785-812. Retrieved on 16 July, 2022 from: https://www.researchgate.net/profile/Hubert-Hermans/publication/227706521_On_the_Integration_of_Nomothetic_and_Idiographic_Research_Methods_in_the_Study_of_Personal_Meaning/links/5c2c7f85458515a4c706a06e/On-the-Integration-of-Nomothetic-and-Idiographic-Research-Methods-in-the-Study-of-Personal-Meaning.pdf
Marisa, D. P. L. (2018). Launching a Startup Business in the Agribusiness Market: The Process of becoming a Successful Entrepreneur. African Journal of Agricultural Research, 13(41), 2192-2197. Retrieved from: https://academicjournals.org/journal/AJAR/article-full-text-pdf/D23600B58757
Shim, J. K. (2022). Financial management. Professor of Finance and Accounting Queens College City University of New York. Retrieved on 16 July, 2022 from: http://portal.belesparadisecollege.edu.et:8080/library/bitstream/123456789/64/1/%28Schaum%27s_Outline_Series___%29Jae_Shim%2C_Joel_Siegel-Schaum%27s_Outline_of_Financial_Management-McGraw-Hill%282007%29.pdf
Wahidmurni, W., Nur, M. A., Pusposari, L. F., & Yuliandari, R. N. (2020). An Entrepreneurship module based on successful entrepreneur character to promote students’ entrepreneurial attitudes. International Journal of Innovation, Creativity and Change, 13(5), 1043-1059. Retrieved from: http://repository.uin-malang.ac.id/6681/1/6681.pdf
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