Working in the insurance industry

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Later, He Became Distribution Director Of The Company And He Has Since

Later, he became Distribution Director of the company and he has since made a satisfying career for himself. Crabbing: Sam's case is a good example of what we call 'crabbing'. You will know that there are two types of crab. Some crabs you can observe at the seaside, darting from side to side on the seashore, then suddenly dashing into the surf to grab a morsel of food. The other type of crab is the hermit crab: this hides and creeps into some vacant shell, hopefully waiting for some morsel of food to be swept into its reach. You cannot afford to behave like the hermit - you must train yourself to act like the active crab.

Mavericking' Maybe you are considering what we call 'mavericking'. Mavericking is going it alone, or working with only one or two others, to promote a service or a product in the market place. When people ask whether they should maverick, my usual answer is the same advice that Alan Bernard Shaw gave to a young man who asked him / her, 'What should I do about getting married?' 'Don't,' G.B.S. is alleged to have replied. Go it alone, start your own business. There are good reasons for normally advising people not to go it alone. These include the following.

(a) All too often they are considering setting themselves up in a small business or investing in someone else's idea, without asking five critical questions. (i) Do enough people need your service or produce? (ii) Do sufficient of those who have such a need recognise their need, or will you be able, and can you afford, to educate them to recognise they have such a need? (iii) Will the 'demand value' they set on the satisfaction of their need by using your proposed service or product be sufficiently high to enable you to meet this demand to your own profit? (iv) Will they have the necessary economic resources to be able to purchase your proposed service or product at the prices you intend to charge? (v) Will you be able to reach your market sufficiently frequently, economically and effectively? (b) They have failed to answer with sufficient care questions summarised under the Opportunity Search, the Comparative Advantage Search and the Profit Search. (c) They have not realised what total commitment this requires, not only for themselves but also their families: it is a high risk area, involving them, their time and their health. (d) They see this as a 'last resort', as an escape, without fully appreciating the financial implications.

As far as they are concerned, accounts have been and are nothing to do with them - that is the province of accountants. Just how wrong can they be? FINANCE AND ACCOUNTING: You should never consider finance and accounting as a mystical area, peopled by strange neurotic individuals who find security in the safety of arithmetical accountancy. Whatever your role in management, you must have some basic understanding of finance and accounts.

(those Of You Who Are Professional Accountants Can Leave Out The Next

(Those of you who are professional accountants can leave

(a) From The Money Which We Initially Put In The Tank. This

(a) From the money which we initially put in the tank. This is usually in the form of shares, and in the jargon called 'the equity'. (b) We can borrow money on a sh

materials Purchased. raw Materials Storage. labour Costs. packaging Costs. finished Goods Warehousing.

? Materials purchased. ? Raw materials storage. ? Labour costs. ? Packaging costs. ? Finished goods warehousing.

? Promotion costs. ? Selling costs.

? Delivery/distribution costs