How to handle The Challenges of The New Age

By Nikolay Nikov

The book “How to handle the challenges of the New Age” is intended for all the readers interested in economy and public matters and especially for economists, businessmen, teachers, intellectuals and undergraduates. Nikolay Nikov has done his best to present the information in it in an accessible and fascinating way, in a language easy to understand by mottling it with lots of examples from the real life.
The author shows confidence in his experience not only as a good theoretician but also as a practician by showing different economic and business theories in the light of his personal views. In addition, in these theories he is also looking for answers.
What is precious in these short stories is that each one of them is set as case which is developed and solved. They can be read in consistency as well as completely independently.
Each material is a result of special state of the author’s mind and is influenced of the experiences of every contemporary man – and such experiences namely include culture, business, technologies and management.
There is emphasis on themes such as money expenditure and wasting extra psychical resource, motivation, taking of important decisions. There can be found completely concrete advises for copying with the problems of economic nature topical for every Bulgarian.
In “How to handle the challenges of the New Age” are also shown new opportunities and ideas for successful business behavior by providing directions and knowledge.

• Language: English
• Publisher: Nikolay Nikov
• Release date: Jun 6, 2013
• ISBN: 9781301369478

Nikolay Nikov

Nikolay Nikov was born in 1977. After a dynamic carrer in London’s City, Nikolay Nikov returns to Bulgaria and worked for CIBANK, Member of KBC Group, Sofia as a Head of Department Specialized Financing till July 2012. He has studied International Business in Richmond, the American International University and Insurance and Risk Management in City University Business School in London. During his educational period he launched the initiative of actively professional writing of articles with focus on popular economic and management theories, which gradually turned into his passion. In the professional CV of Nikolay Nikov, are included positions such as Investment Officer in SME Department of Bulgarian American Credit Bank (BACB), Sofia. Major Account Co-ordinator in Multinational Insurance Programs Division of AIG Europe (UK) Limited, London

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HOW TO HANDLE THE CHALLENGES OF THE NEW AGE

By

Nikolay Nikov

SMASHWORDS EDITION

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PUBLISHED BY:

Nikolay Nikov on Smashwords

How to handle the challenges of The New Age

Copyright © 2013 by Nikolay Nikov

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Table of contents

1. Motivation-the art of management and doing business

2. Not taking immediate decisions is one of the most distractive acts of behavior in the course of management of any business entity

3. How to handle the crisis conditions, low or no incomes, extremely huge obligations and high current outcomes?

4. Is there a recipe how to reach your business goals?

5. Consumption-the very basic necessity for every economy

6. The concept of help does not exist in business

7. Blowing money on a luxury lifestyle is often a better investment than anything else

8. Cost management

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HOW TO HANDLE THE CHALLENGES OF THE NEW AGE

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MOTIVATION – THE ART OF MANAGEMENT AND DOING BUSINESS

The only proper measure of managers’ performance is the level of motivation of their subordinated employees. People, in the world of business, mean resources requiring most of the attention, understanding and investments. This is simply because human resources are the heart, the core and the reason for any organization to exist and therefore the success of any business model depends mostly on the level of motivation of people doing it. How do managers achieve this? All they need to do comes down to a couple of main considerations: 1) never neglect the importance of motivation, being the necessary core knowledge for any individual pretending to be a manager and 2) get as much education on this subject as possible and follow the very basic rules as outlined further down in this article.

Management means getting things done through the available people and recourses. We also know that a man alone can hardly do much more than go to the toilet. In order to get anything done within an organization any manager needs people. Otherwise, the scale of the operation cannot exceed the size of a bakery shop. If you do not have capable and most of all motivated people, then anything that the company possesses such as systems, market share and know- how becomes absolutely irrelevant. Therefore, in instead of using to use systems, get things done and generally achieve goals managers must build, maintain, develop and retain capable human resources. The key for achieving this is a proper motivation. Managers should then be mainly appraised upon the level of motivation of their employees.

Why the success of motivation is so important and human recourses require most of the attention, understanding and investment? One could think, of course, that once processes are in place, rules and procedures established, job functions strictly defined, trainings provided and generally business processes channeled, employees are easy to fit and even replaceable when necessary. Therefore, the arising risk out of stuff leakage is eliminated. This is partly true because all of the above represent the main organizational necessity for any organization to function; however if the emphasis is not on motivation, the failure is guaranteed at any given point of time. The only thing that qualifies people is their motivation to do so. For example, who has better chances to become a great champion of martial arts - a talented, physically and mentally strong individual or an invalid person? The answer is clear – whoever has the motivation and desire to do so.

There are hundreds of cases where people with serious obstacles achieve far more than many others. For instance, Remie Burke, the President of the Suriname Boxing Association, had his right hand paralyzed as a result of a car accident, and, even so, the remarkable fighter has plenty of outstanding achievements, some of them being: "On 9th and 10th of November 2007 he entered the Pan American Internationals, organised by Prof Manny Reyes. He competed again in his favorite division continuous-fighting and became second at Heavy weights.

March 8th, 2008 Remie competed at Nisei Goju Florida State Championships, organised by 9th Dan Herbie Thompson and was 1st in Extreme Weapons and 1st in Continuous Sparring for the Masters division" How many other people, who are physically superior have not achieved even a single bit of what this great hero, Remie Bruke has done? If you were looking to invest in talent development, who would you select – a talented, young individual with full physical capacity or someone like Remie Burke? The answer is clear – whoever has the necessary motivation to do so.

I personally do not believe that the most important advantage is genetically transmitted and financial inheritance because nothing can beat the motivation. It is true that talented individuals can achieve things with far less efforts than others. But if they do not initiate activities with persistence they will sooner or later, be put behind by others who do not possess such advantages, but simply have motivation.

The above can be proven even mathematically. For example, if a car runs at a constant speed of 100 km/h and stops two times in a distance of 10 km only for seconds, the average speed becomes 50 km/h. Imagine that you drive a brand new Ferrari and embark on a long journey to a seaside resort, together with other people who drive other, far less impressive, vehicles. Let us also