Interestingly enough this is described on the net wildly as: poetic melding of incentive and motivation as coined by John Howard, the Australian Prime Minister late last century, but failed to grip the national imagination. In marketing this concept it is no longer innovative but strategic in many businesses especially with high employment. After all, how else can a company motivate other than having to raise wages? On the abstract, many in management as well as the academic will tell you it is not all about money alone that will motivate but for the hard core in labor, they will disagree. So, how to go forward?
The incentivation program for those who have experience with it is where products are given as prizes to motivate the employee. For example; points are given as rewards for a number of good deeds. Examples of these are punctuality, zero absenteeism, good dress and manners, sales bonuses, good relationship with co-employees and management, etc. When these are sourced and identified, immediate management within the hierarchy gives out points. These points in their cumulative are summed up to match points in lieu of prices (not prizes) identified in a catalog like in a purchase. For example (in household goods) 100 points for a 10 cubic refrigerator, 150 points for a stove/ oven, etc,. This has proven successful to many companies and yet not a practice in many. Why? Is it because marketing is slow to understand and work for it? Or is the concept too risky and difficult to assess? There are few to my knowledge that could provide this service.
In the Philippines we are more accustomed to Awards. Just like the many golfers who accumulate the never ending award plaques they get when winning in tournaments. For politicians, this is a necessity that can dictate their contributions to their constituents rationalizing their performance. Many an academic require these awards as a stepping stone towards higher positions in their realm if not a testament towards their integrity. In other words, there are many benefits and ideals identified with awards so much so even media who control perceptions require them strategic towards their interests and objectives (yes, awards can also be weaponized).
As to the relevance of this article, have I at least tickled your imagination? As for the small to medium entrepreneurs, should I even consider any of the above? And should I not comprehend the multiple strategic platforms only to dismiss outright, simply because it cannot apply in my situation? Or is it my problem, my short-coming, my inability to think outside of the box?
Whichever way you choose to think, or take advantage of as an entrepreneur, you need to remember its description: a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs.
Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses have to close due to “lack of funding, bad business decisions, an economic crisis, lack of market demand, or a combination of all of these. A broader definition of the term is sometimes used, especially in the field of economics. In this usage, an Entrepreneur is an entity which has the ability to find and act upon opportunities to translate inventions or technologies into products and services: “The entrepreneur is able to recognize the commercial potential of the invention and organize the capital, talent, and other resources that turn an invention into a commercially viable innovation. In this sense, the term “Entrepreneurship” also captures innovative activities on the part of established firms, in addition to similar activities on the part of new businesses.