DEPARTMENT OF PROFESSIONAL PSYCHOLOGY

PRINCIPLES OF MANAGEMENT

ASSIGNMENT 3

SUBMITTED BY: RAHMA KHAN

ENROLLMENT NUMBER: 01-171212-054

SUBMITTED TO: SIR NASIR MEHMOOD

DATE: 12-06-23
Q 1: lan, Mary and Rhand were worried before starting the new business and quitting their

previous jobs Identify what needs (according to Maslow's Hierarchy of needs) caused each of

their worries?

According to Maslow's Hierarchy of Needs, the worries of lan, Mary, and Rhand can be linked to

different levels of needs. Here's the analysis:

lan:

lan's concerns about his longer-term security and the well-being of his family can be associated

with the "Safety Needs" level. He is worried about the potential financial risks and lack of

guarantees, such as pension and health provisions, that his current job offers. Taking out

substantial insurance is a way to ensure the safety and security of his family.

Mary:

Mary's worry about leaving her close-knit group of friends at her current company relates to

the "Belongingness and Love Needs" level. She values the social connections and camaraderie

she has with her colleagues. Leaving them would mean losing the sense of belonging and the

support network she has at her present company.

Rhand:

Rhand's concern about giving up her large salary and struggling to make ends meet due to her

recent mortgage can be linked to the "Physiological Needs" and "Safety Needs" levels. She
needs a stable income to meet her basic needs and ensure financial security, which are

essential for her well-being and survival.

It's important to note that these needs can vary for individuals, and Maslow's Hierarchy of

Needs provides a general framework for understanding human motivations and concerns.

Q2: Which needs did they satisfy by starting their own venture? How were they satisfied?

By starting their own venture, lan, Mary, and Rhand were able to satisfy several needs from

Maslow's Hierarchy of Needs. Here's how they were satisfied:

 Self-Actualization Needs:

Starting their own consultancy allowed them to pursue work that truly interested them and

develop their own talents. They had the opportunity to be their own bosses and have control

over the type of work they did. This fulfillment of their personal and professional aspirations

aligns with the self-actualization needs.

 Esteem Needs:

The success and reputation of their business, as well as the increasing number of clients,

contributed to fulfilling their esteem needs. They experienced a sense of accomplishment and

recognition for their work. The growth and expansion of their company were evidence of their

competence and ability to create a thriving business.

  Belongingness and Love Needs:

Although Mary initially had concerns about leaving her close-knit group of friends at her

previous company, lan assured her that true friends would stay in touch. By establishing their

own business, they created a supportive and collaborative environment within their own team,

satisfying their need for belongingness and love.

 Safety Needs:

While lan initially worried about the longer-term security and guarantees provided by his

previous employer, the success and growth of their consultancy business would have likely

addressed those concerns. As the company became more successful and expanded, lan's

financial security would have been strengthened, fulfilling his safety needs.

 Self-Esteem Needs:

The success of their venture, the positive reputation they built, and the potential for further

growth and development allowed lan, Mary, and Rhand to fulfill their self-esteem needs. They

gained confidence and a sense of accomplishment through their own business's achievements.

Starting their own venture provided lan, Mary, and Rhand with the opportunity to satisfy

higher-level needs such as self-actualization and esteem, while also addressing their lower-level

needs such as belongingness, love, and safety.

Q3: Although their business was a success out what would you do in such a risky situation?

What needs would you compromise and which are the ones you would strive for? Answer by

keeping in minds the relates and practicalities of life?

In a risky situation where starting a business entails potential uncertainties, it's important to

make informed decisions while considering the practicalities of life. Here's a possible approach:

Assess the Risks: Evaluate the potential risks and challenges associated with starting a business,

such as financial instability, market competition, and the demands of entrepreneurship.

Understand the probability of success and failure, and identify potential mitigations for the risks

involved.

Compromise: In such a situation, it might be necessary to compromise certain needs

temporarily to mitigate risks and ensure a more stable foundation for the business. This could

involve sacrificing some immediate gratifications or desires in order to prioritize long-term

sustainability.

Safety Needs: Given the financial risks involved, compromising immediate financial security

may be necessary. This could involve cutting personal expenses, setting aside a financial safety

net, or exploring part-time employment or freelancing opportunities to supplement income

during the initial stages of the business.

Belongingness and Love Needs: Starting a business can be time-consuming and demanding,

often requiring significant dedication and focus. It may be necessary to compromise on social

and personal relationships temporarily, ensuring that the primary focus is on establishing and

growing the business. However, maintaining open communication and seeking support from

close friends and family can still contribute to meeting these needs to some extent.
Strive for Fulfillment: While compromising certain needs may be necessary in the short term,

it's important to strive for their eventual fulfillment as the business stabilizes and grows. As the

business becomes more successful, efforts can be made to address the compromised needs.

Self-Actualization and Esteem Needs: The ultimate goal should be to create a successful

business that not only provides financial stability but also allows for personal growth and

fulfillment. As the business progresses, the focus can shift towards pursuing one's passions,

leveraging expertise, and gaining recognition for achievements, fulfilling self-actualization and

esteem needs.

Belongingness and Love Needs: As the business stabilizes and more resources become

available, efforts can be made to reestablish and nurture social connections. Building a

supportive network within the business, as well as maintaining relationships with close friends

and family, can help meet these needs.

Striking a balance between compromising certain needs temporarily and striving for their

fulfillment in the long term is crucial in managing risks and ensuring overall well-being while

pursuing entrepreneurial ventures. It's important to adapt and adjust strategies based on the

specific circumstances and practicalities of life.