Question

Maslow's Hierarchy of Needs is always a must in entrepreneurship field. Elaborate and explain why it is necessary and what are the purpose of Maslow's Hierarchy of Needs?

Answer 1

Perhaps the most important thing to take away from Maslow's Hierarchy of Human Needs is his realization that at the lowest levels of the pyramid all human beings begin to fulfill their needs. In short, first we are filling in our lower physiological needs. Needs such as safety, appreciation and social interaction are insignificant when one's drive to survive. What is important to note is that such needs do not arise in an all-or-none fashion; most people in modern society have largely satisfied all their needs, with the lower needs having a higher degree of satisfaction than the higher needs.

Higher-level needs affect future human behavior far more than the needs of the lower-levels. Businesses which can meet human needs on the higher levels of the hierarchy become irreplaceable in their customers ' minds. That's the secret to customer satisfaction. True customer loyalty is not just about getting a customer to choose your brand consistently over another, it's for that same customer to always believe (and tell the world) that your brand doesn't have the same!

Create a "participatory management" model, in which workers are active in the decision-making process, where their feedback is sought and valued. It will result in the true commitment that all leaders need to improve the success of their organization when they believe they are as important as what they do. Leaders often promote a desire for teamwork, but often forget their own role in creating a collective feeling of teamwork that drives success and results. They need to consider and respond proactively to the needs of their stakeholders in terms of physiology, health, belonging and esteem.

The best companies create workforce treated with respect and dignity, where each person feels heard and empowered, where everyone understands their role and how they contribute to something greater than themselves, where there is no fear of taking risks and a sense of ownership. Working to meet these needs helps empower people to become their best selves and makes it possible for companies and brands to excel.