A Specialized Fashion App (Double M)

INTRODUCE
Capital: 1 billion VND
Investment & shares
Two owners
- Advising outfits through the application's receiving system (AI): Customers log in and fill out their information such as height, weight, hobby
and full body identity photos.
Special
- Providing many quality brands so that consumers can choose based on their financial capacity and needs (foreign famous brands, local brands,
Taobao, ...)
- Mainly works on app
Location
- Executive office in Dong Da - Hanoi
General ideas
App's operating time 24/7
Customers The age of 15 to 50 and all genders
Products Clothes, shoes, bags, accessories
Prices Price fluctuations in the range of 50,000 VND to 20 million VND
Brand name Double M (Mix and Match)
Special occasion: Christmas, New Year, Independence Day...
Discount
1/1/, 2/2, 3/3, 4/4, 5/5, 6/6, 7/7, 8/8, 9/9, 10/10, 11/11, 12/12
1. FORM OF OWNERSHIP
(GENERAL PARTNERSHIP)

With general partnership, co-founder will share debts and obligations. Each owner faces
unlimited personal liability for three different things:
Joint liability • Their own actions.
• The actions of a partners bind the partnership.
1.1. • The actions of employees.
General partnership
features
- Unless there is an agreement stating otherwise, both of them will participate in the management.
- Even if there is a partnership agreement limiting the authority of an owner to act on behalf of the partnership, third parties are still justified
Joint authority
in believing that any partner has the complete authority to act on behalf of the partnership and is thereby justified in doing business with
that partner.

- Establishing a partnership is almost as simple as establishing a sole proprietorship, including these steps
below:
+ Two Partners agree to do business together - launch a specialized fashion app.
Simplicity
+ Apply for the necessary business licenses, and get to work.
=> This approach is legal, but it is not safe or sensible. Partners need to protect themselves and the company with a
partnership agreement.
- Income tax is straightforward for partnerships.
Single layer of taxation. - Profit (from accessing to the app, commissions from sellers) is split between two owners based on whatever
percentages they have agreed to.

ADVANTAGES
 - Increase the amount of money to launch, operate, and grow the business.
- Contribute owner's personal money (facilities & staff support).
More resources - Different fields => More chances to call for outlay capital.
For example: the owner Consulting service & Brand contact = high qualifications + real experience
ADVANTAGES => Appeal to the investors' trust to provide capital for the app.
- Individually undertake a certain percentage of operating capital.
- Support each other + employees; and work independently within jurisdiction.
Cost sharing
-The app's platform: Media&Technique (ads, marketing, design, fix, and maintenance) and Consulting service &
Brand contact. => Division of shares. (It could be 40% for the first session, and 60% the rest)
- Partner 1: marketing and customer service expertise; partner 2 design and create online apps
=> Can collaborate and broaden their mind by learning about each other's professions.
Broader skill and
1.2. - To develop the app to become increasingly popular, partners must be knowledgeable in other areas: fashion (for
experience base
Advantages and example, keeping up with global fashion trends) or online selling, photography, etc.
disadvantages of => Skills and experiences would likely be quick-broaden.
general partnership - Forming a partnership improves the organization's prospects of long-term viability (as it isn't complicated at all to
add new partners or end contracts with existing partners.)
Longevity
For example: If a partner leaves or ends cooperation, the partnership can continue to look for a replacement that
shares the same characteristics, has suitable skills and experiences, and career path as the rest of the team.
-A business is in financial trouble, all partners are responsible for the debts and losses incurred.If your partners
cannot pay the debts, you will be responsible for this.
For example: the layout of your app is not beautiful, updating features is slow, not meeting customer's needs. This
Unlimited liability will reduce competition with other businesses and may even lead to the loss of business partners, causing great
damage to the business, which will be shared equally among the partnerships but your partners have no assets, you
may have to settle 100% of the partnership's debts and need to sell your assets to do . As a result, partois' personal
assets may be at risk of being seized by creditors.
- The difference of opinion, disagreement between the partners increases, may cause many difficulties in running the
DISADVANTAGES app smoothly.
For example: when discussing a strategy to develop an app business, this partner wants to cooperate with famous
Potential for conflict Brands such as Luis Vuitton, Prada, Hermes,... This contributes to the reliability of the app. . Meanwhile, the other
partner opposed that idea, saying that cooperating with such big brands would cost a lot to promote their product's
image. Each partner has their own point of view and everyone defends their view, which does not take much time to
make a final decision, but also causes internal conflicts.
- Consider bringing in an additional partner, replacing a partner, and terminating a partner who is unable or
Expansion, succession,
unwilling to meet the expectations of the joint organization.
and termination issues
=> There must be clear plans and expectations for addressing them.
- The indispensability of partnership agreement: Maximine the advantages & Minimize the potential disadvantages.
- Agreement for Double Mb :
+ Investment percentages: 40% and 60% respectively of each owner.
Agreement + Profit-sharing percentages: corresponds to the percentage of investment (can be 40:60 ratio)
+ Management responsibility & Decision-making strategies: equality between owners (50/50). The advice and opinion of owners will be
obtained in a practical way.
+ Oweners' expectation: Adopt and meet the appropriate expectation which brings high value for the app Double M.

1.3.
Keeping it together: the
partnership agreement
 1.3. 1. Voluntary Withdrawal of a Partner: Any partner will have the right to voluntarily withdraw from the partnership at any time. Written notice
Keeping it together: the of intention to withdraw must be served upon the remaining partner at least three months prior to the withdrawal date. The voluntary withdrawal
partnership agreement of a Partner will probably result in the dissolution of the Partnership. Therefore, the voluntary withdrawal will only withdraw in good faith and
will act to minimize any present or future harm done to the remaining partner. The withdrawer could offer to sell the remaining owner their share,
and get back the asset or the correct amount for the shares sold.
Exit strategies 2. Involuntary Withdrawal of a Partner: include their risk (mental incapacity; disability preventing reasonable participation in the partnership;
incompetence; and breach of an agreed obligation. The withdrawer sell the remaining owner their share, get back the asset or the correct amount
for the shares sold, and pay compensation for breach of liability if any.
3. Adding a new partner: new partner may be admitted into the partnership if satisfy the following criteria: Have the same goal, qualification &
skill, financial capabilities; and Individual who can bring assets to the business

2. MANAGEMENT ROLES, FUNCTIONS AND SKILLS

a. The importance of management:
- Managers create the environment and provide the resources that give employees opportunities to excel in their work.
- Managers effectively and ethically guide their companies and contribute greatly to our standard of living and our economic security.
=> Management is one of the most important functions in society, not just within the sphere of business.

b. All the managerial roles that leaders must play can be grouped into three main categories: interpersonal, informational, and decisional.
* INTERPERSONAL ROLES:
- A manager must play a number of interpersonal roles, including
+ providing leadership to employees
+ building relationships
+ Acting as a liaison between groups and individuals both inside and outside the company (such as suppliers, government agencies, consumers, labor unions, and community
leaders).
- Effective managers tend to excel at networking, fostering relationships with many people within their own companies and within the industries and communities where their
companies do business
2.1.
* INFORMATIONAL ROLES:
The Roles of
- Managers spend a fair amount of time gathering, analyzing, and summarizing information from sources both inside and outside an organization.
Management
- Double M uses an executive dashboard - powerful and clever ways to collect and process information for managers. The executive dashboard provides quick-read summaries of
vital performance variables
- The dashboard analogy is also a good way to think about the information challenges that managers face.
+ Figure out what they need to know and when they need to know it.
+ Monitor more information sources but see fewer details from each one.
+ Communicate information to employees, other managers, and other stakeholders.
- The increasing use of social media for both internal and external communication is changing the nature of the manager’s informational role in Double M.
+ With social media, a more conversational model is emerging, in which more people can participate and communication is more immediate and less formal.
+ The smart use of social media is helping managers learn more from employees and customers and communicate back to these and other stakeholder groups more effectively.
* DECISIONAL ROLES
- Double M's Managers up and down the organizational ladder face an endless stream of decisions.
- Like other companies, one of the most significant changes occurring in Double M in recent years is the effort to push decision-making as far down the organizational pyramid as
possible, giving whichever employees face a particular situation the authority to make decisions about it.
=> This approach not only accelerates and improves workflow and customer service but also frees up higher-level managers to work on more strategic matters.
 Providing for people of all genders, and financial capacities, from 15 to 50 years old in Vietnam with the best quality
Mission fashion product ... AI systems that help them access fashion products and brands, find out the suitable fashion style.
Definding Mission, Vision and
Values Double M's vision is to be the most trusted fashion e-commerce platform that connects customers to both domestic
Vision
and international brands and orients them to the most suitable outfit
Values Honesty, Trust, Constant Improvement, Diversity, Innovation
- Having modern AI systems to identify customers and combine their interests and characteristics to provide the
most suitable outfit.
- Connecting with large quantities of both domestic and foreign brands.
- Categorizing products in accordance with users’ financial capabilities.
Strengths - Saving time: consumers needn't to worry that whether this clothing is compatible with them and whether its quality
is good or not when buying online clothes.
- Taking the advantage of the information technology era, marketing the app through many online networks such as
2.2. Tiktok, Facebook, Instagram, Youtube, etc.
The Planning Function - Collecting profits from both consumers and brands
- the price of goods is higher than the price of goods sold on other e-commerce channels
Weaknesses
- Only sell, exchange with customers via the app
SWOT
- Powerful development of science and technology
- The higher the standards of life, the more crucial fashion's role
Opportunities
- Quickness and convenience in human life

- Increased competition: many apps - many special features => more choices to purchase
EX:
- Increased taxes: Company's business activities involve transporting products from abroad => the increase in import
Threats tax will cause great obstacles => increase costs => reduce profits.
- Economic recession: Covid 19 => caused a serious recession in the world economy => affect people's incomes =>
affect shopping needs => The supply does not change while demand decreases.
- Customers only enter the app to see style advice, then buy things in another app.
1. Top managers (BOD, CEO, VPs): set strategic goals, and have the most power and responsibility
2.3.
2. Middle managers (managers, directors): develop plans to implement the goals of top managers and coordinate the work of first-line managers
The Organizing
Function supervise the operating employees and implement the plans set at the higher management levels (Double M doesn't include First-line managers
3. First-line managers
due to compact size)
 Leadership involves: Cognitive intelligence, Emotional intelligence, Social intelligence

* LEADERSHIP STYLE
Double M follows Democratic leadership (Manager shares decision-making authority, seeking input and inviting subordinates to participate in a coordinated planning process;
group can encourage a change of course if needed).

*COACHING AND MENTORING

Double M deploys Coaching and Mentoring sessions for both managers and employees on a weekly basis.

* MANAGING CHANGE
2.4.
1. Identify everything that needs to change.
The Leading Function
2. Identify the forces acting for and against a change.
3. Choose the approach best suited to the situation.

* POSITIVE ORGANIZATIONAL CULTURE

All members of Double M share joint values, norms, and practices. We build ideal company's culture which is assured to be awared by all the employees.
- Visions & Missions (above)
- People: All 'Double Mees' are treated equally and respectfully
- Community & Communication: We encourage open communication, not leaking information
- Employee performance: All of us maintain a regular 'feedback' routine to make sure everyone on the same board. Also employee evaluations are based on agreed-upon
objectives that have been clearly communicated.
Double M follows the four-step process of control cycle:
1. Establishing Performance Standards
- Managers set standards that is the criteria against which performance will be measured.
+ Top managers: set standards for the organization as a whole
+ Middle and first-line managers set standards based on the overall organizational standards of performance.
- The way to set standards is benchmarking which is comparing a company's key performance attributes with those of industry leaders.
2.5.
2. Measuring Performance
The Controlling
- Double M uses a balanced scorecard, which is a method of monitoring the performance from four perspectives: finances, operations, customer relationships, and the growth and
Function
development of employees and intellectual property.
3. Comparing performance to standards
- If the level of performance falls short, the next step is usually to take corrective action to improve performance.
- If performance meet or exceed standards, no corrective active is required and then continue to monitor performance.
4. Responding as needed
See exhibit: Exhibit for step 4
 Managers of Double M must have interpersonal skills, technical skills, conceptual skills and decision-making skills.
1. Interpersonal skills
- These are the skills that communicate with other people, work effectively with them, motivate them, and lead them.
- As a manager, communication helps him/her perceive the needs of these stakeholders and respond to those needs.
- As the workforce becomes more diverse, managers need to adjust their interactions with others, communicating in a way that considers the different needs, backgrounds,
experiences, and expectations of their workforces.
2. Technical skills
- This kind of skill is the ability and knowledge to perform the mechanics of a particular job.
- Managers at all levels of Double M use administrative skills, which are the technical skills necessary to direct an organization, including scheduling, researching, analyzing data,
and managing projects.
2.6.
3. Conceptual skills
Essential Management
- Managers need conceptual skills to visualize organizations, systems, markets, and solutions.
Skills
- Conceptual skills are especially important to top managers because they are the strategists who develop the plans that guide the organization toward its goals.
4. Decision-making skills
- This is the ability to identify a decision situation, analyze the problem, weigh the alternatives, choose an alternative, implement it, and evaluate the results.
- To make decisions, managers should follow 6 steps:
+ Recognize and define the situation
+ Identify options
+ Analyze options
+ Select the best option
+ Implement the decision
+ Monitor and evaluate the results
3. ORGANIZATION AND TEAMWORK

1. Core competencies: Double M stays focused on suggesting fashional outfit for customers on special apps, rather than becoming a manufacturer.
2. Job responsibilities:
* VP Marketing & Sales: Set up marketing plans on the e-commerce platform, help customers know the special features of the app, provide fashion-related information of local
brands and International Brands.
* VP Production: Develop a plan to promote the development of the company's special merchandise, which is an outfit consulting service for users through the application.
* VP Human Resources: Perform recruitment activities for positions as well as planning compensations and benifits for Double M' staffs
3.1.
* VP IT Security: protecting IT infrastructure, edge devices, networks, and data; Set and implement user access controls and identity and access management systems for the
Designing an Effective
company.
Organization Structure
* VP Finance: analyze data related to profit, the numbers of order form in order to make strategic decisions in the future; manage the financial initiatives, budgeting processes,
and KPI tracking; make sure payroll for staffs.
3. The chain of command
* Span of Management (Exhibition 2): each department has few employees which are reported directly to manager.
* Decentralization: push decision-making authority down to lower
organizational levels
 Organization Structure of Double M is Functional Structure:
- Group employees according to their skills, resource use, and job
requirements.
- Functional subgroup include:
3.2.
+ Marketing & Sales
Organizing the
+ Production
Workforce
+ Human Resources
+ IT Security
+ Finance
- Employees focus on departmental goals, make effort to achieve it.
*Types of Teams
- Problem-Solving Team
A team that meets to find ways of improving quality, efficiency, and the work environment. This is a team that finds and recommends problems Double Ms has, but does not
directly address the problem.
- Self-Managed Team
A team in which members are responsible for an entire process or operation. Example: Human resource department is only responsible for managing the work and members of
this department.
- Functional Team
3.3. Organizing in A team whose members come from a single functional department which is based on the organization’s vertical structure
Teams - Cross-Functional Team : A team that draws together employees from different functional areas
+ Committee
A team that may become a permanent part of the organization and is designed to deal with regularly recurring tasks
+ Task Force
A team of people from several departments who are temporarily brought together to address a specific issue. The members of this team are usually the best in Double M's
departments, capable of dealing with urgent situations.
- Virtual Team
A team that uses communication technology to bring together geographically distant employees to achieve goals. For example, this group will connect the designers with the
image advertising department to be able to attract the most customers.
 * Fostering Teamwork
- Team development
+ Cohesiveness : A measure of how committed team members are to their team’s goals
+ Norms: Informal standards of conduct that guide team behavior
- Team conflict
+ Constructive Conflict ： Brings important issues into the open, increases the involvement of team members, and generates creative ideas for solving a problem
3.4. Ensuring Team + Destructive Conflict ：Diverts energy from more important issues, destroys the morale of teams or individual team members, or polarizes or divides the team
Productivity & - Solutions to Team conflict:
Fostering Teamwork + Proactive attention. Deal with minor conflict before it becomes major conflict.
Strategies + Communication. Get those directly involved in a conflict to participate in resolving it.
+ Openness. Get feelings out in the open before dealing with the main issues.
+ Research. Seek factual reasons for a problem before seeking solutions.
+ Flexibility. Don’t let anyone lock into a position before considering other solutions.
+ Fair play. Insist on fair outcomes and don’t let anyone avoid a fair solution by hiding behind the rules.
+ Alliance. Get opponents to fight together against an “outside force” instead of against each other.
- Unstructured Organization
An organization that doesn’t have a conventional structure but instead assembles talent as needed from the open market; the virtual and networked organizational concepts taken to the e

4. EMPLOYEE MOTIVATION
Maslow’s Hierarchy of Needs
THE BASIC NEEDS OF EMPLOYEES:
- What are their demands?
- Satisfy lower-order needs first.
- As needs change and lower-order needs have been satisfied, create opportunities for employees to satisfy higher-order needs.

4.1. THE EQUALITY IN COMPANY:

What Motivates - Find and correct major inequities.
Employees to Peak - Reduce the input of the staff.
Performance? - Ensure that the resolution of issues related to employees' interests is fair.

EXPECTATIONS IN COMPANY POLICIES:

- Systematically collect information on what employees want from their jobs.
- Giving rewards to active employees with good achievements at work.
- Empower employees to make decisions if management really wants them to believe that their efforts and hard work will bring high quality work.
- During the working process, the employee who is responsible for the job, completes the task excellently, will be promoted to the leader position.
- First concern:
+ As an employee in Double M, your doubt their ability, will not be able to complete the task of consulting and introducing products to customers, and you think that no
matter how hard you try, you cannot succeed. => so have to believe in yourself =>will help you gain experiences, imitate successful models, get encouragement from others, and
4.2. even “motivational self-motivation.” .
Explaining Employee + As a manager of a Double M company, your challenge ensure that employees have the skills they need such as flexibility in work, confidence, good communication, good
Choices behavior and talk be polite to everyone...
- Second concern: As an employee is whether the Double M recognizes and rewards your achievements.You attract more customers to buy the product, make the sales of the
month increase, you complete excellently, you hope that you will receive a reward from the company.
- Third concern is whether the promised reward is something they value.
 *) MANAGEMENT BY OBJECTIVES
- Setting goals: Top managers work with middle managers, and middle managers work with first level managers to develop goals for each team's work. With Doulble M, the company's
- Planning action: Double M managers must determine exactly how their individual and team goals will be accomplished. To ensure that the goals are achieved on time, a schedule is pr
- Implementing plans: Double M managers execute their plans on their own terms and allow them to effectively control their own operations.
- Reviewing performance: After a periodic period, Double M managers review the performance of the teams they monitor and evaluate how the plans are achieving individual and team

*) RISKS AND LIMITATIONS OF GOAL SETTING THEORY

4.3. Goal setting is so powerful for a company that it can go wrong in a variety of ways:
Motivating with - Overly narrow goals: When goals are too narrow, people may miss or intentionally overlook important areas of the goal. For example, merchants trying to meet their quotas may offer
Challenging Goals - Overly challenging goals: Noble goals can inspire great performance, but they can also lead to risky, unethical behavior as employees curtail their ability to achieve goals.
- Inappropriate time horizons: Too much emphasis on short-term performance can detract from long-term performance. This concentration can lead to decisions that can benefit profits
- Unintentional performance limitations: Goals can limit performance potential when employees reach their targets and then stop trying, even though they could go beyond that level if
- Missed learning opportunities: Employees can be so focused on deadlines and other goals that they overlook opportunities to learn, to improve their own skills. This will reduce the te
- Unhealthy internal competition: Goals can pit groups within a company against each other, which can be beneficial if competition is healthy but ultimately harmful if not.
- Decreased intrinsic motivation: Relying too heavily on exterior goals and their
extrinsic rewards can eventually dull the intrinsic motivation to do well for the sake of
the work itself—one of the most powerful and sustainable motivators.
THE JOB CHARACTERISTICS MODEL
- Five core job dimensions on employee motivation and other positive outcomes:
+ Skill variety—the range of skills and talents needed to accomplish the responsibilities associated with the job. The broader the range of skills required, the more meaningful the work
+Task identity—the degree to which the employee has responsibility for completing an entire task. Greater task identity contributes to the sense of meaning in work.
+ Task significance—the employee’s perception of the impact the job has on the lives of other people.
4.4. + Autonomy—the degree of independence the employee has in carrying out the job.
Redesigning Jobs to + Feedback—timely information that tells employees how well they’re doing in their jobs. You can see that some of these dimensions relate to the nature of the work itself and others re
Stimulate Performance - Three critical psychological states:
+ Experienced meaningfulness of the work—a measure of how much employees care about the jobs they are doing.
+ Experienced responsibility for results—the sense each employee has that his or her efforts contribute to the outcome.
+ Knowledge of actual results—employees’ awareness of the real-life results of their efforts.

*) TYPES OF REINFORCEMENT
Reinforcement can be positive or negative.
Positive reinforcement:
4.5. - Provides pleasant consequences for specific actions or behaviors that those behaviors will be repeated. Employees who receive positive reinforcement for one type of behavior are mot
Reinforcing High- - Some form of incentive monetary payment or other valuable rewards, as a positive reinforcement to motivate employees to achieve specific performance goals.
Performance Behavior - Positive reinforcement can encourage bad behavior, so it doesn't have to be good. For example, if an employee receives praise for harming someone else's work in order to get his or he
Negative reinforcement: also encourages a particular behavior to be repeated, but it does so through the reduction, elimination, or absence of unpleasant outcomes.
*)UNINTENDED CONSEQUENCES OF REINFORCEMENT
Reinforcement sounds simple, but its impact is huge. Managers must constantly be alert to the unintended consequences of incentives and other reinforcement efforts. Therefore, before
 - PROVIDING TIMELY AND FREQUENT FEEDBACK:
+ Application interface, fashion trends and new items need to be constantly updated, so managers must prioritize answering questions as well as quickly commenting on ideas in
all projects for employees.
+ We should avoid no feedback situations and let staff wait too long, because No response is a factor that make an bad effect on employees' motivation and even interrupt
projects.
+ The feedback should be constructive to assess their own performance and make improvements if necessary.
- MAKING IT PERSONAL
+ We regularly conduct internal surveys to get to know employees as individuals and to understand what is important to each person.
+ We give each employee the rewards and feedback that spur him or her to peak achievement as much flexibity as we can such as offering employees the cash equivalent of paid
time off if they prefer money over time.
+ Managers need to give everyone an equal shot at opportunities, but as much as possible, company should let employees choose which opportunities and rewards they want to
4.6.
pursue.
Motivational Strategies
- ADAPTING TO CIRCUMSTANCES AND SPECIAL NEEDS
Ensure the morale of employees in all situations, even when the company faces difficulties
- ADDRESSING WORKPLACE NEGATIVITY
+ Minimizing conflicting situations and negative behavior in the company such as old and new people, jealousy at work, bad-mouthing colleagues.
+ Managers often pay attention to these problems to staffs feel cared about in the workplace and thereby increase work performance.
- BEING AN INSPIRING LEADER
+ The company always chooses to trust talented and responsible people to take up management positions that can set an example for our employees.
+ We regularly organize sharing sessions for employees to learn more from their managers.
- MOTIVATING YOURSELF
The company cooperates with a number of units to create short-term training sessions on life and work skills to help employees see their own responsibilities and self-motivate to
work.