Lesson: Industry and Environmental Analysis - Identification of Business Opportunities Flashcards
10 key principles
Scalability
Big Ideas
Systems
Sustainability
Growth
Vision
Purpose
Autonomy
Profitability
Standards
an undertaking by a person or a group of persons or a group of persons whose main objective is to earn profit for the owners.
Scalability
a business is no more effective than the idea upon which it is built.
Big Ideas
which all parts contribute to the success and failure of the whole.
Systems
-must be dynamic - able to thrive through all economic conditions, in all markets, providing meaningful highly differentiated
results to all of its customers.
Sustainability
is essential in business. Without continued growth, operations will stagnate.
Growth
A business must manifest the higher purpose upon which it
was seeded. It was meant to exemplify the mission it was intended to fulfill.
Vision
A business is the fruit of a Higher Aim in the mind of the
person who conceived it.
Purpose
A business is not part of the
owners life, but is, in fact, its own entity.
Autonomy
A business is an economic entity, driving an economic reality, creating an economic certainty for the communities in which it thrives.
Profitability
which all small businesses are measured as either successful, or not. All small businesses should aim to thrive beyond the standards that formerly existed.
Standards
10 tools:
Use technology to speed up workflow
Shorter meetings fuel efficiency
Smart office space pays
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Small changes, big savings
Keep a firm grip on cash flow
Stay connected on the move
Use time for efficiently
Get the best deal on insurance
Don’t be lax with the legal
Hold a brief meeting standing up, every morning, where each person explains what they are going to work on
Use technology to speed up workflow
Businesses should be looking to innovations in technology to solve dayto-day inconveniences and to
increase efficiency.
Shorter meetings fuel efficiency
an area where some smarter thinking can make a real difference.
Smart office space pays
keeps your business top of mind so consumers think of it when they require or need a service or product.
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One way of improving efficiency is for business owners to make small changes to the way they handle their company’s expenses.
Small changes, big savings
“Cash is King not profit”. Ensure the right management of your inflow and outflow of cash
Keep a firm grip on cash flow