Chapter 3 Flashcards
(12 cards)
Culture:
A company culture and employee behaviour are a reflection of the owner’s personality and values
Values:
- the things in life that are important to you
- serve as guideposts for your actions
- once crystallized, become the basis for your mission statement and goals
Your vision is based on your ______ and _____. It is spelled out in your ______ statement, fleshed out in your _____ and ______, and accomplished through your ______.
- values and beliefs
- mission
- goals and objectives
- strategy
Successful business opportunity is meshed together through what 3 components?
- personal vision
- business mission
- unmet need in the marketplace
7 steps to selecting the right opportunity:
- Identify your business goals.
- Learn more about your favourite industry.
- Identify promising industry segments.
- Identify problems that need solutions.
- Brainstorm for solutions.
- Mesh possible solutions with opportunities in the marketplace - using the matrix grid.
- Take stock and focus on the most promising opportunity.
Test your business idea by exploring 4 themes:
- Personal considerations.
- Marketing considerations.
- Production considerations.
- Financial considerations.
Mission statement:
- statement of your company’s purpose and aims
- answers the 6 Ws:
- what are the products and services?
- who is the expected target customer?
- what industry is it in?
- which markets does it serve?
- what is its major driving force?
- why will this business be successful?
An empowering business mission is:
- inspiring
- connected to your values and vision
- represents the deepest and best within you
- fulfills the contribution your business will make
- deals with your vision and principle-based values
A business strategy:
- a broad program for achieving an organization’s objectives and implementing its vision
- creates a unified organizational direction
- helps determine the nature and direction of the organization
SWOT:
- a business model that helps formulate a business strategy
- an analysis of a company’s internal strengths and weakness + external threats and opportunities
Business model canvas:
A framework of how all the different, interrelated parts of a business work together to create value in the marketplace
9 building blocks of the business model canvas:
- Customer segments
- Value propositions
- Channels
- Customer relationships
- Revenue streams
- Key resources
- Key activities
- Key partners
- Cost structure
