Business Flashcards
Stages of the business life cycle ?
Seed, start up, growth, maturity, post maturity.
Seed stage ?
Beginning of the cycle, where the business is just an idea.
Start up stage ?
The idea has been developed into products or a service.
Growth stage ?
Movement of the business into an established or expansion state.
Maturity stage ?
Business is at the top of its industry.
Post maturity stage ?
Business may be in a steady state, in decline or in renewal.
Challenges faced in the seed stage ?
Time, energy and money required to develop the idea into a business.
Challenges faced in the start up stage ?
Trying to establish a customer base and presences with their industry.
Challenges faced in the growth stage ?
Over extending resources in the business in order to expand.
Challenges faced in the maturity stage ?
Environmental factors, and changes in society and market conditions.
Challenges faced in the post maturity stage ?
Changing management to present a number of Human Resources and operational challenges.
Strategies for the seed stage ?
Completing a business plan that includes a clear vision; goal and objectives.
Strategies for the start up stage ?
Ensuring stakeholder engagement with suppliers, sources of support and advice.
Strategies for the growth stage ?
Clearly establishing business processes and expectations ensuring all teams are working toward the same goals and objectives.
Strategies for the maturity stage ?
Consider outsourcing or adjusting supplier chains during this stage to reduce operational costs.
Strategies for the post maturity stage ?
Invest in research development or adapt strategies to secure injections of revenue, such as operational costs.
SWOT ?
Strength, weaknesses, opportunities and threats.
Types of businesses ?
Profit based, not for profit, government owned corporation and government enterprise.
Types of ownership structures ?
Sole trader, partnership, private, and public.
Types of environmental factors ?
Internal, external operating and external environment macro.
Internal environment factors ?
Owner/s and management, organisational culture, employees and organisational structure.
External operating environmental factors ?
Customers, interest groups, suppliers and competitors.
External environment macro factors ?
Ethical, socio-cultural, technological, legal, economic, political and environmental.
Difference between a business vision and mission statement ?
A vision is what the business wants to achieve, however a mission statement is how the business is going to achieve it after all.
