Lesson 3 Flashcards
10 key principles:
Scalability
Big Ideas
Systems
Sustainability
Growth
Vision
Purpose
Autonomy
Profitability
Standards
an undertaking by a person or a group of
person 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.
Business creates its own
plan to expand its
economic growth.
Big Ideas
a business is a system in which all
parts contribute to the success or
failure of the whole. In this system,
everything must work together from
employee to president; from
equipment to resources.
.
Systems
-must be dynamic - able to thrive
through all economic conditions,
in all markets, providing
meaningful highly differentiated
results to all of its customers.
Such differentiation is the key to
survival.
Sustainability
is essential in business. Without
continued growth, operations will
stagnate. This can result in
lowered standards of quality for
products or services, decreased
customer service, and poor
employee morale.
Growth
A business must manifest the
higher purpose upon which it
was seeded, the vision 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
owner’s 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
A small business creates a standard against which all
small businesses are measured as either successful,
or not. All small businesses should aim to thrive beyond the standards that formerly existed.
Standard
tools in evaluating a business
1.Use technology to speed up workflow
2. Shorter meetings fuel efficiency
3. Smart office space pays
4. Advertisement
5. Small changes, big savings
6. Keep a firm grip on cash flow
7. Stay connected on the move
8. Use time for efficiently
9. Get the best deal on insurance
10. Don’t be lax with the legal
is what sets your business apart from your
competition.
highlights the benefits a customer receives
when they do business with you.
It could be your products, service,
reputation, or even your location
Competitive Advantage
an advantage occurs when
business is able to offers same products at a lower
price.
Cost Leadership
find attributes that is important
and set them apart from their competitors.
Differentiation
