Module 3: Human Person and Society

Question 1

PRINCIPLES IN CREATING A BUSINESS

Answer 1

1. Scalability
2. Big Ideas
3. Systems
4. Sustainability
5. Growth
6. Vision
7. Purpose
   8.Autonomy
8. Profitability
9. Standards

Question 2

PRINCIPLES IN CREATING A BUSINESS
____________ is the capability of a company to sustain or improve its performance in terms of profitability or efficiency when its sales volume increases.

Answer 2

SCALABILITY

Question 3

PRINCIPLES IN CREATING A BUSINESS
A business is no more effective than the idea upon which it is built. Business creates its own plan to
expand its economic growth.

Answer 3

BIG IDEAS

Question 4

PRINCIPLES IN CREATING A BUSINESS
A business is a __________ in which all parts contribute to the success or failure of the whole. In this
_________, everything must work together from employee to president; from equipment to resourcesh.

Answer 4

SYSTEM

Question 5

PRINCIPLES IN CREATING A BUSINESS
A business 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.

Answer 5

SUSTAINABILITY

Question 6

PRINCIPLES IN CREATING A BUSINESS
________ 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.

Answer 6

GROWTH

Question 7

PRINCIPLES IN CREATING A BUSINESS
A business must manifest the higher purpose upon which it was seeded, the_______ it was meant to
exemplify, the mission it was intended to fulfil.

Answer 7

VISION

Question 8

PRINCIPLES IN CREATING A BUSINESS
A business is the fruit of a Higher Aim in the mind of the person who conceived it

Answer 8

PURPOSE

Question 9

PRINCIPLES IN CREATING A BUSINESS
A business is not part of the owner’s life, but is, in fact, its own entity

Answer 9

AUTONOMY

Question 10

PRINCIPLES IN CREATING A BUSINESS
A business is an economic entity, driving an economic reality, creating an economic certainty for
the communities in which it thrives.

Answer 10

PROFITABILITY

Question 11

PRINCIPLES IN CREATING A BUSINESS
A business creates a _________ against which all businesses are measured as either successful, or
not. All small businesses should aim to thrive beyond the ____________ that formerly existed

Answer 11

STANDARDS

Question 12

TOOLS, TIPS AND TECHNIQUES IN EVALUATING A BUSINESS
- Businesses should be looking to innovations in technology to solve day-to-day inconveniences and to increase efficiency

Answer 12

USE TECHNOLOGY TO SPEED UP WORKFLOW

Question 13

TOOLS, TIPS AND TECHNIQUES IN EVALUATING A BUSINESS
- Hold a brief meeting standing up, every morning, where each person explains what they are going to work on that day to ensure everyone is on the right track and not wasting time on non-urgent tasks.

Answer 13

SHORTER MEETINGS FUEL EFFICIENCY

Question 14

TOOLS, TIPS AND TECHNIQUES IN EVALUATING A BUSINESS
- Office space can involve a big outlay for SMEs, but it is also an area where some
smarter thinking can make a real difference

Answer 14

SMART OFFICE SPACE PAYS

Question 15

TOOLS, TIPS AND TECHNIQUES IN EVALUATING A BUSINESS
Advertising keeps your business top of mind so consumers think of it when they require or need a service or product

Answer 15

ADVERTISEMENT

Question 16

TOOLS, TIPS AND TECHNIQUES IN EVALUATING A BUSINESS
One way of improving efficiency is for business owners to make small changes to the way they handle their company’s expenses.

Answer 16

SMALL CHANGES, BIG SAVINGS

Question 17

TOOLS, TIPS AND TECHNIQUES IN EVALUATING A BUSINESS
“Cash is King not profit”. Ensure the right management of your inflow and outflow of cash.

Answer 17

KEEP A FIRM GRIP ON CASH FLOW

Question 18

TOOLS, TIPS AND TECHNIQUES IN EVALUATING A BUSINESS
The growing trend towards mobile and flexible working means that employees are permanently connected and on the go

Answer 18

STAY CONNECTED ON THE MOVE

Question 19

TOOLS, TIPS AND TECHNIQUES IN EVALUATING A BUSINESS
Being more efficient is more about being than doing. It’s probably 90% mindset, (Allan, 2013). In addition, “The shorter the amount of time you allow yourself, the more you will get done”.

Answer 19

USE TIME MORE EFFICIENTLY

Question 20

TOOLS, TIPS AND TECHNIQUES IN EVALUATING A BUSINESS
Businesses need insurance because it helps cover the costs associated with property damage and liability claims.

Answer 20

GET THE BEST DEAL ON INSURANCE

Question 21

TOOLS, TIPS AND TECHNIQUES IN EVALUATING A BUSINESS
In the hectic process of starting up a business, the founders often put off sorting out the legal matters until later, or not at all.

Answer 21

DON’T BE LAX WITH THE LEGAL

Question 22

Industry rivalry among companies of the same or related industry is an inevitable part of the business world of any
business size. Intense competition leads to reduced profit potential for companies in the same industry.
Businesses seek constantly competitive advantage.

Answer 22

COMPETITION AND COMPETITORS

Question 23

• 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.

Answer 23

Competitive Advantage

Question 24

FOUR CATEGORIES OF COMPETITIVE ADVANTAGE

Answer 24

COST LEADERSHIP
DIFFERENTIATION
DEFENSIVE STRATEGIES
ALLIANCES

Question 25

FOUR CATEGORIES OF COMPETITIVE ADVANTAGE
an advantage occurs when business is able to offers same products at a lower price

Answer 25

COST LEADERSHIP

Question 26

FOUR CATEGORIES OF COMPETITIVE ADVANTAGE
-Find attributes that is important and set them apart from their competitors.

Answer 26

DIFFERENTIATION

Question 27

FOUR CATEGORIES OF COMPETITIVE ADVANTAGE
used a defensive strategy to distance themselves from competitors.

Answer 27

DEFENSIVE STRATEGIES

Question 28

FOUR CATEGORIES OF COMPETITIVE ADVANTAGE
-advantage of seeking strategic alliance with other within related or within businesses

Answer 28

ALLIANCES