Business
Essay title: Business
Business is a major role within our society today it exist all around us, over the generations business has become more creative and competitive this therefore
Also shapes our community. As a business we try to satisfy the need of customers but customers cannot satisfy there own needs therefore making business
creative and competitive in every aspect.
Business is a way for individuals to provide goods or a service to consumers and at the same time produce a profit for themselves.
During the course of this essay I will be describing key points/ facts and also offering my opinion.
One of the first aspects I will be focusing is the definitions of Innovation, Entrepreneurship, Intrapreneurship and a business life cycle.
-Innovation
Innovation is thinking creative thinking as well as creative construction, thinking of new and exciting products or service alter existing products to introduce
something new, From A KEMP I learnt there is no such thing as a real idea and I my opinion that is true for example bottled water was the first idea and now in
Every store we walk into with bottled water there is flavored bottled water right beside it and this is just a idea being innovated to meet customer
Satisfaction and have a variable other than just plain water.
-Entrepreneurship
Entrepreneurship is a person who organizes, operates and assumes the risks in the business venture this also deals with outward thinking, dealing with innovation
-Intrapreneuship
People creating ideas within a business/organization
-Business Life Cycle
Below I have listed the business life cycle along with the reference
Start-up – In this stage the manager attempts to assemble sufficient assets to start a viable business. During this period the fledgling business is vulnerable to failure and income is tight. The manager is often short of capital and know-how but possesses lots of enthusiasm.
Growth – During this period the business tends to expand rapidly in terms of acres of crops, head of livestock, or number of enterprises. The managers skills develop. However, lack of capital may limit growth during this period.
Maturity – During the maturity stage the manager has reached full employment and the size of the business stabilizes. This is often a period of good profits and excess capital. Also, the manager often has highly developed management skills, and concentrates on improving efficiency.
Decline – During this period the manager begins to wind-down the business. Rather than making new investments, the manager utilizes current machinery and facilities until retirement. Surplus capital often exists but labor may be in short supply. Non-business goals receive higher priority.
-The Planning Process
Planning is a process used by managers to identify, classify goals and action for the organization/business, the organizational/business plan that is the result from the planning process from the details of the goals to be attained during this course of action.
The pattern that managers take to reach these decisions and goals is the orginizations/business strategy.
The three stages of the planning process consist of
Determine the organizations/business mission and goals
Define the business
Strategy formulation
Analyze current situation and develop strategies