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BUSINESS PHILOSOPHY
Business is a commercial or industrial enterprise and the people who constitute it;
Business - the activity of providing goods and services involving financial and commercial and industrial aspects; "computers are now widely used in business"
business enterprise, commercial enterprise
Business is an organization or economic system where goods and services are exchanged for one another or for money. Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.
1. Business is to make profit for the company’s shareholders.
2. Business is for the benefit of all the company’s stakeholders.
3. Business is for the benefit of the whole community.
4. Business destroys communities.
5. Business brings out the worst in people.
6. Business destroys the natural environment.
7. Business is about risk.
8. Business is about challenge.
9. Business is fun.
10. Business is the best possible way to self–fulfilment.
11. Business makes the rich richer and the poor poorer.
12. Business must be regulated by the state.
13. You have to be ruthless to succeed in business.
Mission
is the broadest and highest level of goals. It defines the basic purpose of the organization and outlines why the organization exists. A mission statement is a declaration of the unique purpose and scope of operations that distinguishes the organization from others of its type.
Your Business Mission Statement is a succinct definition of WHY you’re making the journey.
The most successful company missions are measurable, definable, and actionable project statements with emotional appeal that everyone knows and can act upon.
Business vision
While a business must continually adapt to its competitive environment, there are certain core ideals that remain relatively steady and provide guidance in the process of strategic decision–making. These unchanging ideals form the business vision andare expressed in the company mission statement.
In their 1996 article entitled Building Your Company's Vision, James Collins and Jerry Porras provided a framework for understanding business vision and articulating it in a mission statement. The mission statement communicates the firm's core ideology, generally consisting of the following three components:
1) Core values to which the firm is committed
2) Core purpose of the firm.
3) Visionary goals the firm will pursue to fulfill its mission.
The firm's core values and purpose constitute its core ideology and remain relatively constant. The specific phrasing of the ideology may change with the times, but the underlying ideology remains constant.
(Your Business Vision Statement is a detailed description of HOW things will be when you eventually reach your destination. It details WHEN it will be, WHERE you'll be, WHO you'll be with, WHAT you'll be doing and HOW you'll feel about it.
A vision is a vivid mental image of what you want your business to be at some point in the future, based on your goals and aspirations. Having a vision will give your business a clear focus, and can stop you heading in the wrong direction.)
are a few values (no more than five or so) that are central to the firm. Core values reflect the deeply held values of the organization and are independent of the current industry environment and management fads.
One way to determine whether a value is a core value that is to ask whether it would continue to be supported if circumstances changed. If the answer is that it would be kept, then it is a core value. Another way to determine which values are core is to imagine the firm moving into a totally different industry. The values that would be carried with it into the new industry are the core values of the firm.
Core values will not change even if the industry in which the company operates changes. If the industry changes so that the core values are not appreciated, then the firm should seek new markets where its core values are viewed as an asset.
For example, if innovation is a core value but then 10 years down the road innovation is no longer valued by the current customers, rather than change its values the firm should seek new markets where innovation is advantageous.
The following are a few examples of values that some firms have chosen to be in their core:
· excellent customer service
· pioneering technology
· creativity
· integrity
· social responsibility
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