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What is a Business? What does/should it do? How does it do it? What are businesses looking for in an employee?. Simplified. Basic Answers.

brendan-huber
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Simplified

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  1. What is a Business? What does/should it do?How does it do it?What are businesses looking for in an employee? Simplified

  2. Basic Answers • A business is a group of people working together with a set of processes to accomplish a specific goal in a specific and, often, dynamic market. These groups and processes are constrained and/or guided by dynamic organizational and governmental structures. • The end goal in business is to produce the correct product such that value to the customer of a product, as seen by the customer, is greater than the value provided by the competitions’ product, and is priced such that other stakeholders can be satisfied, including a profit sufficiently large to satisfy owners in the short and long term. • Profit is obtained by producing and selling the correct product ethically and legally. • What do employers want in an employee: • Specific Discipline Skills, Solid Analytic and Communication Skills, Productivity, Proactive worker/learner, Teamwork, Integrity, Can do Attitude

  3. Words Defined • Process: a structured, measured set of activities designed to produce a specific output. • Product: good and/or service (tangible and intangible characteristics) • Correct Product: Provides more value to your targeted customer than your competition at a price that provides enough revenue to satisfy the wants and needs of the other five stakeholders. Have to be stakeholder centric to achieve this balance. • Value: what a person gives up for what they receive. Time, money, effort… • Six Stakeholders: Owners/stockholders, employees, suppliers, customers, community, environment.

  4. Porter’s Value Chain Organized How

  5. Alternative View Information Systems High Level Management Finance Accounting HRM R&D/Engineering SCM Correct Product to Customer Operations Mgt: Production & logistics Marketing Original by Tom Bundi: Tom is an U of I business alumni who started his career working for Boeing as a process manager. He took that knowledge and is now buying, fixing, and then selling companies. He is very successful.

  6. Success Rests On • Having the correct adaptable Mission, Vision, and Strategy (MVS). (high level goals) • Being able to operationalize MVS better than we did yesterday • Basing MVS and operationalization on tools that define and ‘formas’ that mitigate risk. • Risk is driven by variability, therefore theory and tools that define, leverage, or help eliminate variability • Risk/variability/ambiguity increase in a firm as you get closer to product production, the customer, or the environment

  7. Questions to Answer in order to Achieve Continuous Improvement Relative to a Goal Related to Obtaining the Correct Product • Where are we? • Why are we there? • Where do we want/need to be? • How should/do we get to where we want/need to be? • Is it worth going to where we want to go?

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