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A successful company starts with a strong “Why”: a reason for being. A “Why” alone is not enough. It needs to connect to the consumer in a direct and resonant way.
One of the most important things a company should emphasize on is the importance of the product or the service that would fulfil the job the consumers hire it for. The second point to note is to avoid the pain the consumers normally suffer wrt that job and also to capture the gains for the consumer.
The following are some of the pointers which could come in handy during the initiation of a company:
For everything a business controls internally, there is a swirling mass of external forces that it can’t control, but needs to be aware of, to anticipate, to mitigate and to capitalize on! We will use two main tools to identify and analyze this external environment: Porter’s 5 forces and PEST. This analysis is what we call “Horizon Scanning”.
Horizon scanning helps in the visualisation of where exactly our business is heading at. Hence horizon scanning considers the political, economical, social and technological aspects of the business along with the competitors; whether they’re smallscale or largescale, whether they’re friendly or hostile, etc
Michael Porter developed a model in 1979 and companies still use it to evaluate an industry, to come up with objectives and strategies to take advantage of key factors and trends – what Porter calls ‘forces’.
He names four main forces that act as inputs:
Leading to the fifth force: Competitive Rivalry: This force is the resultant of all the above forces combined.
PEST is one of the simplest and most effective tools for this macro-environmental analysis. It looks at the political, economic, social and technological trends that affect our market, our customers, our suppliers, our partners and our overall industry. This is to make sure we’re capitalizing on opportunities and adjusting course to potential risks.
Rita McGrath steps in for the big players when it comes to disruption. She gives us a framework that focuses on how companies develop their competitive advantage. She breaks it up into five phases:
Such graphs for many products and processes going on in a company will be formed and will constitute a portfolio.
So we look at our own portfolio of products or services such that we always have a buffer against new entrants and go towards continued profits.
Accounting is about identifying, recording and presenting information; it is the forward scout in your business operations, surveying the landscape, and taking stock of your own position, so you know where you stand, what your weaknesses are, and where you should be allocating your resources.
We generally break down accounting into two main fields:
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