The best way to learn and develop tools to solve sophisticated business problems, improving your insight into business, is to enroll for a Business Management degree. And yet, you will discover those businesses that concentrate on the greater-good part of things just for the favorable mass media attention. Their motives may not at all be for the greater-good but merely for the primary goal of acquiring a lot more money and awareness. These kinds of business owners and organizations will not proceed exceedingly far. Ultimately, the media, the customers, and the people will catch up with the organization. In the event that the company is not authentic in supplying social value to the community as well as the environment, they are going to be caught in the act. Sooner or later, consumers will begin discovering the company’s true behavior. You can’t cover something forever. In the event that the whole thing is an act, and the organization really wants to keep receiving that favorable mass media attention, then that organization will need to maintain “acting” to obtain that beneficial popularity. Also it becomes demanding to always keep acting continuously.
As I describe in my book, The Art of Startup Fundraising , a business plan is still a must for some scenarios and some reasons. Yet, some may also think that pitch decks and clever presentations may displace them. Every entrepreneur and startup company needs a plan. Before deciding exactly what that looks like and how to create it, there are some critical questions to answer and factors to understand. >From the following example, Yunus created banking and lending facilities in Grameen specifically for the poor villagers. Banking and lending money activities are not new but Yunus was the first to provide such facilities in a rural part of Bangladesh and that is definitely innovation and risk-bearing on his part as a social entrepreneur. In short, innovation need not arise mainly from a new product or service but it could be an old product or service finding a new market for penetration.
Occasionally, U.S. firms successfully use American themes abroad that would not succeed at home. In Japan, Levi Strauss promoted its popular jeans with a television campaign featuring James Dean and and Marilyn Monroe, ho represent the epitome of Japanese youth’s fantasy of freedom from a staid traditional society. The commercials helped to establish Levi’s as the prestige jeans, and status-seeking Japanese youth now willingly pay business management 40 percent more for them than for local brands. Their authentic Levi’s however are designed and mostly made in Japan, where buyers like a tighter fit than do Americans16. Similarly many global brands, such as Nike and Reebok are able to charge premium prices for their products due to the loyal following17. At the same time in the U.S. market, many companies have been quite successful emphasizing their foreign imported image.
A solid plan can help you make sound decisions when you’re first starting out and as you grow. Even down the road, it can help you secure funding from banks and investors. And insurance carriers often want to see your plan before they’ll partner with your agency. Several of my friends have said to me, in recent years, how glad they are that I always took my camera wherever we went, as they have enjoyed looking back at the “good old days” on Facebook. Helping your kids make crafted gifts for Christmas for friends and relatives is a great way to spend Fall evenings together as a family. Here are some ideas on crafts kids can make and give as gifts and enjoy family time as well. The plan below is a sample business plan for GEMINI Insurance Plc. The SBA (US Small Business Administration) offers templates for both traditional business plans and more modern lean startup business plans, with samples to view.
In the beginning of this article, I had stated that the concept proposed by Levitt in 1975 is not only relevant today and will become increasingly more relevant in the future. We are all aware that fast changing technology is bringing about a discontinuous change, that is, change which has no connection to the past. As such, in the future where the competition will come from, one does not know. Emails made fax machines obsolete. Mobile phones are making landlines obsolete. You can watch movies on demand on your TV or mobile phone. Where technology will take us, we do not know. As such, I believe that it will become increasingly more and more important that you define your business in a broad manner based on the benefit that your products of services provide to the end consumer. Exactly, what Levitt suggested in 1975.