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Created with Fabric.js 1.4.5 The Golden Components of Business By: Rotem Haber When a business is first established,it is established around a certain goal, |or a vision. A vision is the purpose or reasona business is founded, and is needed tobe fulfilled and achieved in order for the business to succeed. A businesss vision can varyin the amount of challenge, and often set by the manager/ owner of the business. Having a vision is crucial for any business, whether it is a sole- proprietorship or a corporation;a vision is a starting point, from which thebusiness starts and which it aims to achieve,and thus acts as adriving force,encouraging the business to develop and expand itselfand keeping the crew determined and alert. The vision is then divided into goals,which will help achieve it in the long term,and in order for the business to be organized andfor its members to be on the same page asfor the pace of development of the business. In order to establish and run a business,there must be resources, whether they are tangible resources,such as natural resources which are used to make products(e.g. oil, lumber), or intangible resources, such as human resources (e.g. creativity, teamwork). Resources are an important component to a businessas they are used to produce the product or service the business provides. Also, resources can be animportant component to a businesss success,if they are unique to it and cannot be imitated,and thus create a reputation and competitive advantage.For example, Coca- Colas recipe for their coke is extremely confidential,land almost no one in the world knows it.This grants Coca- Cola a competitive advantageas their drink is unique to them, and cannot be copiedby any other company or individuals. One of the most important components of a business is its final outcome- its products. A product can be presented in the form of a good (e.g. Iphone) or a service (e.g. haircut) that answers the need or demand of a target group, and must have an added value in comparison to competing products.So why are products, which we find so simple and are present in our everyday lives, so important to businesses?There are many reasons, more than you might have thought: first, without a product to sell, a business has nothing to make profit from,and therefore it will eventually close. Second, a good product,or a well- advertised one can be a businesss key to successand fame,if it succeeds. In order to succeed, a product must havegood quality and be well advertised.This will eventually result in attraction of customersand creation of sustained loyalty from them,if future productscontinue in that path; the better quality the products have, the more loyalthe customers will be to the business. In order for a business to function efficiently, it must havea clear organizational structure. An organizationalstructureof a business sets the roles for each part of the business, from owner to the simplest employee. Having an organizationalstructure is mandatory for each business as it keepsits internal processes organized, as each person knowswhat his / her job is and thus prevents interfering of people in others work, preventing confusion and disorder. Copyright Delicate Fortress Creations Vision Resources Organizational Sturcture Product Organizational Sturcture
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