Economics ( module 7)

• Scalability


  Businesses which has a potential to grow
• Big ideas


  Greater opportunities, in creating your business big ideas plays a vital role, adopting to abrupt changes, planning and aligning people to fit in the business
• Systems


  Recognizing small and big parts contributes success and failures to the business, everybody should fit in from the owner to its employee, resources and equipment
• Sustainability


  A business must be powerful able to harness all economic conditions, in all market settings, providing positive and meaningful quality results to its customers
• Growth


  All business need to be growing especially in the internal aspect of business
• Vision


  What do you want your business to be in the future, your very purpose in creating a business
• Purpose


  A business is the results of a big dream in mind of the person who dream for it
• Autonomy


  A business if not part of the owner's life, but in fact, its own entity. A business possesses a life of its own
• Profitability


  A business help economic entity, managing economic reality, creating an economic certainty for the communities in which it thrives
• Standards


  A business creates standard against all businesses measured as either successful or not
• Knowing the 10 principles presented, you can now apply this principles in creating your own business. Remember each business needs guided principles in order to be successful.
• Use capital and cash flow wisely

  Profitability
• Understand organizational structure and design

  Systems
• Build a great staff

  Autonomy
• Have a quality and unique products among competitors

  Standards
• Business owners guide in planning every aspect of the business

  Vision
• Promote your product and services. Remember your business needs your guidance

  Growth
• Respect your customers. They play a vital role in the business

  Sustainability
• Business should fit congruently to then needs of the community. Aligning it is important

  Scalability
• Principles


  Best principles you learn or you can make your own that are most suited to you as an online seller
• Principles

  • Profitability
  • Autonomy
  • Vision
  • Sustainability
  • Purpose
  • System
  • Standards
  • Growth
  • Scalability
  • Big ideas
• Make your hobbies a business

  Big ideas
• How will you rise up from the challenge?
• System


  Helps create an organizational structure and design for the business
• Scalability


  Allows the business to grow and expand
• Profitability


  Measures the success of the business
• Vision

  Guides the planning and direction of the business
• Purpose


  Defines the reason and goal for the business
• Either you should find a cheaper supplier of your food products


  Or differentiate your products from them
• The impact of the Covid-19 pandemic affect economies across the globe, unemployment rate is higher than ever. It means people have less budget to buy even affordable food
• The online takeout and food delivery service market is being compromised by so many competitors. In such competitive environment, it has become difficult for online businesses to vary their products and offer low prices
• PESTLE Analysis

  P - Political

  E - Economics

  S - Social

  T - Technological

  L - Legal

  E - Environmental
• Political Factors

  • Government policy

  Political stability

  Corruption

  Foreign trade policy

  Tax policy

  Labour law

  Trade restrictions
• Economic Factors

  • Economic growth

  Exchange rates

  Interest rates

  Inflation rates

  Disposable income

  Unemployment rates
• Social Factors

  • Population growth rate

  Age distribution

  Career attitudes

  Safety emphasis

  Health consciousness

  Lifestyle attitudes

  Cultural barriers
• Technological Factors

  • Technology incentives

  Level of innovation

  Automation

  R&D activity

  Technological awareness
• Legal Factors

  • Discrimination laws

  Antitrust laws

  Employment laws

  Consumer protection laws

  Copyright and patent laws

  Health and safety laws
• Environmental Factors

  • Weather

  Climate

  Environmental policies

  Climate change

  Pressures from NGO's
• VMOST Analysis


  V - Vision

  M - Mission

  O - Objectives

  S - Strategy

  T - Tactics
• Vision


  The set of ideas that describes what the future should look like