What's business

• What are Goods ?

  physical products: e.g. cars
• What are Services ?


  Services are intangible products: e.g. cleaning services
• What is a Start-up?

  A start-up is a new business enterprise, formed by one or more entrepreneurs
• What is the primary sector and some examples ?

  Extraction of natural resources.

  Eg. Mining, farming, energy extraction
• What is the Secondary sector and some examples ?

   

  Production of finished goods and components

  Manufacturing, food processing, component assembly, raw material processing
• What is the tertiary sector and some examples ?

  • Providing services to consumers and businesses
  • Personal services (e.g. beauticians), retailing, household franchises
• What is the Quaternary sector ?

  • Providing information & ICT
  • Software development, financial services, data processing
• SMART Acronym

   

  Specific

  The objective should state exactly what is to be achieved

  Measurable

  An objective should be capable of measurement – so that it is possible to determine whether (or how far) it has been achieved

  Achievable

  The objective should be realistic given the circumstances in which it is set and the resources available to the business

  Relevant

  Objectives should be relevant to the people responsible for achieving them

  Time Bound

  Objectives should be set with a time-frame in mind. These deadlines also need to be realistic
• What is A Mission Statement ?

  • The overriding goal of the business
  • The reason for its existence
  • A strategic perspective
  • A vision for the future