ⓘ Encyclopedia | Business - idea, interaction networks, sector, Closure, business, Core business, Fayolism, Giving Candy to Strangers, Marketing strategy, OSTO System Model ..

Business idea

A business idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money. An idea is the base of the pyramid when it comes to the business as a whole. The characteristics of a promising business idea are: Unique Innovative Problem solving Profitable A business idea is often linked to its creator who needs to identify the business value proposition in order to launch to market and establish competitive advantage.

Business interaction networks

Business interaction networks are networks that allow businesses and their communities of interest to collaborate and do business online securely via the Internet. Mary Johnston Turner first discussed the concept in a Network World opinion piece in August 1995 and attributed the first advocacy for the concept to the now-defunct BBN Planet, the ISP division of BBN Technologies.

Business sector

In business, the business sector or corporate sector - sometimes popularly called simply business - is "the part of the economy made up by companies". It is a subset of the domestic economy, excluding the economic activities of general government, of private households, and of non-profit organizations serving individuals. An alternative analysis of economies, the three-sector theory, subdivides them into: the primary sector producing raw materials the secondary sector carrying out manufacturing the tertiary sector providing sales and services In the United States the business sector accounted for about 78 percent of the value of gross domestic product GDP as of 2000. Kuwait and Tuvalu each had business sectors accounting for less than 40% of GDP as of 2015. The Oxford English Dictionary records the phrase "business sector" in the general sense from 1934. Word usage suggests that the concept of a "business sector" came into wider use after 1940. Related terms in previous times included "merchant class" and "merchant caste".

Closure (business)

Closure is the term used to refer to the actions necessary when it is no longer necessary or possible for a business or other organization to continue to operate. Closure may be the result of a bankruptcy, where the organization lacks sufficient funds to continue operations, as a result of the proprietor of the business dying, as a result of a business being purchased by another organization and shut down as superfluous, or because it is the non-surviving entity in a corporate merger. A closure may occur because the purpose for which the organization was created is no longer necessary. While a closure is typically of a business or a non-profit organization, any entity which is created by human beings can be subject to a closure, from a single church to a whole religion, up to and including an entire country if, for some reason, it ceases to exist. Closures are of two types, voluntary or involuntary. Voluntary closures of organizations are much rarer than involuntary ones, as, in the absence of some change making operations impossible or unnecessary, most operations will continue until something happens that causes a change requiring this situation. The most common form of voluntary closure would be when those involved in an organization such as a social club, a band, or other non-profit organization decide to cease operating. Once the organization has paid any outstanding debts and completed any pending operations, closure may simply mean that the organization ceases to exist. If an organization has debts that cannot be paid, it may be necessary to perform a liquidation of its assets. If there is anything left after the assets are converted to cash, in the case of a for-profit organization, the remainder is distributed to the stockholders; in the case of a non-profit, by law any remaining assets must be distributed to another non-profit. If an organization has more debts than assets, it may have to declare bankruptcy. If the organization is viable, it may reorganizes itself as a result of the bankruptcy and continue operations. If it is not viable for the business to continue operating, then a closure occurs through a bankruptcy liquidation: its assets are liquidated, the creditors are paid from whatever assets could be liquidated, and the business ceases operations. Possibly the largest "closure" in history but more closely analogous to a demerger was the split of the Soviet Union into its constituent countries. In comparison, the end of East Germany can be considered a merger rather than a closure as West Germany assumed all of the assets and liabilities of East Germany. The end of the Soviet Union was the equivalent of a closure through a bankruptcy liquidation, because while Russia assumed most of the assets and responsibilities of the former Soviet Union, it did not assume all of them. There have been issues over who is responsible for unpaid parking tickets accumulated by motor vehicles operated on behalf of diplomatic missions operated by the former Soviet Union in other countries, as Russia claims it is not responsible for them. Several major business closures include the bankruptcy of the Penn Central railroad, the Enron scandals, and MCI Worldcoms bankruptcy and eventual merger into Verizon.

Core business

The core business of an organization is an idealized construct intended to express that organizations "main" or "essential" activity. The corporate trend in the mid-20th Century, of acquiring new enterprises and forming conglomerates, enabled corporations to reduce costs funds and similar investment vehicles, and sometimes the following of a popular trend among corporate management seeking to appeal to current and impress investors. Core business process means that a businesss success depends not only on how well each department performs its work, but also on how well the company manages to coordinate departmental activities to conduct the core business process, which is; 1. The market-sensing process Meaning all activities in gathering marketing intelligence and acting on the information. 2. The new-offering realization process Covering all activities in research, development and launching new quality offerings quickly and within budget. 3. The customer acquisition process all the activities defining the target market and prospecting for new customers 4. The customer relationship management process all the activities covering building deeper understanding, relationships and offerings to individual customers. 5. The fulfillment management process all the activities in receiving and approving orders, shipping out on time and collecting payment. To be successful, a business needs to look for competitive advantages beyond its own operations. The business needs to look at the competitiveness value chain of suppliers, distributors and customers. Many companies today have partnered with specific suppliers and distributors to create a superior value delivery network.


Fayolism was a theory of management that analyzed and synthesized the role of management in organizations, developed around 1900 by the French management theorist Henri Fayol. It was through Fayols work as a philosopher of administration that he contributed most widely to the theory and practice of organizational management.

Giving Candy to Strangers

Growing Your Business Can be as Fun & Easy as. Giving Candy to Strangers, Tips for Creating Abundance through Heart-Centered Sales is a self-help book about running businesses. The book was written by creative director Stan Holden, who has been featured on the PBS TV show, The American Health Journal. Giving Candy to Strangers contains information about creating relationships on social media, how emotions play into the process of sales, mixing business with pleasure and creating connections without an agenda. The foreword was written by Kevin Sorbo. When Holden started writing Giving Candy To Strangers he decided to design the cover himself because of his experience as a graphic artist.

Marketing strategy

Marketing strategy is a long-term, forward-looking approach overarching plan with the fundamental goal of achieving a sustainable competitive advantage. Scholars continue to debate the precise meaning of marketing strategy. Consequently, the literature offers many different definitions. On close examination, however, these definitions appear to centre around the notion that strategy refers to a broad statement of what is to be achieved. Strategic planning involves an analysis of the companys strategic initial situation prior to the formulation, evaluation and selection of market-oriented competitive position that contributes to the companys goals and marketing objectives. Strategic marketing, as a distinct field of study emerged in the 1971s, and built on strategic management that preceded it. Marketing strategy highlights the role of marketing as a link between the organization and its customers.

OSTO System Model

The OSTO System Model is based on the OSTO System Theory, which comprehends complex systems and organizations as living systems and maps these by means of the OSTO System Model. The model is cybernetic in nature and is deduced from the theory of closed loops. The basics of this theory have been formulated by David P. Hanna in the 1980’s and have been published initially in 1988. The model assumes that several central transformation processes take place on the inside of a complex organization. These are deeply influenced by mutual reactions between the inner life of the organization and the outside. In terms of closed loop theory, the OSTO System Model depicts the essential elements of such a living system in its interconnectedness, dependencies, and reciprocal reactions. Thinking in network structures is, thus, a crucial part of the OSTO System Theory. The acronym" OSTO” stands for o pen, s ocio t echnical, e conomic German:" oekonomisch” aspects of a system. With regard to organizations and economically working companies, the model takes into consideration the openness of systems towards their environments as well as the fact that they are multidimensional, socio-techno-economic structures. Taking into consideration these four aspects, the model displays the complexity of such a system in its numerous dimensions.

Performance effects

Strategy researchers want to understand differences in firm performance. For example, what can explain performance differences between Toyota’s cars business and Samsung’s mobile phones business? Studies show that just three effects account for most performance differences between such businesses: the industry to which a business belongs, the corporation it is part of, and the business itself.

Registered office

A registered office is the official address of an incorporated company, association or any other legal entity. Generally it will form part of the public record and is required in most countries where the registered organization or legal entity is incorporated. A registered physical office address is required for incorporated organizations to receive official correspondence and formal notices from government departments, investors, banks, shareholders and the general public.

Religion and business

Religion and business have throughout history interacted in ways that relate to and affected one another, as well as influenced sociocultural evolution, political geographies, and labour laws. As businesses expand globally they seek new markets which leads to expanding their corporation’s norms and rules to encompass the new locations norms which most often involve religious rules and terms.

Time management

Time management is the process of planning and exercising conscious control of time spent on specific activities, especially to increase effectiveness, efficiency, and productivity. It involves a juggling act of various demands upon a person relating to work, social life, family, hobbies, personal interests and commitments with the finiteness of time. Using time effectively gives the person "choice" on spending/managing activities at their own time and expediency. Time management may be aided by a range of skills, tools, and techniques used to manage time when accomplishing specific tasks, projects, and goals complying with a due date. Initially, time management referred to just business or work activities, but eventually the term broadened to include personal activities as well. A time management system is a designed combination of processes, tools, techniques, and methods. Time management is usually a necessity in any project development as it determines the project completion time and scope. It is also important to understand that both technical and structural differences in time management exist due to variations in cultural concepts of time. The major themes arising from the literature on time management include the following: Creating an environment conducive to effectiveness The related process of reduction of time spent on non-priorities Implementation of goals Setting of priorities

Viability study

This type of report studies a situation for example, a problem or opportunity and the plan for doing something about it, then determines whether that plan is "feasible". This would involve determining whether it is technologically possible to achieve and whether it is practical in the current technological, economical and social scenario. The feasibility report does not provide a simple "Yes" or "No" answer, but is used in the analysis of a decision. It is not just a tool to provide a recommendation, it is also used to gather data and give reasoning behind the recommendation given, to be later used in evaluation. This study is the most important especially to people who plan to start their own business.

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