BUSINESS ESSENTIALS

Definition: A company limited by shares is a company in which the shareholders own shares, which represent a portion of the company’s ownership. The shareholders are responsible for limiting the company’s liability to their investment in the company. Key Features: 1. Shareholder Liability:– Shareholders are not personally liable for the company’s debts beyond their investment.- […]

Blue Ocean Strategy The blue ocean strategy is a marketing strategy that focuses on creating a new market space that is uncontested and profitable. It involves identifying the factors that drive customer demand and then creating a product or service that meets those needs better than existing offerings. Key Principles: 1. Identify the Factors That […]

Value Proposition A value proposition is a clear, concise statement that describes the unique value and benefits your product or service offers to your target audience. It is a statement that explains why your offering is different from the competition and why it is valuable to customers. Key Elements of a Value Proposition: 1. Target […]

The Employer Identification Number (EIN) is a unique nine-digit number issued by the United States Internal Revenue Service (IRS) to businesses, organizations, and certain other entities. It is used primarily for tax reporting purposes and is required for many businesses to obtain. Here is a breakdown of the key points about EINs: Purpose: Tax reporting: […]

Rule of Thumb The rule of thumb is a concept that applies a simple, practical formula or estimation based on a readily available number, often 10 or 20, to quickly calculate or approximate a value. Formula: Value = 10 or 20 multiplied by a factor Factor: A factor is a number that multiplies the 10 […]

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Strategic Alliance A strategic alliance is a long-term, non-equity relationship between two or more companies with complementary strengths and goals. The partners agree to work together to achieve mutual benefits. Key Characteristics: Mutually beneficial: Partners contribute unique strengths and resources to the alliance, creating value for each other. Long-term: Alliances typically last for several years. […]

Definition: A consortium is a group of companies or organizations that cooperate in an agreement to achieve a shared objective, typically through the sharing of resources, expertise, and knowledge. Key Features: Collaboration: Members work together to achieve a common goal. Shared Resources: Members contribute resources such as equipment, technology, and expertise. Joint Ventures: Consortiums may […]

Definition: Control is the process of influencing or directing behavior, activities, or systems to attain a desired outcome. It involves the establishment of standards, procedures, and mechanisms to monitor and adjust actions to ensure that objectives are met. Types of Control: Direct control: Exercise of direct authority over individuals or processes. Indirect control: Influence over […]

Definition: A feasibility study is a comprehensive analysis that assesses the viability of a proposed project or business venture. It examines various factors to determine whether the project is technically feasible, economically viable, and socially acceptable. Purpose: To determine the feasibility of a project or business venture To identify potential challenges and opportunities To provide […]