Business sytem,environment and factors

07:21 Prashant Roy 0 Comments

Business:

An organizational entity and legal entity made up of an association of people is known as business. An organization or enterprising entity engaged in commercial, industrial or professional activities. A business
can be a for-profit entity, such as a publicly-traded corporation, or a non-profit organization engaged in
business activities, such as an agricultural cooperative.


Business System:
In business terminology, a business system refers to the value-added chain, which describes the value-added process, meaning the supply of goods and services.in another way we can say that A combination of people and automated applications organized to meet a particular set of business objectives is called business system.

Components of Business System:
There are mainly six components of business system:
1)Vision:business vision needs to be simple, clear and consis.

2)People:People are both, business greatest assets and potential and its greatest labilities also.

3)Data:Data is the nacessary component for the business.

4)Issue:Issues component helps you to compartmentalize all issues in your business system and solve them effectives in order of priority at all levels.

5)Process:Strengthening the process component aids you in creating a scalable,consistent and easier to manage organization thats more profitable.

6)Traction:If you make no other investment of time and energy in your company, commit to locking your leadership team in a room every 90 days for a full dazy and spend that day hashing things out, getting back on the same page, solving issue and deciding what the three to seven biggest priorities are for coming quarter.