WHAT IS BUSINESS PHILOSOPHY?

 

What is a business?

Business can be defined as a commercial activity which adds value to the society and is exchanged either in goods and or services to make sustainable profit.

 

A business (also known as an enterprise, a company, or a firm) is an organizational entity and legal entity made up of an association of people, be they natural, legal, or a mixture of both who share a common purpose and unite in order to focus their various talents and organize their collectively available skills or resources to achieve specific declared goals and are involved in the provision of goods and services to consumers.  

A business can also be described as an organisation that provides goods and services for human needs.

 

Characteristics of a business

 

1. VALUE:  

You must be adding value or solving a 

problem. As a startup business, if you 

focus solely on money, your business  

will not last but if you focus on the 

value you want to add to the society , 

your business will last.

Even if you are doing the same kind of business with a lot of entrepreneurs, try to be distinct. Even if it is only having integrity that will make you stand out from the crowd, be distinct. Look for the value in a business before you invest in it.  
Carry out proper feasibility studies before you start that business. At a later date, I will write about feasibility studies and how to write yours.

2. PROFIT:  
You must be making some form of 
income. Even if you if you make losses 
at the beginning or during your 
business, you must have it at the back 
of your mind that you are in business 
to make profit, else your business has 
to be a NGO.

3. SUSTAINABILTY:  
One breakthrough is not a business. 
Establish a business that can run 
without your presence. The ability to 
repeat a profitable process on a regular 
basis is what makes a business 
different from a runs man or a chronic 
hustler.

What is a business Philosophy? 

A business philosophy is a set of beliefs and principles that a company strives to work toward. This is often referred to as a mission statement or company vision.   

Sometimes, some business create a set of words different from their vision and mission statement to represent theire business philosophy. It is essentially the company’s operational blueprint. 

The business philosophy explains the company's overall goals and its purpose. The philosophy also outlines the values that are important to the company. 

Once a company creates a business philosophy it must articulate the philosophy to its employees.

 

The business phiosophy for Drumline entertainment is, Creating out-of-the-box content and services.

I can help you design a business philosophy, vision and mission statement for your business. Get in touch; 08028770541