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Questions and Answers
Every business begins with an ______
idea
In order to be successful in your venture, you are guided by the so-called ______
principles
SCALABILITY refers to the capability of a system, network, or process to handle a growing amount of ______
work
One source of business ideas can be your own ______
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Online retailing platforms like Lazada or Shopee have the capability to expand without significant additional expenses on ______
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Netflix is a business that changed the way people watch television and movies by providing a subscription-based streaming service, offering more control and access to content than traditional networks. Ideas are important, Don't put your ideas into one basket, keep updating and improving your product to keep consumers interested. In building a business, the interconnection of systems is crucial. Systems demonstrate how different parts of the business work together to achieve success or avoid failures. Within a system, everyone should collaborate from employees to executives, from resources to equipment. When making plans or decisions, it's important that each aspect aligns with one another. Proper distribution of work for more efficiency and avoid ______. DRIVE THRU The McDonald's system emphasizes speed and efficiency in serving customers. Through automated processes and standardized procedures, their crew members focus on their tasks and are able to serve many customers simultaneously without compromising the quality of service. Results of having a systematic procedures results in a smooth and pleasant service experience for the customers often leading to their return to the establishment and recognition.
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Netflix is a business that changed the way people watch television and movies by providing a subscription-based streaming service, offering more control and access to content than traditional networks. Ideas are important, Don't put your ideas into one basket, keep updating and improving your product to keep consumers interested. In building a business, the interconnection of systems is crucial. Systems demonstrate how different parts of the business work together to achieve success or avoid failures. Within a system, everyone should collaborate from employees to executives, from resources to equipment. When making plans or decisions, it's important that each aspect aligns with one another. Proper distribution of work for more efficiency and avoid ______ The McDonald's system emphasizes speed and efficiency in serving customers. Through automated processes and standardized procedures, their crew members focus on their tasks and are able to serve many customers simultaneously without compromising the quality of service. Results of having a systematic procedures results in a smooth and pleasant service experience for the customers often leading to their return to the establishment and recognition.
Signup and view all the answers
Netflix is a business that changed the way people watch television and movies by providing a subscription-based streaming service, offering more control and access to content than traditional networks. Ideas are important, Don't put your ideas into one basket, keep updating and improving your product to keep consumers interested. In building a business, the interconnection of systems is crucial. Systems demonstrate how different parts of the business work together to achieve success or avoid failures. Within a system, everyone should collaborate from employees to executives, from resources to equipment. When making plans or decisions, it's important that each aspect aligns with one another. Proper distribution of work for more efficiency and avoid bottleneck. DRIVE THRU The McDonald's system emphasizes speed and efficiency in serving customers. Through automated processes and standardized procedures, their crew members focus on their tasks and are able to serve many customers simultaneously without compromising the quality of service. Results of having a systematic procedures results in a smooth and pleasant service experience for the customers often leading to their return to the establishment and recognition.
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When making plans or decisions, it's important that each aspect aligns with one another. Proper distribution of work for more efficiency and avoid ______
Signup and view all the answers
In order to be successful in your venture, you are guided by the so-called ______
Signup and view all the answers
Every business begins with an ______
Signup and view all the answers
SCALABILITY refers to the capability of a system, network, or process to handle a growing amount of ______
Signup and view all the answers
One source of business ideas can be your own ______
Signup and view all the answers
SCALABILITY refers to the capability of a system, network, or process to handle a growing amount of ______
Signup and view all the answers
Online retailing platforms like Lazada or Shopee have the capability to expand without significant additional expenses on ______
Signup and view all the answers
One source of business ideas can be your own ______
Signup and view all the answers
The McDonald's system emphasizes speed and efficiency in serving customers. Through automated processes and standardized procedures, their crew members focus on their tasks and are able to serve many customers simultaneously without compromising the quality of service. Results of having a systematic procedures results in a smooth and pleasant service experience for the customers often leading to their return to the establishment and recognition.
Signup and view all the answers
Business ______ come from many sources. Hobbies, interests, and business experiences often give people ______ for new business. It is important to have your own ______ to stand out in the market. Ex. NETFLIX, since people like watching movies in cinema, movie on the go, APPLE INC.
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Study Notes
Creating a Successful Business
- To be successful, a business must have certain principles, tools, and techniques in place.
Ten Principles of Creating a Business
Scalability (Kakayahang Magpalaki)
- Refers to the capability of a system, network, or process to handle a growing amount of work or its potential to be enlarged to accommodate growth.
- Example: Online retailing platforms like Lazada or Shopee, which can expand operations without significant additional expenses on infrastructure.
Big Ideas
- Every business begins with an idea, which can come from many sources such as hobbies, interests, and business experiences.
- Importance of having unique ideas to stand out in the market.
- Example: Netflix, which changed the way people watch television and movies by providing a subscription-based streaming service.
System
- Interconnection of systems is crucial in building a business.
- Importance of collaboration among employees, executives, resources, and equipment to achieve success.
- Example: McDonald's system, which emphasizes speed and efficiency in serving customers through automated processes and standardized procedures.
Sustainability
- A business must be able to harness all economic conditions, in all market settings, providing positive and meaningful quality results to its customers.
- Example: Starbucks, which remains a strong player in the coffee industry despite various economic conditions and market settings.
Growth
- All businesses need internal growth, which requires guidance and determination.
- Example: Jollibee, which fostered a culture of continuous improvement and innovation within the company through comprehensive training programs and encouraging creativity and initiative among employees.
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Description
Test your knowledge on the principles, tools, and techniques involved in creating a successful business venture. This quiz is essential for ABM students looking to enhance their understanding of business creation and success evaluation.
