Formative assignment
Salma haytham Mohamed 2101737
1-
• Your vision statement gives the company direction. It is the future of the
business, which then provides the purpose. It’s about what you want to become.
• Your mission statement drives the company. It’s the core of the business. From it
stems your company’s objectives and what it takes to reach those objectives.
Ultimately, it shapes your company’s entire culture.
• Examples:
1.Technology Company
Vision: "To create a world where everyone has easy access to technology that
enhances their lives and empowers them to reach their full potential."
Mission: "To design and deliver high-quality, accessible tech products and services that
bring people closer and make everyday tasks easier, enjoyable, and more productive."
2. IKEA's Vision and Mission
Vision: "To create a better everyday life for the many people“. This vision reflects
IKEA's goal to make everyday life easier and more enjoyable by offering products that
are functional, attractive, and accessible to a broad audience.
Mission:
"To offer a wide range of well-designed, functional home furnishing products at prices
so low that as many people as possible will be able to afford them."
2-
• Generate Business Ideas: Think of a product or service that solves a problem or
meets a need.
• Market Research: Analyze the target market, including customer demographics,
competitors, and industry trends to determine feasibility
• Develop Your Brand Identity: Create a logo, brand colors, and messaging to
communicate your business’s personality.
• Develop a Business Plan: Outline your business’s objectives, mission, and
strategies, including product or service descriptions, marketing strategies,
operations, and financial projections.
• Determine Funding Needs: Estimate startup costs, operational expenses, and
growth capital and Funding Options like personal savings, loans
• Register Your Business: File necessary paperwork, register your business name,
and obtain any required licenses and permits.
• Building a Team: Hire and Train Employees: Find the right talent, conduct training,
and foster a culture that aligns with your business values. Ensure that each team
member knows their tasks and accountability.
• Launch Your Marketing Efforts: Start promoting your business and reaching out to
your target audience.
• Set Up Sales Channels: Decide on physical, digital, or a combination of sales
platforms.
• Risk Management: Identify risks (e.g., economic downturns, legal issues) and put
contingency plans in place.
3-
• Technical: Is the project technically feasible? If it is, you should state any
technical risks associates with the project.
• Financial: Is the project financially feasible? This would be especially important if
the cost of the project was material to your company. It is possible that a project
could have a cost that is significant enough to put the entire company at risk. You
may have the ability to budget for the project now, but you might also analyze what
the impact would be of a significant cost overrun.
• Operational: Can you operate the project solution? It is possible that the project
itself is feasible, but you may have significant risk in being able to operate the
solution after the project is over.
• Geographic: Is the project feasible given the physical location of the project team or
the customer?
• Time: Is the project feasible given the amount of time it will require from the
participants? This is a big worry on larger projects. You may have the budget to
execute the project but you may realize you cannot free up the project team for
enough time to execute the project.
• Resource: Do you have the staff, equipment, supplies and other resources
necessary to complete the project?
• Legal: Are there any legal problems that will make this project unfeasible?
• Political: Are there any internal (or external) political problems that will make this
project unfeasible.
4-
• Projects always involve a finite amount of uncertainty (risk) that may
lead to problems and surprises during the project. This requires more
time, energy, and money than originally planned.
• Negative risks are potential events that can happen to you. They are the ones that
you want to avoid or eliminate.
• You may want to pay special attention to risks that are so great, that they could "kill"
the whole project. A member of the group should be responsible for monitoring this
risk throughout the project.
• Positive risks are those that you knowingly take upon yourself. They are not out there
ready to get us. They are the risks that you step up to since you perceive there to be
advantages to do so.
• If it is true that projects are generally more risky when you use new technology, why
would you ever undertake a project with new technology? The answer is that you
perceive there to be a benefit to your project. In other words, the potential impact to
your project is a positive. This still meets the definition of risk.
•
5-
• Finance is the application of a series of economic principles to maximize the wealth
or overall value of a business. Maximizing the wealth of a firm means making the
highest possible profits at the least risk.
• Finance is essential for making informed decisions about spending, saving,
investing, and managing financial resources in all aspects of life and business.
• One way of finding out the wealth of a firm is through the price of its common stock.
• Finance is part science; part art. Financial analysis provides a means of making
flexible and correct investment decisions at the appropriate and most
advantageous time.
• When financial managers succeed, they help improve the value of the firm’s shares.
• The primary objective of financial managers is to maximize the wealth of the firm or
the price of the firm’s stock. A secondary objective is to maximize earnings per
share.
