The vital question is setting the objectives of a business enterprise as this has a direct bearing on strategy. The most obvious aim is to make profits and adding to wealth. While making a profit in a profession is possible through the use of personal and individual skills, knowledge, and endeavors. it needs collaborative or participatory effort in a business environment. Therefore profits cannot be made unless they are shared by other stakeholders. employees, workers, suppliers, and shareholders. In the wider context, even the consumer and the society at large have become stakeholders too. For a business to succeed and survive it has become imperative to offer a win-win situation for all stakeholders. This situation becomes more complex in the global context where there are many different and divergent aspirations. The disparities between the developed and emerging economies are so great that the exploitation of one by the other is inevitable. Justifications are made and offered for such global collaboration but the underlying fact remains that a win-win situation is but anomalous. Such inconsistencies give rise to opportunities that have created groups and businesses that thrive on making profits out of deals rather than the plain old manufacturing and trading of physical goods and commodities. New methods of business have been invented under the financial and service industries. This has resulted in unprecedented levels of business being done in which the major assets comprise of people. Human capital has repositioned itself as the most important asset of all service-based businesses.This new development has robbed the business of its true entrepreneur. Innovations are more intangibles than corporeal products. This leads to a surreal belief that mind over matter is what creates profits.Michael Porter is among the top writer and thinkers on Business Strategies.
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The former deals with the overall economic issues and later