Pre MBA For Undergraduates

Successful Business Management Requirements I

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 Purpose
The purpose of the section is to teach you
what is required to manage a business unit
successfully

At the end of this lecture you will learn the

following
• What is a Business Unit?
• What defines the success of a Business
Unit?
• What determines the success of a Business
Unit?
Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 What is a Business Unit?

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 What is a Business Unit?

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 What is a Business Unit?

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 What are Vision, Mission and Objectives?

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 What are Vision, Mission and Objectives?
This is the long-term future plan or dream that you envision for
your organization. This vision describes the long-run objective
of your company, usually for a time frame of five to ten years
or even longer. It essentially envisions what the future of the
company should look like and incorporates that via strategies.

Characteristics of Good Vision Statement

•It is motivational, it must inspire the reader

•Vision statement is always future based
•Must be a reflection of the company’s values and their culture
•Should be aimed at positive growth
•Defines the company’s future and their reason for existence

Let us take the example of IKEA whose Vision Statement is

“Our vision is to create a better everyday life for many people.”
This is a short precise and inspirational statement that clearly
guides the company towards the future.

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 What are Vision, Mission and Objectives?
A mission statement is like a road map of how to
achieve the goals set in your vision statement. It
defines the purpose of the organization. A
mission statement is generally longer than the
vision. It covers some or all of the following
points
•Business of the company
•Who the company serves
•Their reason for existence
•How they go about their day to day work

A Mission statement will motivate employees to

work hard towards achieving the goals of the
company. It will also inform and inspire potential
customers

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 What are Vision, Mission and Objectives?

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 What are Vision, Mission and Objectives?

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 How are Vision, Mission and Objectives related ?

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 How are Vision, Mission and Objectives related ?

A business has many Mission = ∑ Oi (i=1,n) Vision = Max Oi

objectives - Oi (i=1,n) (i=1,n)

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 What is Strategy?

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 What is Strategy?

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 What is in it for you in next module?

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years
 Pre MBA For Undergraduates

Successful Business Management Requirements I

Enrichmentors Building Businesses, People, Wealth & Health Successfully over 40 years