Fundamentals of Business
As customers, we usually only see the front-end of any operating business, in the way of a performed service or sold product. However, all the steps in between are equally essential and determine success of failure. In this class I am learning about entrepreneurship. It starts with a mission or vision that should ideally match your passion. You need a concept, the foundation you base any activity on. Key activities, partners, value propositions, channels, customer relationships, customer segments, cost structures, revenue streams,... Sounds much more complicated now, doesn't it?
I have been introduced to business modelling, market segmentation, value propositions, customer channels and journey in the last 3 weeks. It gives the economics classes I took in high school a whole new depth: The concepts of competition and a "niche market" make much more sense now, that I see the possibilities of creativity in the structure of a business. I can now appreciate some brands much more for their strategy and value proposition, such as Volvo®. Their core values of safety, durability and environmental friendliness are not only some attributes for marketing, but made valid through e.g research and development, worldwide skilled workforce in the fields of engineering, mathematics and electronics, which all focuses on the goal to build the best functional vehicle possible with a stable price-value relationship.
Next up, supply chain management: This will allow my future business to integrate trading partners, maximize value and achieve a competitive advantage. In the last decade, outsourcing of less proficient activities became increasingly popular. A business can now focus on forming and developing the key value proposition, while most likely reducing costs through the supplier of goods and services needed for manufacturing being integrated as as "key partner" within the core business.
Finally, I had some fantastic insights during the assessment of the design consulting company Frog®. I had to construct the firm's value proposition and business model canvas, identify possible issues and approach, as well as evaluate strategies. Frog really enhances customer experiences on the market through superior high-end design. The development of a growth strategy, business concept or branding happens based on assessment of the customer segment in its natural environments. Resulting products and services trigger long-lasting brand loyalty, as businesses stand-out with their own "culture" and values. This I want to explore further in the coming term in my negotiated learning unit Magazine Innovation and Mobile Marketing.
International World of Business
The international world of business is dynamic. Continuoulsy, any commercial, industrial or professional activity is affected by social, economic or political changes. As a future innovator, dealing with these changes is key. The first couple of weeks consisted of a detailed look at the development of money, means of exchange and the agricultural revolution. Innovation was one of the main reasons for increased productivity and eventually population growth during that time.
With the help of macro-economic demand and supply modelling, we analyzed the development of the US economy in the 1930's during the time of the Great Depression. Then we looked at the development of Japan during the time of the industrial revolution. The different cultures and approaches towards "business" in their own individual way was one of the parts I engaged in the most in this first term. Free market ideas and innovation versus regulation was the theme for my final assessment: an overview on the developement of fracking and natural gas extraction. I learned about shared projects in research between the industry and the government/public and was able to make projections about the future and the geopolitical impact of a stronger domestic economy worldwide. For my career, this serves as background knowledge and I intend to keep up with the world news and try to think about business implications for myself.
Professional Skills Development
During the course of the program, I learned a lot about myself as a person. The “What’s in my backpack?” component of Professional Skill Development class made me engage with my personality, goals and aspirations. My personality profile, according to a website experiment is “architect” (INTJ-A), whose strengths include an independent, decisive and open-minded mentality, while areas for improvement are emotional considerations and engaging thoroughly in seemingly easy tasks. I looked at these results and observed my study behavior in the following weeks, which led to the conclusion, that I am most productive, if I am engaged in the subject and “in the flow”. Now, in order to manage this actively and increase my working potential, I plan on working on my strengths further. I believe that the open-minded, friendly and international atmosphere at Inholland has helped me to develop a more creative and innovative mind-set already. The ibis program has so far fulfilled my expectations in the way that I have flexibility in the componentsI can choose to study and furthermore I was taught to dissect real life issues according to critical thinking and reasoning. Forming and identifying arguments in order to check information was a skill I developed further this term. I took theory of knowledge in the international baccalaureate program, but Ms. Duchak’s workshops had me engage more in rhetoric and persuasion. Outside of school, this can be very valuable, especially at work.