Business Development Process
Businesses are the backbone of modern society. If there were no businesses, we would have to build our own cars, grow our own food, and make our own houses. We will be so busy getting through the day’s requirements that we will not have time to work in the fields of math and science. How could we consider ourselves a modern society then? Hence, there is no denying that businesses are the reason that we have managed to come this far into the modern era. In the grand perspective, all businesses are important because they help solve big or small problems for their customers.
However, have you ever thought about why some businesses grow to be so large and, on the other hand, some businesses remain small or even close? Well, there is no one way of making a business successful, as there are multiple factors that contribute to its success or failure. Brilliant Supply Chain aims to organize all the factors that allow a business to be successful. The aim of this effort is to give the readers, i.e., you, a thorough understanding of all the possible factors that make a business successful. We will also list the tools and services that are already available and could be useful by our aspiring entrepreneurs. This understanding can further allow you to implement First Principle Thinking into your own business ventures and develop a robust business. Understanding business is a massive task. Hence, to accomplish this, we will break down the complex topic into the following sections, as listed below:
1. Idea Generation Process
Every business venture starts with a spark of creativity, a desire to help or solve a problem of their customers. There is always a need for improvement, whether it is introducing a new product to the market or improving existing technologies or services. How can anyone identify this opportunity? More importantly, how do you know if something can be improved? In this section, we will delve deeper into the topic of how ideas are generated—a realm where imagination meets feasibility. We will also discuss ways in which you can organize your thoughts and ideas with the help of a tool that is very useful in the innovation sector.
2. Collecting Information
Kids are very good at coming up with innovative ideas, as they can challenge and question the narratives thrown at them. This does not mean, all the ideas they produce are good ideas. Similarly, we also come up with childish ideas, that we think are great in our heads. How can we differentiate between a good idea and a bad idea? Well, one sure-short way is to consult the people who will be on the receiving end of your ideas. Will they be willing to pay for something like this? Are there any competitors? Is it legal to implement the change that you are proposing? There are many what-ifs. Hence, you must collect the right information before you start to implement your idea. There are several methods and techniques that we can use to collect the right information. Further, there are several methods of analyzing the data that you have collected. All this is discussed here in this section.
* Business as a Human Body
Business is a complex machine that has multiple parts, that must work together to function properly. The different parts of a business are its operational limbs. Using the same analogy, we could compare a business with another very complex machine, i.e., the human body. We need all of our organs to work together, to make sure that we continue to live. This is a need for survival rather than just an aspiration. Hence, we at Brilliant Supply Chain consider the human body as an ideal state for a business to run. We could have chosen any living organism, but why a human body? Probably because we can relate to it better. After all, we all have one. In this section, we will make various comparisons that will help you better understand the complex mechanisms running behind a business.
* Laws Governing Organization and Sustainability
Just like the physical world around us is defined by some laws like friction, or days and nights. There are some fundamental laws that are followed by all businesses. Other than just the legal framework that makes up the entity. The laws are established to make sure that we make the right decisions when the time comes. Brilliant Supply Chain considers that there are 5 main laws that govern the sustainability and prosperity of a business. Just like the section Business as a Human Body, this is also just a concept that must be kept in mind while making decisions and implementing changes. We are discussing this section before we start organizing information into strategies because we will use these concepts while discussing the next section.
3. Organizing Information into Strategies
After understanding the two concepts that govern the structure of a good business, you are finally at the stage where you can start developing the framework that will shape your business. This framework is in the form of strategies that, when implemented correctly, will produce the desired results. A business is a combination of different strategies, where some are Functional Strategies, and some are Structural Strategies. We will discuss both of these types of strategies in this section and make it possible for you to strategically organize all the information collected during the second stage, Collecting Information.
* Strategic Thinking
Now, before we move into implementing the business strategies, there are some rules or basic understandings that must be clarified before we proceed forward. During the research phase, we find a lot of good opportunities that we could be tapped. However, this is a mistake that a lot of entrepreneurs make. Not all opportunities can be tapped. This is called the Opportunity Cost. You must remember that a business is not a sprint but a marathon race. Hence, Brilliant Supply Chain would like to use this concept to establish a balance between growth and Cost of Poor Quality. One way of doing it is to consider the product as a democratic president. It is elected based on votes and keeps chaining based on the needs of the public that elects it. This concept is all about balance, and here we will balance Creativity with Logic and Psychology with Practicality.
4. Manifesting
An idea business, as discussed in the section Business as a Human Body, shows that all the operational departments of a business are like limbs of the business. Where operations house all the important working organs but limbs do all the work. Now, as business is not actually a living thing, it can work without some important components like Logistics, HR, Storage, etc. Instead, these components of the business are outsourced to external entities that specialize in these areas. The primary stakeholder makes this choice, but since we’re talking about an idea state, we’ll take a look at a company where every branch or department is run by the same organization. Hence, we will discuss topics like Marketing, Sales, Storage, Finance, Procurement, Production, Logistics, Operations, etc.
* Stages of Supply Chain
We humans grow up from an infant to a toddler, then from a teenager to an adult. Eventually getting and dying. Well, if we have already established that a business is like the human body. Let’s continue this analogy and discuss how a business grows and how we find out how big a business is. It is easy to determine the general age bracket of a person, just by looking at them. But how do you establish that Caterpillar Inc. or Apple are big businesses and dental clinics or restaurants are small businesses? The answer is hidden in the understanding of its supply chain. This is why we consider the supply chain to be brilliant. The goal of every business must be to reach the last stage of the supply chain, where the business becomes an extended enterprise that can be automated. So, what are the other stages of the supply chain? Find out by clicking on the link below.
5. Sustaining Business
Congratulations! You have successfully started and run your business. This is great, and we are proud of you. You are successful now. But before you move on, do you know the true cost of your success? If you say yes, I see it on my bills every month, then you are very wrong. Can your success really be considered a success? Your job is not done here. I understand that you have responsibilities towards your business and family. But there is another responsibility that has fallen upon your shoulders, whether you like it or not. It is your responsibility towards the community and the environment. As your supply chain and footprint grow. You command more resources and influence. This means your influence is likely to adversely affect the environment or the communities that live close to the places where you sell or gather resources. You are responsible enough, so you should also take on this responsibility to give back to the earth so that you can continue to take from Mother Earth. Otherwise, your business will never be truly sustainable.
6. Stories
Brilliant Supply Chain has tried its best to explain and elaborate on each part of a business. However, sometimes jotting down the information simply by studying is not the easiest and most efficient way to learn. Hence, we have compiled some stories that will help you learn all the topics and concepts discussed so far. This is a fun way to learn with us. So, get onboard by subscribing to Brilliant Supply Chain to get access to all the resources, special discounts, and gifts for being a part of this learning community. All the members of the community get their names and countries listed on the website as a sign of special thanks.
7. Conclusion
The journey of a business, from the spark of an idea to a fully functioning entity, is a complex and intricate process. It requires a deep understanding of various factors, from the generation of ideas to the collection and organization of information into strategies. Brilliant Supply Chain provides a comprehensive guide to this journey, drawing parallels between the human body and a business and exploring the laws that govern organization and sustainability.
The guide emphasizes the importance of strategic thinking and the manifestation of ideas into reality. It also highlights the stages of the supply chain, likening the growth of a business to the stages of human life. By understanding these concepts, aspiring entrepreneurs can apply First Principle Thinking to their ventures, creating robust and successful businesses.
In the grand scheme of things, every business, big or small, plays a crucial role in our society. They solve problems, meet needs, and contribute to the advancement of our modern era. The Brilliant Supply Chain aims to equip readers with the knowledge and tools to navigate the complex world of business, fostering innovation, growth, and success. As we continue to evolve and progress, so will our businesses, shaping our future and propelling us further into the modern era.