IN THIS LESSON

Now that you’ve learned what business is,

let’s explore what a business component is and the first business component for building a business or non-profit.

business framework fundamental of business

  • A component is a category that the parts of a whole can be summarized as.

    In business it's referring to three categories which simplify our view of business and what we need to do to create it from scratch.

    For example,

  • Business framework is the pre-requisite soft skills such as knowledge, patience, commitment resources needed to withstand the challenges, setbacks and responsibility that comes with building and managing a business.

    In the same way a framework is needed to properly support the weight distribution of a house as well as the impact of winds, snow and rains, every new level of business will require a framework to support the longevity of a business in changing markets, economies and budgets.

  • At the beginning, the framework of your business is built by you, the Executive Vision Holder, but framework can be developed by anyone who understands what the next-level business structure (and its teams and tech) need to be supported long-term.

  • Framework for your business is built at every stage of business where new developments will occur.

    If no business exists yet, the framework has to be built first in the Executive Vision Holder's mind.

    This mental framework will appear as new beliefs, attitudes and philosophies about business.

  • Some examples of business framework are policies, guidelines, trainings and orientations which shape a brand and company culture.

  • In business, some examples of results from framework being implemented at the appropriate times are:

    • A strong team culture

    • Confident workers

    • Capable leaders

    • High quality service

    • Adaptability

    • Informed decision making