Concepts of Business

Concepts of Business

The reason businesses are created in a Free Market System, is to do one thing, to create MORE of what people want.

To succeed, every business must learn how to satisfy, better than its competitors, the needs, expectations and desires for its four most important groups of people.

The Four Most Important Groups:

  • Employees
  • Customers
  • Vendors
  • Lenders

The key to satisfying these people begins with listening to what they have to say.

Placing employees at the top of the food chain produces customer satisfaction. Conventional wisdom esteems the customer with inalienable rights as typified by the time honored saying, “The customer is always right”. None of us humans are ‘always right’. But we all must be treated with mutual respect. Customer satisfaction is also a must. Satisfied employees are better able to deliver satisfaction.

The Four Ideals

  • The Visual Ideal
  • The Emotional Ideal
  • The Functional Ideal
  • The Financial Ideal

To the best of our abilities and resources we want to fulfill these ideals.

The Five Essential Skills

  • Communication
  • Concentration
  • Discrimination
  • Innovation
  • Organization

The better these skills are practiced the MORE fulfilled, the Groups and Ideals will be. Businesses in a Free Market System , are the instruments through which people get MORE.

Excerpt from: The PowerPoint. Michael Gerber. New York: HarperCollins, 1991.