Business Archives

The 3 Company Virtues Every Business Should Have

Do people in your organization feel free to air their concerns? Do they trust each other? In What You Do Is Who You Are, Ben Horowitz draws lessons from samurai warriors on how to develop your organizational virtues. While he believes that you should choose virtues that are customized to your company, he argues that all organizations should have these three virtues: trust, freedom to speak freely, and loyalty. Here are the details on these three essential company virtues.

Introduction Stage of the Product Life Cycle: Overview

What is the introduction stage of the product life cycle? What happens to products during this stage? In The Marketing Plan, marketing expert William M. Luther gives a brief overview of the first stage in the product life cycle. When products enter this stage, there are very few competitors but rarely any revenue is made. Let’s look at the pros and cons of entering the market during the introduction stage of the product life cycle.

Toyota: Lean Manufacturing at the Factory Level

How does Toyota use lean manufacturing at the factory level? How does it make production more efficient? In The Toyota Way, engineering professor and lean manufacturing consultant Jeffrey Liker describes the work practices known as lean manufacturing. Liker uses Toyota’s use of lean manufacturing to show how it works. Below we’ll look at how Toyota’s lean manufacturing is implemented at the modeling stage.

What Are the Functions of a Leader in Business?

Leadership: What are the Major Traits of a Good Leader

What are the functions of a leader? What are some of the common mistakes leaders make? According to business leaders and specialists Larry Bossidy and Ram Charan, a leader must perform three functions to be successful. A good leader will find and keep talent, set realistic goals, and create tactical plans that work. Here’s an overview of the functions of a business leader.

4 Samurai Culture Lessons for the Workplace

What was samurai culture like? What aspects of it should be applied to organizational culture? Ben Horowitz believes business leaders should follow the samurai’s example of intentionally defining foundational beliefs coupled with instructions for everyday behavior. We’ll explore Horowitz’s four lessons from the samurai honor code as well as examples from the business world. Keep reading for details on these actionable values from samurai culture.

Genchi Genbutsu: Toyota’s Problem-Solving Method

How to Have an Effective Strategic Discussion

What does genchi genbutsu mean? How does Toyota use this concept to fix problems during manufacturing? Genchi genbutsu is the Japanese concept of going to the site of the problem to figure out how to fix it. At Toyota, genchi genbutsu is an important principle to follow. Learn more about how Toyota encourages the genchi genbutsu principle, according to Jeffrey Liker’s book The Toyota Way.

The Benefits of Working in Small Teams

Are small teams more or less effective than larger teams? What are the benefits of working in small teams? Management expert and creator of the Scrum method, Jeff Sutherland, says that working in small teams is more efficient than in large teams—he says that the ideal team size is five to nine people. Small teams promote communication, expand roles, and increase efficiency. Here’s a look at the benefits of small teams.

How to Set Business Goals: Make Them Realistic

Want to know how to set business goals that are attainable, rather than pipe dreams? Why is it important to create a strategic plan that’s grounded in reality? In their book Execution, business specialists Larry Bossidy and Ram Charan teach you how to put together a strategic business plan that establishes your business’s priorities and goals. They assert that business goals must be flexible, grounded, and accessible. It’s also important to intermittently follow up on the goals after you set them. Here’s how to set business goals that will help your company succeed.

The 3 Phases of the Product Life Cycle—Explained

What are the three phases of the product life cycle? How can understanding these phases help you tailor your marketing strategy? After calculating your target market’s size and ideal market share, you need to understand what happens to products in the product life cycle. This cycle starts when a product is introduced to consumers and ends when it’s removed from the market. Read on to learn how William M. Luther explains the phases of the product life cycle in his book The Marketing Plan.

The 2 Core Elements of Organizational Culture

What do successful cultures have in common? What should you make sure is built into your organization’s culture? Businessman and author Ben Horowitz argues that you must cultivate two core elements of organizational culture if you want to succeed. All intentional cultures encompass the strengths of the leader and they undergird the organization’s strategy. Read more to learn about these two elements.