Strategy, Management and Creativity
In the beginning we recall what we have discussed in the previous class and then take up our first topic to discuss which was partnership. faculty gave a brief introduction about why partner is important, what are the factors we should take care while selecting a partner etc.
Our first step was identifying yourself, which has to be discussed and practiced in the next class. Basically we discussed the second step which is factors affecting in selection of partners and the third step which is how to share the profits.
2ND STEP – The factors affecting in selection of partners are :-
- REVENUE – The income generated from sale goods or services, or any other use of capital or assets, associated with the main operations of an organisation before any costs or expenses are deducted is called revenue whereas profit is the net income on the income statement that are use to analyse the performance of a company.
- CAPITAL – An amount of money that you use to start a business so that you earn more money on it.
- SKILL SETS – A person’s range of skills or abilities. We discussed that first we need to identify our skill and then look for other skills we need for the business while selecting a partner.
- GOODWILL – It is an intangible asset that represents non-physical items that add to a company’s value but cannot be easily identified or valued.
- DURATION OF CAPITAL
After all these discussion faculty asked us to read an article ” Games can make you a better strategist” by Martin Reeves and Georg Wittenburg. Further he help us to understand that article properly and introduced us to the board game called “CATAN” and told us the rules of that game.
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