Question

What lesson of the business did you learn? Please think of ?? unconsummated wealth-creating transaction (or a wealth-destroying one) within your organization. How to profitably consummate it (or deter it)?

(can be any business segment but has to be 250 words with a citation)

Answer 1

The lesson of business learned by me are as follows:

1. Optimization of process thereby an error-free product as per customer requirement. This will lead to less return and negligible customer dissatisfaction.

2. Reduction of cost: Reduction of cost of the product by trying to minimize the cost either by attaining economies of scale or reduction in overheads cost.

3. Forecasting demand accurately thereby minimal wastage: Accurate forecast thereby production according to demand

4. Selecting project with high and a positive NPV: Selecting the project with higher Net Present Value thereby assuring it is a profitable venture.