Business Principles

Principle 1: Create Value

An online successful project needs to create value.

Principle 2: Keep the Profits in Mind

You need to figure out how you are going to generate profits.

Principle 3: Strategic Planning

Three main elements for a strategic plan:

• Competitive Analysis: Analysis of the external factors. Understand the area you will be competing and the different players involved.
• Resource appraisal: Analysis of the internal factors. What resources you have, what is your strength, your weakness and how everything can be combined in a strategy towards achieving your goals and objectives.
• Goals:Goals help to focus and define priorities. Also goals are useful for monitoring performance of certain activities. Goals should be:
  • Measurable
  • Realistic
  • Consistent over the long term

Principle 4: Action