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A Fundamental Theory of Business Has Been Developed at Last
Press Release

CHICAGO--August 31, 2006--For the first time in business history, a fundamental theory of business has been developed. Introduced under the initiative BizBigPic, the theory provides a comprehensive and dynamic picture of what happens in business at the fundamental level.

Although business has been studied for over a hundred years, the field has lacked its most important element, a fundamental theory. As a result, in order to deal with the business big picture, practitioners and academics alike have been using a collection of disparate concepts, commonly dubbed as "business fundamentals," without the support of a unifying platform.

Anchored in the customer's problem solving behavior, a fixed reference system in the dynamic business environment, the theory introduced by BizBigPic solves this problem. It provides a unique framework capable of describing in a wide variety of terms (financial: average margins, sales: sales cycle length, organization: vertical integration, etc.) the variation of an organization's business conditions under the influence of the two fundamental forces, commoditization and innovation.

"An organization is fundamentally healthy when the intended business approach and the approach resulting from daily operations are aligned relative to the customer's problem solving behavior," says Cristian Mitreanu, who developed the theory. "However, this is a highly unstable state of affairs due to the powerful effect of commoditization. Therefore, in order to sustain a healthy foundation, organizations must constantly innovate and adjust their portfolio of offerings and markets. In some cases, they might even have to change their intended business approach."

Another first is represented by the universal formula for success included in the theory. A notion traditionally belonging to the domain of corporate strategy, this formula represents a breakthrough. Its relativity to the customer's problem solving behavior has facilitated for the first time in business history the unification of the rational view ("strategy is planned and implemented top-down") with the adaptive view ("strategy emerges bottom-up from daily operations"), an unresolved issue that has rendered the discipline of corporate strategy almost irrelevant over the years.

Rather than using a book as the main tool for idea dissemination, BizBigPic takes a novel alternative route by using a web-based solution, where the theory is introduced in 10 chapters (steps). However, unlike the narrated chapters of a book, these chapters consist only of a principle and a chart, inviting readers to flesh out their own stories. To complement their own business experiences and knowledge, and therefore making the most of the BizBigPic experience, readers are encouraged to engage in the discussions supported by the web-based solution (www.bizbigpic.com).

About BizBigPic

BizBigPic is intended to help individuals, entrepreneurs and employees, achieve enduring success in business, part of their broader quest for a successful existence. BizBigPic is a way of thinking, a place, and a community. Its initial stage of development is driven by the introduction of a fundamental theory of business, which provides individuals with a comprehensive and dynamic big picture of the business environment. Cristian Mitreanu, who previously founded the research initiative RedefiningStrategy.com, founded BizBigPic in August 2006. Visit BizBigPic at www.bizbigpic.com.

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