Notesale: Turn your study into money

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8/21 Notes: 
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finding a need and filling it : finding profit 
goods & services -- tangible and intangible 
Entrepreneur: somebody who ricks time and money to start a business 
revenue: money you make 
revenue-expenses= profit 
Standard of living: what can people buy with the money they have  
Goods cost differently from one country to another because of different taxes and different sometimes 
stricter governments -- “Off shored”  
Quality of life: one’s self general being  
Stakeholders: anybody who has interest in your business 
Primary Challenge: respond to needs of the stakeholders 
Outsourcing: hiring other companies to do financial needs 
Insourcing: foreign companies setting up in the USA
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❖ Business have contracts, either money back or go to court  
❖ Laws Keep corruptions low 
❖ Databases can lead to identity theft  
❖ Firms must have frontliner workers to respond to customer
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❖ Increase in free trade  
❖ Advances in communication 
❖ Growth of competition over whole world 
❖ Costs are going up with global wars 
➢ More security  
➢ More insurance  
❖ Started from the 1800’s with farming
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➔ People like competition and customers can kind of set the prices  
➔ Consumers set demand 

9/4 Notes:  
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National trade Boosts economic growth 
Provides new sources of materials and labors  
Exports - going out of the country; selling more 
Import- buying more 
There’s an overlap of exports and imports  
National trade is mutually beneficial  
Free trade: the movement of goods among nations without political or economic obstruction
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Dumping : when you undercut the competition so that everybody will buy from you 
○ Illegal in the US 
○ And for the US to go and do that in other countries  
How to get into global markets : 
○ Libensing  
■ Companies that give licenses to somebody else to make it
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■ easiest , doing bare minimum  
○ Exporting  
■ Sending product to another company  
■ Lots of rules and regulations 
○ Franchising  
■ Having somebody buy your business and putting it somewhere else  
■ Mcdonalds has a franchise over a million dollars  
● Buys a franchise to put another restaurant in 
■ More a risk if somebody is mis -managing and it will give the whole brand a bad name
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■ You make it & test it and then see if you want to own it
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■ strategic alliances same idea as joint venture, same concept
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9/11 Notes:  
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Businesses have responsibilities to the investors  
Ethics : what we think of right and wrong  
Find a balance between ethics and making profit  
Technology has impacted unethical behavior  
Companies are making a code of ethics  
3 questions to ask  
○ Am i violating a law?  
○ Is it balanced?  
○ How will it make me feel about myself?  
2 major categories in the code of ethics are  
○ Compliance-based ethics codes 
■ We’re gonna stay in line and follow the straight light   
■ Doing the bare minimum 

integrity -based ethics codes 
 
■ We’re gonna stand by it because we actually care  
■ We’re above this type of thought process  
There are ethics officers  
○ Sets the positive tone  
○ Like a counselor or an investigator  
You have to improve from within 
Corporate goes beyond ethics  
○ Going to do extra  
○ Help others  
Responsibilities to the consumer  
○ Right to  
■ Be safe  
■ Be informed  
■ To choose  
■ To be heard  
Investors have the demand of a business being ethical and legal  
State and federal government agencies are responsible for protecting investors from financial misdeeds
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Responsibilities to Employees  
○ Workplace safety 
○ Quality of life issues  
○ Ensuring equal job opportunities  
○ Avoid age discrimination  
○ Preventing sexual harassment and sexism  
Social auditing  
○ Implementing social responsibility  
5 types of Watchdogs 
○ Investors  
○ Research organizations  
○ Environmentalist  
○ Union officials  
○ Customers  
Cannot bribe people  
International Organizations for Standardization (ISO) 
○ Developed a set of standards for social responsibility  
○ Voluntary  
○ It’s a stamp of approval 
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9/18 Notes: 
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3 major forms of businesses  
○ Sole proprietorship 

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■ Typically one person  
■ No legal distinction, you take everything, good and bad
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■ Since you don’t have a lot of money, you are not going to grow a lot  
Partnership  
■ Two or more people 
■ Share responsibility  
■ General partnership 
● Everybody can manage   
■ Limited partnership  
● One partner does one thing and the other partner does the other thing
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■ More financial resources  
■ Share management and skills
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You stay as a corp
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You have to be confident of yourself, people will be telling you that it will fail but you can’t listen to them
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○ Might work better  
○ You have somebody to help you  
○ Might last longer  
Micropreneurs just want to keep small  
○ It helps with a balanced lifestyle
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Support  
○ SBA - small business association 
○ Incubators  
○ SCORE 

10/4 Notes :  
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70’s - processing data was for finance  
○ Helped support businesses  
80’s - information systems and information technology  
○ Helped businesses do business  
information = data put together 
data= little bits of information  
90’s - the world wide web was created  
2000’s - robots and analytics  
○ What can we decipher, looking for putting it together to use it for business  
Business processing information - gathering information at sale  

10/9 Notes :  
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Today's managers guid, train, support, motivate and coach  
They emphasize on teamwork and cooperation 
Managers need to  
○ Be a good communicator  
○ Team player 
○ The ability to be a planner, coordinator, organizer and supervisor 
Management - the process used to accomplish organizational goals through planning, organizing, leading 
and controlling people and other organizations resources
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Manufacturing jobs are competing with service jobs 
Production - creation of finished goods 
Production management - things that are used to create it  
3 basic requirement
 
○ Build, deliver and everything affordable
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In the us, they do not care about the job, they care more about the career
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Theory x and theory y combined, makes theory z  
Goal setting theory aka management by objectives (MBO) 
○ Managers sit down with employees to make a goal and the objectives to complete the goals  
○ Motivates individuals by aligning their objectives with the goals of the organizations
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○ Employee input and expectation are important
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Ha to be equal to other employees 
○ Either motivate or make you mad 
Motivation through job enrichment  
○ Job enrichment - a motivational strategy that emphasizes motivating the work through the job 
itself 
○ 3 key characteristics of work 
■ Skill variety  
■ Task identity  
■ Task sig 
Job rotation - moving employee from one job to another  
Job enlargement - combines a series of tasks into one challenge and interesting assignment  
Raises are not the only ways to recognize an employee’s performance 
Recognition can also include :
 
○ Advancement opportunities  
○ Challenging work 
○ Noticing positive actions out loud  
○ Paid time off 
○ Flexible schedules  
○ Small equity stake of stock options  
○ Prime parking spots 
○ Small stock options 

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11/13 Notes :  
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Marketing - making the customer happy
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Marketing concept - more consumer oriented, listen to what the customers want to buy and provide 
that
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○ mobile/ on-demand marketing - people want stuff 24-7, go on the internet and get stuff all the 
time, for a business; you need to have something all the time available
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How do you pick the right price? But the easiest thing you can change
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Marketing plan goes into the business plan, what you’re going to sell and how you’re going to sell it
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Promotional - advertising, personal selling, public relations
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Intermediaries ( the middleman) - organizations that distribute goods from producers to consumers
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11/15 Notes :  
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Collecting data 
○ Secondary research - information that is already out and published 
○ Primary research - data you gather yourself, news studies
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■ Focus groups - a small group of people who meet under the direction of a discussion 
leader to communicate their opinions about an organization, its product, or other given 
issues
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● You can go back and ask questions and ask them to expand on some things
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The marketing environment and how do you respond to it
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○ What is coming out 
○ Global markets 
○ What are population shifts with trends and values and behaviors
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The mix has to address the four p’s
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The end consumer, those who are going to buy the products
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Always trying to make relationships to see how a customer makes a decision
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Since it’s such a large account, you wouldn’t let somebody do it by themselves
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The number of people retiring and living longer is increasing dramatically, while the number of paying in is 
declining
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Ira -you cannot draw money from it without a penalty
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