Business Basics: Our Business World

My expectations of you… o One person speak at a time o Be respectful and value the opinions of your peers o Ask questions when you are unsure of a concept or would like further explanation What the class can expect… o An equal opportunity to participate o Have fun! Expectations

Lesson 1: Organization Lesson 4: Advertising Lesson 3: Production Lesson 2: Management Overview

Lesson 1: Organization A business is… An organization of one or more people Usually (though not always) started in order to make a profit Organized to provide customers with goods or services in exchange for payment What kinds of businesses are there? o Large and small o Local and international o Sell goods or services

What kind of building or office will your business need? What tools or equipment will you need? What decisions will you need to make to open and operate your business? What kind of workers will you need to hire?

Every business needs… Machines and equipment like tools, computers, cash registers and vehicles A management team to plan and control the business operation Money from personal savings, a loan from the bank or investors A place to operate like a manufacturing plant, office, store or small workshop Workers with a wide variety of skills – bookkeepers, sales, marketing, office assistants and IT

Why would anyone want to own a business? o For personal satisfaction o Because they know it is right o To be their own boss o Improve their community o For future rewards o To make a profit Sole Proprietorship: when only one person owns a business by themselves Partnership: a business owned by two or more people who share the risks and profits Corporation: a business owned by many people (called shareholders) who share the risks and profits

An entrepreneur is a person who starts a new business, especially when the business involves some risk. They usually invest their own money and claim some or all of the profits if a business succeeds

o Businesses need a location, employees, materials and equipment, and managers. o These resources involve costs such as rent, wages, salaries and interest. o There are a variety of incentives for running a business, including the ability for entrepreneurs to make a profit. o Businesses can take different form in order to share the costs and profits. Lesson 1: Re-cap

Management are the people who make key decisions in a business. They are an essential part of all businesses. Managers are often people with special interests in a particular field. Lesson 2: Management

Human Resources Marketing Production Safety/Quality Control President/CEO Information Technology Communications Kinds of Managers

Businesses use two ways to get information from a job applicant: Job Application Job Interview

What kind of questions would you ask to find out if someone has the right skills for the job? What previous experience have you had? Why are you interested in this job? Why do you think you are the best applicant? Choosing New Employees

Choosing a Career What kind of job are YOU interested in having?

o Managers make key decisions in many areas to keep a business operating. o Choosing new employees in an important decision for every business. o Job applicants highlight their skills and training in a job application and in a job interview. o Students need to prepare for the career they want. Lesson 2: Re-cap

Lesson 3: Production

Round 1: Unit Production Step 1: Walk from your seat to the “part supply bins” to pick up one of each pen part. Step 2: Return to your seat and assemble the pen. Step 3: Deliver your assembled pen to Quality Control and have the product inspected for proper workmanship. Step 4: Gather another set of parts and repeat the process.

INVEST Round 2: Assembly Line Production Step 1: The first person fits the spring onto the ink refill and passes it to Person #2. Step 2: The second person places the spring and refill into the barrel and passes it to Person #3. Step 3: The third person places the metal ring onto the barrel and passes it to Person #4. Step 4: The fourth person screws the cap onto the barrel and passes the completed pen to Quality Control.

The Power of Teamwork

o The way company managers organize production affects productivity and cost. o The two main production strategies are unit production and mass production. o Most products today are made by mass production, because production costs are lowest and quality is highest. o Automation is replacing human labour in modern production. Lesson 3: Re-cap

Lesson 4: Marketing Marketing is all of the activities involved in getting a product or service to buyers.

Be Like Us! Chosen By Famous People! Take My Word For It! What If… Laugh With Us! Be a Smart Shopper. For Those Who Want The Best! Advertising Strategies

o Marketing involves a variety of activities, including pricing and advertising. o Pricing should be attractive to buyers, but provide a profit for businesses. o Businesses use a variety of advertising strategies to convince consumers to buy their products and services. Lesson 4: Re-cap

Thank you for your time and cooperation today!