Business Lesson 4.10.2010

 Our first two periods today were business. We continued going over our past assignments in order to learn from our mistakes. We went over several different points of businesses. My class notes and the main points of the discussions held in class are below 

SYSTEM: we use the words system to describe a collection of certain things.

Qualified: having the ability to do something, it doesn’t mean –kaliteli-

Profit is not the main purpose of a business but it is essential for them to keep going on.

Expense: example: giving allowances to laborers.

In the long run!!

Businesses often need to make a distingsion about what is happening in the short run and what will happen in the long run.

Scanning the market and finding an opportunity that fits your skills

Not only your skills, the ones that you are able to reach

The skills a leader has to have

Creativity is about spotting an opportunity in a business.

In the long run one must have discipline and patience. As important as money are people

Inventory: the stock of stuff one has.

If you know the purpose of a business you know the reason for its existence.  The purpose should always define the big picture. You may live your daily life in the small picture but you should never loose sight in the big picture.

Too  much specialization in your own field isn’t good

DEPARTMENTS:

You have departments because you have specialized functions.

The bigger a company gets, the more specialization occurs that results in more departments.

Specialism has something to do with scale-size

Large scale organization can often employ specialists because they find it cheeper, this also results in more departments because things can be run more organized with the departments.

You don’t need departments to run a family but koc school has to have a financial department.