Intro to business Exam 1 study guide
Terms in this set (41)
List and briefly explain the five areas of business personified.
1) MARK's job is to get the customers to give his company their money. To do this he has to give customers something more valuable than their money and something that is more valuable that anyone else will give their customers for their money
2) Mandy and her minions: can make what mark needs to give to the customers and their challenge is to make things for less than what marks customers are willing to pay him
3) Finley: has the money Mark and Mandy need to get things going. Finley is motivated by that he could own part of the company or he could loan money to them with interest
4) Count Ting: Ting has two abilities to come up with these numbers. A) Managerial accounting: Giving Mark and Mindy the information they need to make good decisions and B) Financial accounting: giving Finley information he needs to make good investment decisions.
5) Eco, The Force: Eco is everywhere imposing his will on everything Mindy, Finley, Mark and his customers do and nobody can escape the control of Eco. Eco is predictable because he has rules if you know his rules you can play these to your advantage. If your not careful then you will get hit with unintended consequences
List the four categories of class you will take in the Langdale college of business
1) General Business Classes
2) Functional areas of business
3) Specific Knowledge
4) Major Classes
List and briefly explain the seven classes everyone must take in the langdale college of businees that are in the five functional areas of business
1) Macroeconomics: Large economic forces that impact a society as a whole
2) Microeconomics: More specific economic forces that impact specific industries, companies, and consumers
3) Financial accounting: Assessing the company to give information to outside investors
4) Managerial accounting: Assessing the company to give information to people making decisions within the company
5) Marketing: studies how companies attract and keep customers
6) Management: Studies how to run the company
7) Finance: Studies how to get money to finance the startup and growth of the company
List the seven specific purpose classes everyone in the Langdale College of Business will take in their sophomore or junior years.
1) Personal Finance
2) The business environment
3) Computers in business
4) Business statistics
5) Global business
6) Career Development
7) Experiential learning
List the seven majors in the Langdale College of Business
1) Economics major
2) Accounting major
3) Marketing major
4) Management major
5) Finance major
6) Healthcare administration major
7) International business major
List the three types of communication skills needed in business.
1) written communication skills
2) conversational communication skills
3) presentation skills
List and briefly explain the three major communication styles
1) Literary style: A literary style is used to communicate ideas in a novel and captivating way, used for entertainment and literature, trying to draw the reader in mentally and emotionally
2) Technical style: A technical style is used to communicate ideas in an accurate and precise manner, used for engineering and sciences, focuses on being exact and informative
3) Business style: A business style is used to help in coordination and execution of business strategies, used in business world, and focuses on efficiency, simplicity, and clairty
List and briefly explain the three elements of the structure of a strong written message in business style
1) Brief introduction: this intro should answer the following question for the reader: "Why should i read this?" and it should provide the context of the communication and clearly state the issue or problem
2) Content of message: The content of the message should answer the following question for the reader: " what do i need to know and consider?". Given in short simple bites that are clear and logical and will contain the meat of the document.
3) Substantive conclusion: The conclusion should answer the following question for the reader: " What do i do with what you have given me?". States what the take-away is from communication and it must very clearly lay out what the reader must do with the information
List the six steps in putting together a written business communication
1) Start by answering the three core writing questions
2) Develop a logical flow of your ideas
3) Keep the sentences simple
4) Craft each paragraph properly
5) Put it into the appropriate business form
6) Proofread it carefully
List and briefly explain the three core writing questions.
1) the reason question: why would the reader want to read what i am writing?
2) The content question: What do i need the reader to know and/or consider?
3) The application question: What specifically do i want the reader to do with what i say?
List and briefly explain the four appropriate business forms of written communication
1) Letters: intended for those outside your organization
2) memos: intended for those inside the organization
3) emails: Informal emails are written like a conversation and formal emails are a hybrid between a memo and a letter
4) Reports: presents information or analysis not addressed to any specific person and make sure you break up reports with headings.
What is success and how does this definition relate to studying success
Success is having fun finding and fulfilling your purpose in life.
List the five basic precepts of life
1) You are where you are in life because of the way you think
2) The way you think couldnt have possibly taken you anywhere else
3) If you want to change where you are, you change the way you think
4) You think the way you do because of what you have fed your mind
5) To change your life, you change what you feed your mind
List and briefly explain the four components of a healthy diet of the mind
1) People we associate with: we tend to become like the people we are around because they feed us info and we tend to adopt their values and behaviors, thus we need people in our lifes who are where we want to be
2) The books we read: Leaders are readers and some types of books we need to read: motivational, people skill, and success books
3) The entertainment we see and hear: advertisements have an effect on our thinking and behavior even though: they are short and we try to avoid them. We should pick our entertainment for how it makes us think and not just how it makes us feel
4) The dialog that goes on in our heads: which dog wins? the one i feed. To accomplish this we cannot kick negative thoughts out of our mind so we must replace them with the thoughts we need
What are the two significant ways that highly successful people's thinking is different?
They are optimistic and they accept responsibility
Explain and discuss the difference between pessimism and optimism
Pessimism sees what is and assumes that this is the way it will always be and Optimism sees reality before it arrives. Optimism is the rood of all success and pessimist are the most unrealistic people because they just think they are being realistic
Explain and discuss the difference between ability and potential
Ability is what we can accomplish with who we are, while Potential is what we can accomplish with who we could become. Our potential is always greater than our ability.
What are the two great potentials in life?
1) Potential to grow
2) Creative potential
List and briefly explain the four keys to being optimistic
1) We must be able to see what can be: Things that were thought to be impossible many years ago are commonplace today
2) We must not let problems intimidate us: problems and opportunities are Siamese twins and if we want big opportunities, we must welcome big challenges
3) We must be willing to get our hopes up: Hope is healthy and motivating.
4) We must beware of those who would crush our hopes and dreams: nothing is easier to find than a person who will tell us we cannot do something and if someone is negative, we must not share our dreams and hopes with them.
In terms of responsibility, what are the two types of people?
1) those who make excuses
2) Those who make things happen
Explain how you can tell if you are making an excuse
Ask yourself, "Has anyone ever come from further behind than me to accomplish what i want to accomplish?" and if so, then i have an excuse, not a legitimate reason
List and briefly explain the two reasons why people make excuses.
1) consequences: they want to exempt the consequences of our failures except the world reacts to results not reasons
2) Feelings: we want to make ourselves feel better about our failures
What are the two action keys to success?
List and briefly describe the two groundbreaking books on success discussed in class as they relate to taking action
1) In search of Excellence: a book on business success and it is said the foundation for success is a "bias for action"
2) The 7 habits of highly effective people: a book on personal success and the first habit of successful people is that they are "proactive"
Explain the difference between perseverance and stubbornness.
1) Stubbornness: Doing the same thing over and over, regardless of the consequences
2) Perseverance: sticking with a goal until we achieve it
List and briefly explain the two perseverance stories discussed in class
1) The parable of SPLAT: success is on the other side of splat. Splat tests us to see what we will settle for and it refines us. Lots of good things are still on the other side of splat.
2) Quitting just short: R.U. Darby and his uncle spent all their money and a few years digging for gold, eventually they gave up and went home. they quit just three feet from gold
List the three things we must do to persevere
1) Expect problems
2) Stay focused on the goal
3) Keep moving forward
An action orientation requires that we do three things. What are those three things?
1) conquer fear
2) overcome failure
3) Face criticism
What conquers fear?
Action conquers fear
What are the three myths that people hold about failure?
1) successful people dont fail
2) smart people dont fail
3) talented people dont fail
List and briefly explain the five ways that people deal with failure
1) Internalize it: we think "i failed therefore i am a failure" in reality, failure is an event not a person
2) Externalize it: We think," i failed but it wasnt my fault", in reality good excuses dont change the outcome
3) Trivialize it: We think, "i failed but it doesn't really matter", in reality life treats us differently if we win or lose
4) Catastrophize it: we think, " i failed so the world will end". in reality, failures can burry us or carry us; its up to us
5) Analyze it: We think, "I failed so now i have the experience to start over with greater wisdom and understanding", in reality, we're right.
List and briefly explain the three things presented in class we should do when we RECEIVE criticism
1) consider the source: Consider the critics expertise and motives
2) Be careful what criticism you listen to : ignore destructive criticism about your goals and invite constructive criticism about how to achieve your goals
3) Seek advice not approval: Accept advice only if it fits your situation and avoid following advice simply because the critic wants you to
List and briefly explain the two things presented in class we should do when we GIVE criticism
1) Approach it with humility: When we really want to criticize someone, we probably should not and when we do not want to say something but we think we should, we may need to say something
2) Be careful where you criticize: criticize in private ad praise in public
What were the four reasons given in class as to why to study business?
1) It is where the money is
2) It gives you a very useful way of thinking
3) It is a great default option for the undecided
4) It is interesting
List and briefly explain the four keys presented in class for thriving in the Langdale College of Business
1) Know the expectations of each class: The class syllabus is the professors contract with the students and don't miss the first day
2) Know where you stand in all your classes all semester long: The observation principle: The act of observing something changes it
3) Stay ahead of your work: Late assignments will not be accepted and the end of the semester can be brutal
4) Become active in outside organizations: Employers like this and it helps you develop skills that you need in business
What were the two importantrules to know which can affect your graduation
1) Five withdrawal rule
2) The activity requirment
List and briefly explain the four things presented in class to develop in order to develop your career
1) Develop your skills: analytic, people, and communication skills
2) Develop your professional persona: Persona, constantly be working on your resume, be careful what you do with social media, and follow proper e-tiquette
3) Develop experience: look for jobs and internships that will give you a future and not just a paycheck
4) Develop a network: Learn to network because your net worth is determined by your network
In class, we stated that your time is managed to the extent to which something is happening. What is it?
Your time is managed to the extent to which your current activities are consistent with where you want to be at some point in the future
List and briefly explain the five key time management principles presented in class
1) Perception principle: It is later than you think
2) Principle of the excluded Alternative: to say yes to something is to say no to something else
3) NYCNO principle: The power of planning comes from the process and not the plan
4) Process principle: Master the process and the results will take care of themselves
5) System principle: any system is better than no system
List and briefly explain the three most important financial lessons to learn early in life
1) The power of saving: short term savings expect the unexpected and long term savings have the miracle of compound interest
2) the dangers of debt: 2 most dangerous types of debt are credit card debt and student loans
3) The importance of your credit score: it determines whether or not you can get a loan, determines the interest rate you pay for a loan, and it is used for purposes not directly related to borrowing money
List and briefly explain the two great books discussed in class which give a perspective on becoming wealthy.
1) Rich Dad, Poor Dad: Active income: employee or self-employed
Passive income: investments and business ownership
2) The millionaire next door: most people who look rich are not rich but most people who are rich do not look rich