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Basics of Business

In: Business and Management

Submitted By fobbos
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Learning Business Taking Business 300 this semester has taught me much about the terminology of business and how important the relationship is between certain aspects. It seems now that the vocabulary used in the business world doesn’t seem as foreign as we have learned about most of the terms in our class. For example, the documents and files I see at work using terms that I learned in class are easier to comprehend. Also, I can better understand why my manager cares about sales, marketing, and customer relations as much as he does. Learning about marketing was a huge help because now I feel like I could be more confident opening up my own business someday. I had always been curious as to the benefits and tribulations of owning a small business whether it is a sole proprietorship or a shared company. I did not realize how many expenses you would have to endure to regulate and run a successful business and now have a better understanding of what kind of funding I will need to begin. The costs of utilities and employees were always understood, but adding the costs of advertising, supplying, and taxes would have to be afforded as well. Also I had no idea there were organizations to help protect and benefit small businesses to see them to success. We also learned a great deal about managing employees and getting along with coworkers. You can’t choose who you work with in life and it’s important to understand that people all have different personalities. Better understanding your coworkers can better suit you for management, but once you achieve a higher position, you must also know how to manage employees in a fair and just manner. Management requires you to have a deeper understanding of how a business works and what it needs to survive and succeed. I believe many people who are promoted to management treat it much like they did when they were a lower ranking...

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