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Chapter 5 - Entrepreneurship: Starting & Managing Your Own Business

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Chapter 5 - Entrepreneurship: Starting & Managing Your Own Business

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I do not have any particular business ideas and the entrepreneur lifestyle seems too rocky for me; however, if I were to start my own business it would be online. I hadn't looked into previously, but this video was able to give me a good overview of the types of businesses that I can create online. It seems that service-based services offer the most amount of revenue.

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Best Online Business To Start As A BEGINNER (2022)

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Chapter 1 - Understanding Economic Systems and Business

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Chapter 1 - Understanding Economic Systems and Business

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The pandemic broke the daily patterns and routines of many people's jobs. This gave them more time to spend on their personal lives and gave them space to reflect on their job satisfaction. I think this is one of the main causes of the Great Resignation. Another change caused by the pandemic was how it forced some people into remote work. Working from home was always seen as a luxury for most people and if companies start forcing people to work on location again, I think the resignation trend will continue.

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What is the ‘Great Resignation?’ An expert explains

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The Great Resignation has seen more people quit their jobs. Here’s how companies can retain their talent and built conducive work environments in future.

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Chapter 2 - Making Ethical Decisions and Managing a Socially Responsible Business

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Chapter 2 - Making Ethical Decisions and Managing a Socially Responsible Business

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While reading this chapter, I realized how leadership played an important role in maintaining an ethical business. This article explains, "Formal and informal mentors alike should be encouraged to discuss ethics and moral character with their protégés. By developing strong, trusting relationships, mentors can bring their vast experience to bear on the ethical learning of others." I reflected on my own experiences while working at McDonald's and saw how true this message was. As a new employee, I would learn from my managers about how to handle situations and solve problems ethically.

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Idea in Brief

The Opportunity

Just as people entering the workforce can develop job-related skills and abilities over time, they can learn to be more ethical as well.

Why It's Often Missed

Many organizations relegate ethics training to the onboarding process, perhaps also issuing codes of conduct and establishing whistleblower hotlines. Such steps may curb specific unethical acts but don't necessarily help workers grow as moral people.

How to Capitalize on It

Managers can provide experiential training in ethical dilemmas, foster psychological safety when (minor) lapses occur, conduct pre- and postmortems for initiatives with ethical components, and create a culture of service by encouraging volunteer work and mentoring in ethics.

People don't enter the workforce with a fixed moral character. Just as employees can nurture (or neglect) their skills and abilities over time, they can learn to be more or less ethical. Yet rather than take a long-term view of employees' moral development, many organizations treat ethics training as a onetime event, often limiting it to the onboarding process. If they do address ethics thereafter, it may be only by espousing codes of conduct or establishing whistleblower hotlines. Such steps may curb specific unethical actions, but they don't necessarily help employees develop as moral people.

Ethical learning is a lifelong process, and it doesn't happen by rote (do this, don't do that). Neuroscientific research suggests that when faced with moral quandaries, we fall back on prototypes, or mental models. Our moral evolution requires us to add to and update those prototypes as we gain experience. So in addition to preparing people for onetime moral challenges, employers should foster an environment that encourages them to become more ethical in the long run by practicing moral reflection.

The benefits of ethical organizations are well documented: Such organizations are more attractive than others to employees, are less likely to become embroiled in scandals, and are more likely to be rewarded by investors, who increasingly focus on good governance and strong cultures as sources of sustainable value creation. In a previous article, " Building an Ethical Career" (HBR, January-February 2020), we wrote about a bottom-up approach to ethics, describing how individuals could take ownership of their moral development at work. In this article we draw on evidence from hundreds of research studies in business, psychology, and ethics to present a top-down approach to helping workers build moral character. Together the two approaches highlight the workplace's potential to be a moral laboratory where people can find the opportunities and support to learn and grow.

Recognize the Role of Work in Our Lives

Some Protestant theologians hold that work is inherently edifying. We would not go that far, but we do agree with the idea that work is an effective place for ethical learning, for several reasons.

First, work plays a huge role in many people's lives. Houses of worship, therapists' offices, and conversations with close friends and family are traditionally where moral learning occurs. We're not suggesting that those settings are no longer relevant or important. But a typical full-time employee spends far more time at work than in a mosque, church, or counselor's office. Indeed, many of us spend the majority of our waking hours there. How could work not affect our moral thinking and actions?

Second, work and life are more tightly intertwined than ever before (a trend exacerbated by the pandemic). The boundaries between our personal and professional lives have become blurred. That has happened not only because we spend so much time at work but also because of a push, especially among Millennials and younger workers, for greater authenticity-a desire to "bring one's whole self to work." Activism on the job is on the rise, with employees banding together at companies including Facebook and Google to encourage leaders to address issues such as diversity, immigration, and political discourse.

Third, we are likely to face ethical situations at work that we might not encounter anywhere else. Will we bribe a government official to secure a lucrative contract? Will we pad our expense account or "cook the books?" Will we speak up if we witness a boss bullying or harassing a subordinate? And more recently, should we enforce mask wearing? Can our employees work from home? At our jobs we have regulations to follow, customers to serve, contracts to uphold, and communities to engage with. Experience with each can foster ethical learning over time.

How can employers help their employees use the workplace as a laboratory for character development? To answer that question, we'll start by examining the role that experience and reflection play in the evolution of moral character.

Let Experience Be a Teacher

The University of Washington's Scott Reynolds has described a model of ethical decision-making based on research into how the brain processes novel stimuli. According to his model, we all have certain prototypes in our minds that guide our moral judgments. When facing a morally relevant situation, we automatically-often unconsciously-engage in a pattern-seeking process, looking to match the situation with one of our prototypes. If we find a match, we make an intuitive judgment. We then use our more conscious, higher-order reasoning to justify that gut reaction.

When we face a moral decision for which we lack a prototype, our higher-order reasoning kicks in sooner, to assess and resolve the situation. Our existing prototypes then undergo an updating process. The more experience we have with varied moral situations, the more opportunities we have to learn and to refine our prototypes.

However, many employees-especially those new to an industry or an organization or to work itself-lack experience with or training about the unique ethical issues that may arise on the job. Approaching the workplace as a moral laboratory, then, requires giving employees opportunities to learn from new experiences, both simulated and real. The goal is to help them build prototypes that they can apply to an array of circumstances.

Jon Cowan/Courtesy Naked Good Galley

One way to do this is through experiential training. Whereas traditional teaching is didactic (think of a textbook, or a teacher at a blackboard), experiential training is hands-on and immersive, with the teacher playing a guiding role. To learn the laws of buoyancy through experiential training, for example, one would build a boat rather than read Archimedes.

Despite its proven effectiveness in academia and in corporate training programs, experiential learning has been slow to catch on as a tool for organizational ethics and compliance training. When researchers examined the ethics training at 71 large U.S.-based companies, they found that much of it was delivered in short doses and infrequently, such as annually or only during new-hire orientations. And often the training was solely online or lecture-based.

What would an effective experiential-training program look like? Companies could regularly offer classroom-based programs using real-world case studies. At Lockheed Martin, employees watch videos of scenarios involving everyday ethical challenges they might encounter at work. Small groups discuss the scenarios and explore techniques for upholding moral values, such as asking questions, reframing issues to take various perspectives into account, and developing guidelines about when and how to report violations.

Create a Safe Place for Reflection

To turn your organization into a moral laboratory, however, you must move beyond scenarios and simulations and let employees learn on the job. Reflection is key. As the philosopher John Kekes has written, "insufficient reflection leads to loss of self-control, ignorance of oneself, and to a failure to align one's ideals and moral vision." Management scholars have identified reflection as a critical capacity for developing ethical expertise at work. Drawing on psychological concepts such counterfactual thinking (envisioning alternatives to events that have already occurred), social comparisons (evaluating one's attitude, abilities, and traits in relation to others'), and mental simulation (projecting oneself into hypothetical realities), they have persuasively argued that employees cannot learn from experience without engaging in moral reflection.

Honestly contemplating one's actions can be an uncomfortable process. But a now-familiar management concept can help overcome resistance to doing so: psychological safety, or an environment in which people aren't afraid to speak up, ask questions, admit mistakes, and seek help. Organizational leaders can create psychological safety by framing workplace ethics as a learning process and acknowledging that we must learn from failures as well as successes. Managers can encourage employees to speak up when they witness moral indiscretions. They can reassure workers that it's OK to ask questions when facing moral uncertainties-preferably before making any consequential decisions. And they can model humility by acknowledging that they don't have all the answers.

Of course, psychological safety is not a green light allowing employees to make as many egregious mistakes as they want to. Clear violations of ethical standards should be handled promptly and punished consistently. Research shows that tolerating unethical behavior sends the wrong signal to employees and can spark further misdeeds. Having a psychologically safe environment for ethical learning doesn't mean granting deviants free rein; it means giving well-intentioned people a space where they can learn through reflection.

Institutionalize Group Discussions About Ethics

Research has identified three core features of systematic reflection that lead to learning. The first is self-explanation-a process in which learners analyze their behavior to understand what happened and why. The second is data verification, whereby learners think through multiple interpretations of a given experience or experiences. The third is feedback, meaning both reactions to past performance and recommendations for future improvement.

To maximize learning, managers can make ethics an explicit part of postmortem meetings, also known as after-action reviews. They might ask: Did the process and outcomes of this project align with our values and code of conduct? Did we cross any ethical lines? Were any stakeholders unduly harmed? Reflecting on such questions can help seasoned members of the organization evaluate their current practices and decisions and help new members learn from their more experienced colleagues.

Postmortems can also be helpful in situations involving ethical dilemmas: instances in which right and wrong are not clearly defined. Sometimes employees must do something uncomfortable-lay off an underperforming worker who has a sick child, for instance, or cancel a contract with a longtime supplier after a more attractive option comes along. They may face quandaries when asked to balance the legitimate but competing interests of employees, shareholders, suppliers, and customers. In such situations, discussing how and why they reached their decisions can add nuance and wisdom to their ethical worldviews.

Conduct Ethical Premortems

Companies can also institutionalize a preemptive type of moral reflection-what the psychologist Gary Klein calls a premortem (see " Performing a Project Premortem," HBR, September 2007). Key decision-makers meet before a project to think through ways in which it could lead to ethical lapses. Consider the experience of a young strategy consultant working in-house for a large health care system. During his first year on the job he identified an opportunity for the system to legally sell anonymized utilization data on a secure third-party marketplace. His colleagues commended him for the idea, but in keeping with the organization's standard practice, the key decision-makers held a two- to three-hour premortem to ensure that the proposed initiative was ethical and aligned with the organization's values.

Jon Cowan/Courtesy Naked Good Galley

At the start of the meeting, all participants were asked to identify their strategic goals around the initiative and to reflect on how their own agendas might bias their perspective. For example, those representing the organization's financial interests might be motivated to overlook any morally questionable aspects of the project if it appeared that it would add significantly to the bottom line. The participants were then told to set aside those goals and biases as the group discussed the moral implications of the initiative and its impact on all stakeholders. To the surprise of the freshly minted strategy consultant, by the end of the meeting participants had determined that although selling such data was legal, third parties might use it in ways that were inconsistent with the health care system's values. The group decided not to move ahead.

The premortem allowed the young consultant to participate in ethical learning: He acknowledged his potential biases, heard others' points of view, and reflected on moral considerations that he had not accounted for in his strategic model. By following a formal process of moral reflection, leaders of the health care system try to ensure that its employees and contractors always uphold the organization's stated values.

Focus on Serving Others

Building a truly ethical culture involves more than just helping people to avoid doing bad things; it also requires empowering them to do good things. Research has shown that serving other people can reduce self-focus and raise awareness of moral concerns. It also contributes to psychological flourishing; studies have demonstrated a link between volunteer service and improved mood and well-being.

Universities often provide students with service-learning opportunities, such as consulting projects with nonprofit organizations, to help them gain practical skills while making a positive difference in the world and, it is hoped, becoming committed to service along the way. Research finds that such programs have a spillover effect on moral character. In one study undergraduate students who participated in a summer service-learning project outperformed their peers on a moral-reasoning assessment.

Companies can likewise provide opportunities to serve-something Salesforce has done since its founding, in 1999. Each year employees receive seven paid days off for volunteer work in their communities. They are also encouraged to offer their skills, free of charge, to help nonprofits better utilize cloud technologies. And they can apply for Salesforce Foundation grants to help organizations they care about. The company reports that since its inception, employees have donated more than 6 million hours of service. It encourages other companies to join it in pledging 1% of equity, time, products, and profits to deserving organizations, communities, and causes. Although corporate volunteerism is not a foolproof inoculation against scandal, it's probably no coincidence that of all the Silicon Valley tech giants, Salesforce has been one of the least tainted by scandal in recent years.

The Pay It Forward campaign at the Savings Bank of Walpole, in which teams of employees are given $700 to perform random acts of kindness in the community, is another good example. The teams then report back and share uplifting stories with their colleagues.

Another way of nudging employees to look outward-and keep their selfishness in check-is to help them see the positive social impact of their everyday work. The Wharton professor Adam Grant has shown that connecting employees with the beneficiaries of their work helps them see the positive impact they are having and increases what psychologists call prosocial motivation-a desire to expend effort to help others. Deere & Company has invited farmers to speak to assembly-line workers about the difference its equipment makes to their farms and families. The fine stationery manufacturer William Arthur has shown employees video testimonials by customers (often the owners of stationery boutiques) expressing gratitude for the reliability and quality of the firm's offerings and for how its products help people prepare for some of the most important days of their lives.

Encourage Mentors to Address Ethics

Dozens of studies have demonstrated the positive effects of mentoring on employee outcomes such as job satisfaction, promotions, and salaries. Yet we suspect that very few organizations explicitly incorporate ethical issues into their mentoring programs and relationships-a missed opportunity.

Formal and informal mentors alike should be encouraged to discuss ethics and moral character with their protégés. By developing strong, trusting relationships, mentors can bring their vast experience to bear on the ethical learning of others. They can ask questions, share experiences, and offer meaningful insights that help mentees reflect on their own actions. They can also encourage mentees to conduct postmortems, again in an atmosphere of psychological safety.

. . .

Some believe that a competitive business context brings out the worst in people. We argue that with the right environment and support, workplace experiences can also bring out the best. Organizations can be designed to help workers learn and evolve into their most moral selves. And as we've discussed, explicitly focusing on employees' ethical growth might not only keep an organization out of the spotlight for scandals but also lead to rewards from investors.

Although we have presented practical suggestions for creating an environment conducive to ethical learning, our intention was not to write a definitive "how to" article but to spark a shift in mindset about character development in the workplace. Acknowledging that work can serve as a laboratory for lifelong ethical learning highlights the role an organization can play in helping employees become their best selves. Organizations may not be obliged to provide such help-but we think that the chance to do so is a very promising opportunity.

A version of this article appeared in the November-December 2021 issue of Harvard Business Review.

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Just as people can develop skills and abilities over time, they can learn to be more or less ethical. Yet many organizations limit ethics training to the onboarding process. If they do address it thereafter, it may be only by establishing codes of conduct or whistleblower hotlines.

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Chapter 3 - Competing in the Global Marketplace

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Chapter 3 - Competing in the Global Marketplace

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I think that globalization is good for the economy of participating nations. Statistics about GDP have shown that countries that engage in globalization experience growth greater than expected. The main issue I have heard surrounding globalization is the outsourcing of jobs and how it can hurt the economy of developed nations. However, in the grand scheme of things, the opposite is true. Globalization disproportionately benefits developed countries. One issue that was not on my mind was how this can impact sustainability and the environment. The video from crash course highlights how unsustainable the consumption caused by globalization is.

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Globalization II - Good or Bad?: Crash Course World History #42

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 Chapter 4 - Forms of Business Ownership

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 Chapter 4 - Forms of Business Ownership

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Out of all the types of business ownership, the most appealing one to me is sole proprietorship. Other types of business ownership may offer greater revenue or stability, but they come with high startup costs. Sole proprietorship make up 72 percent of business organizations and it is unsurprising due to its low cost and ease of access.

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When choosing a business ownership structure type, think about what you're protecting, whether or not there will be other owners, whether you plan on getting investors or not and how you want the taxes to be paid. Most people consult with a lawyer and a tax professional before making a final decision on which entity is best.

One of the most important things you can do as an owner is to limit your personal liability for business debts and liabilities. This is what most entities start with-reducing your exposure. From there, you want to consider how the profits are distributed and thus taxed. If profits are passed through, that means that you add the profits to your personal tax return. This avoids double taxation, which can happen with a C-corporation.

However, if you plan on getting outside investment or plan on selling the company, a C-corporation is the easiest to manage. That being said, corporations have boards of directors and must have annual meetings and have more required filings than other business structures.

Ultimately, you want to choose a business type that protects you while meeting your tax and growth needs.

Bottom Line

Starting a new business can be overwhelming because of all the choices that are available for the business type. Take the time to review what you want for liability structure, tax structure and how flexible you want ownership to be. These are the key considerations and differences between the different entity types.

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Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Varies By State & Package

Varies By State & Package

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6 Types Of Business Ownership: Definitions, Pros & Cons

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When starting a business, there are different types of business ownership structures that you can choose from. Each has its pros and cons, usually dealing with tax structures and liability.

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Chapter 6 - Management and Leadership in Today's Organizations

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Chapter 6 - Management and Leadership in Today's Organizations

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There are three types of managers: Top management, middle management, and supervisory management. Each manager operates on different levels but has similar tasks of planning, organizing, leading, and controlling. This article outlines several skills that managers should have and the one that stands out to me is communication. Having good communication is crucial for all managers as they need to lead groups of people.

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Managers shape the culture of their teams and workplaces in countless ways. They have to play both an administrative and leadership role. And they require a diverse set of skills to be successful. But what exactly does a manager do? These are the fundamental requirements of the manager's job and why these skills are critical for success in today's organizations. Management continues to be a viable career option.

The Manager's Role Inside the Organization

Organizations are hierarchies of titles. The organizational chart or the structure of the company and the relationships of the jobs and responsibilities, from the top down, may include CEO, vice president, director, then manager. Each of these people performs separate and critical functions, enabling the organization to function, meet its obligations, and turn a profit.

The higher you climb in the organization's ranks, the further away you move from the day-to-day operations and work of the firm's employees. While the CEO and vice presidents focus more of their efforts on issues of strategy, investment, and overall coordination, managers are directly involved with the individuals serving customers, producing and selling the firm's goods or services, and providing internal support to other groups.

Note

The Work of the Manager

Have you ever witnessed the "plate spinner" at the circus? This performer places a breakable dinner plate on a stick and starts it spinning. The entertainer repeats this task a dozen or more times, then runs around striving to keep all of the plates spinning without letting any crash to the floor.

On many occasions, the role of a manager feels a great deal like this plate spinner. The manager's functions are many and varied, including:

Hiring and staffing

Training new employees

Coaching and developing existing employees

Dealing with performance problems and terminations

Supporting problem resolution and decision-making

Conducting timely performance evaluations

Translating corporate goals into functional and individual goals

Monitoring performance and initiating action to strengthen results

Monitoring and controlling expenses and budgets

Tracking and reporting scorecard results to senior management

Planning and goal-setting for future periods

The daily work of the manager is filled with one-on-one or group interactions focused on operations. Many managers use early mornings or later evenings to complete their reports, catch up on email, and update their task lists. There is never a dull moment, much less time for quiet contemplation, in the lives of most managers.

Types of Managers

Managers are most often responsible for a particular function or department within the organization. From accounting to marketing, to sales, customer support, engineering, quality, and all other groups, a manager either directly leads his or her team or leads a group of supervisors who oversee the teams of employees.

Note

Span of Control

The phrase "span of control" relates to the number of individuals who report directly to any particular manager. Various trends have existed over the years, but the current approach to creating a proper span of control in an organization involves an analysis of what the organization and its employees need.

When you think about the span of control, a small number of direct reports creates a narrow span of control and a hierarchical structure in which decision making frequently resides at the top of the organization. Narrow spans of control are more expensive, but they allow managers to have more time to interact with direct reports. They also tend to encourage professional growth and employee advancement because the manager knows the employees well and has time to spend with them individually.

According to the Society for Human Resource Management: "In contrast, a wide span of control refers to a larger number of direct reports supervised by one manager, creating a "flat" organization. This approach increases the number of interactions between the manager and his or her direct reports, which could cause managers to become overwhelmed but can also provide more autonomy."﻿﻿

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Authority of the Manager

A manager may have the power to hire, fire, discipline, or promote employees especially in smaller organizations with the assistance of the Human Resources staff. In larger companies, a manager may only recommend such action to the next level of management. The manager has the authority to change the work assignments of team members in both large and small organizations.

Essential Skills of the Manager

Managers need to develop and hone the following skills:

Leadership:

A manager has to be able to set priorities and motivate your team members. This involves self-awareness, self-management, social awareness, and relationship management. The manager needs to radiate energy, empathy, and trust. And, remember that effective leaders work daily to develop team members through positive, constructive feedback and coaching.

Communication:

The manager must become a student of effective communication in all of its applications, including one-on-one, small groups, large groups, email, remote working, and social media. Good managers realize that the most important aspect of communicating is listening.

Collaboration:

The manager serves as a role model for working together. You support cross-functional efforts and model collaborative behaviors to set the example for your team members.

Critical Thinking:

The manager strives to understand where and how your projects fit into the bigger picture to enhance your effectiveness. The manager reviews priorities in light of larger organizational goals. He or she translates this understanding into meaningful goals and objectives for their team members who need to understand where their work fits in the big picture.

A manager needs to learn the language of numbers. Managers must strive to understand how company funds are invested and to ensure that these investments earn a good return for the firm. While you don't need to be an accountant to be a manager, it is imperative that you learn and apply the basics of solid financial understanding. For example, how many employees can produce the most quality product for the least cost?

Project Management:

Nearly every initiative in an organization turns into a project. And, projects can become complex and unwieldy. Today's managers understand and leverage formal project management practices to ensure timely completion and proper control of initiatives.

A Career in Management

The work of management is divided into the activities around planning, leading, organizing, and controlling, and the job of a manager encompasses all of these areas. Anyone aspiring to move into management as a career should develop and display strong technical and functional skills. Become an expert in your discipline, and have a strong affinity for interacting with, supporting, and guiding others.

The Bottom Line

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Take a Look at the Role and Responsibilities of Today's Manager

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Managers shape the culture of their teams and workplaces in countless ways. They have to play both an administrative and leadership role. And they require a diverse set of skills to be successful. But what exactly does a manager do? These are the fundamental requirements of the manager's job and why these skills are critical for success in today's organizations.

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Chapter 8 - Managing Human Resources and Labor Relations

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Chapter 8 - Managing Human Resources and Labor Relations

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Unions and collective bargaining are some of the main processes of labor relations. Although union membership rates have been decreasing, it is still an important avenue that connects employees with employers. The benefits of unions include giving more negotiation power to employees, higher pay, and more job security. Unions also come with some drawbacks such as having to pay union fees and a system that rewards seniority instead of merit.

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Chapter 10 - Achieving World-Class Operations Management

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Chapter 10 - Achieving World-Class Operations Management

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Operations management is key for a business to run efficiently.  It addresses issues such as cost reduction and customer satisfaction. One effective method of operations management is the Sigma Six program. The main focus of Sigma Six is quality control. This is done through processes such as defining, measuring, analyzing, improving, and controlling.

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What Is Six Sigma?

Six Sigma is a quality-control methodology developed in 1986 by Motorola, Inc. The method uses a data-driven review to limit mistakes or defects in a corporate or business process. Six Sigma emphasizes cycle-time improvement while at the same time reducing manufacturing defects to a level of no more than 3.4 occurrences per million units or events. In other words, the system is a method to work faster with fewer mistakes.

Six Sigma points to the fact that, mathematically, it would take a six- standard-deviation event from the mean for an error to happen. Because only 3.4 out of a million randomly (and normally) distributed, events along a bell curve would fall outside of six-standard-deviations (where sigma stands in for "standard deviation").

In recent years, Six Sigma has evolved into a more general business-management philosophy, focused on meeting customer requirements, improving customer retention, and improving and sustaining business products and services. Six Sigma applies to all industries. Many vendors, including Motorola itself, offer Six Sigma training with the special certifications carrying the names of yellow belt, green belt, and black belt.

Understanding Six Sigma

Six Sigma represents a management ideology, which focuses on statistical improvements to a business process. It advocates for qualitative measurements of success over qualitative markers. Therefore, practitioners of Six Sigma are those business people who use statistics, financial analysis, and project management to achieve improved business functionality.

Six Sigma evolved to define numerous ideas within the business sphere and is sometimes confusing. First, it's a statistical benchmark. Any business process, which produces less than 3.4 defects per 1 million chances, is considered efficient. A defect is anything produced outside of consumer satisfaction.

Second, it is a training and certification program, which teaches the core principles of Six Sigma. Practitioners may achieve the Six Sigma certification belt levels, ranging from white belt to black belt. Finally, it's a philosophy, which promotes the idea that all business processes can be measured and optimized.

The 5 Steps of Six Sigma

True believers and practitioners in the Six Sigma method follow an approach called DMAIC, which stands for define, measure, analyze, improve, and control. It is a statistically driven methodology that companies implement as a mental framework for business process improvement. The ideology behind DMAIC is that a business may solve any seemingly unsolvable problem by following the DMAIC steps.

1. A team of people, led by a Six Sigma champion, defines a faulty process on which to focus, decided through an analysis of company goals and requirements. This definition outlines the problem, goals, and deliverables for the project.

2. The team measures the initial performance of the process. These statistical measures make up a list of potential inputs, which may cause the problem and help the team understand the process's benchmark performance.

3. Then the team analyzes the process by isolating each input, or potential reason for the failure, and testing it as the root of the problem. Through analysis, the team identifies the reason for process error.

4. From there, the team works to improve system performance.

5. Finally, the team adds controls to the process to ensure it does not regress and become ineffective once again.

Lean Six Sigma is a team-focused managerial approach that seeks to improve performance by eliminating waste and defects. It combines Six Sigma methods and tools and the lean manufacturing- lean enterprise philosophy, striving to reduce waste of physical resources, time, effort, and talent while assuring quality in production and organizational processes. Under the tenets of Lean Six Sigma, any use of resources that do not create value for the end customer is considered a waste and should be eliminated.

Real-World Examples of Six Sigma

Six Sigma is used by both corporations and local governments. Below are two examples of how six sigma improved operational efficiency, saved money, and increased customer satisfaction.

Microsoft Inc.

Microsoft Corporation (MSFT) is one of the largest software producers in the world. In an effort to improve the reliability and availability of its networks worldwide, Microsoft implemented Six Sigma methodologies as outlined on the company's website. The goal was to use a robust data-driven process to help eradicate any defects in their systems and data centers to systematically reduce IT (information technology) infrastructure failures.

The company first established standards for all of its hardware and software to create a baseline measurement for detecting defects. Microsoft used root-cause analysis, including collecting data from past high-priority incidents, server failures, and recommendations from product group members and customers. Using the historical data, Microsoft established baseline standards from which to measure going forward.

Large amounts of data were collected on a daily and weekly basis from various servers. Data analysis and reporting identified the defects and remediation steps for each defect were then established. The incidents were prioritized based on how severe the defects impacted the business and the company's underlying services.

Using Six Sigma methodologies, the teams executed eradication initiatives of the defects. As a result, remediation of defects improved by 40% within the first year. The mean or average time between server failures improved from 18 days to 125 days. As a result of Six Sigma, Microsoft improved the availability of its servers, boosted customer productivity, and increased customer satisfaction.

Local Government

As reported by TheVoiceCalifornia.com, in Ventura County, California, the county is crediting the use of Lean Six Sigma for a savings of $43 million. The local government began to use the program on a county-wide level in 2008 and has trained more than 5,000 employees on employing the methodology. The county states the savings are coming from hard budget items, which no longer need funding as well as savings in employee hours.

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Six Sigma Reduces Errors and Saves Capital

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Six Sigma is a quality-control methodology developed in 1986 by Motorola, Inc. The method uses a data-driven review to limit mistakes or defects in a corporate or business process. Six Sigma emphasizes cycle-time improvement while at the same time reducing manufacturing defects to a level of no more than 3.4 occurrences per million units or events.

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Chapter 11 - Creating Products and Pricing Strategies to Meet Customers' Needs

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Chapter 11 - Creating Products and Pricing Strategies to Meet Customers' Needs

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Marketing is not limited to advertising but also includes the process of identifying the needs of customers. Marketing has the purpose of delivering the right goods and services to the right people. The article above states that marketing is made of the four P's: Product, price, place, and promotion. Product refers to making goods and services that meet the needs of customers. Price refers to having reasonable prices and production costs. Place refers to the distribution of the product. Finally, promotion refers to various marketing strategies such as sales and sponsorships.

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What Is Marketing?

Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company.

Professionals who work in a corporation's marketing and promotion departments seek to get the attention of key potential audiences through advertising. Promotions are targeted to certain audiences and may involve celebrity endorsements, catchy phrases or slogans, memorable packaging or graphic designs, and overall media exposure.

Key Takeaways

What Is the Goal of Marketing?

Marketing as a discipline involves all the actions a company undertakes to draw in customers and maintain relationships with them. Networking with potential or past clients is part of the work too and may include writing thank you emails, playing golf with prospective clients, returning calls and emails quickly, and meeting with clients for coffee or a meal.

At its most basic level, marketing seeks to match a company's products and services to customers who want access to those products. Matching products to customers ultimately ensures profitability.

Formal Definition:

What Are the 4 P's of Marketing?

Product, price, place, and promotion are the Four Ps of marketing. The Four Ps collectively make up the essential mix a company needs to market a product or service. Neil Borden popularized the idea of the marketing mix and the concept of the Four Ps in the 1950s.

Product refers to an item or items the business plans to offer to customers. The product should seek to fulfill an absence in the market, or fulfill consumer demand for a greater amount of a product already available. Before they can prepare an appropriate campaign, marketers need to understand what product is being sold, how it stands out from its competitors, whether the product can also be paired with a secondary product or product line, and whether there are substitute products in the market.

Price refers to how much the company will sell the product for. When establishing a price, companies must consider the unit cost price, marketing costs, and distribution expenses. Companies must also consider the price of competing products in the marketplace and whether their proposed price point is sufficient to represent a reasonable alternative for consumers.

Place refers to the distribution of the product. Key considerations include whether the company will sell the product through a physical storefront, online, or through both distribution channels. When it's sold in a storefront, what kind of physical product placement does it get? When it's sold online, what kind of digital product placement does it get?

Promotion, the fourth P, is the integrated marketing communications campaign. Promotion includes a variety of activities such as advertising, selling, sales promotions, public relations, direct marketing, sponsorship, and guerrilla marketing.

Promotions vary depending on what stage of the product life cycle the product is in. Marketers understand that consumers associate a product's price and distribution with its quality, and they take this into account when devising the overall marketing strategy.

Types of Marketing Strategies

Marketing is comprised of an incredibly broad and diverse set of strategies. The industry continues to evolve, and the strategies below may be better suited for some companies over others.

Traditional Marketing Strategies

Before technology and the internet, traditional marketing was the primary way companies would market their goods to customers. The main types of traditional marketing strategies includes:

Outdoor Marketing: This entails public displays of advertising external to a consumer's house. This includes billboards, printed advertisements on benches, sticker wraps on vehicles, or advertisements on public transit.

Print Marketing: This entails small, easily printed content that is easy to replicate. Traditionally, companies often mass produced printed materials, as the printed content was the same for all customers. Today, more flexibility in printing processes means that materials can be differentiated.

Direct Marketing: This entails specific content delivered to potential customers. Some print marketing content could be mailed. Otherwise, direct marketing mediums could include coupons, vouchers for free goods, or pamphlets.

Electronic Marketing: This entails use of TV and radio for advertising. Though short bursts of digital content, a company can convey information to a customer through visual or auditory media that may grab a viewer's attention better than a printed form above.

Event Marketing: This entails attempting to gather potential customers at a specific location for the opportunity to speak with them about products or demonstrate products. This includes conferences, trade shows, seminars, roadshows, or private events.

Digital Marketing

The marketing industry has been forever changed with the introduction of digital marketing. From the early days of pop-up ads to targeted placements based on viewing history, there are now innovating ways companies can reach customers through digital marketing.

Search Engine Marketing: This entails companies attempting to increase search traffic through two ways. First, companies can pay search engines for placement on result pages. Second, companies can emphasize search engine optimization (SEO) techniques to organically place highly on search results.

E-mail Marketing: This entails companies obtaining customer or potential customer e-mail addresses and distributing messages or newsletters. These messages can include coupons, discount opportunities, or advance notice of upcoming sales.

Social Media Marketing: This entails building an online presence on specific social media platforms. Like search engine marketing, companies can place paid advertisements to bypass algorithms and obtain a higher chance of being seen by viewers. Otherwise, a company can attempt to organically grow by posting content, interacting with followers, or uploading media like photos and videos.

Affiliate Marketing: This entails using third-party advertising to drive customer interest. Often, an affiliate that will get a commission from a sale will do affiliate marketing as the third-party is incentivized to drive a sale for a good that is not their own original product.

Content Marketing: This entails creating content, whether eBooks, infographics, video seminars, or other downloadable content. The goal is to create a product (often free) to share information about a product, obtain customer information, and encourage customers to continue with the company beyond the content.

What Are the Benefits of Marketing?

Well-defined marketing strategies can benefit a company in several ways. It may be challenging in developing the right strategy or executing the plan; when done well, marketing can yield the following results:

Audience Generation. Marketing allows a company to target specific people it believes will benefit from its product or service. Sometimes, people know they have the need. Other times, they don't realize it. Marketing enables a company to connect with a cohort of people that fit the demographic of who the company aims to serve.

Inward Education. Marketing is useful for collecting information to be processed internally to drive success. For example, consider market research that finds a certain product is primarily purchased by women aged 18-34 years old. By collecting this information, a company can better understand how to cater to this demographic, drive sales, and be more efficient with resources.

Outward Education. Marketing can also be used to communicate with the world what your company does, what products you sell, and how your company can enrich the lives of others. Campaigns can be educational, informing those outside of your company why they need your product. In addition, marketing campaigns let a company introduce itself, its history, its owners, and its motivation for being the company it is.

Brand Creation. Marketing allows for a company to take an offensive approach to creating a brand. Instead of a customer shaping their opinion of a company based on their interactions, a company can preemptively engage a customer with specific content or media to drive certain emotions or reactions. This allows a company to shape its image before the customer has ever interacted with its products.

Long-lasting. Marketing campaigns done right can have a long-lasting impact on customers. Consider Poppin' Fresh, also known as the Pillsbury Doughboy. First appearing in 1965, the mascot has helped create a long-lasting, warm, friendly brand for Pillsbury.

Financial Performance. The ultimate goal and benefit of marketing is to drive sales. When relationships with customers are stronger, well-defined, and positive, customers are more likely to engage in sales. When marketing is done right, customers turn to your company, and you gain a competitive advantage over your competitors. Even if both products are exactly the same, marketing can create that competitive advantage for why a client picks you over someone else.

What Are the Limitations of Marketing?

Though there are many reasons a company embarks on marketing campaigns, there are several limitations to the industry.

Oversaturation. Every company wants customers to buy its product and not its competitors. Therefore, marketing channels can be competitive as companies strive to garner more positive attention and recognition. If too many companies are competing, a customer's attention may be strongly diluted, resulting in any form of advertising not being effective.

Devaluation. When a company promotes a price discount or sale, the public may psychologically eventually see that product as worth less in the future. If a campaign is so strong, customers may even wait to purchase a good knowing or remembering what the sale price was from before. For example, some may intentionally hold off buying goods if Black Friday is approaching.

No Guaranteed Success. Marketing campaigns may incur upfront expenses that hold no promise of future success. This is also true of market research studies, where time, effort, and resources are poured into a study that may yield no usable or helpful results.

Customer Bias. Loyal, long-time customers need no enticing to buy a company's brand or product. However, newer, uninitiated customers may. Marketing naturally is biased towards non-loyal patrons as those who already support the company would be better served by further investment in product improvement.

Cost. Marketing campaigns may be expensive. Digital marketing campaigns may be labor-intensive to set up and costly to maintain the scheduling, implementation, and execution of the plan. Don't forget about the headlines that promote Super Bowl commercial expenses in the millions.

Economy-Dependent. Marketing is most successful when people have capital to spend. Though marketing can create non-financial benefits such as brand loyalty and product recognition, the ultimate goal is to drive sales. During unfavorable macroeconomic conditions when unemployment is high or recession concerns are elevated, consumers may be less like to spend no matter how great a market campaign may be.

What Is Marketing?

Marketing is a division of a company, product line, individual, or entity that promotes its service. Marketing attempts to encourage market participants to buy their product and commit loyalty to a specific company.

Why Is Marketing So Important?

Marketing is important for a few reasons. First, marketing campaigns may be the first time a customer interacts or is exposed to a company's product. A company has the opportunity to educate, promote, and encourage potential buyers. Marketing also helps shape the brand image a company wants to convey. For example, an outdoor camping gear company that wants to be known for its rugged, tough goods can embark on specific campaigns that embody these traits and make these emotions memorable to prospective customers.

What Is the Purpose of Marketing?

An important goal of marketing is propelling a company's growth. This can be seen through attracting and retaining new customers.

Companies may apply a number of different marketing strategies to achieve these goals. For instance, matching products with customers' needs could involve personalization, prediction, and essentially knowing the right problem to solve.

Another strategy is creating value through the customer experience. This is demonstrated through efforts to elevate customer satisfaction and remove any difficulties with the product or service.

What Are the 4 Ps of Marketing?

A commonly used concept in the marketing field, the Four Ps of marketing looks at four key elements of a marketing strategy. The Four Ps consist of product, price, place, and promotion.

What Are the Types of Marketing?

There are dozens of types of marketing, and the types have proliferated with the introduction and rise of social media, mobile platforms, and technological advancements. Before technology, marketing might have been geared towards mail campaigns, word-of-mouth campaigns, billboards, delivery of sample products, TV commercials, or telemarketing. Now, marketing encompasses social media, targeted ads, e-mail marketing, inbound marketing to attract web traffic, and more.

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Marketing in Business: Strategies and Types Explained

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Marketing refers to the activities of a company associated with buying, advertising, distributing, or selling a product or service.

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Chapter 12 - Distributing and Promoting Products and Services

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Chapter 12 - Distributing and Promoting Products and Services

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Because of the pandemic, distribution of products has become a concern for many businesses. Without the ability to distribute products on location, many businesses turned to online selling. Online sales fall into three categories: direct sales, indirect sales, and multi-channel sales. From direct sales, businesses are responsible for the storage and delivery of the products. Indirect sales, on the other hand, involves placing orders from wholesalers or retailers. Multi-channel sales combines aspects for direct and indirect sales to deliver products to customers.

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Your shop's website is up and running and the products on offer are stored completely in the system. The advertising clock ticks on diligently, and your first customers find their way to your website. However, in order to maintain your success long term, you will have to plan further into the future: Sales is an indispensable part of marketing mixes.

Sales: The area within operational processes that deals directly with the sale of goods and services is known as sales. It primarily includes logistics, field service and contacts with dealers or other companies. The strategic decisions regarding distribution are collectively referred to as distribution policy.

In addition to continuously optimizing your shop in terms of offers, search engine rankings, user-friendliness and customer relationships, another long term task you need to keep in mind is being able to make all your products available to customers in accordance with the terms and conditions. All planning and measures necessary for this purpose fall within the scope of distribution policy. What possible options do you have with e-commerce? What do you need to pay attention to when organising a policy?

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Different sales channels

Every business owner has to decide which distribution channels they want to use. In general, there are two different options: delivering directly to the end customer or going through an intermediary. Using a mix of the two can be a promising solution, especially in the e-commerce sector.

Direct sales

If you decide to sell your goods directly, then you are selling to the end customer. This can be done through a web store, or in a traditional store through an offline mail order service or by sales representatives at the store's premises.

This means that you assume full responsibility for all trading functions, i.e. for the storage of the products as well as the receipt of orders and delivery. With this distribution system, you usually need storage space, which you will have to organise as efficiently as possible. Particularly when it comes to operators with a large assortment, it is recommended to use a goods management system that can help meet the logistical requirements of direct sales. There are three main options for getting your goods to your customers:

1. You regulate transporting the goods yourself: These goods are centrally located in a large warehouse or multiple warehouses. You either use your own employees and means of transport, or those provided by the warehouse.

2. You use a shipping service provider like DHL, UPS or Hermes to deliver the goods. Once again, you will need to have your own central storage facility. Using a shipping service provider will allow you to save on employees and transport vehicles, but you will be giving up on being able to regulate all aspects of the process that ensure punctual, reliable delivery.

3. You link your online shop to local outlets where customers can pick up their goods. The goods are stored either on site in the respective branch, or in a central warehouse. You can arrange transport either through in-house employees or through the external shipping service providers already mentioned.

Direct sales are suitable for both B2C (example: online store for the customer) and B2B, for which you'll probably need to set up a field service.

Advantages

Disadvantages

✘ Often a low degree of distribution

Indirect sales

Unlike direct sales, you do not work alone when doing indirect sales. Instead, you work with non-corporate sales agents. You'll have the choice between retailers and wholesalers, who take over all tasks for you from the moment you place the order. Contractually, you are required to record the profit share your business partner receives from the sale of your goods. This " drop shipping" (also known as route business) allows for the option of another kind of online shop, where you have no contact with the sales department: As an intermediary, you accept customers' orders and forward them to the corresponding manufacturers.

Advantages

Disadvantages

✔ You don't have to handle returns yourself

When it comes to indirect distribution, several factors may (or may not be) be involved:

Manufacturers

Sales people

Wholesalers

Retailers

Customers

Multi-channel sales

However, why choose just one? Sales can also be spread among multiple channels. Multi-channel sales use their own channels, as well as external ones, to create a mixture of direct and indirect sales. For example, you can maintain your own web store, maintain a mortar and brick store, and work with other retailers and sales platforms (e.g. Amazon) at the same time.

In this kind of scenario, you contact the final user through certain channels and offer your goods through an intermediary, which can significantly increase distribution reach. Which sales channels you should use, and to what extent depends on both the company's goals and resources. However, there is not necessarily an increase in reach: If you already reach a large part of the target group through one channel, then a " cannibal effect " can occur when using multiple channels. For example, creating numerous stores can lead to a decline in online store sales.

It becomes particularly interesting if the product range is not exactly the same on all channels. If you adapt the selection to the sales channel and also the target group, it can often result in larger sales.

In the context of multi-channel sales, the terms " cross-channel" or " omni-channel" are also often used. This is a further development of dispersing sales channels. In classic multi-channel sales, the individual channels are treated completely separately from each other. The different points of sale have no links to each other. In cross-channel sales, on the other hand, the individual routes are closely related: The customer can order a product online and pick it up in a store. However, there should be connected warehouse management.

Omni-channel sales are a slight adjustment to the cross-channel variety. In omni-channel sales, the company tries to give the customer access to their entire range of products, no matter where they are. For example, customers should be able to browse the catalogue online while in store, where they can then buy their selected product directly.

You can also sell directly to the customer through external suppliers. Amazon and other online marketplace vendors are good examples of this.

Advantages

Disadvantages

✔ Low effort required for warehousing

✔ More data for target customer analysis

Tips for choosing the right sales channels

Distribution policy design can determine the success or failure of your company. Those who use the wrong channels reach fewer customers, or may not generate sales at all. To help you choose the right sale channels right from the start, we've put together a few tips for you.

Determine your goals

To begin with, you should be clear about what goals you want to achieve by setting up your sales distribution policy. Consider your entire policy, not just distribution itself. The purpose, of course, is to generate sales as high as possible, and therefore the highest profit possible. Instead, ask yourself which strategy approach is most appropriate for your business. Depending on the starting position, the following objectives may be suitable:

Economically-oriented goals: Using your available funds sparingly and in an energy-saving way is a tried and tested measure, especially when you're starting out. With this goal, you are not just setting a good price level, but also increasing sales volumes easily while keeping sales and logistics costs low.

Ecologically oriented goals:It may be particularly relevant for your store to take into account the impact of the environment when storing and delivering your goods. Energy efficiency, emission reduction and adequate waste management play a major role here - however, something just as important to keep in mind is that the more environmentally friendly solutions often entail higher costs.

Logistical goals: Especially if you want your store to grow quickly, logistically motivated goals should come first. The aim is, for example, to increase the degree of your goods distribution (i.e. their distribution on the market), to shorten delivery times and to optimise the reliability and availability of goods shipping.

Competitive goals: With your sales concept, you want to do well with the competition in particular. It might even be your goal to deliberately push competitors out of the market, and you should make sure that the necessary measures do not conflict with other objectives.

Consider your business model

Not all distribution channels will be suitable for all companies. Depending on what you want to sell and what additional services you want to offer, certain sales channels may already be eliminated. An important factor, for example, is returns. If you do not have shops, and instead only use online stores as a sales channel, you have to develop solutions for return shipping, for example.

On the other hand, certain products are unsuitable for distributing through a catalogue, whether offline or online. High-priced items or very complex products are purchased by very few without having direct contact to the seller. Either you will want to inspect the product beforehand, or at least have a conversation with the vendor. Even tailor-made products in the B2B sector are rarely sold through an online store.

More information about your company and business model can be gleaned from a SWOT analysis.

Observe the target group

Target group composition is also crucial when choosing a distribution channel. Older customers are more likely to be reached through traditional, offline methods while a younger customer may prefer to make their purchases online through a mobile device. The product's price and complexity also plays an important role in terms of the target group. As the price and complexity increase, most target groups will want personalised advice.

Observing the market

If you aren't sure how your distribution policy should be structured, it is worth taking a look at the competition: what kind of strategy do others in the market use? A competitive analysis should only serve as a guide. There are two good reasons why you shouldn't just copy another competitor's strategy outright without extra consideration: On the one hand, you have to pay attention to your company's capabilities. A market leader that has been successful for decades has other options than those of a start-up. Additionally, your company should be distinguished by a unique selling point. If you copy everything, you won't stand out from the competition. However, if your competitors only have a few brick and mortar shops, you could probably reach new customers with a web store, for example.

Consider impact and corporate image

Different sales channels have different, serious effects. For example, direct sales via phone call can have some advantages, but many customers react negatively to these kinds of calls. Very elaborately designed shops can look high-quality but may deter customers in search of a bargain. It is precisely at this point that you can see just how important it is to choose the right sales channels for marketing.

Summary: Adapt your sales distribution policy to your goals and company

There isn't one specific distribution channel you should definitely use. Be sure to adapt your distribution policy, bearing your goals and company in mind. Don't forget, especially at the beginning, that you shouldn't try too much at once. Especially when considering multi-channel sales, the sheer amount of options can cloud your overview of the company. First of all, focus on just one channel or a manageable selection, and be sure you are capable of conducting business professionally and competently within them - after all, sales is the true measurement of your company.

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Your shop's website is up and running and the products on offer are stored completely in the system. The advertising clock ticks on diligently, and your first customers find their way to your website. However, in order to maintain your success long term, you will have to plan further into the future: Sales is an indispensable part of marketing mixes.

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Chapter 14 - Using Financial Information and Accounting

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Chapter 14 - Using Financial Information and Accounting

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Accounting is important as it breaks down information into actions that businesses should take. The video offers a simple definition of accounting in that it uses the past to take action in the present to change the future. There are three main areas of accounting. Bookkeeping is important for systemically collecting data. Financial accounting, in which income statements, balance sheets, and cash flow is collected for outsiders. Managerial accounting, which contains strategic information such as pricing and competition.

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I am still not sure what my career in business would look like but this video breaks down several popular careers and what their work-life would be like.

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Careers for Business Students (and what they pay)