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We wrapped up the reading of the semester with interpersonal skills, planning, skills specific for your career, and how to make goals and reach them. I thought it was a good way to end because it was a way to connect all my new business knowledge with reflecting back on how my education is helping my reach my goals. I thought this article was helpful and a good starting off point because there are many universally helpful skills, and if you start getting in the habit of developing new skills you can do the same with ones more tailored to your career goals.

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In chapter 14, I was educated on accounting. Learning about all the different kinds of ratios was great to learn, and I can see how helpful they can be to get a snapshot overview. This was an interesting chapter for me because that is what I will be focusing on as well as overall business. The article linked covers forensic accounting, which is a career that I would like to work towards as I finish my degree.

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Distribution was the topic I read about in Chapter 12. I got a better understanding of wholesale and resale. It also covered promotion, and all the different types.
I thought this quote was interesting and summed up why brand identity is valuable, and connects back to the previous chapter of marketing: "Whether it’s the vision of the open road, the shine of chrome, or the smell of dust mixed with exhaust, people are drawn to Harley-Davidson motorcycles. How often do you see someone with “Honda” tattooed on their chest? Harleys are the stuff that dreams and identities are made of."

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Wholesale Distribution Business Skills | SkillsYouNeed

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We examine some of the skills required to run a wholesale distribution business, including financial management, inventory control and customer service.

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In Chapter 11 I read all about marketing. This was one of the subjects that were least abstract to be going into because it's easy to be familiar with marking tactics given we are a target of them all the time. However, there was much more to learn - things like creating quality products and being a quality company that builds relationships with its customers. We covered how making quality products that people trust is very valuable, but is something companies continue to lose sight of. Quality and long-lasting products are a rarity nowadays, and it could benefit entrepreneurs to focus on this. In a few years when all the clothes (and other products) that people have bought don't hold up, consumers might be looking for items made to last.

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How To Design Products To Last A Lifetime

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Some companies are fighting our throwaway culture, but making a product that lasts isn't as simple.

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In Chapter 10 I learned what operation management is and what those people do. This chapter was interesting to read because I would have never known the responsibilities of operation managers, and how they connect the product, other employees, production, and customer. The production process is very complicated and it would make sense for there to be a need for a person that can connect everything together. Operations need to move smoothly for companies to be successful.

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When I was 19, I left college so I could come home to help support my family. I have seven siblings, and my dad was the family's only supporter because my mom has lupus. I was looking for a good job, and luckily, my sister's boyfriend told me about Amazon.

I started at Amazon in 2019 as a picker, which is the role responsible for retrieving items from shelves and packaging them for shipment to customers. To be honest, I was just here for a paycheck at first, but it turned into a lot more as I found new opportunities. Over the last three years, I've earned four promotions. I moved up fast, and I'm now an operations manager leading 80 employees at a fulfillment center in North Carolina.

One of my favorite parts of the job is helping my team progress in their careers like I have. I've always been someone who loves to learn and ask questions, so meeting all these new people and learning about their backgrounds, their career goals, and who they are outside of work, is a joy in my life.

I also love being a part of the team that delivers what customers need when they need it. My friends and family are always asking me how in the world we deliver for customers the way we do. I even ordered a belt the day of a recent flight, and I got it two or three hours before I needed to get to the airport-that's pretty incredible!

Improving operations while increasing employee safety presents the biggest challenge.

As I've worked my way up into a leadership role, one of the most challenging parts of my job has been figuring out how to constantly improve safety and production quality. It's a big responsibility to keep employees safe while also helping them grow and improve. In an ideal world, I'd want all of my employees to progress to management roles one day, and new innovations from help them succeed in their roles.

One of our biggest helpers has been . The bot can lift more than 1,000 pounds, and it carries products across the fulfillment center so my employees don't have to walk to retrieve products and move all of the orders. This is a huge help in improving our operations and safety, especially during busy times like the holidays. Our team recently retired our first Hercules robot; we all signed it and gave it a proper send off as a "thank you" for getting us through some of our busiest moments.

My team is really excited to see what's coming next. we're particularly excited about. One of those is the new robot Proteus, which will be the first to roam freely outside restricted and fenced-off areas where our current robotic drive units operate. This means it will work alongside employees on new tasks in our facilities. For example, we currently have to move large and heavy carts that store packages in our outbound docks, and the Proteus robot will be able to help us do that.

We're also really excited about , another new robot that will help us handle items in inventory consolidation. We're currently working with a similar that is able to pick up packages, but Sparrow will be able to pick up individual products in inventory, and that will be a huge help to reduce repetitive work and free up time for my employees to focus on more engaging work.

Introducing new robots is a cool and important part of the job.

As we introduce new technology in our facility, two of the biggest focuses will be safety and training. We need to make sure employees know how to work with robots, and it's also important that they understand exactly how the new technology can help them.

It's really cool to be a part of training my employees to work alongside the new robots, and the Amazon Robotics team is super involved in making sure the technology is helping us deliver for customers. We have an engineer helping us out, and the vice president of Amazon Robotics, Joe Quinlivan, even comments on trouble tickets himself to stay involved in the process. We get a lot of support, and it's exciting to see all these new things that will help us in our everyday lives.

about some of the new innovations powering Amazon's delivery networks.
This essay from Sellers has been edited for length.

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I'm a 22-year-old operations manager at an Amazon fulfillment center. Robots make my job safer and open doors to new opportunities.

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When I was 19, I left college so I could come home to help support my family. I have seven siblings, and my dad was the family's only supporter because my mom has lupus. I was looking for a good job, and luckily, my sister's boyfriend told me about Amazon.

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I read about Human Resources in Chapter 8. I learned about what HR does, as well as taking a dive into the hiring/application process. I read about the types of training employees can go though depending on the job. I also read about unions and the rights the employees have and how they can advocate for changes they want.

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Companies Are Taking a Harder Line on Union Organizers, Workers Say

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Apple, Starbucks, Trader Joe’s and REI are accused of targeting union supporters after organizing efforts gained traction, charges the companies deny.

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In Chapter 6, I learned about business management. Before reading this chapter I had no idea what the responsibilities of a manager were, but now I have a much better understanding. Management is needed everywhere, and while there is a very broad range of fields managers can manage, a lot of the same tasks are essential for all types of managers.

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Credit: Pressmaster/Shutterstock

It takes time to adjust to a new position at work, especially when you're taking on a management role. Your responsibility is to guide an entire team to success; instead of turning to someone for supervision, you're the person others turn to.

It might feel like you're grasping at straws, but you're not alone - many new managers feel overwhelmed.

We outlined characteristics of a good manager, management behaviors to avoid and management development options to get you started in your role.

Every manager should work on developing these four characteristics.

You want to be passionate about working with your team and encourage your employees to feel the same. While independent work is important, teamwork can establish a more welcoming, supportive company culture.

Summer Salomonsen, chief learning officer at Grovo, suggested delegating and coaching tasks, encouraging communication and feedback through regular one-on-one meetings, and prioritizing trust among the team.

As a manager, you should focus on helping your employees progress - individually and collectively. Get to know your workers on a personal level so you can help them leverage their interests and talents. Find what works and what doesn't.

"Effective managers take a growth-oriented approach to employee development, challenging themselves and their reports to improve their performance and respond to setbacks," said Salomonsen.

She noted that new managers should provide honest feedback, initiate necessary conversations, and anticipate and address resistance to change.

If you want your team to take risks and contribute to projects, you need to make sure they feel comfortable doing so.

Salomonsen said that in order to inspire original thinking, managers should create an inclusive culture where everyone gets to voice their concerns, opinions and ideas. Encourage authenticity and vulnerability, and help your team cope with any work-related stress.

Leading by example is a great way to achieve this. Just because you're a manager doesn't mean you can't ask for help. Turn to your team when you're at a loss. Start a conversation, and discuss their comments.

Every worker wants to feel valued. If they don't believe their work is meaningful, making a difference in some way, they won't be as motivated.

"To help direct reports see the 'why' behind their work, managers must learn to be impact-driven, aligning the team's activities with the broader goals of the organization and the values of each team member," said Salomonsen.

She advised forming a connection between individual goals and company goals, reminding each worker why their job is so important. Show your appreciation for each member's effort, and step in to help anyone who falls behind.

"It's all too easy for new managers to adopt bad habits in the busy early days of their new role," said Salomonsen. "Without the right guidance, we typically see first-time managers fall into common behavior traps ... "

She noted six management behaviors to avoid:

Only providing feedback during performance reviews or when issues arise.

Micromanaging rather than trusting your team.

Failing to ask for or address questions, feedback or concerns.

Being closed-minded to criticism or new ideas.

Avoiding difficult yet necessary conversations.

Setting expectations too high or too low, or not being clear with your goals.

You should never be left in the dark when taking on a new role. Here are three ways to learn and grow as a leader.

According to a research study by Grovo, 87 percent of managers wish they were given the chance to learn and progress when they first assumed their role, and nearly half of new managers felt that they were unprepared for their position.

Every company should offer training before hiring. However, whether because of the price of programs or lack of time, many don't prioritize management development as much as they should. In fact, some even reserve these programs only for senior leaders, and offer them just a few times a year, said Salomonsen.

"These sessions may be rewarding and inspiring, but they rarely make an impact on day-to-day work," she added. "Moreover, sending every new manager to a management seminar their first week on the job is prohibitively expensive for most companies."

An option, especially for small businesses, is to turn to internal training. Host a few sessions with other company experts or managers to run through the basics. Often, employees are promoted to a management role, so they already have an idea of company standards and what's expected of them.

Microlearning is a popular training method for small businesses. It's quick, intensive and collaborative. Managers can learn all they need to know in short bursts, without feeling overwhelmed.

"With microlearning, both new and experienced managers can access digestible lessons that focus on the critical behaviors they need to perform their best, right in the course of their day-to-day work," said Salomonsen. "Done right, a microlearning approach allows managers to quickly put new knowledge into practice and gradually improve their habits and skills over time."

Not only is this method of learning more efficient, it's also far more affordable than extensive training programs.

Working with a mentor or learning and development (L&D) partner can set new managers up for success by providing them with personal support and expert knowledge.

"Each person is different, and every new manager has their own areas of growth in the early days of their new role," said Salomonsen. "Whether they need to develop their interpersonal skills, time management skills, strategic planning skills or leadership approach, they will need support from senior colleagues ... Finding a management mentor or L&D partner early can help set a strong foundation for the new manager's development in their role."

Keep an open mind about colleagues, friends and professional connections, and network as much as possible. Once you work with someone who can guide you through the beginning process, you'll feel more confident in your role.

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Characteristics of a Good Leader: Tips for New Managers

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It takes time to adjust to a new position at work, especially when you're taking on a management role. Your responsibility is to guide an entire team to success; instead of turning to someone for supervision, you're the person others turn to.

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Chapter 5 covered entrepreneurship. I learned the basic outline of how it works. We looked at the effect, value, and number of entrepreneur businesses. We also learned the basics of what makes a successful entrepreneur, like traits and actions. There are attributes that make a good entrepreneur, such as traits like ambition, confidence, drive, passion, and being a visionary.

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Kevin O’Leary’s 5 Best Tips for Starting a Business

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With these five tips from noted entrepreneur Kevin O'Leary, you'll be well on your way to building a successful company of your own!

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In Chapter 4, I read all about the different types of business ownership, from big to small. Each has advantages and disadvantages, and each type is valuable and essential. Big companies may dwarf small companies in numbers, but small business drive innovation and are very important to the health of our economy. We also covered the risks and challenges of each.

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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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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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In this chapter, I read about how and why there is global trading, as well as the basics of how it works. We covered the common fears of global trade and its advantages, as well as why a balance between outsourcing and producing our own things is very important. A fear that is often talked about is Americans losing jobs to outsourcing. This happens when production changes to out-of-country due to cheaper costs.

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This monthly roundup brings you a selection of the latest news and updates on global trade

Top international trade stories: G7 looks to diversify supply chains away from China; Carmakers urge Britain and EU to rethink post-Brexit trading arrangements; Ukraine Black Sea grain deal extended for two months.

1. G7 looks to 'de-risk' China links by diversifying supply chains

G7 countries will look to diversify their supply chains away from China as part of a united approach that aims to reduce their dependence on one country, US President Joe Biden said following this month's G7 meeting in Japan.

The G7 members say they want to "de-risk" their relationship with China, not decouple from it. "Economic resilience requires de-risking and diversifying," says the G7 post-meeting statement. "We will take steps, individually and collectively, to invest in our own economic vibrancy. We will reduce excessive dependencies in our critical supply chains."

The G7 says its "policy approaches are not designed to harm China, nor do we seek to thwart China's economic progress and development". However, China does not feel the same way, with the state-backed Global Times newspaper describing the G7 meeting as an "anti-China workshop".

The G7 has set up a Coordination Platform on Economic Coercion to counter any attempts to "weaponize" trading and economic dependencies. "We affirm the importance of cooperation on export controls on critical and emerging technologies such as microelectronics," the G7 leaders' statement adds, saying that its trade ministers will "explore coordinated or joint actions where appropriate against trade-related challenges, including economic coercion".

2. Post-Brexit trading arrangements threaten carmakers and EVs, vehicle industry says

Britain and the EU urgently need to reconsider their post-Brexit trading arrangements, as tariffs due to come into force next year will batter carmakers in both jurisdictions and slow down the transition to electric vehicles (EVs), according to an increasing number of companies in the industry.

The trade deal agreed when Britain left the EU states that 45% of the value of an EV sold in the bloc must come from Britain or the EU from 2024 to avoid tariffs. However, a battery pack can account for up to half an EV's cost and Europe is not on track to develop a substantial battery industry this year, the German Association of the Automotive Industry says.

Stellantis - the world's third-biggest carmaker by sales and owner of 14 brands including Vauxhall, Peugeot, Citroen and Fiat - says British car plants will close and thousands of jobs will be lost unless the Brexit deal is swiftly renegotiated. It wants the government and the EU to extend current rules on the sourcing of parts until 2027 - a request that was echoed by the lobbying body for the European car trade and carmaker Ford.

The German Association of the Automotive Industry also wants the trading changes to be postponed. Tariffs on exports to Britain and imports from it would be "a significant competitive disadvantage for the European car industry in relation to its Asian competitors in the important UK market", it says. EU car exports to the UK have been falling since 2016, when the Brexit vote happened, but still account for about a fifth of all shipments.

The tariff changes would also imperil the development of e-mobility, as they would hurt the whole EU supply chain including battery makers, causing Europe to fall further behind as a production site, the German Association of the Automotive Industry says. British Finance Minister Jeremy Hunt said following the warnings that the country will ensure EV batteries are produced domestically. Ford is investing $480 million to build e-motor capacity at an engine plant in the British city of Liverpool.

3. News in brief: International trade stories from around the world

The Ukraine Black Sea grain deal has been extended for two more months, in what UN Secretary-General António Guterres hailed as "good news for the world". The UN and Turkey brokered the deal for an initial 120 days in July last year to help tackle a global food crisis aggravated by Moscow's invasion of Ukraine, one of the world's leading grain exporters.

The European Union and the UK have adopted a memorandum of understanding to boost co-operation on the regulation of financial services and establish a joint EU-UK Financial Regulatory Forum. "Future engagement in financial services will be built on a shared commitment to preserve financial stability, market integrity, and the protection of consumers and investors," Mairead McGuinness, the EU Commissioner for Financial Services, said in a statement.

The US and Taiwan have reached an agreement on the first part of their "21st Century" trade initiative, covering customs and border procedures, regulatory practices and small business. Once the initial deal is signed, negotiations will begin on more complicated trade areas including agriculture, digital trade, labour and environmental standards, state-owned enterprises, and non-market policies and practices.

China and Ecuador have signed a free trade agreement (FTA), lowering tariffs for 99% of the Latin American country's exports, including agricultural and agro-industrial products. China already has FTAs with Peru, Chile and Costa Rica, and its increasing links in Latin America are unlikely to please the US, The Financial Times reports.

India and Britain are struggling to make progress in free trade talks due to differences on some key tariff lines and investment protection rules. Britain is also in talks on updating its free trade deal with Switzerland. The countries are leading service exporters, but their current free trade deal was signed 50 years ago, long before the arrival of the internet

Trade policies need to change to support efforts to substitute plastics with natural and sustainable materials, according to a new UNCTAD report, which says import tariffs are often lower for plastic products than they are for substitutes. Plastic substitutes make up 2% of total global exports, compared with 5% for plastics, the report says.

Digital trade and e-commerce ecosystems in 10 African countries will receive a boost from a $1.5 million project set up by the African Development Fund and the Smart Africa Alliance. The Institutional Support for Digital Payments and e-Commerce Policies for Cross-Border Trade Project (IDECT) will offer training and capacity-building programs and are expected to reach 600 participants, 60% of which will be women and young people.

Supply chain managers are in high demand in the aftermath of various disruptions to global trade, The Financial Times reports. There was a doubling in the number of US job postings for supply chain managers on LinkedIn between 2019 and 2022, and a 36% rise in UK adverts for the same role on website Indeed last year, compared with 2019.

Over three-quarters of EU member states conducted more than half of their intra-EU exports with just three countries in 2022, according to Eurostat data. Germany was the only nation in the 27-member bloc that shipped less than 40% of its EU-destined exports to just three countries.

4. More on trade from Agenda

Regional integration was a major topic of the World Economic Forum's Growth Summit 2023, which took place on 2-3 May. In a session titled Regional Trade and Cooperation in a Fragmenting World, top business and trade officials discussed how best to foster regional trade and how regional cooperation can bolster the global economy.

Experts are concerned about growing fragmentation of the global economy along geopolitical lines. However, a failure to transcend strategic interests with free trade could mean lower economic growth worldwide, generally higher costs for everyone and greater instability, writes John Letzing, the World Economic Forum's Digital Editor for Strategic Intelligence.

A mutually beneficial relationship between trade and labour is needed to ensure equitable globalization. About half the trade agreements concluded between 2011 and 2020 included labour provisions, compared with 22% in the previous decade, and more multi-stakeholder cooperation can boost this further.

Meanwhile, preferential trade agreements (PTAs) continue to proliferate. Yet experts are noting that PTAs can be good-and bad. An analysis by Bruegel (not on Agenda but noteworthy) states that the trend towards PTAs have "dangerous systemic implications" in today's geopolitical environment.

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International trade: What you need to know this month

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This monthly roundup brings you a selection of the latest news and updates on global trade Top international trade stories: G7 looks to diversify supply chains away from China; Carmakers urge Britain and EU to rethink post-Brexit trading arrangements; Ukraine Black Sea grain deal extended for two months.

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This chapter covered the relationship between ethics and business. I learned about why it is important for companies to encourage a culture of strong morals, as well as the effect of bad ethics on a company and individuals. We covered some companies that make efforts to do good in the world and always try to incorporate fair and good treatment of employees and customers. I also read about a company that sets a good example of prioritizing good ethics in business; Hasbro. It was great to hear that there are companies like them making the effort, and others should follow.

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Just because a business practice is legal doesn't mean it's ethical. But does that mean it's OK for CEOs to maximize profits by following perfectly legal business practices that cross the line into unethical waters? Some business executives would say, "yes." Their stance is that a CEO's main responsibility is to maximize profits and shareholder value within legal parameters-even if that means having low ethical standards. Others would argue that CEOs have a social responsibility to conduct business in an ethical manner even if that means securing a slightly lower return on investment. Who's right? Does it depend on the industry?

One of the most controversial business decisions in recent years was when Martin Shkreli, former CEO of Turing Pharmaceuticals, raised the price of the drug Daraprim by 5,000%. This move increased the price from $13.50 per pill to $750 per pill overnight. Daraprim is used to treat toxoplasmosis, which can affect pregnant women, people with HIV and others with weakened immune systems. Shkreli's argument was that by raising the price of the drug, Turing would be able to put money into developing better treatments for toxoplasmosis. The FDA approved Daraprim in 1953.

Ezekiel J Emanuel, MD, PhD, chair of the department of medical ethics and health policy for the University of Pennsylvania, agrees that what Shkreli did was no different than what other pharmaceutical companies have done for years. For example, Valeant Pharmaceuticals International Inc. acquired cardiac drugs Isuprel and Nitropress and quickly raised the prices by 525% and 212%, respectively. Shkreli raising the price of Daraprim by 5,000% may be considered more brash. It was also perfectly legal. And unethical, says Emanuel. Was it wrong, though?

The public certainly thought it was wrong. Shkreli, who was arrested for securities fraud in December 2015 from his tenure at Retrophin, another biopharmaceutical company, was immediately vilified. Even former Valeant CEO Michael had a change of heart regarding his own business decisions. He recently testified to a Senate committee hearing that he regretted pursuing acquisitions where the rationale for the deal rested mostly on increasing the prices of the medicines. But Shkreli stands by his decision. During a healthcare summit hosted by Forbes, Shkreli was asked what he'd do differently if he could go back in time prior to his decision to raise the price of the drug. He replied that he should have raised prices higher. "I could have raised it higher and made more profits for our shareholders. Which is my primary duty."

Not everyone agrees that a CEO's primary responsibility is to maximize profits for shareholders. Emanuel says that leadership is being responsible in pricing and having a model that isn't about maximizing returns. "It is the question of what is a responsible price where we can make a reasonable return. Let's be fair. Lots of other industries don't make a 17% to 50% return. Other companies make a 7% to 10% return, and it is perfectly reasonable," he says. Emanuel also clarifies that shareholders are more than stockholders. Businesses should look at what does the price do for employees, the patients that you are treating and the society in which you operate. These groups are all the shareholders not just investors, he says.

Kenneth L. Davis, MD, president and CEO of the Mount Sinai Health System, says the issue of drug prices boils down to a values issue of management that has to weigh the widespread availability and profitability of a drug. "I am well aware of how much drug companies have to spend on failed drugs before they have one that is a success. I am more than willing to say that that has to be accounted for when one contemplates a fair return on investment," he says. "But that fair return on investment has to keep in mind that we are still in a business of healthcare and curing disease, which can't be restricted to only some people who can afford it. There is a social responsibility there too."

Should the healthcare industry have a different set of ethical standards to follow than other industries because lives are at stake? Or should ethics drive business decisions more than profitability regardless of the industry? Experts contend that businesses with high ethical standards reap more long-term benefits because they will have a better brand image, greater customer loyalty and increased productivity from a loyal staff. Businesses with low ethical standards may yield short-term financial gains but also risk damaging their reputation long term. Just look at what happened to Valeant Pharmaceuticals, which is trading today at $24.56, down 91% from where it was this time last year.

Ultimately, determining how much ethics versus profitability plays into your decision-making may come down your company's values and mission statement. CEOs should conduct business in a manner that reflects the culture of the organization whether that means focusing more on profits than ethics or vice versa. To ensure that alignment, businesses should establish a code of ethics. This document should address industry trends and the company's goals for social responsibility. Policies should:

* Define what the code ethics is, why it matters and how it fits into the organization's culture.

* Align with the organization's core values.

* Use clear, plain language that employees can understand. No legalese.

* Offer real-life examples to help employees make decisions in all levels of the organization.

* Explain what are the consequences for breaking the company's code of ethics.

* Provide a system for employees to ask questions or report any code violations.

* Be reviewed and updated annually.

CEOs do have a responsibility to keep businesses profitable. Their success often depends on profit-and-loss statements. But some businesses also value having high ethical standards. There is no doubt that CEOs often face difficult decisions that may negatively impact employees or customers. That doesn't mean they are the wrong decisions. CEOs should keep their company's ethical barometer close at hand and remember that just because something is legal doesn't always mean it's right. On the flip side, just because a decision may be viewed as ruthless, doesn't mean it's the wrong choice for the long-term viability of the organization. When it comes to the game of business, my rule is to know the rules and then play the game at the very edge.

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Where Is The Line Between Ethical And Legal?

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Just because a business practice is legal doesn't mean it's ethical. But does that mean it's OK for CEOs to maximize profits by following perfectly legal business practices that cross the line into unethical waters? Some business executives would say, "yes."

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This module was the introduction to the basics of business, a great starting off point. Some of the things I was introduced to included profit organizations, non-profit organizations, national economic state and what effects it, and the systems of the economy. I learned about macroeconomics and how all of the companies big and small, consumer behaviors, and so much more all come into play in the overall economics of our nation. Our country and many others have three main goals: economic growth, full employment, and price stability.

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Learning business can be intimidating at the start. With a wide range of technical terms to be familiar with, and important concepts to understand. It really is no surprise that a good number of people believe learning business is quite difficult. However, with the right mindset and willingness to learn, learning business can be fun and easy to grasp. That is why this article will be tackling everything you should know about the basics of business.

Business basics

In business it's important to learn the basics of business before moving on to more sophisticated strategies. There are business basics that you need to be aware of in order to become a successful, robust business for the long-term. In this article you'll learn about the foundational principles for business. You'll also find out how you can apply them in your own industry.

Once you've got a strong foundation for your enterprise you'll be better positioned for innovative thinking and be ready to become an industry leader. Innovation is vital for any start-up because it allows you to find ways on how you can stand out from the competition. You need to be different and innovative in order for your business to thrive long-term.

The first step is understanding the basics of how you're going to run your company, which means making a solid plan that outlines all aspects of how you'll operate. This will help you avoid many mistakes and ensure that you have everything covered. The basics of business are the first steps you should take in order to be successful. Researching your customers and understanding their needs and expectations will allow you to create a sustainable business however you must first start with the basic business skills required.

Business skills

John Flow, an expert in company formation, business analyst, and owner of LLC.services states, that every entrepreneur should have practical thinking and be sufficiently flexible since these skills are the main and necessary for long-term business. This means that every entrepreneur should be equipped with skills that are essential for a long-lasting business. Thus, practical thinking serves an important role in choosing the right decision for any situation. Business opportunities don't come very often. This is precisely why being a one-trick pony has no place in the business world.

Management is a crucial basic skill for businesses. It is what allows you to foresee upcoming situations and organize things needed. Without proper management, everything else falls because your business would have no direction. Consequently, having no direction for your business plans will undoubtedly result in bankruptcy, and you wouldn't like that.

Managing a business doesn't have to be difficult when you have a strategic plan laid out. You can delegate tasks to specific people. But ensure that you only delegate tasks to capable people. Doing so will help you guarantee the quality of the output and optimize time. It is why you should be able to have a good relationship with your team and know them well, so you know whom to trust with vital things for your success.

Practical thinking is important for every situation possible precisely because it allows you to be decisive in choosing the best course of action for the best outcome possible without a big risk of losing something. Surely, some decisions require you to risk something. However, being practical allows you to decide intelligently while being calculated.

One aspect of practical thinking is knowing when to cut corners smartly without sacrificing your products and operations. Controllable expenses are named as such because you can ultimately control them. And when you accomplish this, you will be able to see an increase in your bottom line or your revenue.

For a good entrepreneur to be GREAT, long-term thinking is a skill that is definitely needed. As a business owner, you want to know what is a real necessity, and what is only trending at the present time. An interesting example is how entrepreneurs often skip out on protecting their startup's intellectual property which more often than not, leads to theft or misuse of the same, thus resulting in the business getting destroyed. Choosing long-term decisions allows your business to grow even further and evolve through the years, and that is precisely what a good business demands for it to last long. Inability to choose decisions for long-term plans will risk consumers losing interest as item needs change.

Consideration for the customer's changing needs is something that every good business must keep in mind. If you are not able to adapt, then your company risks becoming outdated and obsolete. In recent times, many businesses have been forced to adapt due to crisis. For example, the manufacturing industry has faced global supply chain challenges and some have chosen to pivot their businesses. This has helped them stay afloat for the short-term and possibly become more robust and profitable for the long-term.

Basic Strategy

Business opportunities require on-point decisions, and on-point decision-making requires a practical approach. Basic business strategy is essential for every starting entrepreneur, it allows you to think thoroughly before any action and act according to any situation. Strategic thinking, along with practical thinking, is essential for your business to grow, last long, and expand. Additionally, strategic planning can win hearts and minds of the team you will build. The team will have more trust in the leadership if they know that people who maneuver the company make intelligent decisions for their long-term stability.

It is essential to learn your market. It allows you to be knowledgeable about what your target market is in need of. With this, having full knowledge of what your target market wants gives you all the information you need to adjust what is needed for your product or service. Without the understanding of what your target market needs, you would not be able to bring out the best in your products or services that your customers are looking for. You need to be able to solve the problems of your target market. Your products should aim at making their lives easy and manageable. When you can identify this, you can create more products aligned with your objectives, thus expanding your product line and brand integrity.

Quality is one of the most important things when it comes to the basics of business. Customers will choose quality over quantity 10 times out of ten. It is important to ensure that your products or services are top quality. This will then leave your customers wanting more. Focusing on the consistency of quality rather than quantity holds great importance, particularly on the longevity of your product and how well it is made.

Furthermore, the quality of your product can be your sole marketing strategy because a great product will do its job of spreading positive words to others through feedback, testimonials, and positive reviews. In the case of services, a quality service entails a great performance done by the workers. And excellent training with your team focusing on the importance of customer experience should be a top priority. Your entire workforce should be your brand ambassadors every time they wear your logo or emblem, especially outside work.

Social media and online selling provide a huge opportunity for businesses, especially starting businesses. This is primarily because the modern world is more dependent on the use of the internet to browse about particular needs and wants. Marketing through online ads or websites will undoubtedly attract your customers. Especially, as your products or services create an enticing impact once they see that it is indeed top quality.

Personalizing the customer experience goes a long way to creating repeat customers. These customers will give you their business over and over and over again. You can use the online brochure maker to create digital marketing materials such as brochures, catalogs, or eBooks with a smooth page-flipping effect that resembles a real publication. Then you can share it via email or on your social media profiles to build brand awareness and market your products.

Brands predominantly utilize digital marketing to increase brand recognition and establish a presence in their industry. A large percentage of the world's population is online. Reaching out to them has become seamless with a few taps of your finger. You need to use this medium effectively to make your business prosper.

Business ethics and manpower

One of the most important basics of business is the proper care for your workers. Guidance and care for manpower must be a priority above all, as everyone has equal rights. This means providing the best workplace for your workforce to motivate them and ensure they are comfortable. Ensuring your workers are fit and healthy also helps to boost their morale.

With an encouraging environment and a group of fit individuals, it is without a doubt that your business will grow further. Keeping track of their metabolism can help them stay healthy. The article at https://totalshape.com/equipment/lumen-review/ talks about a specific device that might be useful for your and your business. Helping them to remain fit like this article, whether physically or mentally is a business skill that should not be taken for granted.

Now that you've learned about some of the key factors of basics for business, it is time for you to start creating business strategies. Start to explore things that will benefit your business in different aspects. Now that you know how being a jack of all trades is a benefit in the business world, you should master different techniques and strategies to grow your business.

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Business Fundamentals: Understanding The Basics Of Business

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Learning business can be intimidating at the start. With a wide range of technical terms to be familiar with, and important concepts to understand. It really is no surprise that a good number of people believe learning business is quite difficult. However, with the right mindset and willingness to learn, learning business can be fun and easy to grasp.