https://padlet.com/desireecorriente/308u50k45p8l40dg en-us 2023-05-17 03:12:28 UTC 2023-05-23 22:23:26 UTC hello@padlet.com desireecorriente https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2594086688 When it comes to understanding economic systems and business, my biggest takeaway from this chapter was learning about the economic systems of the world. My knowledge on the subject prior was limited, and only had a general understanding of the economic breakdowns; Capitalism, Communism Socialism and Mixed Economy. We really have come very far in our American Capitalistic System of doing business. Dating back to April 10, 1947 when the first mission statement was written that would later form and mold us into the world  we live in today. Comparatively this is the only system that truly makes us free as a country.]]> 2023-05-17 03:34:41 UTC https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2594086688 desireecorriente https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2595210053 Large companies create such a huge social impact, and these companies should be held “socially responsible”. Diving into this chapter, I definitely learned how important it is for a company to make sure they are replenishing their resources just as quickly as they are using them. They are held to high Ethical and Economic Responsibilities, without which many companies would be faced with fines for an Illegal and Irresponsible behavior. The companies that focus on doing social good help create social change, thus local and global communities end up thriving. Patagonia for instance makes all their products from recycled materials or sustainable ones, unlike many “fast fashion” companies. They also donate 1% of their sales to many environmental organizations across the world . These small steps can help reduce our carbon footprint and create real social change. ]]> 2023-05-17 19:51:36 UTC https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2595210053 desireecorriente https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2596587679 What I found to be the most interesting part of this module is how involved the production managers roles are in every aspect of firm's growth. Whether it's physically growing the firm or it's financial growth,  the production managers are needed every step of the way. It starts from choosing a location of the facility for production to the delivery of the final product.  They are responsible for the costs of labor,  supplies, and manufacturing.  Operation managers are responsible for finding the best logistical site for building the firm's facilities to which employee is best suited for the job. Three-fourths of the firms assets are their responsibility. After realizing this, I found that they are one of the most important positions in the production industry.]]> 2023-05-18 17:44:56 UTC https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2596587679 desireecorriente https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2596601648 Learning about our history of globalization and outsourcing in our economy was something I found to be particularly interesting. While I do believe some outsourcing to be necessary, the scale has now been tipped so far to one side that we are exporting more than we are importing. This also shrinks our talent pool in the U.S. since many students don’t feel the need to attend college due to the lack of employment opportunities surrounding, computer science jobs, and other high-tech fields. Due to so much outsourcing, there is also a decline in customer satisfaction, since it is hard to even reach a live person at times, and most of the time end up speaking to a robot. Between the hidden costs that the companies end up facing in the long term, job eliminations, and intellectual property being stolen overseas, outsourcing in our economy has rapidly proven to do more harm than good over the past few decades. ]]> 2023-05-18 17:58:00 UTC https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2596601648 desireecorriente https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2596602538     Conflicts are bound to arise in any partnership when taking one on. Preemptively taking measures to avoid any conflicts with a business partner has garnered my attention, as this can be applied to all partnerships/relationships in future business endeavors. Rushing to judgement and wanting your agenda to be heard are common mistakes in a partnership.  Both partners need to be active listeners and have a daily communication session to air out any issues that arise. They should know each others expectations and have a clear end goal to meet. I believe using “Active Listening” and having a professional moderator present to draw up end goals in a contract, could avoid any future discrepancies when moving forward with the business plan. When pursuing my small business ventures, being able to have these tenets in place will help protect me and keep things moving forward in the long run.]]> 2023-05-18 17:58:46 UTC https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2596602538 desireecorriente https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597884786  Learning about the difference between managerial accounting and financial accounting is what I found to be intriguing.  I learned how a firm uses these reports, who these reports are for, and if these are regulated or not.  While both are important and useful, the managerial accounting report is highly detailed, technical, and specific. This makes it possible to create a forecast of what may come up in the future. It's also not regulated like the financial accounting statement, which is made for investors, lenders, and the general public. This report only shows a company's historical performance. Therefore a forecast isn't possible. ]]> 2023-05-19 18:04:05 UTC https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597884786 desireecorriente https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597886982     Brick and mortar shops are disappearing and online stores are more common than ever. Learning about how a business owner can accomplish personal selling without a physical store was interesting. This involves the various ways of finding customers by using local resources, such as directories from the Chamber of Commerce, local memberships, and newspapers to name a few.  After finding where they are business owners need to reach out to them through emails, social media and even attending conventions and trade shows.  From there they would be able to talk about and demonstrate their products and begin personal selling. 
    For a business owner, personal selling is an important part of customer satisfaction and retention. Being able to show and demonstrate the quality of their products or services helps in starting a business relationship with the customer as well as retaining them. ]]> 2023-05-19 18:06:47 UTC https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597886982 desireecorriente https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597891523     The interesting thing about relationship marketing is that it works.  I've worked in the service industry for years and seen this first hand.  Sales representatives from various companies would come in and try to persuade the manager to make orders with them and it never worked.  The manager had a good, long relationship with the company and their sales person they have been been using for years.  That trust and friendship that they have took years to build and is clearly stronger than any deals or promotions that is offer.  Customer satisfaction brings the friendship and it's the friendship that creates loyalty. Loyalty is earned and customers will pay a little extra because of it.]]> 2023-05-19 18:12:40 UTC https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597891523 desireecorriente https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597935360 Learning about business operations in this class was truly rewarding for me. Starting with the global market place and their trading strategies in other countries, to learning about how to start and manage a business. The most interesting thing I learned was the statistics on small businesses and how incredibly important they are to this country's economy. Reading about managing human resources and labor relations when it comes to motivating employees, I realized the the amazing amount of variables that ended up being factored in. Operations managers in particular with the amount of responsibility placed on them is truly daunting. Dealing with up to three-fourths of the firm's assets, including employees. Lastly, understanding financial management business planning and how crucial they are to the future of the company. This class has definitely shown me the incredible opportunity of what being an entrepreneur can be, and the dedication it takes to be successful. Which also gives me hope in taking the next steps of opening my own small business.]]> 2023-05-19 19:07:29 UTC https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597935360 desireecorriente https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597935924 Section 6.2 discusses the four types of planning. This is the section of the module that captured my attention the most. With the four types of planning; Strategic, Tactical, Operational, and Contingency, each type of planning has a projected time frame within it.  Strategic is one to five years, Tactical is a year or less,  Operational runs on current time, and Contingency is only when an emergency event or situation occurs. In business, the different levels of management are involved in one or more of these four types of planning. 111-CTop management like CEO's, Vice Presidents, Directors, and Division heads deal with Strategic and Contingency planning.  Supervisors run operational planning. Middle management run tactical and help with contingency.  The way planning works is that the short-term plans support the long-term plans. So Operational planning supports Tactical planning, then Tactical planning supports Strategic planning. Although Contingency planning isn't part of the regular operations, during times of crisis a company's Contingency plan can be what saves the company or ruins it. 
    After reading this section I found it fascinating how much planning goes into planning and the responsibility of the management to make sure that plans stay on track, because regardless of what plan you are working with everyone has the same goal. ]]> 2023-05-19 19:08:21 UTC https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597935924 desireecorriente https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597936570  I was intrigued after reading about the statistics on the economic impact of small  businesses in the beginning of section 5.1 of module five. Comprised with 500 or fewer employees to be classified as a small business, they are the very heart of the U.S. economy. Keeping the American dream alive,  remarkably, 44 percent of the country's payroll  comes from small businesses. So it's no surprise that they make up 62% of the workforce and the nation's largest employer, keeping 85 million people employed with more than 28 million small businesses in the United States. These myriad of different types of businesses keep the economy running.
    Small businesses are able to focus on the customers needs, which gives them more repeat business. They also bolster the local economy by spending their money locally and through employment.  Small businesses are more adaptable to change during times of economic crisis.  Where large corporations would have to lay off workers, this becomes an opportunity to the small business. ]]> 2023-05-19 19:09:17 UTC https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597936570 desireecorriente https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597937379 Cross-training employees is something that I have seen and experienced firsthand. I believe that cross-training is a good thing for both parties.  For employees, cross-training gives new skill sets that can open up to a promotion, increase their salary, raise moral and motivation, and gives employees opportunity to collaborate with one another.  Altogether this lowers the potential for employee burnout which can lead to workers leaving the company. 
   In turn, the company becomes more agile by being able to move any worker to fill in areas that need help. Promotions can happen within the company allowing vacancies to be filled immediately. The company achieves a higher return on investment by not having to hire new employees as often.  Overall,  this gives the company improved efficiency and performance in their workforce and the firm as a whole. ]]> 2023-05-19 19:10:28 UTC https://padlet.com/desireecorriente/308u50k45p8l40dg/wish/2597937379