https://padlet.com/sckelling/f5ysuectph0mpx3n en-us 2023-05-26 19:57:23 UTC 2023-05-27 00:15:07 UTC hello@padlet.com sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606524472 Technology in business:
Technology in business can be defined as the application of of science and engineering skills to solve production and organizational problems. Technology can play a huge role in advancing any business' success if used effectively. It can be the best way of improving profits while reducing expenses by improving productivity and efficiency. There are many more positives than negatives to introducing more advanced technology into any business. One huge aspect is improved communication. The sharing of information is vital for the success of any business and technology only improves the process of doing so. This allows for increased collaboration internally and externally in a business setting. Another huge role that technology plays in business is through employee assistance. One great example of this was proven during the COVID-19 pandemic. As regulations were placed on employees attending work in person more opportunities were explored to allow the freedom for work from home and remote jobs. ]]> 2023-05-26 20:35:02 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606524472 sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606530502 Running an ethical business:
I think that ethical codes in business are very important in order to ensure fairness and justice. Besides encouraging the common good for the employees of a company a code of ethics also should provide simple guidelines and training to follow these rules. This ensures that employees will want to work for your company by creating a positive work environment that holds everyone accountable. There should be a balance between ethics that ensure individual rights and those that encourage what is good for the majority. These clearly outlined ethics with rules including consequences for breaking them can guarantee that everyone in a company is treated in a way that encourages them to want to continue to work there. There can be many problems that occur from not implementing a proper code of ethics in a business. For this reason it is important to use a code of ethics in order to create a culture of open and honest communication. Management should have the responsibility of setting an example to their employees and allow open and honest communication

]]> 2023-05-26 20:50:30 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606530502 sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606549547 Globalization:
Globalization is known as the process which a business develops global influence and starts to operate and compete on an international scale. This includes importing and exporting product globally to reduce costs for both sides. The increase in global interactions among businesses helps with growth in international trade and the exchange of ideas, beliefs, and culture in the business world. People have feared globalization in the past especially because it includes outsourcing. Outsourcing means sending jobs outside of the U.S. Outsourcing has become a natural result of the globalization of markets. If a business is able to send jobs to another country where the same work can be done for a fraction of the cost then they will do this to maximize profits. However this causes less jobs for people in America and they may wind up being unemployed or working lower paid jobs. Therefore globalization and outsourcing can be a double edged sword so to say because although there are many benefits there are obvious negatives as well. Although it can be disadvantageous for individual people or businesses it is overall beneficial for our country and other struggling countries as well. ]]> 2023-05-26 21:46:11 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606549547 sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606555955 Avoiding conflict in a business partnership:
There are many things that business partners can do to avoid conflict in business relationships. One thing partners can do before starting a business together is to thoroughly compare their values and goals. Many underlying problems can be solved early on by ensuring that you and your partner have similar value systems and views on how to solve different issues that may arise. And making sure that your long term vision on where you see your business going and how you’ll get there is a primary discussion that should be had by partners in the beginning. It is essential to make sure all partners share similar goals. Important aspects of your plan as partners can be the type of growth strategy you want to employ, the leadership style you want to implement and the kind of work environment you want to create. Another good strategy to avoiding conflicts among business partners is to draft some sort of formal agreement. Often partners can go into a business just trusting each other’s personal relationship and seeing that as enough. However when issues arrive if there is no sort of rules or agreement to follow then different opinions can create harmful conflicts. This should be an agreement that clearly defines each partner’s role and ownership within the company. This could also provide an exit strategy for any partner and an attorney should be consulted for any issues with this agreement.

]]> 2023-05-26 22:07:54 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606555955 sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606559164 Advantages of starting your own small business:
Small businesses for a long time have been a huge part of our American economy and The National Federation of Independent Businesses reports that 85 percent of Americans view small businesses as a positive influence on American life. This is because of the many benefits that come along with starting your own small business. The best reason to start your own business in my opinion is Independence and a better lifestyle. This has been a very interesting topic in this class so far introduced in other previous modules too. Having control over your own business as opposed to working for or being tied to a big corporation has many benefits. Being able to make your own decisions and being the sole purpose, in most cases, for the success of your business is very appealing to many people. Corporations nowadays care less and less about their employees and often downsize or lay off even those who have been employed there for a long time and put in a lot of hard work. It is very devastating when this happens which is why many young people, especially, these days are leaning towards becoming entrepreneurs and starting their own small businesses. This comes with the ability to control their lifestyle in the most independent way possible. There also is a personal satisfaction from knowing your own hard work and persistence is the source of your success. The goal of owning your small business is usually to do something you love to do or at least something that you enjoy. This gives you the motivation to want to work every day especially because you know your success is all up to you and the work you put in. If you’re not succeeding you know it isn’t because of your boss or your company or their guidelines it may be because you, personally, are doing something wrong. This means you can research and learn from your mistakes and learn how to perfect the operations of whatever business you choose to get into. And you get the ultimate satisfaction if you’re able to grow and succeed.

]]> 2023-05-26 22:19:35 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606559164 sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606561156 Management and leadership:
In this module we focused on management and leadership styles. We were asked to discuss the principles and roles of a good manager. Key functions of a successful manager would include planning, leading, organizing and controlling. Planning would include setting objectives, determining the resources needed for said objective as well as alternatives and creating the strategy to reach your mission goal. Leading means motivating employees to accomplish organizational goals and leading by example. It also mean communicating with employees and resolving conflicts. The third key function of managing is organizing which entails creating organizational structure through assigning jobs and specific tasks.  It also includes organizing work activities, allocating resources and setting policies in the workplace. The last function would be controlling. Controlling means measuring and comparing performance standards, while taking necessary steps to improve performance wherever needed. In this module we were also given then freedom to think about which key function we would enjoy the most if we were a manager. I think the capacity that I would enjoy working in the most would be organizing. This key function of a manager would play to my strengths and be something I would naturally excel at. I enjoy planning and organizing the most efficient way of doing things. I love the saying work smarter and not harder and I think that is key to creating a successful and thriving work environment. A big part of doing this is designing a structure with specific jobs and how each employee would perform them. Then making sure you allocate the necessary resources for these jobs and hire qualified employees to complete them.

]]> 2023-05-26 22:27:00 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606561156 sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606564979 Managing new employees:
I think when training employees the first priority should be training the employee to a high degree in the single position they will be performing. In the link provided I looked at the many benefits related to cross training new employees however I believe there is a slight counterpoint or caveat to this idea. There may be basics employees need to know about other positions in order to help them perform successfully in their own role, but I believe it is better to teach new employees to be an expert in what they are specifically doing first. A general orientation is usually required for this sort of purpose so that new employees are familiar with how the company works, who performs which task and why. However training them in other roles, depending on how complicated they could be, can often lead to an overwhelming experience at their new job. It is important to not stress out a new employee too much by unnecessarily introducing them into other roles before they can become an expert in their own. That being said employees that have been with their company for a while and are comfortable with their role in the company should be encouraged or required to learn other roles to make them a more diverse worker. This gives the company a better return on their investment in an employee because they perform different tasks when needed. In addition this is usually beneficial to the employee because learning new skills can help build their resume along introducing new potential opportunities that may peak their interest.

]]> 2023-05-26 22:38:38 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606564979 sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606567213 Customer satisfaction:
Customer satisfaction is an important part in the process of effective production and operations. In the past manufacturing and production has always been inwardly focused. There was very little interaction between operations management and the customer. This means that business decisions made by upper management were rarely impacted by how it would directly affect the opinions of the customer. Business decisions were mainly made based off of what would be the smartest and most profitable for the management of the company. After losing out in foreign competition in the past many American companies nowadays consider quality and customer satisfaction of paramount importance when making important business decisions. A business must be geared towards the customer’s needs if it wants to have the most success. It is extremely important nowadays for a business to be outwardly focused and consider the needs of the customer and customer satisfaction. Especially with social media a company that is not customer focus can often be scrutinized publicly. This plays a huge role in today’s society because a huge part of a company’s brand image starts with the public opinion. If a business is not geared towards quality and putting the customer first they can get bad reviews or be called out on social media. If a business were to be left purely to make decisions on their own behalf of course they would always chose the most profitable means of production and manufacturing but no one will buy your product in the first place if your public image is bad so being outwardly focused is imperative in today’s market. However as the article linked states, there must be a balance between being outwardly focused and inwardly focused and a culture of achieving this must be created within your business.

]]> 2023-05-26 22:46:21 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606567213 sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606575431 Market Segmentation: 
The most intriguing part of module eleven in my opinion was the topic of market segmentation. There are four types of market segmentation listed in the above article that can each be used to attract consumers in different ways. Demographic segmentation uses categories such as age, education, gender, income, and household size to differentiate among markets. This form of market segmentation is the most common because demographic information is easy to obtain. This form of segmentation is simple yet effective. Psychographic segmentation is market segmentation that groups people together based on their overall personality and lifestyle. This type of segmentation is very intriguing because it is the hardest to maintain, yet the most valuable. Geographic segmentation is simply grouping consumers together based on where they live. Although this may seem like a very vague way to group consumers a great example of when it is the most important is because people who live in the same area can tend to have similar needs. For example those that live in colder climates are more likely to purchase heavy sweaters. The last segmentation listed in this article is know as behavioral segmentation which includes grouping customer based off of the common behaviors and habits they exhibit when they interact your brand. This form is much more specific as you gather data based off of people who are interacting with your website for example to predict their future purchase habits. All these forms can be used in unison to effectively attract the right consumers to your brand that will be more likely to buy your product.]]> 2023-05-26 23:18:05 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606575431 sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606580759 Supply chain management:
Supply chain management means making sure your business runs smoothly on the distribution end. Your supply chain management directly dictates two of the most vital parts of customer satisfaction: price and delivery. The delivery of a product is crucial to customer satisfaction. Distribution centers must ensure accurate order filling and billing. Distribution centers must also make sure orders are delivered on time and everything is correctly together. The success of a product is contingent on all these aspects coming together which means supply chain management is a crucial part of keeping a customer happy. The reason why amazon is as popular as it is, is because of the way their distribution centers are ran. This includes consistency to get the product to the customer on time and in good condition. Everyone continues to order from amazon to buy anything and everything because of the consistency of their supply chain management. This proves that having an efficient and high performing supply chain means you can beat out other competitors and retail price and maximize profitability.

]]> 2023-05-26 23:38:52 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606580759 sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606584678 Managerial accounting in a small business setting:
Managerial Accounting can be very important in a small business setting. Managerial accounting focuses on financial information that managers inside the organization can use to evaluate and make decisions about current and future operations within their company. Financial accounting focuses on preparing external reports that are used by outsider who have an interest in the business but are not part of the company’s management. Financial accounting reports can be useful to managers or small business owners they are mainly for lender, supplier, investors and others who will assess the financial strength of the business. However there are many more reasons why managerial accounting is much more useful for small business owners in particular. Sales reports that are reported by managers are used to evaluate how well market strategies are working as well as how good their sales are during a specific period of time. Small business owner can use this to change future marketing strategies which can be very important for getting their business off the ground. Production reports can help small business owners control costs and provide adequate labor. This can be vital for small business owners because they generally are not working with as big of a budget as big company and must budget their costs. All of these reports and analyses used in managerial accounting are hugely beneficial to smaller business owners. Managerial accounting is used to provide the big picture and decide which areas of your small business are growing and are profitable. This can allow managers of their small business to determine which areas of their company need to be streamlined or improved.

]]> 2023-05-26 23:53:09 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606584678 sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606588850 Planning your life:
The last module in this class was a bit of a different one because more so focused on our personal goals. The topic in this module included a self reflection portion that aimed to set goals to plan for different aspects of your life. In the text this included goals related to career, relationships, lifestyle, self and finances. For this last portion of my learning project I wanted to reflect my takeaways from a different article also related to life planning. The first tip to creating a life plan doesn't involve writing out your goals or what you want out of life but instead reflecting on your life so far and why you would want the things you do out of your future. The second tip is to assess your life satisfaction related to the areas such as career and relationships that were outlined in the textbook. Instead of rating my satisfaction with each area though I decided to picture what I want out of each aspect of my life. For example in my career I want to get a bachelors degree and to get a job that will provide stability for the future by fleshing out my resume and continuously trying to move up. I want to maintain my relationships and build on them as well as create fulfilling ones. I want to continue to live a healthy lifestyle through exercise and a nutritious diet. Lastly I want to continue the hobbies that I love in life. The last tip which I am still working on to this day is to create specific goals related to all these different aspects of my life that will allow me to achieve the most satisfaction and be proud of the person I am. ]]> 2023-05-27 00:10:47 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606588850 sckelling https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606589398 For each module I decided to choose the most intriguing topic and find an article related to it so I could expand on what I've learned this semester.]]> 2023-05-27 00:12:55 UTC https://padlet.com/sckelling/f5ysuectph0mpx3n/wish/2606589398