Business Principles

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Business PrinciplesIn business, if you are not growing, your business is going backwards.  Today's economy is competitive.  It is action-oriented.  Business is dynamic.  There are many opportunities.  Business skills are about making the most of these changing opportunities.

Sometimes, finding business opportunities means "thinking outside the box".  Successful business innovators, called "entrepreneurs", find ways to make something happen.  And while they do it, they make money.

This class is a mix of fundamental economics, decision making, business functions & roles, evaluation, management, and productivity.  It's about learning by doing, developing a business concept, and planning to achieve success.

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Class Outline & Resources

  1. Business & Economics.  Making business decisions is easier if we understand models that represent our economy.
  2. Pricing Strategies.  Understanding models of supply and demand is a start, but pricing strategies are real world applications of economic models.
  3. Mark-Ups & Mark-Downs.  Business people need business math skills.  This isn't algebra or abstract theory.  This is about accurately and consistently setting retail and sale prices.
  4. Adding Value/Utility.  Consumer demand is based the concept of utility -- the useful of products/services.  We can increase demand or charge higher prices if we can "add value".
  5. Marketing Mix/4 Ps.  Now we are ready to tie it all together.  The key to being successful in business is to use the 4 Ps:  Product, Price, Place, and Promotion.
  6. Entrepreneurship.  Some people make things happen, often taking risk.  We call these folk "entrepreneurs".  They are the people that start businesses.
  7. Free Enterprise & Other Economic Systems.  Economics about allocating scare resources.  Economies are all based on three questions:  (1).  What to produce, (2). How to produce it, (3) For whom is it produced.
  8. Forms of Business Ownership.  Business owners need to assess their situation and choose a form of business ownership that helps them succeed.
  9. Business & Government in Our Economy.  Our economy is complex and businesses and citizens have roles in our economy.  There is a reason the U.S. Constitution begins with "We the People..."
  10. Managing a Small Business.  Having a good business concept and the entrepreneurial skills to make it happen get us started.  Next, we have to manage day-to-day operations.
  11. International Business.  If the economies of nations are increasingly linked, than understanding international trade is necessary to understand how to grow a business.
  12. Class Projects.  Throughout the semester, we will visit ways to apply business skills and have fun mastering them.  Do you have an idea for a fun project?  Please tell Mr. B!
    1. School Spirit Wear
    2. Bake Sale
    3. Puppy Chow Fundraiser
    4. Community Newspaper
    5. Monopoly Game
    6.  Distribution Research
    7. Holiday Promotions
    8. Promotion Project
    9. Team Sales Presentation
    10. VALS Survey
    11. Visual Merchandising (Questionnaire), Visual Merchandising (Slideshow) and Visual Merchandising Project
    12. Your Purchases

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