Week One: Business
Student Handout
A Business is an individual or group engaged in the activity of providing goods and services for profit.
Some Key Terms from class:
What is Business?
Consider this: You are one of the first modern humans living in prehistoric society. You catch fish to eat and fishing takes up almost all your time. However, you also need sandals to walk around the coral reefs while you spear the fish. What do you do?
Archaeological evidence suggests in prehistoric times, humans essentially produced what they needed to survive, and traded with each other for what they didn’t have.
Say the sandal maker who lives next door really likes the fish that you catch. He is willing to give you ten pairs of sandals for each fish that you give him. Now suppose that the drum maker is also interested in trading with you, and the hunter is too. Then, other people in the village begin to realize that you have access to all kinds of desirable items. At some point, you find that you are spending more time trading than fishing and that trading is easier and more profitable than fishing.
As humans started to organize, they needed a way to ensure everyone had what they needed to survive. Individuals making and trading goods like food and clothing or, what are today called “merchants”, prevailed throughout ancient history as the agents that provided everyone with their needs.
As time continued, these individual merchants were no longer able to single-handedly provide everyone with everything they needed. They started to work together so that they could accommodate the needs of an increasing population. They needed to expand into larger and larger organizations in order to meet increasing need -- and so business was born.
Being Smart About Business: Setting Goals
Do you ever set goals for yourself? What kind of goals do you set? What are some of them? Do you achieve them?
Tip for Success: Goal-setting is crucial when making decisions in business. When helping others carry out their projects, you need to set goals along the guidelines you are given. Because your business decisions in one area may have an impact on every other area of your business, it is critical to know how every decision fits together, and whether it helps you to reach your other goals.
Remember, you will pay a price for not setting goals!
Steps to Success: Here is a simple process that you can go through to set effective goals whether personal or professional:
1) Identify your goal by writing it down.
2) Set a deadline for the achievement. Put a date on it.
3) List the obstacles to overcome in accomplishing your goal.
4) Identify people and groups you need to work with to reach your goal.
5) List skills and knowledge required to reach your goal.
6) Develop a plan of action to reach your goal.
7) Write down the benefits of achieving your goal. “What is in it for me”?
Winning Business Traits: The Right Stuff
Do you like your job in New City? Does the idea of being a consultant in real life appeal to you? What kind of person do you think you have to be in order to achieve success in business? Here are some winning traits common to most good business people:
1) An eye for opportunity: Quickly identifies and satisfies any needs that may arise
2) Independence: Can work productively without direct supervision.
3) An appetite for work: Doesn’t mind working hard to get the job done.
4) Self-confidence: Demonstrates self-confidence in taking risks.
5) Discipline: Resists temptation to do what is unimportant, instead focusing on what is essential.
6) Judgment: Ability to think quickly and make wise decisions
7) Ability to accept change: Thrives on changes and business growth
8) Make stress work for them: Focuses on the end and not the process
9) Need to achieve: Drives toward personal success
10) Focus on profits: Knows business success is measured by profits
Business In New City
A term that may be used to describe your role in New City is a consultant. Do you know what that means? A consultant is a business professional who provides specific or specialized knowledge, or expert advice in a particular area of expertise.
In some situations, organizations like the New City government undertake major projects, and need additional experienced staff to assist with the increased workload for a specific period. As a result, they enter into a contract with another organization to provide them with consultants just like you. The organization to which you belong is known as a professional services firm, and the New City government, for which you are working is known as its client.
In the Simulation, you “win” by paying attention to detail, being prepared, dressing appropriately to achieve your personal and team goals. It is crucial that you remember the guidelines you are given to make your decisions and set your goals accordingly – because if you succeed in your job in New City, there are opportunities in real life for people like you!
Good Luck!