Reflective Journal
The module is designed provides a fundamental working knowledge of the varied aspects of business and prepares you for future studies in more specialized topics within the subject area. You will increase your awareness of the overall environment and function of business as well as observe its contributions to society. This course also covers the different types of business organizations, the ways to create and conduct business, the know-how in managing a business and the importance of ethics and social responsibility of businesses.
My favourite topic is the topic 5 ‘ Managing Employee’. This topic is about the hiring process, organize people effectively, compensation and benefits, training and developing employees that normally used by a company. I can know that an ideal candicates for a company. Besides that, i can clearly estimate the salary of a position and know employee’s rights in a company such as sick leave. This will bring many benefits when joining a new company, or even when I starting my own business.
Topic 4 ‘Managing a Business’ is the most useful topic in daily life. This topic is about the managing process of a company. However, this process also can be applied into my daily life especially for the plan process and control process. Planning is an important way for a disciplinal people when starting to do something. A good plan will include strategies and tactics to achieve certain goal. In order to achieve the goal, we always need to control the performance to avoid the result become worst. So, we can take action to identify and correct the mistakes. For example, we want to get a better grade for exam. Then, we should plan for strategies like do more revision and test ourselves by doing sample exam paper.
This course contains a lot of information that is useful to us. They can provide many helps in the future especially when we starting to work in a company.
PICTURES AND VIDEO
This is one of the activities for the topic 4
PREZI SLIDES
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Tutorial Questions
Intro to Business Exercise 2.0
- What is a niche market? Can you give 2 examples (other than from the notes) of a niche market? Why would a business want to target a niche market?
Niche Market refers to very specific or unique segments of a market. For example, star sports. Niche Market have less competitive among business.
- What are some of the reasons that motivate people to start their own business? If you were to start a business, what would be your main reason? Discuss.
Some of the people are motivated by the profit. Starting own business can earn more general living expenses. Some of them cannot find a proper job or wanted to become famous.
- What is limited liability? Is this an advantage or a disadvantage to the business owner? How (i.e. illustrate with an example)?
Limited liability is a concept which is an owner is not personally responsible for debts of his company. Limited liability offers protection for the owner against a possible lawsuit which means that investors are only responsible to the amount that they invested. However, they only have limited amount of money to expand their company.
- What is a franchise? Why would the parent company of a franchise choose to sell licenses to franchisees instead of expanding their own chain of stores? Also, provide 2 examples of a franchise.
Franchise is a business operating under licenses issued by parent companies. This is because the parent company wants to offer customers multiple location, they also can reduce the capital requirement and have a rapid expansion. For example, KFC.
- Your family has owned a business as a private company for the last 20 years. Recently your father, the CEO and chairman, is rushing to take the company public, but you sensed that he has not thought through this decision properly. As his adviser, what reasons would you give to persuade to stay as a private company?
As his adviser, I will try to persuade him to stay as a private company as financial result of his company no need to reveal to the public. It wouldn’t put company at a competitive disadvantage. Besides that, a private company only needs to focus on the long- term growth and manage accordingly. Private company also can make business’ decision easily as we only need to decide among ourselves.
- How can internet help a recently-started small business?
Starting a business by using internet, we no need to care about capital problem. We also save a lot of money and can easily get international customers.
- If you are a banker and, Gabriel, a potential business owner wants to apply for a loan for starting a business, under which circumstances would you be more likely to lend – a) he wants to buy an existing business or b) he wants to start a brand new business? Why?
I prefer to lend the loan to him if he buys an existing business. This is because existing business already have a large customer base, established relationship with suppliers and bankers. It also would be less risky than starting a business from scratch.
- Discuss (any) 2 pros and 2 cons of a partnership.
Partnership can get capital easily due to more owners. The legal paperwork also is simple and low cost. However, partnership needs to pay back all the liability by owners. Partnership also would occurs arguments as they do not share the same objectives.
- What are shares? Where are shares traded in
Share is the single unit of ownership. Bursa Malaysia. The price of share is determined by the performance of the company over a year.
Intro to Business Exercise 7.0
- What is accounting? Explain.
Accounting is an information system that records all transactions of the business and summarizing those records into a report, so business decision can be made.
- Lejun is the owner of an architectural firm but he has no rudimentary knowledge in accounting (he has an accountant who looks after everything for him). Is this acceptable? Why or why not?
No, he have the high possibility that will be cheated by others.
- What information can you obtain from a Profit and Loss Statement? How can you use this report to assist you in making business decisions (use an example)? What is the other name of P&L statement?
P&L Statement is used to report the revenue, expenses, and profit or loss of a business over a certain period by knowing your company financial position, it can help us to make a better decision. It also named as income statement.
- What is a Balance Sheet? Also explain the 3 main items reported in it (with suitable examples). What is the other name of balance sheet?
Balance sheet is summary of financial balance of a company which including assests, liabilities, and owner equity. It also called as Statement of Financial Position.
- What is the accounting equation (formula)? Shi Yi started her business on 1st January 2011 with $1.5m of her own money and $0.8m of bank loan. Write out the equation for her business.
0.8m+1.5m=2.3m
- Continuing from question 5, what if Shi Yi repaid half of the bank loan 2 months later? How will her business’ accounting equation look like? Lastly, at the end of 2011, her business makes 0.4m of profit. Again, how will her accounting equation look like?
0.4m+1.5m=1.9m
1.9m+0.4m=2.3m
- Yin Jou wants to borrow $150,000 from Public Bank. She currently has $250,000 of assets (car, shares and cash) and liabilities (e.g. personal loans) of $226,500. Based on this information, would you (as a loan officer) approve the loan? Why or why not?
No, this is because the amount of liabilities that she have a lot more than owner equity.
- Herman runs a roti canai stall in Subang. His monthly rent and utility expenses are $2700. He sells each roti canai for $1.50 and it costs him $0.65 to make each. Calculate his break-even point. Why is this information important to him?
Break-even point
=Fixed cost / (selling price – variable cost) per unit
= 2700/ (1.50-0.65)
= 3176 per month.
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