Exam 1: Business Basics

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The text identifies a number of similarities between business and life,including:
1)Funding.Regardless of whether you have a job,you're receiving money from somewhere.It could be from work,a family member,a student loan,or your own savings.Although these funds are not essential to your existence,they are needed to secure the necessities of life.Similarly,all businesses need funds to operate.Ideally,a business would produce revenue right away; however,some businesses may operate on funds received from a bank loan,investors,or their own capital.
2)Expenses.Rent,clothing,food,tuition-these are expenses whether they are paid for with cash,credit,or a loan.Ultimately,you will want to generate enough revenue,or income,to cover your expenses and have some left over.However,the lives of some students operate a bit like a start-up business; you may have to pay for expenses with loans until you have enough experience to generate a profit.
3)Social environment.The social environment probably presents similar opportunities and challenges to you as it does to businesses.How do you deal with these opportunities and challenges? Are you open to learn from people who are different from you? Do you embrace diversity? How do you relate to people from an older generation? What about the green movement? Are you finding ways to make your lifestyle more eco-friendly? It is important to address these issues in order to live a more harmonious life and prepare yourself for the modern work environment.
4)Globalization.Not only is the world getting smaller for businesses,the world is getting smaller for you.Your favorite music group may be a band from Germany.You might like to chat online about movies with a friend from Japan.Just as businesses now have the opportunity to work with other firms from all over the world,you have the ability to make friends or connections on any continent.
5)Technology/E-commerce.Whether or not you consider yourself to be tech-savvy,chances are you still use some sort of technology to run your life.Perhaps you use online banking,or buy things over the Internet.Similar to a business,if you don't keep up with new technology,you may find yourself in trouble.
6)Security.As businesses work to keep personal information secure,so also should customers.You can help keep your information secure by changing your online passwords on a regular basis,making sure your wireless connections are secure,switching to paperless mail,and removing personal information such as phone numbers or addresses from your Facebook
account or other social networking sites.
7)Goals.The goals of a business typically revolve around reaching financial success.You too might have certain financial goals you would like to achieve in your life.To reach these goals,you'll need to make informed decisions about how you spend and save your money.